Torbjørn Færøvik's Blog, page 8

Torbjørn Færøvik: A Small Bean Can Tip a Heavy Load

The soybean rarely grows larger than 10 millimeters in diameter. Now it stands at the center of the trade war between the United States and China. In June, China halted all imports of U.S. soybeans, and farmers in the Midwest are dreading what comes next. From the plains of Iowa, Illinois, and other states come desperate cries for help, but the outlook is anything but bright.“I’ve made it very

Trump announces 130% tariffs on China. The global trade war just came roaring back

President Donald Trump announced he will impose an additional 100% tariff on goods from China, on top of the 30% tariffs already in effect, starting November 1 or sooner. The threat is a massive escalation after months of a trade truce between the two nations.“The United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying,” Trump said

Dow drops almost 900 points, S&P 500 declines the most since April after Trump’s new China tariff threat

Stocks settled decidedly lower after a rapid decline on Friday following President Donald Trump’s threat of higher tariffs on China, in which he accused the country of “becoming very hostile” with its restrictions on rare earth metals, a key resource for the tech and defense industries.Stocks accelerated selling into the close, with the Dow Jones Industrial Average closing down 878.82 points, or

Trump puts extra 100% tariff on China imports, adds export controls on ‘critical software’

President Donald Trump on Friday said the United States would impose new tariffs of 100% on imports from China “over and above any Tariff that they are currently paying,” starting on Nov. 1. Trump also said that the U.S., on that same date, would also impose export controls on “any and all critical software.”The president’s announcement came hours after he threatened to slap “a massive increase”

Russia Denied Key Technology by China

China has restricted the export of mid-tier precision machine tools to Russia, industry insiders say, in an apparent success for U.S. secondary sanctions aimed at weakening Moscow’s war effort in Ukraine. Chinese trade with Russia—particularly oil and gas—has helped buoy Russia's sanctioned-strapped economy since Moscow launched its full-scale invasion of Ukraine in February 2022.Yet, many

Taiwan Unveils Missile Defense ‘Dome’ Against China

Taiwanese President Lai Ching-te on Friday announced a new, multilayered air defense network, dubbed the “T-Dome,” as his government accelerates development of indigenous defense systems amid growing military pressure from China. China claims Taiwan as its territory and has sharply increased military activity around the island, including seven large-scale exercises over the past five years, to

Donald Trump Plans To Ban Chinese Airlines From Flying Over Russia

The Trump administration wants to ban Chinese airlines from using Russian airspace on flights to and from the U.S., potentially escalating the trade war between the countries.  U.S. and European airlines have been barred from Russian skies since 2022 after Moscow retaliated to western sanctions for its full-scale invasion of Ukraine. As an ally of Moscow, China’s carriers continue to use

Donald Trump Changes Tune on Planned Meeting With China’s Xi Jinping

President Donald Trump wrote on Truth Social on Friday that “there seems to be no reason” to meet with Chinese President Xi Jinping during an upcoming trip to South Korea after China restricted exports of rare earths that are vital to U.S. industries.In a later post on Friday, Trump wrote that he'll impose a 100 percent tariff on China starting November 1 or sooner, "depending on any further

Why is Nvidia, the world’s leading AI chipmaker, entangled in the US-China trade war?

Tech giant Nvidia is the world’s leading artificial-intelligence chipmaker, but the company’s success has also put it in the crossfire of trade tensions. The Santa Clara, California-based company, which is approaching a market capitalization of $5 trillion, has seen rapid growth due to its chips, which are predominantly used to power massive data centers used by other tech firms, like OpenAI, the

As its ruling party turns 80, an emboldened Kim Jong Un shows off North Korea’s new hypersonic weapon, ICBM

North Korea showed off a new hypersonic glide vehicle and intercontinental ballistic missiles (ICBM) at a military parade late Friday, as it marked 80 years of the ruling Workers’ Party of Korea.The Hwasong-11Ma hypersonic weapon and the Hwasong-20 ICBM, which state media called North Korea’s “most powerful nuclear strategic weapons system,” were among an arsenal of North Korean weaponry featured