Huawei Reports $118 Billion in Revenue Amid U.S. Sanctions

In a significant escalation of the trade war with the United States, China has halted the export of several critical rare earth elements and magnets, essential for a wide range of industries, including defense and electronics. This development, effective April 14, 2025, affects shipments globally, as the Chinese government drafts new export regulations, according to a report by The New York Times. China produces approximately 90% of the world’s rare earth elements, which are pivotal for manufacturing products from electric vehicles to military equipment. The export controls target seven categories of medium and heavy rare earths, such as samarium and dysprosium, which are vital for various technologies, including electric motors and advanced electronics. This move is viewed as retaliation against heightened tariffs imposed by the US, which currently has only one rare earths mine and heavily relies on imports from China. Industry leaders express concern about potential supply shortages due to delays in the new licensing system for exports. The increasing restrictions underline China’s strategic ability to influence global supply chains amid growing economic tensions.

Chinese electric vehicle manufacturer BYD has officially overtaken Tesla, marking a significant shift in the global EV market. In a recent report, BYD announced a record annual revenue of $107 billion for 2024, solidifying its position as the bestselling electric vehicle maker in the world, according to CNN Business. The achievement comes amid increasing demand for electric vehicles and heightened competition in the sector. BYD's growth can be attributed to its extensive range of affordable models and strategic investments in battery production. Both BYD and Tesla have been ramping up production capabilities to meet rising consumer demands; however, BYD's diverse offerings have resonated well with cost-conscious consumers. Tesla, led by CEO Elon Musk, had long dominated the electric vehicle landscape, but BYD's recent success has illustrated the rapidly evolving dynamics within the industry. Analysts suggest that continued innovation and consumer preferences will be crucial for both companies as they navigate the future of electric mobility.

China announced on April 9, 2025, that it will impose an 84% tariff on all imported goods from the United States, a significant increase from the previous 34% rate. The new tariffs will go into effect at 12:01 am on April 10, in response to US President Donald Trump's recently announced 104% tariffs on Chinese goods. Officials from China’s Customs Tariff Commission described the measures as necessary to protect the nation's interests amid escalating trade tensions. In a news briefing, Chinese Foreign Ministry spokesperson Lin Jian criticized the US's approach, urging the Biden administration to return to dialogue and cooperation rather than employing "bullying" tactics. Furthermore, China added six US entities, including cybersecurity firms, to its “unreliable entity list,” a move the Ministry of Commerce stated was taken with caution to safeguard national security. Additionally, China has filed a lawsuit against the US with the World Trade Organization, claiming the tariffs violate international trade rules. This trade dispute marks the sharpest escalation since previous tariffs began, exacerbating economic strains between the two nations.