Beijing to analyze declare that EU is dumping pork in China

Good morning. In at present’s publication we’re protecting:

• A dramatic shift in US-Saudi relations

• Report Australia-China commerce figures

• One of the best enterprise books of the yr

However we begin with Beijing’s anti-dumping investigation into EU pork imports. The probe, introduced yesterday, escalates commerce tensions lower than every week after Brussels mentioned it could impose tariffs on electrical automobile shipments from China.

China’s ministry of commerce mentioned the investigation would deal with EU pork imports in 2023 and last as long as a yr, although it might be prolonged by six months.

“In recent years, the European Union has been dumping large quantities of low-priced pork and pig by-products into China, impacting . . . China’s pork and pig by-products industry, as well as the related farming sector and farmers,” the China Animal Agriculture Affiliation mentioned in its utility to the ministry requesting the investigation.

By launching the anti-dumping probe, Beijing hopes to stress particular person European governments to drive the European Fee to scrap the EV tariffs earlier than they’re confirmed by July 4.

“It’s a politically designed retaliation,” mentioned Fredrik Erixon, director of the Brussels-based European Centre for Worldwide Political Economic system. Learn the total story, together with particulars of which EU nations can anticipate to be hardest hit.

Right here’s what else I’m following at present:

• Putin visits North Korea: Russian President Vladimir Putin will journey to North Korea at present for a two-day journey, the Kremlin has mentioned.

• Australia rate of interest determination:

• Toyota outcomes: The Japanese carmaker will launch its full-year outcomes at its annual normal assembly

• Darktrace acquisition vote: Shareholders will vote on the proposed acquisition of the corporate by Thoma Bravo

Be part of Monetary Instances and Nikkei Asia journalists and an professional visitor from the Asia Society at 4pm BST at present for a free on-line webinar on the US-China geopolitical relationship: what’s the manner forward?

5 extra prime tales

1. Israeli Prime Minister Benjamin Netanyahu has dissolved his conflict cupboard arrange within the wake of Hamas’s October 7 assault following the resignation of two of its 5 members. Here’s what’s anticipated to occur subsequent.

2. Japan’s TDK has claimed a breakthrough in producing solid-state batteries. The Apple provider predicts that its new materials will create vital efficiency will increase for units by squeezing about 100 occasions extra vitality into the identical area than the group’s present battery in mass manufacturing.

3. India is pushing ambitions to grow to be a number one synthetic intelligence hub as Massive Tech teams corresponding to Microsoft and Amazon put together to spend billions on computing infrastructure within the nation. Learn what we find out about their spending plans.

4. Unique: The Biden administration is able to launch extra oil from its strategic stockpile to halt any bounce in petrol costs this summer time, President Joe Biden’s closest adviser on vitality has advised the Monetary Instances. “We will do everything we can to make sure that the market is supplied well enough to ensure as low price as possible for American consumers,” mentioned Amos Hochstein. Learn the total interview.

• Extra vitality information: Europe’s gasoline imports from Russia overtook provides from the US for the primary time in nearly two years final month, regardless of the area’s efforts to wean itself off Russian fossil fuels.  

5. Ukraine urged worldwide bondholders to just accept deep cuts on the worth of greater than $20bn in debt as a way to assist finance the nation’s conflict effort. Volodymyr Zelenskyy’s authorities is going through a decent deadline to safe the debt restructuring, which it wants as a way to proceed receiving a bailout from the IMF and to revive flows of personal funding for reconstruction. Learn extra on the variations between worldwide bondholders and the federal government in Kyiv.

The Massive Learn

Initially of his presidency, Joe Biden was threatening to make Saudi Arabia a pariah state. However in current months, relations between the nations have blossomed to the purpose the place officers describe Riyadh as certainly one of Washington’s most necessary world companions. The FT’s Felicia Schwartz, US international affairs and defence correspondent, and Andrew England, Center East editor, clarify what’s behind the dramatic shift.

We’re additionally studying . . . 

• Chinese language EVs: Economist Zhu Min, a member of China’s highly effective five-year plan committee, challenges the thought of “overcapacity” in his nation’s EV market.

• Polls and markets: Neither sturdy majorities nor political labels matter a lot to economies and monetary markets, writes Ruchir Sharma, simply new faces.

• Making sense of Gen Z: Advisers from social media influencers to large consultants provide steerage on methods to recruit and retain 20-somethings.

Chart of the day

Australia’s commerce with China has jumped prior to now yr to file ranges, reaching A$219bn (US$145bn) in 2023, at the same time as Canberra has embraced nearer safety ties with Washington. The significance of the Australia-China commerce ties have been on show as Chinese language premier Li Qiang arrived in Australia, the place he additionally plans to go to mining and winemaking areas.

Take a break from the information

Senior enterprise author Andrew Hill selects his greatest enterprise books of the yr, together with a title that rails towards change for change’s sake, an optimistic account of the potential for generative AI and a information to creating “good friction” inside enterprise to make sure higher outcomes.

Further contributions from Gordon Smith and Tee Zhuo.