Chinese manufacturers earn far thinner margins than their U.S. peers, and that leaves them especially exposed as the latest round of tariffs bites. On average, U.S. listed producers in tradable goods ran net margins near 12% last year, compared with roughly 5% for Chinese counterparts. In a raft of sectors, communications gear, tech hardware, builders’ materials, household products, the gap is yawning, with American firms often posting north of 20% while Chinese rivals scrape by at low single digits.

With so little cushion, Chinese exporters can hold the line for a time by slashing prices and leaning on scale, but the economics are unforgiving: once intermediaries and retailers in the U.S. pass duties through, sticker prices rise, demand cools, and the squeeze rolls back up the supply chain. It’s what we saw in the late 2010s, only with bigger stakes this time, broader tariffs, tighter controls on transshipments, and fewer loopholes.

Leaders from the Philippines, US, and Japan are set to address recent incidents in the South China Sea, which have heightened tensions between Manila and Beijing. Philippine Foreign Affairs Deputy Undersecretary Hans Mohaimin Siriban stated that alignment of views is anticipated among the three…

Copper demand in China, the world’s largest consumer of the metal, is experiencing a slowdown during a period that traditionally sees an uptick in demand. The copper market, usually a barometer of economic health, is seeing some support from the global energy transition and Beijing’s efforts to boost growth.