10/07/2025

BIZ & FINANCE THURSDAY | JULY 10, 2025

17

China speeds up renewables building spree

Global trade grew in first half of 2025: UN GENEVA: Global trade grew by around US$300 billion in the first half of the year due to US imports and EU exports, the United Nations said on Tuesday. Despite the uncertainty ignited by US President Donald Trump with his tariffs, global trade increased by around 1.7% compared to the second half of 2024, UN Trade and Development (UNCTAD) economist Alessandro Nicita told AFP. “But persistent policy uncertainty, geopolitical tensions and signs of slowing global growth pose risks for trade in the second half of the year,” UNCTAD said in a statement. “The large increase for US imports was due to tariff front loading: US companies stockpiled goods before the tariffs went into effect on April 5,” said Nicita. Trade in services remained the “main engine” of growth, the UNCTAD report said. Global trade grew by about 1.5% in the first quarter of 2025 and is expected to have accelerated to about 2% in the second quarter. “Developed economies outpaced developing countries in the first quarter of 2025, reversing recent trends that had favoured the Global South,” the report said. “The shift was driven by a 14% surge in United States imports and a 6% jump in European Union exports.” However, imports dropped by 2% in developing countries. Trade imbalances, which Trump has cited as the reason behind his sweeping tariffs, “deepened during the last four quarters, with the US posting a larger deficit and China and the European Union recording growing surpluses”, the report said. New US tariffs, including on steel and aluminium, “have raised the risk of trade fragmentation”, the report said. “Still, signs of resilience remain”, although those will depend on“policy clarity, geoeconomic developments and supply chain adaptability”, UNCTAD said. – AFP US teachers union teams up with AI giants NEW YORK: The second biggest teachers union in the United States unveiled a groundbreaking partnership on Tuesday with AI powerhouses Microsoft, OpenAI, and Anthropic to develop a comprehensive training programme helping educators master artificial intelligence. “Teachers are facing huge challenges, which include navigating AI wisely, ethically and safely,” said Randi Weingarten, president of the American Federation of Teachers. “In the absence of rules of the game and guardrails (from US government), we are working with these partners so that they understand the commitment we have to our students.” The AFT represents 1.8 million members across the US, from kindergarten through high school. The announcement came as generative AI has already begun reshaping education, with students using tools like ChatGPT for everything from essay writing to homework help. Meanwhile, teachers grapple with questions about academic integrity, plagiarism, and how to adapt traditional teaching methods. The AI giants are investing a total of US$23 million in creating a New York training centre to guide teachers through generative AI learning. Microsoft is contributing US$12.5 million, OpenAI US$10 million and Anthropic US$500,000. The five-year initiative will not develop new AI interfaces but intends to familiarise teachers with existing tools. “What we’re saying to teachers is you now have a place, you now have a home, where you can come and co-create and understand how to harness this tool to make your classroom the best classroom it possibly can be,” said Gerry Petrella, Microsoft’s general manager for US public policy. – AFP

SHANGHAI: China is accelerating its record-breaking renewable energy drive, installing 1.5 times more wind and solar this year than last – three-quarters of global capacity under construction, a report said yesterday. China emits more than twice as much planet-warming greenhouse gas than the world’s next biggest polluter, the United States, though its historical contributions to climate change remain lower. But it is also a global leader in renewable energy, adding capacity at a faster rate than any other country. This year alone it has 510 gigawatts of utility-scale solar and wind power under o It has 510 gigawatts of utility-scale solar and wind power under construction

from global cooperation under the administration of President Donald Trump. The Chinese government has pledged to achieve a 65% reduction in carbon intensity – or carbon emissions relative to GDP – by 2030 from 2005 levels. President Xi Jinping pledged this year China’s efforts to combat climate change “will not slow down” despite a changing international situation. He also said China would announce 2035 greenhouse gas reduction targets, known as Nationally Determined Contributions, before COP30 in November and that it would cover all planet-warming gases, not just carbon dioxide. However, China continues to invest heavily in coal power infrastructure, although analysts say much of it is intended as backup to renewable sources. China began construction on 94.5 gigawatts of coal power projects in 2024, 93% of the global total, according to a February report by the Centre for Research on Energy and Clean Air and GEM. – AFP

construction, according to the US-based Global Energy Monitor (GEM) – 57% more than last year, when its installation far outstripped that of its closest peers. Beijing has announced plans for 1.3 terawatts worth of projects so far, nearly equivalent to its existing solar and wind energy capacity of 1.4 terawatts. China now accounts for three-quarters of all solar and wind capacity being built around the world, the report said. The wind capacity currently under construction alone would be “enough to power about 120 million United States households”, according to the GEM report. The report comes after a separate group of researchers said in May that China’s emissions fell in the first quarter of 2025 despite rapidly growing power demand, thanks to soaring renewable and nuclear energy. Beijing has sought to position itself as a global leader on tackling climate change while its main rival the United States retreats

Rollins gesturing during a press conference to discuss the National Farm Security Action Plan in Washington. – REUTERSPIC

US bans Chinese investors from purchasing farmland WASHINGTON: The Trump administration announced on Tuesday that the United States would start restricting purchases of farmland by Chinese nationals and other “foreign adversaries”, citing security concerns. Communist acquisition of American farmland to criminal exploitation of our system of agriculture,” she said. “American agriculture is not just about feeding our families but about protecting our nation and standing up to foreign adversaries who are buying our farmland.”

Defence Secretary Pete Hegseth said the Pentagon would ban sales to “foreign adversaries” of farmland located near US military bases. “As someone who’s charged with leading the Defence Department, I want to know who owns the land around our bases,” Hegseth said. “It’s common sense. “No longer can foreign adversaries assume we aren’t watching,” he said. Among the largest Chinese owners of US farmland is Smithfield Foods, which was purchased by a Chinese company, WH Group, in 2013. – AFP

Agriculture Secretary Brooke Rollins said the move was needed to address what she called a “massive threat” to national security. Foreign purchases of US farmland were being used as “weapons to be turned against us”, Rollins said, unveiling the National Farm Security Action Plan along with other Cabinet officials. “We see it again and again, from Chinese

China ranks number 20 on a list of foreign owners of agricultural land, holding 112,234 hectares at the end of 2023, according to the US Department of Agriculture. Rollins said the administration of President Donald Trump also planned to “claw back what has already been purchased by China and other foreign adversaries”.