People's Republic of China

Rule Changes

Agreed to hybrid-export quotas and tariff cuts on European goods in the October 2026 interim deal while keeping rare-earth export controls in place

In October 2026, the EU and China defused the trade war that Emmanuel Macron threatened in December 2025. The interim deal caps Chinese hybrid and plug-in hybrid car exports to Europe at 350,000 a year for four years. China, in turn, will cut tariffs on €4 billion of European goods from January 2027 and fast-track rare-earth export licences for EU buyers.

Updated Nov 2

Money Moves

As of May 2026: Opposing US-Taiwan agreements

The United States produced 37% of the world's semiconductors in 1990, but by 2024 that share had fallen below 10%, with Taiwan manufacturing over 90% of the most advanced chips. A $500 billion US-Taiwan trade framework was initiated with a January 16, 2026 memorandum and formally signed February 12.

Updated May 21

Force in Play

As of May 2026: Emerging as alternative mediator to ASEAN and US

A Cambodian soldier died in a border firefight on May 28, and within two months, the countries were exchanging artillery fire and airstrikes across a dozen locations. Three ceasefires—brokered by Malaysia, pressured by Trump, and witnessed by ASEAN—have left over 100 dead and a million displaced, yet the December 27 truce may fail like the others.

Updated May 16