特朗普第二任期內発動歷來最大力度對華攻擊（2/2）

Trump Targets China with Biggest Salvo So Far in Second Term (2/2)

Bloomberg News--With assistance from Zhang Dingmin, John Cheng, Helen Sun and Shikhar Balwani.

Mon, February 24, 2025 at 12:30 a.m. PST·6 min read

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Stocks Scrutiny

The memo also revived an issue related to the accounting practices of some foreign firms, including those trading on American exchanges like Alibaba Group Holding Ltd. and JD.com Inc., saying the US government would ensure its rules are being adequately followed.

Back in 2022, Beijing and Washington resolved a dispute over accounting practices that could have led to the delisting of companies like Alibaba Group Holding Ltd. and JD.com Inc., with US officials saying they had gained sufficient access to audit documents on companies in China and Hong Kong for the first time.

Enforcement of US rules would be “tighter than ever” because of the memorandum, said Winston Ma, adjunct law professor at New York University.

Also, a call in the memo for new and expanded limits on investment from US pension and endowment funds in high-tech sectors in China could affect companies along the Asian nation’s artificial intelligence supply chains, UBS Group AG said in a note. The rule could impact hardware, software and internet firms, strategists including James Wang wrote.

And the Trump administration called for a review of arrangement known as “variable interest entity” that Chinese firms use to list on American exchanges. It also pledged to look into “allegations of fraudulent behavior by these companies,” without going into details.

Shipping

The outline for a plan for fees on Chinese-built ships that carry traded goods also has mandates requiring that a portion of US products be moved on American vessels. It results from an inquiry into Beijing’s practices in the maritime, logistics and shipbuilding industries that started during the Biden administration and ended with a report days before Trump took office.

China’s share of global shipbuilding capacity has surged over the past decade to account for around half of new builds, partly driven by its own domestic demand for more ships. The country’s fleet was valued at $255.2 billion in January, the biggest total globally, according to the analytics platform VesselsValue. Japan was second at $231.4 billion, while the US ranked fourth at $116.4 billion.

Shares of Cosco Shipping Holdings Co., which was earlier blacklisted by the Defense Department over alleged links to the People’s Liberation Army, fell 4.6% in Hong Kong. Orient Overseas International Ltd. retreated 3%.

When asked the about the proposed shipping fee at a regular press briefing, Foreign Ministry spokesman Lin Jian said the US should “respect the rule of law and stop their wrongdoing.”

Underscoring the divide between the two economic powers, last week Chinese Vice Premier He Lifeng expressed “serious concern” over a 10% tariff hike that Trump earlier place on goods from the Asian country. He made the comments in a call with Treasury Secretary Scott Bessent, who raised a host of issues with China, including “economic imbalances.”

China’s $295 billion trade surplus with the US looms large in the new administration’s list of worries, though Trump has said he may be able to reach a fresh deal with Beijing, following one during his first term. “It’s possible, it’s possible,” he said last week. Trump earlier threatened tariffs of 60% on Chinese goods — a level that would devastate trade between the nations — and has ordered his administration to investigate whether Beijing had complied with the trade agreement clinched in 2020.

The Bessent-He call came weeks after the new tariffs took effect, hitting the entirety of Chinese goods shipped to the US. Trump linked them to complaints over Chinese production of precursors for illicit fentanyl heading to America, exacerbating a deadly opioid crisis.

The rising China-US tensions come as Trump pushes to end the war in Ukraine, a move that started with landmark discussions earlier this month between Trump and Russian leader Vladimir Putin. While China would welcome an end to the war because it would help improve its ties with Europe, it raises the possibility that once the fighting ends Washington would turn its full attention to Beijing.

Translation

特朗普第二任期內発動歷來最大力度對華攻擊（2/2）

（繼續）

股票審查

該備忘錄還重新提出了與一些外國公司的會計實踐有關的問題，包括阿里巴巴集團控股有限公司和京東公司等在美國交易所交易的公司，它表示美國政府將確保其規則得到充分遵守。

早在 2022 年，北京和華盛頓就解決了一場有關會計實踐的爭端，該爭端可能導致阿里巴巴集團控股有限公司和京東公司等公司退市，美國官員表示，他們首次獲得了對中國大陸和香港公司核數文件的充分查閱權限。

紐約大學兼任法學教授 Winston Ma 表示，這份備忘錄將使美國執行法規「比以往更加嚴格」。

此外，瑞銀集團在一份報告中表示，備忘錄呼籲對美國退休金和捐贈基金在中國高科技領域的投資設定新的和擴大的限制，這可能會影響亞洲人工智慧供應鏈上的企業。包括 James Wang  在內的策略師寫道，這項規定可能會影響硬體、軟體和網路公司。

特朗普政府呼籲對中國公司在美國交易所上市所採用的「可變利益實體」安排進行審查。它還承諾調查 “這些公司存在的欺詐行為指控” ，但沒有透露細節。

航運

對中國製造的載運貿易貨物的船舶徵收費用的計劃大綱也規定，部分美國產品必須透過美國船隻進行運輸。這是對北京在海運、物流和造船業的做法的調查的結果，該調查始於拜登政府時期，並在特朗普上任前幾天結束。

過去十年，中國在全球造船產能的份額大幅成長，約佔全球新船建造量的一半，部分原因是中國國內對更多船舶的需求。根據分析平台 VesselsValue 的數據，1 月該國船隊價值達 2,552 億美元，為全球最高。日本以2,314億美元位居第二，美國以1,164億美元位居第四。

中遠海運控股有限公司先前因涉嫌與中國人民解放軍有聯繫而被美國國防部列入黑名單，該公司股價在香港下跌 4.6%。東方海外國際有限公司下跌3%。

外交部發言人 Lin Jian 在例行記者會上被問及擬議的運費時表示，美國應該「尊重法治，停止錯誤行為」。

上週，中國國務院副總理何立峰對特朗普先前對來自中國的產品加徵 10% 的關稅表示 “嚴重關切” ，凸顯了兩大經濟大國之間的分歧。他在與財政部長 Scott Bessent 的通話中發表了上述言論，Bessent 提出了一系列與中國有關的問題，包括「經濟失衡」。

儘管特朗普表示，繼第一任期內與中國達成一項新協議之後，他或許能夠與中國達成一項新的協議，但中國對美國的 2,950 億美元貿易順差仍然是新政府要擔憂事項中佔據重要位置，。他上週表示： “協議有可能，有可能” 。 特朗普先前曾威脅對中國商品徵收 60% 的關稅 - 這一水平將摧毀兩國之間的貿易 - 並下令其政府調查北京是否遵守了 2020 年達成的貿易協議。

Bessent 與何立峰的通話是在新關稅生效數週後進行的，新關稅對所有運往美國的中國商品都產生了影響。特朗普將新關稅與中國生產的非法芬太尼原料流入美國的投訴聯繫起來，引發美國致命的鴉片發類藥物危機。

在特朗普推動結束烏克蘭戰爭之際，中美緊張局勢加劇，此舉始於本月稍早特朗普與俄羅斯領導人普京舉行的具有里程碑意義的會談。儘管中國歡迎戰爭結束，因為這將有助於改善與歐洲的關係，但這也意味著一旦戰爭結束，華盛頓將把全部注意力轉向北京。

       So, the Trump administration takes aim at China with a series of moves involving investment, trade and other issues. President Donald Trump in a memo tells a key government committee to curb Chinese spending on tech, energy and other strategic American sectors. The US also proposes fees on the use of commercial ships made in China to counter the China’s dominance in the production of the vessels. The memo is referring to Beijing as a “foreign adversary,” it says the changes are needed to protect “the crown jewels of United States technology, food supplies, farmland, minerals, natural resources, ports, and shipping terminals. Apparently, a new level of trade war is on the horizon.