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Thai authorities said they have arrested a Chinese executive at a company that was building a Bangkok skyscraper which collapsed in a major earthquake, leaving dozens dead.The 30-storey tower was reduced to an immense pile of rubble when a 7.7-magnitude quake struck neighbouring Myanmar last month, killing 47 people at the construction site and leaving another 47 missing.Justice Minister Tawee Sodsong told a news conference Saturday that a Thai court had issued arrest warrants for four individuals, including three Thai nationals, at China Railway No.10 for breaching the Foreign Business Act.The Department of Special Investigation, which is under the justice ministry, said in a statement Saturday that one of the four had been arrested — a Chinese “company representative” who they named as Zhang. China Railway No.10 was part of a joint venture with an Italian-Thai firm to build the State Audit Office tower before its collapse.Zhang is listed as a 49-percent shareholder in the firm, while the three Thai citizens have a 51-percent stake in the company. But Tawee told journalists that “we have evidence… that the three Thais were holding shares for other foreign independents”.The Foreign Business Act says that foreigners may hold no more than 49 percent of shares in a company.Separately, Tawee said several investigations related to the collapse were ongoing, including over the possibility of bid rigging and the use of fake signatures of engineers in construction supervisor contracts.Earlier this month Thai safety officials said testing of steel rebars — struts used to reinforce concrete — from the site has found that some of the metal used was substandard.The skyscraper was the only major building in the capital to fall in the catastrophic March 28 earthquake that has killed more than 3,700 people in Thailand and neighbouring Myanmar.

As the Trump administration attempts to choke off exports of strategically important computer chips to China, experts say the effort might well backfire, fueling innovation at Chinese firms that could help them seize the world semiconductor market.”What’s actually happening is that the US government right now is handing China a big win as it tries to get their own chip business going,” said Jack Gold, principal analyst at J.Gold associates.”Once they’re competitive,” he told AFP, “they’ll start selling around the world and people will buy their chips.”When that happens, he added, it will be difficult for US chip makers to reclaim lost market share.Silicon Valley semiconductor star Nvidia and its US rival Advanced Micro Devices (AMD) expect big financial hits from new US licensing requirements for semiconductors exported to China, they notified regulators this week.Nvidia expects the new rules to cost it $5.5 billion, while AMD forecast it could sap as much as $800 million from the company’s bottom line, according to filings with the US Securities and Exchange Commission (SEC).Administration officials told Nvidia it must obtain licenses to export its H20 chips to China because of concerns they may be used in supercomputers there, the company said.The United States had already restricted exports to China, the world’s biggest buyer of chips, of Nvidia’s most sophisticated graphics processing units (GPUs), designed to power top-end artificial intelligence models.Nvidia essentially developed the H20 chip for the Chinese market, aiming to maximize performance while meeting previous US export rules, but the new licensing requirements pose a roadblock, according to Gold.For AMD, the new US export control measure applies to its MI308 GPUs, which are designed for high-performance applications like gaming and artificial intelligence, it said in a filing. It noted that there is no guarantee licenses for sales to China will be granted.- Opportunity for China? -Independent tech analyst Rob Enderle predicted Chinese chip makers — likely led by the huge Huawei corporation — will ramp up efforts to snatch the lead in the market.”It’s going to be a godsend for China as they spin up their own microprocessor business,” Enderle said of the tightened US export rules.”This will be a really quick way to hand over US leadership in microprocessors and GPUs.”The Chinese government has ample resources and motivation to bolster its chip industry, according to Gold.He said while US President Donald Trump might think he can “bully people” to achieve his objectives, “the worldwide economy is not like that.”Instead, Trump’s tariffs have alienated allies, increasing their incentive to turn to China for chips, the analyst said.”Across the board, this is going to create real problems for US companies competitively,” Enderle said.”Companies located overseas are suddenly going to be in much better shape to compete.”Nvidia chief executive Jensen Huang has said publicly that the AI chip powerhouse can comply with the new US requirements without sacrificing technological progress, adding that nothing will stop the global advancement of artificial intelligence.”Nvidia is one of the most important pieces in this (US) chess game with China,” Wedbush analyst Dan Ives said in a note to investors.”The Trump administration knows there is one chip and company fueling the AI Revolution and it’s Nvidia,” he said, and so it placed “a ‘Do Not Enter’ sign in front of China” to slow its progress.Ives warned, however, that the chip wars are not over. He expects “more punches to be thrown by both sides.”

The United States unveiled new port fees on Chinese built and operated ships Thursday, in a bid to boost the domestic shipbuilding industry and curb China’s dominance in the sector.The move — which stems from a probe launched under the prior administration — comes as the United States and China are locked in a major trade war over President Donald Trump’s tariffs and could further ratchet up tensions.”Ships and shipping are vital to American economic security and the free flow of commerce,” US Trade Representative Jamieson Greer said in a statement announcing the new fees, most of which will begin in mid-October.Under the new rule, per tonnage or per container fees will apply to each Chinese-linked ship’s US voyage, and not at each port as some in the industry had worried.The fee will be assessed only up to five times per year, and can be waived if the owner places an order for a US built vessel.Dominant after the Second World War, the US shipbuilding industry has gradually declined and now accounts for just 0.1 percent of global output.The sector is now dominated by Asia, with China building nearly half of all ships launched, ahead of South Korea and Japan.The three Asian countries account for more than 95 percent of civil shipbuilding, according to UN figures.There will be separate fees for Chinese operated ships and Chinese built ships, and both will gradually increase over subsequent years.For Chinese built ships, the fee starts at $18 per NT or $120 per container — meaning a ship with 15,000 containers could see a whopping fee of $1.8 million.Beijing warned on Friday the new fees would be “detrimental to all parties.””They drive up global shipping costs, disrupt the stability of global production and supply chains, increase inflationary pressure within the United States, and harm the interests of American consumers and businesses,” foreign ministry spokesman Lin Jian said.”Ultimately, they will not succeed in revitalizing the US shipbuilding industry,” he said.US groups representing some thirty industries had voiced their concerns in March about the risks such fees could have on the prices of imported products.One business surveyed by the groups expressed worry that proposed fees, alongside tariffs on China and other countries, as well as duties on steel and aluminum imports, would put “extraordinary pressure on US retailers.”All non-US built car carrier vessels will also be hit with a fee beginning in 180 days.Washington is also introducing new fees for liquified natural gas (LNG) carriers, though those do not take effect for three years.A fact sheet accompanying the announcement said fees will not cover “Great Lakes or Caribbean shipping, shipping to and from US territories, or bulk commodity exports on ships that arrive in the United States empty.”In addition to the fees, Greer announced proposed tariffs on some ship-to-shore cranes and on Chinese cargo handling equipment.”The Trump administration’s actions will begin to reverse Chinese dominance, address threats to the US supply chain, and send a demand signal for US-built ships,” Greer said.

Tokyo led most Asian markets higher Friday on optimism about a Japan-US trade deal as investors keep tabs on countries’ tariff talks with the White House.US President Donald Trump’s remarks that he was reluctant to further hike levies on Beijing also provided a little support amid hope for an easing of tensions between the economic titans.Governments around the world are lining up to visit the US president’s team in an effort to pare back eye-watering levies Trump imposed for what he calls years of being “ripped off” and to reshore manufacturing.While several officials have been in touch, Japanese negotiator Ryosei Akazawa’s trip this week was seen as a canary in the mine owing to the countries’ long-running relationship.Akazawa met Trump, Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent on Wednesday without making any immediate progress, though a second round of talks is scheduled for the end of April.On Friday, US Ambassador to Japan George Glass said he was “extremely optimistic that a deal will get done”.The day before, Trump hailed “big progress” in the negotiations.Hopes most of the measures against US trading partners can be rowed back have soothed some market anxiety after the white-knuckle ride at the start of the month, though uncertainty caused by the president’s tendency to flip-flop is keeping investors on edge.Trump on Thursday offered a little optimism when he said he was reluctant to keep hiking rates on China as that could halt trade between the two economic superpowers, adding that Beijing had been reaching out to him.”I have a very good relationship with President Xi (Jinping), and I think it’s going to continue,” he said. “And I would say they have reached out a number of times.”His remarks came after Bloomberg reported that China could be open to dialogue but wanted to see some measures beforehand, including reining in some cabinet members’ anti-Beijing comments.Still, Washington unveiled new port fees on Chinese built and operated ships Thursday as it looks to boost its domestic shipbuilding industry and curb China’s dominance in the sector.The move stems from a probe launched under Joe Biden’s administration but could further ratchet up tensions.After a mixed lead from Wall Street, Asia mostly rose.Tokyo led the gains even as data showed Japanese inflation accelerated last month as rice prices more than doubled.Seoul, Bangkok and Taipei also rose, though Shanghai edged down.Hong Kong, Sydney, New York, London, Paris, Frankfurt, Singapore, Mumbai, Jakarta, Wellington and Manila were closed for holidays. Investors are also eyeing developments at the Federal Reserve as Trump hit out at boss Jerome Powell, who warned the sweeping tariffs were “highly likely to generate at least a temporary rise in inflation”.The president slammed Powell for not lowering interest rates, as the ECB has done, and said his “termination cannot come fast enough”.Speaking to reporters at the White House, he said Powell would “leave if I ask him to”, adding “I’m not happy with him. I let him know it and if I want him out, he’ll be out of there real fast, believe me”.Michael Hewson at MCH Market Insights pointed out that US inflation was far higher than the Fed’s two percent target and the tariff policy had created “significant ripples in the US economy, prompting a collapse in consumer confidence in the process”.”Trump is amping up the pressure on the Fed to cut rates quickly,” he wrote in a note. “Sadly, for Trump his very policies are the ones causing the Fed to pause, with Powell warning that the sheer size of the tariffs is complicating the central bank’s job.”The chaos being unleashed by the US administration is also giving business cause for concern.”In company news, Shenzhen-listed shares in Chinese battery maker CATL dropped 0.2 percent after US lawmakers asked Wall Street titans JP Morgan and Bank of America not to work on its planned initial public offering in Hong Kong.In letters to the banks’ CEOs, John Moolenaar, chair of the House Select Committee on the Chinese Communist Party, said the underwriting of the IPO exposed themselves and investors to “significant regulatory, financial and reputational risks”.- Key figures at 0715 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 34,730.28 (close) Shanghai – Composite: DOWN 0.1 percent at 3,276.73 (close)Hong Kong – Hang Seng Index: Closed for a holidayEuro/dollar: UP at $1.1371 from $1.1370 on ThursdayPound/dollar: UP $1.3270 at $1.3268Dollar/yen: DOWN at 142.33 yen from 142.39 yen Euro/pound: UP at 85.68 pence from 85.67 penceWest Texas Intermediate: UP 3.5 percent at $64.68 per barrel on ThursdayBrent North Sea Crude: UP 3.2 percent at $67.96 per barrelLondon – FTSE 100: Closed for a holidayNew York – Dow: Closed for a holiday

Sky-high tariffs imposed on China by US President Donald Trump have triggered a slump in factory orders, manufacturers told AFP this week — with some fearing business may never return.China’s vast southern province of Guangdong, crisscrossed with factories making everything from clothing to electronics, has long been the country’s biggest manufacturing hub.For decades, it has churned out products for the insatiable American consumer base, offering low prices few can compete with and serving as a key driver in China’s meteoric rise to global economic superpower status.But Trump’s drive to bring manufacturing back to the United States and launch of a brutal trade war with China now threatens to upend that — adding to the country’s already grim economic outlook.Xiao Junyi, a clothing factory owner in the province’s largest city of Guangzhou, told AFP that the US market had accounted for between 20 to 30 percent of orders.But after the tariffs were announced, “we were genuinely affected,” he said.”Our sales and orders clearly declined.”Many of his factory’s products are sold to consumers in the United States via Temu, the low-cost overseas e-commerce platform operated by Chinese retail giant PDD Holdings.In response to the US tariffs — now 145 percent for most products and as much as 245 percent on others — Temu issued a notice saying there will be reduced advertising in the US market going forward, Xiao said.The 24-year-old factory owner said he was hoping to find other markets for his clothes.”Aside from the United States, we can do business with the whole world,” he said.But he admitted it was “really unlikely” that other countries would replace the US market.”The United States is a truly developed country, and the order volume is bigger.”- ‘Boundless competition’ -Nearby, businesspeople from across the globe convened for the opening phase of the Canton Fair — a colossal trade show held every spring and autumn.The event serves as an opportunity for merchants from around the world to meet face-to-face with Chinese manufacturers and assess their products up close, establishing new supply arrangements or shoring up old contacts.But buyers from the United States this year were few and far between.Those that were there declined to comment when asked by AFP which products they were interested in — or if the tariff war would complicate business.One Chinese firm keen to make contacts was Wosen Lighting Technology, a supplier to US e-commerce juggernaut Amazon.”It’s a new round in the trade war,” Andy Lin, the firm’s business development manager, told AFP at one of its factories in nearby Zhongshan.”It becomes a case where you add tariffs and I also add tariffs — then it turns into a boundless competition,” said Lin.”This situation won’t be able to last long, because after all, it has very real impacts on all countries,” she added.”I think it will especially affect the lives of the American people.”- ‘Manufacturing powerhouse’ -The downturn in shipments to the United States could also affect the local manufacturing industry, for which Wosen provides several hundred jobs.Nevertheless, factories visited by AFP this week in Guangdong were buzzing with activity as workers sat at production lines, the air filled with the clanging and whirring of conveyor belts.Many manufacturers admitted the heightened trade war with the United States will cause turbulence for businesses.But they hoped that would encourage them to find new customers in other countries.The tariffs are also likely to cause pain among American consumers, with US Federal Reserve boss Jerome Powell warning this week that they may increase inflation in the country.As for China’s reciprocal tariffs on US goods, Lin said she was not concerned about it affecting her lifestyle — she is used to buying things on local e-commerce platforms from Chinese manufacturers.”They can all basically be produced domestically,” said Lin.”After all, China is a manufacturing powerhouse. If you are not looking for certain special products, the impact will be small.”

Asian markets were mixed in holiday-thinned trade Friday as investors keep tabs on countries’ tariff talks with the White House, while Donald Trump’s remarks that he was reluctant to hike levies on Beijing even more provided a little support.Governments around the world are lining up to visit the US president’s team as they look to pare back eye-watering levies imposed by the United States for what he calls years of being “ripped off” and as he looks to reshore manufacturing.While several officials have been in touch, Japanese negotiator Ryosei Akazawa’s trip this week was seen as a “canary in the mine” owing to the countries’ long-running relationship.He met Trump, Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent on Wednesday without making any immediate progress, though a second round of talks is scheduled for the end of April.Trump had earlier hailed “big progress” in the negotiations.Hopes most of the measures against US trading partners can be rowed back have soothed some market anxiety after the white-knuckle ride at the start of the month, though uncertainty caused by the president’s tendency to flip-flop is keeping investors on edge.Trump on Thursday offered a little optimism when he said he was reluctant to keep hiking rates on China as that could halt trade between the two economic superpowers, adding that Beijing had been reaching out to him.”I have a very good relationship with President Xi (Jinping), and I think it’s going to continue,” he said. “And I would say they have reached out a number of times.”His remarks came after Bloomberg reported that China could be open to dialogue but wanted to see some measures beforehand, including reining in some cabinet members’ anti-Beijing comments.Still, Washington unveiled new port fees on Chinese built and operated ships Thursday as it looks to boost its domestic shipbuilding industry and curb China’s dominance in the sector.The move stems from a probe launched under Joe Biden’s administration but could further ratchet up tensions.After a mixed lead from Wall Street, Asia fluctuated.Tokyo led the gains even as data showed Japanese inflation accelerated last month as rice prices more than doubled.Seoul and Taipei also rose while Shanghai dipped.Hong Kong, Sydney, Singapore, Mumbai, Jakarta, Wellington and Manila were closed for holidays.Investors are also eyeing developments at the Federal Reserve as Trump hit out at boss Jerome Powell, who warned the sweeping tariffs were “highly likely to generate at least a temporary rise in inflation”.The president slammed Powell for not lowering interest rates, as the ECB has done, and said his “termination cannot come fast enough”.Speaking to reporters at the White House, he said Powell would “leave if I ask him to”, adding “I’m not happy with him. I let him know it and if I want him out, he’ll be out of there real fast, believe me”.Earlier, in a post on Truth Social, he said his “termination… cannot come fast enough”. Michael Hewson at MCH Market Insights pointed out that US inflation was far higher than the Fed’s two percent target and the tariff policy had created “significant ripples in the US economy, prompting a collapse in consumer confidence in the process”.”Trump is amping up the pressure on the Fed to cut rates quickly,” he wrote in a note. “Sadly, for Trump his very policies are the ones causing the Fed to pause, with Powell warning that the sheer size of the tariffs is complicating the central bank’s job.”The chaos being unleashed by the US administration is also giving business cause for concern.”- Key figures at 0230 GMT -Tokyo – Nikkei 225: UP 0.6 percent at 34,583.29 (break)Shanghai – Composite: DOWN 0.4 percent at 3,268.89Hong Kong – Hang Seng Index: closed for a holidayEuro/dollar: UP at $1.1371 from $1.1370 on ThursdayPound/dollar: UP $1.3273 at $1.3268Dollar/yen: DOWN at 142.35 yen from 142.39 yen Euro/pound: DOWN at 85.66 pence from 85.67 penceWest Texas Intermediate: UP 3.5 percent at $64.68 per barrelBrent North Sea Crude: UP 3.2 percent at $67.96 per barrelNew York – Dow: DOWN 1.3 percent at 39,142.23 (close)London – FTSE 100: FLAT at 8,275.66 (close)

Rice prices in Japan last month were almost twice what they were a year earlier, official data showed Friday, as core inflation accelerated in the world’s number four economy.The price of the grain has soared in recent months, prompting Japan’s government to release some of its emergency stockpile into the market.Excluding fresh food, consumer prices rose 3.2 percent in March year-on-year compared to 3.0 percent in February — in line with market expectations.Excluding energy as well, prices rose 2.9 percent last month, up from 2.6 percent in February. But overall inflation eased to 3.6 percent from 3.7 percent.The data is likely to strengthen expectations that the Bank of Japan will hike interest rates, with inflation above the BoJ’s target of two percent for almost three years.However, uncertainty caused by US President Donald Trump’s trade policies could prompt the central bank to stick to its current stance for now.The internal affairs ministry said that the prices of both fresh and non-fresh food products rose, as did hotel fees.But grain prices saw the biggest increase, rising 25.4 percent. Rice prices logged an enormous 92.5-percent jump, driven by a shortage of the staple.- Rice shock -Factors behind the shortfall include poor harvests due to hot weather in 2023 and panic-buying prompted by a “megaquake” warning last year.Record numbers of tourists have also been blamed for a rise in consumption while some traders are believed to be hoarding the grain.The government began auctioning its rice stockpile last month, the first time since it was started in 1995.The government has so far released around 210,000 tonnes and plans to auction another 100,000 tons this month, authorities said earlier this month. Rice also appears to have been a factor in Trump’s hefty tariffs of 24 percent on Japanese imports — currently paused — into the United States.The White House has accused Japan of imposing a 700-percent tariff on US rice imports, a claim that Japan’s farm minister called “incomprehensible”.But it’s not just rice; cabbage prices have also exploded, including by 111.6 percent in March compared to the same month last year.Last year’s record summer heat and heavy rain ruined crops, driving up the cost of the leafy green in what media have dubbed a “cabbage shock”.The rising prices have increased pressure on the government of Prime Minister Shigeru Ishiba to do more to help consumers.

President Donald Trump said Thursday that the United States was in talks with China on tariffs, adding that he was confident the world’s largest economies could make a deal to end a bitter trade war.”Yeah, we’re talking to China,” Trump told reporters in the Oval Office. “I would say they have reached out a number of times.”Trump confirmed that the talks had happened since he upped tariffs on China to a whopping 145 percent, after Beijing retaliated to his sweeping “Liberation Day” worldwide levies.But Trump was cagey when asked if he had spoken directly with Chinese President Xi Jinping, despite having dropped several hints in the past that he has.”I’ve never said whether or not they’ve happened,” he said when asked about talks with Xi. “It’s just not appropriate.”Pressed by reporters whether Xi had reached out to him, Trump replied: “You’d think it was pretty obvious that he has, but we will talk about that soon.”Trump’s administration is locked in a war of sky-high reciprocal tariffs with superpower rival China that has unnerved world markets.”I think we’re going to make a very good deal with China,” he said at the White House earlier as Italian Prime Minister Giorgia Meloni visited for talks aimed at ending US tariffs on the European Union.

Stock markets wavered Thursday despite another interest rate cut by the European Central Bank as investors remain on edge over the fallout from President Donald Trump’s tariffs blitz.In New York, the Dow and the tech-heavy Nasdaq extended losses while the broad-based S&P 500 edged up.Wall Street had slumped on Wednesday as Federal Reserve chief Jerome Powell warned that Trump’s sweeping tariffs were “highly likely to generate at least a temporary rise in inflation.”He said it could put the US central bank in the unenviable position of having to choose between tackling inflation and unemployment.Trump hit back Thursday, slamming Powell for not lowering interest rates as the ECB has done and saying his “termination cannot come fast enough.””All-in-all, the trade news and Powell’s comments provided a tough backdrop for markets,” said a Deutsche Bank analyst note.The Paris and Frankfurt stock exchanges closed in the red ahead of the Easter holiday as the ECB warned that rising trade tensions could weigh on eurozone growth.While Trump’s tariffs have increased the risk that growth could slow in the eurozone, ECB President Christine Lagarde said their impact on inflation was “less than clear.”The ECB decided to lower interest rates by a quarter point to 2.25 percent, the sixth consecutive time it has moved to ease borrowing costs.Trump imposed 10 percent tariffs on all imports this month, although he suspended higher duties on dozens of nations for 90 days. He has also placed 25 percent levies on imported steel, aluminium and cars.Shares in French luxury giant Hermes fell more than three percent after the Birkin handbag maker said it would raise prices at its US stores to offset the tariff impact.Elsewhere, the London stock exchange finished flat.- ‘Big Progress!’ -Investors found solace in Trump declaring “Big Progress!” in tariff negotiations with Japan, with Tokyo leading Asian stocks higher.Tokyo’s envoy Ryosei Akazawa said: “I understand that the US wants to make a deal within the 90 days. For our part, we want to do it as soon as possible.”With Japanese companies the biggest investors into the United States, Tokyo’s negotiations are of particular interest to markets.While Japan’s Prime Minister Shigeru Ishiba warned that the talks “won’t be easy”, he said the president had “expressed his desire to give the negotiations… the highest priority.”Elsewhere, safe-haven investment gold hit a fresh record above $3,357.78 an ounce before paring back gains, while the dollar and oil prices firmed.Hopes that Trump’s blistering tariffs could be pared back have helped temper some of the disquiet on markets after a rout at the start of the month fuelled by talk of a global recession and an upending of historic trading norms.”But don’t get carried away — the market remains jittery,” said Fawad Razaqzada, market analyst at City Index and Forex.com.- Key figures at 2030 GMT -New York – Dow: DOWN 1.3 percent at 39,142.23 points (close)New York – S&P 500: UP 0.1 percent at 5,282.70 (close)New York – Nasdaq: DOWN 0.1 percent at 16,286.45 (close)London – FTSE 100: FLAT at 8,275.66 (close)Paris – CAC 40: DOWN 0.6 percent at 7,285.86 (close)Frankfurt – DAX: DOWN 0.5 percent at 21,205.86 (close)Tokyo – Nikkei 225: UP 1.4 percent at 34,377.60 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 21,395.14 (close)Shanghai – Composite: UP 0.1 percent at 3,280.34 (close)Euro/dollar: DOWN at $1.1370 from $1.1395 on WednesdayPound/dollar: UP $1.3268 at $1.3235Dollar/yen: UP at 142.39 yen from 142.12 yen Euro/pound: DOWN at 85.67 pence from 86.06 penceBrent North Sea Crude: UP 3.2 percent at $67.96 per barrelWest Texas Intermediate: UP 3.5 percent at $64.68 per barreldan-bcp-lth-bys/tgb

Chinese President Xi Jinping met the Cambodian premier in Phnom Penh on Thursday on the final leg of a Southeast Asia tour in which he sought to strengthen regional trade ties.Xi arrived in the Cambodian capital after visiting Vietnam and Malaysia, as Beijing seeks to build ties and offset the impact of huge tariffs imposed by his US counterpart Donald Trump.Former Cambodian leader Hun Sen and his son, Prime Minister Hun Manet, shared posts on their social media accounts showing them meeting with Xi. The two countries exchanged 37 agreements on a wide range of areas, including water resources and agriculture, Hun Manet wrote on Facebook.China is Cambodia’s biggest trading partner and source of investment, and more than a third of Cambodia’s $11 billion in foreign debt is owed to Beijing, according to the International Monetary Fund.Earlier in the day, the Chinese leader was greeted by King Norodom Sihamoni during a military welcome ceremony after he touched down in Phnom Penh.Xi told the monarch their two nations “set a model for equality, mutual trust and win-win cooperation between countries of different sizes”, according to China’s state news agency Xinhua.- China plays ‘pivotal role’ -Phnom Penh is also among Beijing’s most reliable supporters in Asia. Hun Manet had described Xi’s visit as a display of “iron-clad” friendship.He said in a video posted on Wednesday that the two countries had “common interests based on the principles of respect for sovereignty, equality, and non-interference in internal affairs”. He also said China had played a “pivotal role” in Cambodia’s socio-economic development.China and Cambodia celebrate 67 years of diplomatic relations this year and the kingdom also commemorated on Thursday 50 years since Phnom Penh fell to the Khmer Rouge.Trump imposed tariffs of 49 percent on Cambodia, among the highest of the levies handed out in his April 2 “Liberation Day” trade announcements. He then paused the levies for most countries for 90 days, reverting to a base tariff of 10 percent.While meeting Hun Sen, Xi said “trade wars undermine the multilateral trading system and disrupt global economic order”.”Unilateralism and hegemonism receive no support of the people,” Xi said, as quoted by Xinhua.China is excluded from the 90-day pause and faces new US levies of up to 145 percent on many of its products.Beijing has called the taxes a “joke” and imposed retaliatory tariffs of 125 percent on US goods.Xi said Thursday China will “open its mega-market to Cambodia, import more high-quality Cambodian agricultural products”, quoted by Xinhua.Hun Manet wrote a letter to Washington “expressing Cambodia’s good faith to negotiate a mutual solution” and pledging to reduce its own tariffs on 19 categories of US goods, according to the commerce ministry.