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      American Firms Invested $1 Billion in Chinese Chips, Lawmakers Find

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      A Congressional investigation determined that U.S. funding helped fuel the growth of a sector now viewed by Washington as a security threat.A congressional investigation has determined that five American venture capital firms invested more than $1 billion in China’s semiconductor industry since 2001, fueling the growth of a sector that the United States government now regards as a national security threat.Funds supplied by the five firms — GGV Capital, GSR Ventures, Qualcomm Ventures, Sequoia Capital and Walden International — went to more than 150 Chinese companies, according to the report, which was released Thursday by both Republicans and Democrats on the House Select Committee on the Chinese Communist Party.The investments included roughly $180 million that went to Chinese firms that the committee said directly or indirectly support Beijing’s military. That includes companies that the U.S. government has said provide chips for China’s military research, equipment and weapons, such as Semiconductor Manufacturing International Corporation, or SMIC, China’s largest chipmaker.The report by the House committee focuses on investments made before the Biden administration imposed sweeping restrictions aimed at cutting off China’s access to American financing. It does not allege any illegality.Last August, the Biden administration banned U.S. venture capital and private equity firms from investing in Chinese quantum computing, artificial intelligence and advanced semiconductors. It has also imposed worldwide limits on sales of advanced chips and chip-making machines to China, arguing that these technologies could help advance the capabilities of the Chinese military and spy agencies.Since it was established a year ago, the committee has called for raising tariffs on China, targeted Ford Motor and others for doing business with Chinese companies, and spotlighted forced labor concerns involving Chinese shopping sites.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      For First Time in Two Decades, U.S. Buys More From Mexico Than China

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      The United States bought more goods from Mexico than China in 2023 for the first time in 20 years, evidence of how much global trade patterns have shifted.In the depths of the pandemic, as global supply chains buckled and the cost of shipping a container to China soared nearly twentyfold, Marco Villarreal spied an opportunity.In 2021, Mr. Villarreal resigned as Caterpillar’s director general in Mexico and began nurturing ties with companies looking to shift manufacturing from China to Mexico. He found a client in Hisun, a Chinese producer of all-terrain vehicles, which hired Mr. Villarreal to establish a $152 million manufacturing site in Saltillo, an industrial hub in northern Mexico.Mr. Villarreal said foreign companies, particularly those seeking to sell within North America, saw Mexico as a viable alternative to China for several reasons, including the simmering trade tensions between the United States and China.“The stars are aligning for Mexico,” he said.New data released on Wednesday showed that Mexico outpaced China to become America’s top source of official imports for the first time in 20 years — a significant shift that highlights how increased tensions between Washington and Beijing are altering trade flows.The United States’ trade deficit with China narrowed significantly last year, with goods imports from the country dropping 20 percent to $427.2 billion, the data shows. American consumers and businesses turned to Mexico, Europe, South Korea, India, Canada and Vietnam for auto parts, shoes, toys and raw materials.Imports from China fell last yearU.S. imports of goods by origin

      Source: U.S. Census Bureau, U.S. Bureau of Economic AnalysisBy The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.S. Hits Back at Iran With Sanctions, Criminal Charges and Airstrikes

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      In the hours before the United States carried out strikes against Iran-backed militants on Friday, Washington hit Tehran with more familiar weapons: sanctions and criminal charges.The Biden administration imposed sanctions on officers and officials of the Islamic Revolutionary Guards Corps, Iran’s premier military force, for threatening the integrity of water utilities and for helping manufacture Iranian drones. And it unsealed charges against nine people for selling oil to finance the militant groups Hamas and Hezbollah.The timing seemed designed to pressure the Revolutionary Guards and its most elite unit, the Quds Force, at a moment of extraordinary tension in the Middle East. Although the sanctions have been brewing for some time and the charges were filed earlier under seal, the region has been in turmoil for months.The actions are part of a coordinated governmentwide effort to disrupt Iran’s efforts to use illicit oil sales to fund terrorism, and to push back on the country’s increasingly capable offensive cyberoperations. In the 15 years since the United States mounted a major cyberattack on Iran’s nuclear facilities, the country has trained a generation of hackers and struck back at Israel, Saudi Arabia and the United States, among others. Two American officials said the United States conducted cyberoperations against Iranian targets on Friday but declined to provide details.The effects of sanctions and indictments are hard to measure. Few Iranian officers or officials keep assets in Western banks or travel to the United States, meaning the sanctions may have little practical effect. While the indictments and sanctions have a psychological element, demonstrating to Iranians and their business associates around the world that Western intelligence agencies are often tracking their movements and their transactions, actual arrests and trials are infrequent.“The reason that we bring these cases is, we know that the money Iran obtains from the illicit sale of oil is used to fund its malign activities around the world,” Matthew G. Olsen, who heads the national security division of the Justice Department, said on Friday. “The threats posed by Iran and the destabilizing effects of its actions have only come into sharper relief since the attacks of Oct. 7,” the day of the Hamas attack on Israel that killed roughly 1,200 people.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Minute-Long Soap Operas Are Here. Is America Ready?

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      Popularized in China during the pandemic, ReelShort and other apps are hoping to bring minute-by-minute melodramas to the United States.When Albee Zhang received an offer to produce cheesy short-form features made for phones last spring, she was skeptical, and so, she declined.But the offers kept coming. Finally, Ms. Zhang, who has been a producer for 12 years, realized it could be a profitable new way of storytelling and said yes.Since last summer, she has produced two short-form features and is working on four more for several apps that are creating cookie-cutter content aimed at women.Think: Lifetime movie cut up into TikTok videos. Think: soap opera, but for the short attention span of the internet age.The biggest player in this new genre is ReelShort, an app that offers melodramatic content in minute-long, vertically shot episodes and is hoping to bring a successful formula established abroad to the United States by hooking millions of people on its short-form content.“The Double Life of My Billionaire Husband” is one of the many short features you can watch on ReelShort, an app that offers short dramatic content meant to be watched on phones. ReelShort

      @reelshortapp On your 18th birthday, the Moon Goddess granted you a RED wolf. She said a new journey awaited you, but there were also evil forces after your power… Called weak your whole life, what POWER could you possibly have?! #fyp #reelshort #binge #bingeworthy #bingewatching #obsessed #obsession #mustwatch #witch #alpha #werewolf #moon #wolfpack #booktok #luna #drama #film #movie #tiktok #tv #tvseries #shortclips #tvclips #filmtok #movietok #dramatok #romance #love #marriage #relationship #couple #dramatiktok #filmtiktok #movietiktoks #saturday #saturdayvibes #saturdaymood #saturdaymotivation #saturdayfeels #saturdayfeeling #weekend #weekendvibes ♬ original sound – ReelShort APP We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Real Estate Giant China Evergrande Will Be Liquidated

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      After multiple delays and even a few faint glimmers of hope, a Hong Kong court has sounded the death knell for what was once China’s biggest real estate firm.Months after China Evergrande ran out of cash and defaulted in 2021, investors around the world scooped up the property developer’s discounted I.O.U.’s, betting that the Chinese government would eventually step in to bail it out.On Monday it became clear just how misguided that bet was. After two years in limbo, Evergrande was ordered by a court in Hong Kong to liquidate, a move that will set off a race by lawyers to find and grab anything belonging to Evergrande that can be sold.The order is also likely to send shock waves through financial markets that are already skittish about China’s economy.Evergrande is a real estate developer with more than $300 billion in debt, sitting in the middle of the world’s biggest housing crisis. There isn’t much left in its sprawling empire that is worth much. And even those assets may be off limits because property in China has become intertwined with politics.Evergrande, as well as other developers, overbuilt and over promised, taking money for apartments that had not been built and leaving hundreds of thousands of home buyers waiting on their apartments. Now that dozens of these companies have defaulted, the government is frantically trying to force them to finish the apartments, putting everyone in a difficult position because contractors and builders have not been paid for years.What happens next in the unwinding of Evergrande will test the belief long held by foreign investors that China will treat them fairly. The outcome could help spur or further tamp down the flow of money into Chinese markets when global confidence in China is already shaken.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      China Building Fire Kills at Least 39, With Others Trapped

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      The site in southeastern China housed an internet cafe and an educational center, state media said.A fire in a commercial building in southeastern China killed at least 39 people on Wednesday, as emergency workers raced to rescue people still trapped inside.The fire broke out around 3:30 p.m. local time in Xinyu, a city in Jiangxi Province, in the basement of a building that housed an internet cafe on the ground floor and an educational center upstairs, according to Chinese state media and a local government announcement.A video posted on social media by the Communist Party-affiliated outlet Beijing News showed thick black smoke billowing out of windows.Other videos posted by social media users on Wednesday, of what appeared to be the same building, showed people jumping from upper floors to a mattress on the ground outside, and a boy climbing down a ladder, wearing a backpack.At least nine people were injured, and after 8 p.m., rescue workers were still searching for people inside, according to a post by China Central Television, the state broadcaster, on the social media platform Weibo.In response to the fire, Xi Jinping, China’s top leader, called for “deep reflection” on the tragedy’s cause, state media said. He noted that this was “yet another major production safety accident that has happened recently.”On Friday, a fire at a kindergarten and elementary school dorm in central China’s Henan Province killed 13 people. While the state broadcaster did not identify the victims of that fire, some state-affiliated news media said that they had been in the same third-grade class.A fire at a mall in Xinyu also killed two people in late December.Research was contributed by More

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      Taiwan Loses Ally Nauru After Electing President Beijing Loathes

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      The tiny Pacific island of Nauru severed relations with Taiwan, a move that boosts China’s regional sway and was seemingly timed to Taiwan’s contentious recent election.Just two days after Taiwan elected as its next leader Lai Ching-te, whom Beijing sees as a staunch separatist, it lost a diplomatic ally in its rivalry with China. Nauru, a tiny freckle of land in the Pacific Ocean, announced that it would be severing diplomatic relations with Taiwan, effective immediately.The Chinese Ministry of Foreign Affairs said it welcomed the decision by Nauru and is ready to establish relations with it. Taiwan’s foreign ministry indicated that it had no doubt that Beijing had orchestrated the Pacific island’s shift, stating that “China has been actively courting Nauru’s political leaders for a long time, and using economic inducements to bring about a change of direction in the country’s diplomacy.”A Taiwanese deputy foreign minister, Tien Chung-kwang, told a briefing in Taipei, Taiwan’s capital, that China had orchestrated Nauru’s severing of relations to happen in the immediate wake of Taiwan’s election on the weekend.“The intent is to strike a blow against the democracy and freedom of which the Taiwanese people are so proud,” Mr. Tien said. He said Taiwan had pre-emptively severed relations with Nauru after learning of its impending shift in loyalties.Such moves from Beijing have been widely expected in Taiwan in the wake of the victory for Mr. Lai, whose Democratic Progressive Party has campaigned on policies to distance the self-governing island democracy from China. Beijing claims Taiwan is its territory, and Chinese officials harbor a particular dislike for Mr. Lai, whom they call a pro-independence threat. Mr. Lai has said he wants to protect Taiwan’s current status as a de facto independent democracy.Nauru is the latest small nations to abruptly break relations with Taiwan, joining such countries as Honduras and Nicaragua in switching diplomatic allegiance to China. And it is one of a growing number of Pacific island nations that China has aggressively courted in its bid to dominate the region.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Why Taiwan’s Election Matters to the World

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      Tensions over the island’s status have flared repeatedly for decades, especially as Washington’s relationship with China has grown more strained.Taiwan’s election on Saturday has big implications not only for the 23 million people who live on the island, but also for China’s superpower rivalry with the United States.Voters chose as their next president Lai Ching-te, the current vice president, who has vowed to continue his party’s policy of protecting the island’s sovereignty. The vote is a rebuke to Beijing’s claim over Taiwan and the growing pressure it has been exerting on the island democracy.As in all major Taiwanese elections, how to deal with China was a central focus of campaigning. The question has become only more urgent as Beijing has stepped up its military activity near Taiwan, raising the specter of a future conflict that could have implications for the United States.What is the controversy over Taiwan’s status?Since 1949, when the Nationalist government of Chiang Kai-shek fled the Chinese mainland for Taiwan after losing a civil war to Mao Zedong’s Communist forces, the island’s status and future has been disputed.On Taiwan, Generalissimo Chiang and his Nationalist Party imposed martial law on the island for decades as they nursed dreams of reconquering the mainland. Taiwan, officially known as the Republic of China, lost its membership in the United Nations in 1971, when the mainland People’s Republic of China took over the seat.A billboard in Taipei last week showing presidential candidates ahead of the election. Taiwan is functionally independent, with its own democratically elected representatives.An Rong Xu for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More