China's export growth sank again in May, with exports to the US down 34% as trade tensions hammer its economy. Deflation hit its highest level in nearly two years.

Smoke was initially seen rising from a deck loaded with electric vehicles, the ship's owner said, after it left Yantai port in China. EV fires on ships are tough to extinguish due to the heat generated and risk of reignition

A licensing system set up by China for exports of rare earth magnets gives it leverage similar to America's chip export controls because of its near-monopoly on the sector.

China has introduced a tracking system for rare-earth magnets; producers have to submit details online on trading volumes and client names, as it looks to curb access

China's failure to lift export curbs on critical minerals, as promised in Geneva, has heightened concerns by carmakers and other firms that rely on rare earths

Tesla's EV sales also continued to plummet across much of Europe last month, as its aging model lineup and CEO Elon Musk's political activities deterred buyers

China's decision to suspend exports of critical minerals and magnets has upended supply chains to carmakers, aerospace manufacturers, chip firms and military contractors

Auto dealers want carmakers to stop overloading them with new vehicles amid a sharp price war, saying it is killing some outlets.

US tariffs blamed after private survey finds manufacturing in China contracted in May for the first time in eight months - to the lowest level since September 2022.

Growing global and domestic sales have allowed BYD to continue selling EVs at steep discounts, heightening the threat of an industry shakeout

Officials have ordered top carmakers to a meeting in Beijing after an industry chief blew the whistle on "secondhand cars with zero mileage" in the Chinese market

Japanese policymakers and ruling party lawmakers have said that they see no merit in striking a deal with the US unless the auto tariffs are lifted