International News 11 February 2025
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China Removes Clean Energy Subsidies After Capacity Surge
China's National Development and Reform Commission (NDRC) has announced a reduction in subsidies for renewable energy projects, following a surge in solar and wind power installations. According to the International Renewable Energy Agency (IRENA), China has set a new record for solar installations, with a 45% increase from the previous year, reaching nearly 887 GW of installed solar power. This capacity exceeds that of the United States by more than sixfold. The country has already achieved its 2030 target for renewable energy installations, a full six years ahead of schedule. This underscores China's rapid deployment of clean energy, in contrast to the United States' decision to withdraw from the Paris climate accord and prioritize fossil fuel development. The NDRC has acknowledged the pivotal role of the support system, which has been instrumental in ensuring a reliable framework for pricing renewable energy sold to the grid, thus fostering a conducive environment for clean energy development.
Elon Musk says he's not interested in buying Tiktok shares
Elon Musk has stated that he has no plans to purchase TikTok, the popular social video app that is currently banned in the US due to national security concerns. This is the first comment Musk has made regarding the possibility of acquiring TikTok. During a conference in Germany, Musk mentioned that he does not personally use TikTok and expressed no interest in acquiring the platform. However, Musk did admit that he had purchased Twitter in 2022 and renamed it X, as a means of preserving freedom of speech. He clarified that buying Twitter was an exception, as he typically prefers to build companies from scratch. Previous reports speculated that Chinese officials were considering the possibility of Musk acquiring TikTok's US operations if the ban could not be avoided. In this scenario, Musk's company X would collaborate with TikTok.
https://internasional.kontan.co.id/news/elon-musk-mengaku-tak-tertarik-beli-saham-tiktok
Trump to announce 25% tariffs on steel and aluminium imports to the US
US President Donald Trump is poised to unveil new tariffs of 25% on all steel and aluminium imports into the US, in addition to the existing metal duties. This major escalation of the US trade policy overhaul is part of a wider strategic economic plan. The President also revealed his intention to impose reciprocal tariffs on certain countries, which would come into effect immediately. During his first term, Trump imposed tariffs of 25% on steel and 10% on aluminium, subsequently granting duty-free quotas to certain trading partners, including Canada, Mexico, and Brazil. These quotas were subsequently extended by former President Joe Biden to the UK, Japan, and the EU. US steel mills have experienced a decline in capacity utilisation in recent years. The specific countries facing reciprocal tariffs have not yet been announced, but the aim is to ensure equal treatment for the US.