China economy

Grassley condemns World Bank loans to China amid Uighur detentions

Senator Chuck Grassley surrounded by reporters asking questions.
Photo: Bill Clark/CQ Roll Call

Sen. Chuck Grassley (R-Iowa) delivered a speech on the floor of the Senate Thursday calling for scrutiny into the World Bank's $50 million loan approved for China's Xinjiang region, where nearly a million Uighur Muslims have been detained in internment camps.

Why it matters: The speech comes days after the House voted overwhelmingly in favor of a bill pushing for sanctions on China over its mass detention of the ethnic minority, as Congress continues to pressure U.S.-based organizations that may be complicit.

Wilbur Ross says December tariff hike likely without China breakthrough

Wilbur Ross during a cabinet meeting
Commcerce Secretary Wilbur Ross during a cabinet meeting on Oct. 21. Photo: Alex Wong/Getty Images

Commerce Secretary Wilbur Ross said Monday on Fox Business that time is running out for the U.S. and China to agree on a trade deal before Dec. 15, when the U.S. is set to impose an additional 15% tariff on around $156 billion worth of Chinese goods.

Why it matters: Future tariff hikes would likely further squeeze the U.S. and Chinese economies, dragging down already declining business investment in the U.S. and possibly pushing the manufacturing industry into a deeper recession.