Critical Minerals & Trade Security: U.S. Secretary of State Marco Rubio warned that China’s dominance in critical minerals and processing is a growing economic and national-security risk, pushing Washington to build alternative partnerships. U.S.-China Tariff Path: The U.S. opened public comments on a “U.S.-China Board of Trade” that could cut tariffs on non-sensitive goods, with stakeholders asked what products qualify. Forced-Labor Tariff Threat: The U.S. proposed new duties on imports from 60 economies over forced-labor concerns, including China, India and Brazil—raising uncertainty for exporters. Real Estate Spillover: China’s property service firms are struggling to collect management fees as the housing slump deepens, with collection rates falling sharply and compounds facing operational breakdowns. Energy Transition Push: China says it’s building an “energy powerhouse” under its 15th Five-Year Plan, aiming for higher self-sufficiency while expanding oil, gas and LNG capacity. Shipping & Industry Deals: China State Shipbuilding unit Hudong-Zhonghua won an order for 12 VLCCs worth about $1.5b from Greece’s Dynacom. Embodied AI Caution: Chinese embodied AI firms showcased overseas plans at Beyond Expo, but leaders said a sector-wide breakthrough is still years away. Finance Consolidation: Soochow Securities plans to buy 83.7% of Donghai Securities in a $1.7b deal as Beijing encourages brokerage consolidation.