Marc Filippino

Profits for the electric vehicle maker rose 17% in the first quarter of this year compared to the same period last year.

It's an improvement from a couple of months ago, but it's still below what analysts expected.

It's also the company's second weakest quarterly profit figure in five years.

This time last year, Tesla sales really suffered.

The company's CEO, Elon Musk, alienated many customers with his involvement in the early days of the second Trump administration.

China is introducing new supply chain rules.

These are designed to protect the country against sanctions and from supply chain disruption caused by events like the war in Iran.

But the rules announced this month are raising alarm among foreign companies operating in China.

The FT's Joe Lay has been looking at the rules and he joins me now.

Hi, Joe.

Hi, Mark.

So why is China doing this?

What's the motivating factor here?

Now, is there anything in particular that may have prompted these new rules?

Joe, tell me a little bit more about what these rules do in practice.

Obviously really concerning.

How are businesses operating in China reacting to these rules?

Joe, how are China's trading partners reacting to this?

I know that President Xi Jinping and U.S.

President Donald Trump are set to meet next month ostensibly to talk about trade as one of the main subjects.