Editor Brian Harrod Provides Comprehensive up-to-date news coverage, with aggregated news from sources all over the world from the Roundup Newswires Network
Senior official says China is ‘not afraid’ of a trade war as Beijing signals potential restrictions on rare-earth exports
Provoking trade disputes is “naked economic terrorism“, a senior Chinese diplomat said on Thursday, ramping up the rhetoric against the US amid a bitter trade war that shows no signs of ending soon.
Zhang Hanhui, China’s vice foreign minister told reporters in Beijing China opposed the use of “big sticks” such as trade sanctions, tariffs and protectionism.
Dow Jones slumps after Beijing signals readiness to restrict exports of rare-earth elements
Financial markets around the world have sold off sharply after Beijing signalled a readiness to strike back at Washington in their escalating trade war by restricting exports of rare-earth elements.
Wall Street recorded steep losses on Wednesday as the Dow Jones slumped to the lowest level in almost four months, losing about 200 points to trade at 25,149. The S&P 500 index also fell to a two-month low, sliding by 18 points to 2,784.
Visit will stress ties between the two countries as tensions over exports rise amid the US-China trade war
Donald Trump and his wife, Melania, landed in Japan on Saturday for a largely ceremonial visit meant to showcase strong ties with Tokyo even as trade tensions loom.
The Japanese prime minister, Shinzo Abe, will treat Trump to an imperial banquet and front-row seats at a sumo tournament during the trip, which lasts until Tuesday.
Shares fall sharply in Asia, Europe and North America in intensifying war of words
The deepening trade and technology war between the US and China has sent global stock markets sharply lower and prompted a warning from the IMF of the increasing risks to the global economy.
Shares fell sharply in Asia, Europe and North America on a day that saw investors alarmed by the intensifying war of words between Washington and Beijing, poor news on the American economy, and political chaos in Britain.
Government will continue to supply aircraft to be used in war, says Jeremy Hunt
The UK government has negotiated a loophole in a German arms export ban to Saudi Arabia that will ensure UK-supplied planes will continue to be used in the war in Yemen, the foreign secretary, Jeremy Hunt, has confirmed.
The news is contained in two unpublished letters from cabinet ministers to the parliamentary Committee on Arms Export Controls (CEAC). The aircraft, Tornado fighter bombers and Eurofighter Typhoons, are used in the Saudi bombing raids designed to push back the Houthi rebellion in the four-year civil war in Yemen. The aircraft were developed by consortiums of European companies and Germany supplies spares for them.
Intensification of tariff dispute also likely to knock almost $600bn off world economy
Donald Trump has been warned by the west’s most influential economics thinktank that further escalation of the US-China trade war would unleash significant damage for the American economy, as well as the rest of the world.
The Paris-based Organisation for Economic Co-operation and Development (OECD) said that an intensification of the dispute between Washington and Beijing would likely knock as much as 0.7% off the level of global GDP by 2021-22.
The struggle over Huawei isn’t really about technology. It is about whether China or the US is to be master
Trade wars, like real ones, are very much easier to start than to stop. The decision by Google to withhold its software from future Huawei smartphones, even if it will continue to support those presently on the market, comes after considerable pressure from the US government. Even so, it is a move that all parties will regret.
The pain for Huawei is obvious. Although it has been stockpiling chips and, presumably, preparing other defences, there is nothing it can sell to consumers outside China that does not depend on American software, and little that does not depend on American chips. As much as half of its global market could disappear, and that is without counting the 5G networking equipment which was the proximate cause of this quarrel. The ultimate cause, of course, is the American fear of losing its position of global pre-eminence, and the Chinese determination to realise that fear.
Steel and aluminium imports from Mexico and Canada affected
Trump pauses implementation of auto tariffs on EU and Japan
The Trump administration moved to cool the simmering trade war with its major trading partners on Friday, ending tariffs on metal imports from Canada and Mexico and announcing a pause on planned tariffs on cars and car parts.
“I’m pleased to announce we’ve just reached agreement with Canada and Mexico,” Donald Trump said. “We’ll be selling our product into those countries without the imposition of tariffs.”
Trump’s hardline stance against China puts Republicans in an awkward position, while Democrats are split
Donald Trump has again defended tariffs as his dogged, often self-contradictory pursuit of a trade war with China put allies and opponents alike in a difficult spot.
Following his instincts, the president has slapped tariffs on $200bn of Chinese imports but the consequences are unpredictable
Donald Trump’s obsession with tariffs may be based on one of his few core beliefs. Or it may be part of a grand strategy to win votes. Either way, triggering a trade war between the world’s two biggest economies represents a huge gamble ahead of next year’s US presidential election.
The US has raised tariffs on $200bn in imports from China to 25% from 10%, with another round in the offing. Beijing vowed to retaliate but Trump, ever the salesman, claimed on Twitter that the new tariffs will bring “FAR MORE wealth” to America.
The president’s bullish advisers may be taking a hard line, but the chances of a deal are better than they look
During Donald Trump’s campaign to be president, he regularly cited China’s export subsidies as “evil”, and in his manifesto he pledged to “cut a better deal with China that helps American businesses and workers compete”.
The president turned decades of musings into a policy mission after his son-in-law, Jared Kushner, handed him a book by the academics Peter Navarro and Greg Autry – Death by China – which set out to explain how China manipulated the global trade system for its own ends.
Britain’s construction sector grew by 1% in the last quarter, as building firms got busier.
But Clive Docwra, managing director of construction consulting and design agency McBains, says Brexit is still hurting the sector.
“Today’s figures mark another increase in output, coming after last month’s statistics showed unexpected moderate growth during February.
“However, this was driven by repair and maintenance - there was no growth in new work across the first quarter of the year, including a decrease in private commercial and housing work.
Britain’s politicians are predictably split on whether the UK is romping along healthily, or simply scrambling to protect itself from Brexit.
The Chancellor of the Exchequer, Philip Hammond, takes an upbeat view on today’s growth figures, pointing out that we’ve now enjoyed nine years of growth.
“Today’s figures show the economy remains robust, with growth of 0.5% in Q1 benefitting every major sector.
“The economy has grown for nine consecutive years, debt is falling, employment is at a record high and wages are rising at their fastest pace in over a decade.
“It’s not surprising to see households and businesses protecting themselves against a potentially disastrous Tory No Deal Brexit.
“With this government increasingly resembling a business entering administration it’s time they admitted the failure of their approach and stood aside for a General Election.
Donald Trump has insisted that there is “no rush” to secure a deal with China despite growing business and Wall Street fears that the ratcheting up of US tariffs risks a full-blown trade war between the world’s two economic superpowers.
US shares, which were falling for much of the day, staged a late rally on Friday night after Trump tweeted that trade talks “will continue” after the hiking of tariffs on $200bn of Chinese goods.
US president tells rally China ‘broke the deal’ and publishes list of imported products that will face higher tariffs from Friday
Donald Trump has warned that China has “broke the deal … so they’ll be paying” as the US and China moved to within 36 hours of a full-scale trade war and the US trade representative’s office filed the formal paperwork needed to increase duties on $200bn (£153bn) of Chinese goods.
Speaking at a rally in Panama City, Florida, on Wednesday night, the US president accused China of going back on their deal. “By the way, you see the tariffs we’re doing?” he asked supporters. “Because they broke the deal. They broke the deal. So they’re flying in, the vice premier tomorrow’s flying in – good man – but they broke the deal. They can’t do that, so they’ll be paying.”
The president added: “If we don’t make the deal, nothing wrong with taking it over $100bn a year – $100bn, we never did that before.”
European commission warns of ‘major shock’ and slashes growth forecast the union
The threat of a full-blown trade war between the US and China and Brexit uncertainty are posing mounting risks to the EU economy, the European commission has warned, after downgrading its growth outlook for 2019.
Brussels’ executive arm said a recent slowdown in global trade volumes had taken its toll across the continent, as it cut its GDP growth forecast for the 28-nation bloc for 2019 to 1.4%, down from a forecast of 1.9% in the autumn.
Chinese imports slumped in March, driven by a slowdown in US trade amid the tense standoff between Washington and Beijing, raising renewed questions over the strength of the Chinese economy.
Imports fell by 7.6% in March compared with a year earlier, worse than City economists’ forecasts for the volume of goods bought from abroad to grow by 0.2%.
Xi Jinping visits Rome as Italy becomes first G7 country to back Belt and Road initiative
Italy has become the first G7 country to endorse a contentious plan by China to build a Silk Road-style global trade network, irking its EU and US allies.
The prime minister, Giuseppe Conte, and the Chinese president, Xi Jinping, have signed a non-binding memorandum of understanding (MoU) that could lead to Italy’s participation in China’s Belt and Road initiative (BRI), an ambitious project that envisages Chinese investment in a network of infrastructure projects connecting Asia, the Middle East, Africa and Europe.
The US president says it is ‘very important for our farmers’ while adding that trade talks are ‘moving along nicely’
Donald Trump has urged China to abolish tariffs on agricultural products imported from the United States – adding that trade talks between the rival powers were going well.
“I have asked China to immediately remove all Tariffs on our agricultural products (including beef, pork, etc.),” the US president wrote on Twitter.
The US president says he will hold a summit with Xi Jinping to conclude an agreement to end the year-long standoff
Donald Trump has said he will delay an increase in tariffs on Chinese goods that had been scheduled for Friday, citing “substantial progress” in trade talks with China over the weekend.