Temu and Shein drop US ad spending as they face tariffs on even small sales

E-tailers also hiking prices after Donald Trump ends ‘de minimis’ exemption for cheap shipments from China and Hong Kong

Temu and Shein are cutting back their spending on US social media advertising as they lose an exemption on tariffs for many of their shipments from China and Hong Kong.

The online e-tailers, both of which ship low-priced China-made goods direct to US shoppers, had been on an ad spree until recently. But under an executive order from Donald Trump, as of 2 May their sales valued at under $800 will no longer be exempt from US tariffs.

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Trump claims tariffs bringing in ‘record numbers’ amid reports US seeking to isolate China – US politics live

President also claims inflation is falling as Chinese state media tells US to ‘stop whining’ amid escalating trade war

Joe Biden on Tuesday accused Donald Trump and his billionaire lieutenant, Elon Musk, of “taking a hatchet” to the social security administration as they moved at warp-speed to dismantle large swaths of the federal government.

In his first public remarks since leaving office, the former president avoided any explicit mention of Trump – his predecessor and successor – but he was sharply critical of the new administration for threatening social security, which Biden called a “sacred promise” that more than 70 million Americans rely on each month.

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Hong Kong halts postal service for US-bound goods over Trump’s ‘bullying’ tariffs

Post office says it ‘definitely’ won’t collect tariffs on Washington’s behalf and Hongkongers should prepare to pay exorbitant fees

Hong Kong Post said on Wednesday it had suspended goods mail services by sea to the US and will suspend its air mail postal service for items containing goods from 27 April due to “bullying” US tariffs.

When sending items to the US, people in Hong Kong “should be prepared to pay exorbitant and unreasonable fees due to the US’s unreasonable and bullying acts”, Hong Kong Post said in a statement.

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US begins inquiry into pharmaceutical and chip imports in bid to impose tariffs

Notices show Trump administration setting stage for levies on both sectors on national security grounds

The Trump administration is kicking off investigations into imports of pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors on national security grounds, notices posted to the Federal Register on Monday showed.

The filings scheduled to be published on Wednesday set a 21-day deadline from that date for the submission of public comment on the issue and indicate the administration intends to pursue the levies under authority granted by the Trade Expansion Act of 1962. Such inquiries need to be completed within 270 days after being announced.

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UN calls on Trump to exempt poorest countries from ‘reciprocal’ tariffs

Unctad says many countries targeted with high tariff rates are unlikely to be a threat to US

The UN’s trade and development arm, Unctad, is calling on Donald Trump to exempt the world’s poorest and smallest countries from “reciprocal” tariffs, or risk “serious economic harm”.

In a report published on Monday, Unctad identifies 28 nations the US president singled out for a higher tariff rate than the 10% baseline – despite each accounting for less than 0.1% of the US trade deficit.

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‘No winners’ in a trade war, says China’s Xi as he heads to Vietnam on charm offensive

Xi Jinping expected to present China as reliable partner in contrast to US, which imposed – then suspended – tariffs over 40% on some countries

The Chinese president, Xi Jinping, warned there would be “no winners” in a trade war and that protectionism “leads nowhere”, as he began a three-nation trip to south-east Asia, starting in Vietnam on Monday.

Xi’s tour, which started in Hanoi, also includes rare visits to Malaysia and Cambodia and will seek to strengthen ties with China’s closest neighbours amid a trade war that has sent shock waves through global markets.

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‘The sky won’t fall’: China plays down Trump tariff risks as stock markets rally

Chinese customs official says trade has diversified away from US in recent years and plays up its ‘vast domestic market’

China has played down the risk of damage to its exports from Donald Trump’s tariffs, with an official saying the “the sky won’t fall”, as stock markets rose on Monday amid signs of a retreat on electronics restrictions.

The world’s second-largest economy has diversified its trade away from the US in recent years, according to Lyu Daliang, a customs administration spokesperson, in comments reported by state-owned agency Xinhua.

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Hedge fund billionaire says US may face ‘worse than a recession’ from Trump tariffs

Ray Dalio’s comments come after rocky week across stock markets after policies including 145% tariff raise on China

Billionaire investor Ray Dalio said that he is worried the US will experience “something worse than a recession” as a result of Donald Trump’s trade policies.

Speaking to NBC’s Meet the Press on Sunday, the 75-year-old hedge fund manager said: “I think that right now we are at a decision-making point and very close to a recession. And I’m worried about something worse than a recession if this isn’t handled well.”

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US stock markets expected to recover after Trump drops tariffs on mobiles

Exemption, seen as a climbdown, includes laptops and chips, and is likely to help firms such as Apple and Nvidia

US stock markets were expected to stage a recovery on Monday after Donald Trump excluded imports of smartphones and laptops from his tariff regime late on Friday night.

Shares in Apple and chip maker Nvidia were on course to soar after tariffs on their products imported into the US were lifted for 90 days.

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Xi Jinping seeks to strengthen economic ties during tour of south-east Asia

President’s first stop is Vietnam as China urges US to end trade war and return to ‘right path of mutual respect’

The Chinese president, Xi Jinping, will visit Vietnam on Monday as he begins a tour of south-east Asia where he will seek to strengthen ties with neighbouring countries amid an escalating trade war.

Xi will visit Vietnam from Monday before travelling to Malaysia and Cambodia, a high-profile tour that Chinese officials have described as being of “major importance”.

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Trump administration to exempt smartphones and computers from tariffs

Announcement says tariffs – including those imposed on China – will also not apply to other electronic devices

Donald Trump’s presidential administration has exempted smartphones and computers from the 125% levies imposed on imports from China as well as other “reciprocal” tariffs, which experts had cautioned might cause electronic consumer prices to spike dramatically in the US.

The announcement was made late on Friday in a US Customs and Border Protection (CBP) notice that said the devices would be excluded from the 10% global tariff that Trump recently imposed on most countries, along with the much heftier import tax on China.

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‘A new golden age’: how rightwing media stuck by Trump as global markets collapsed

Trump’s tariffs were sometimes played down, sometimes cheered but rarely seriously questioned by the right

While Donald Trump recently instituted and paused hefty tariffs, sparking a trade war and chaos in financial markets, most of the country’s conservative media either applauded the US president or critiqued the policy but not the person behind it, according to journalists and observers of conservative media.

Meanwhile, economists, business leaders, Democrats and even some Republicans warned that the tariffs, which prompted the largest American stock market drop since the start of the Covid-19 pandemic, could cause a recession.

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‘Completely out of touch’: golf and dinners for ‘king’ Trump as economy melts down

Casual attitude as markets fall suggests man detached from anxieties of ordinary voters – and surrounded by yes men

After lighting a fuse under global financial markets, Donald Trump stepped back – all the way to a Florida golf course. A week later, having just caved to pressure to ease his trade tariffs, the US president defended the retreat while hosting racing car champions at the White House.

Trump had spent the time in between golfing, dining with donors and making insouciant declarations such as “this is a great time to get rich”, even as the US economy melted down.

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Dealmaking genius or boy who cried wolf? Trump’s trade retreat sows doubts

Nothing is certain under this president – as seen in the inconsistent implementation of tariffs. And it has a longer-term economic cost

Minutes after Donald Trump unveiled a climbdown on tariffs, softening an extraordinary US attack on trade from much of the world, his press secretary scolded reporters at the White House.

“Many of you in the media clearly missed The Art of the Deal,” said Karoline Leavitt, referring to the 1987 bestseller which laid the foundations of the president’s reputation as a consummate dealmaker.

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Did Trump’s tariffs kill economic populism?

Lasting damage has been done not only to Trump’s political credibility but to globalisation as a system

At the beginning of this helter-skelter week, Downing Street was declaring globalisation not only dead but a failure. Now, only five trading days later, the autopsy is still under way but the victim may instead be economic populism, strangled by Wall Street, the citadel of globalisation. Donald Trump’s so-called liberation day may in fact have been the anti-globalist’s entombment day.

In an effort to deny even a tactical retreat, Trump’s aides insist the White House goal all along was not to weaken globalism, or even to protect the US economy with tariffs, but instead to get into a negotiation to lower tariffs around the world and to punish China. As cover stories go, it is hardly credible, partly because the tariffs were repeatedly lauded by Trump as a macroeconomic revenue-raising measure, or a means to bolster US manufacturing.

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Labour MPs urge ministers to focus on rebuilding trading relationship with EU

Call to prioritise reset with Europe comes after top adviser to Trump downplays prospect of US tariffs being reduced

Ministers should focus on rebuilding bridges with the EU, Labour politicians have said, after a senior adviser to Donald Trump downplayed the prospect of a breakthrough with the US.

MPs said the government should “prioritise our trading relationship with the EU” and “get a sugar rush of growth” instead of banking on the prospect of preferential treatment from Washington.

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Tesla stops taking orders in China for two models imported from US

Carmaker removes ‘order now’ buttons for Model S saloon and Model X SUV on its Chinese website amid tariffs war

Tesla has stopped taking orders in China for two models it previously imported from the US, as companies scramble to adapt to prohibitive tariffs imposed in Donald Trump’s trade war.

The manufacturer, run by Trump’s close ally Elon Musk, removed “order now” buttons on its Chinese website for its Model S saloon and Model X sports utility vehicle.

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Trump administration ordered to help return man wrongly deported to El Salvador – US politics live

Supreme court upholds earlier order that Kilmar Abrego Garcia should be released after being improperly sent to prison

The Mississippi library commission, which offers services such as specialized research assistance to libraries in the state, has ordered the deletion of two research collections: the race relations database and the gender studies database. The collections were stored in what’s called the Magnolia database, which is used by publicly funded schools, libraries, universities and state agencies in Mississippi.

The commission’s executive director, Hulen Bivins, confirmed the deletion to the Guardian, and said:

We may lose a lot of materials.

All of the states, we are in dire shape. We have had a reconsideration of everything with regard to what Doge [is doing].”

Commanders are expected to adhere to the highest standards of conduct, especially as it relates to remaining nonpartisan in the performance of their duties.”

Our message to Denmark is very simple: you have not done a good job by the people of Greenland. You have under-invested in the people of Greenland and you have under-invested in the security architecture of this incredible, beautiful land mass.”

I do not presume to understand current politics, but what I do know is the concerns of the US administration discussed by vice-president Vance on Friday are not reflective of Pituffik space base.”

Actions to undermine the chain of command or to subvert President Trump’s agenda will not be tolerated at the Department of Defense.”

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UK economy far exceeds forecasts to grow 0.5% in boost to Rachel Reeves

February GDP rise was bigger than forecast – but impact from Donald Trump’s tariff war is yet to come

The UK economy unexpectedly expanded by 0.5% in February, figures show, in a boost for the chancellor, Rachel Reeves, before an expected downturn sparked by Donald Trump’s tariff war.

The increase in gross domestic product in February was five times larger than the 0.1% that a poll of City economists had forecast, while January’s figure of a modest fall of 0.1% was revised up to 0.0% growth.

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China raises US tariffs to 125% as Xi invites EU to team up against Trump ‘bullying’

Chinese leader canvasses Spain and other trading partners on how to tackle economic fallout as market turmoil continues

China has raised its tariffs on US products to 125% in the latest salvo of the trade dispute with Washington, just hours after Xi Jinping said there were “no winners in a tariff war”.

Xi made the comments during a meeting with the Spanish prime minister in which he invited the EU to work with China to resist “bullying”, part of an apparent campaign to shore up other trading partners.

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