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.
Continue reading...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”.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.
Continue reading...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.”
Continue reading...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.
Continue reading...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.
Continue reading...It would take an ‘extraordinary deal’ for any country to improve on 10% rate, says Kevin Hassett
A senior economic adviser to Donald Trump has said it would take “an extraordinary deal” for any country, including the UK, to improve on the 10% tariff rate the US has imposed almost worldwide, pouring cold water on Downing Street’s hopes for a breakthrough.
Trump succumbed to pressure from plunging financial markets on Wednesday and temporarily reduced “retaliatory” tariffs on all countries’ goods to 10%, except those from China, which face a rate of 145%.
Continue reading...Benchmark S&P/ASX 200 falls 2.4% after another sell-off on Wall Street overnight triggered by changes to the US tariff regime
The Australian sharemarket closed lower on Friday, ending a volatile week on a sour note as concerns about Donald Trump’s unsettling policy shifts and deteriorating trade relations between the world’s two biggest economies took hold.
The benchmark S&P/ASX 200 dropped 0.8% on Friday to 7,646.5 points after a sell-off on Wall Street overnight.
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Continue reading...Clean energy investors likely to pull back from US, but other countries may seize opportunity to speed transition
Donald Trump’s upending of the global economy has raised fears that climate action could emerge as a casualty of the trade war.
In the week that has followed “liberation day”, economic experts have warned that the swathe of tariffs could trigger a global economic recession, with far-reaching consequences for investors – including those behind the green energy projects needed to meet climate goals.
Continue reading...Bloc is ‘very committed’ to laws on big tech and is not targeting US companies, says European Commission’s Henna Virkkunen
The EU will not rip up its tech rules in an attempt to reach a trade deal with Donald Trump, the bloc’s most senior official on digital policy has said.
Henna Virkkunen, the European Commission vice-president responsible for tech sovereignty, indicated the EU was not going to compromise on its digital rulebook to reach an agreement on trade with the US – a key demand of Trump administration officials.
Continue reading...As China retaliates against tariffs, it is also making strategic manoeuvres on EU and Asia to maximise opportunities
On the basis of Napoleon’s dictum “never interrupt your enemy while they are making a mistake”, there was a large incentive for China to do precisely nothing as Donald Trump displayed his determination to lose friends and induce market panic. Indeed, the Chinese advocates of passivity cited a social media meme attributed to President Xi Jinping: “Do nothing. Win.”
Initially it was tempting for China to sit back and watch the US’s former allies recoil at Trump’s disruptive war on globalisation and let them realise that, by comparison, China represented an oasis of stability, modernity and predictability.
Continue reading...Government sources say the UK also not given any advance warning of this week’s changes to US tariffs
Keir Starmer has admitted he has still not spoken to Donald Trump since the US president brought in trade tariffs, with government sources saying the UK was not given any advance warning of this week’s changes to US tariffs.
The prime minister defended his decision not to retaliate with tariffs on Thursday, after the UK did not appear to have been rewarded for holding off countermeasures.
Continue reading...Sarah Breedon says too early to judge impact on inflation of ‘most significant change in trade policy in a century’
UK economic growth will be hit by US tariffs, which are the biggest trade policy change in a century, a senior Bank of England official has warned.
Sarah Breeden, the Bank’s deputy governor for financial stability, said on Thursday that business activity was likely to be adversely affected by Donald Trump’s tariff regime, dragging down the UK’s already weak growth rate.
Continue reading...This blog is now closed, you can read more on this story here
During her BBC Breakfast interview Kemi Badenoch claimed that the government has dropped the plans for five local inquiries into grooming gang, or child rape scandals, that were announced in January. As she was trying to fend of the questions about Adolescence, she said:
One of the things that I’m more bothered by is the fact that just yesterday, we had Labour telling us that they’re not going to be investigating the rape gang scandal, something which had happened all across the country. That’s real. That’s happening right now. We’re not talking about that.
I am absolutely astonished that Labour has dropped what it said it would do in January. And, as I said to Keir Starmer at prime minister’s questions, if he did not have a full national inquiry, people will start to think that there is a cover-up.
They are clearly uncomfortable with having inquiries that are looking into this issue.
As a rule I believe in mess ups rather than conspiracy.
But if true that Labour have shelved even the most limited public enquiries into grooming gangs, it does suggest that powerful Labour politicians have something to hide.
We are developing a new best practice framework to support local authorities that want to undertake victim-centred local inquiries or related work, drawing on the lessons from local independent inquiries such as those in Telford, Rotherham and Greater Manchester. We will publish the details next month.
Alongside that, we will set out the process through which local authorities can access the £5m national fund to support locally-led work on grooming gangs. Following feedback from local authorities, the fund will adopt a flexible approach to support both full independent local inquiries and more bespoke work, including local victims’ panels or locally led audits of the handling of historical cases.
There’s a huge information about this. This is completely wrong. We’re actually increasing, not reducing, the action being taken on this.
Child sexual exploitation, grooming gangs – these are some of the most vile crimes, things like rape or exploitation, coercion. We’re increasing the action against that.
I think that those are all important issues, and those were issues that I’ve been talking about for a long time.
But in the same way that I don’t need to watch Casualty to know what’s going on in the NHS, I don’t need to watch a specific Netflix drama to understand what’s going on. It’s a fictional series. It is not a documentary.
I’m saying very clearly that my job is not to watch lots of TV. My job is to get out there and make sure that I’m talking about the issues that are happening in the country right now.
Badenoch in the right. Stop basing public policy on telly
Continue reading...