Comments come a week after Trump claimed talks were already taking place
Beijing is “evaluating” an offer from the US to engage in trade negotiations, the Chinese government has said, a week after Donald Trump claimed talks were already under way.
China’s commerce ministry said on Friday: “The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China.”
Continue reading...Goods worth less than $800 will be subject to 120% levy meaning prices on Chinese exports will probably increase
At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam going on against our country”, the US president said on Wednesday. “We put an end to it.”
Continue reading...Company exceeds expectations for third quarter in a row as chief executive Andy Jassy admits uncertainty over tariffs
Amazon reported strong first-quarter earnings for the 2025 fiscal year on Thursday after the New York stock exchange closed – results that will be seen in the context of consumer resilience in the face of Donald Trump’s tariff wars.
Amazon reported $1.59 in earnings-per-share (EPS) and revenue of $155.67bn. Analysts had estimated that the company’s EPS would come in at $1.36 on revenue of $155bn. In particular focus: Amazon’s advertising business, which grew 19% in the first quarter of 2025, handily exceeding analyst expectations as well. The company has exceeded Wall Street’s expectations for the previous two quarters.
Continue reading...Decline in output and new orders in April allied with rising uncertainty is prompting layoffs, survey finds
Britain’s factories suffered a slump in export orders last month as Donald Trump’s globally unsettling tariff regime sent overseas demand for UK goods tumbling at the fastest pace in five years.
Manufacturers reported rising economic and trade uncertainties in April as some tariffs took effect and other threatened border taxes loomed, forcing them to lay off workers for a sixth consecutive month.
Continue reading...President acknowledged his tariff war with China could lead to a toy shortage and costlier products
Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might “have two dolls instead of 30 dolls”, but he insisted China will suffer more from his trade war.
The US president has tried to reassure a nervous country that his tariffs will not provoke a recession, after a new government report showed the US economy shrank during the first three months of the year.
Continue reading...Temu and Shein among fast-fashion sites affected by drop in first three months of this year but sales in rise to EU
Exports to the US from Chinese online shops such as Temu and Shein have plunged in the face of Donald Trump’s trade war, as shipping from China to the EU has increased.
Official Chinese data showed its total e-commerce shipping to the US dropped 65% by volume in the first three months of the year, but rose by 28% in Europe.
Continue reading...Index of activity drops to lowest reading since December 2023 as a result of ‘sharp changes’ in international trading
China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States.
Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs.
Continue reading...Prime minister pledges to reduce country’s reliance on US trade – but must navigate competing visions for the future
In his victory speech early on Tuesday, Mark Carney wasted little time calling for a dramatic reshaping of his government’s relationship with the United States, arguing that threats from Donald Trump cast doubt Canada’s ability to function as a “free, sovereign, and ambitious” nation.
The former central banker and investment executive had for months focused his electoral campaign on the threats from Canada’s largest trading partner and longtime political ally.
Continue reading...UK-based bank warns that trade tensions will lead to lower investment, consumer spending and GDP growth
HSBC has sounded the alarm about the impact of higher trade tariffs on economic growth, unemployment and inflation around the world, as it set aside more money to cover bad debts and reported lower profits.
The UK-based bank reported a $200m (£149m) rise in expected credit losses to $900m in the first quarter, as it increased allowances to “reflect heightened uncertainty and deterioration in the forward economic outlook due to geopolitical tensions and higher trade tariffs”.
Continue reading...Company says consumer confidence could deteriorate further as countries face risk of recession
Shares in the owner of Primark fell after the budget clothing chain posted a sharp drop in UK sales and lost market share, as the company warned that consumer confidence was likely to worsen further amid Donald Trump’s trade wars.
Associated British Foods (ABF), which also owns a sugar business and food brands such as Ryvita and Kingsmill, said several countries could slide into recession as a result of US trade policy.
Continue reading...Company had strong first quarter but says it cannot raise outlook for this year owing to tariffs uncertainty
Adidas has said the price of its popular trainers, including the Samba and Campus models, is likely to rise as a result of Donald Trump’s tariffs.
The German group said the uncertainty around US import tariffs had prevented it from raising its outlook for sales and profit this year despite reporting strong first-quarter results.
Continue reading...UK and rest of Europe risk losing out to US and China unless they ramp up spending on new medicines, says CEO Pascal Soriot
AstraZeneca said it was shifting the production of some medicines sold in the US from Europe to the US, to counter the impact of Donald Trump’s trade tariffs.
Speaking as the company reported higher sales and profits for the first quarter, the FTSE 100 pharma company reiterated that the UK, and the rest of Europe, risked losing out to the US and China unless they ramped up spending on new medicines. Pascal Soriot, AstraZeneca’s chief executive, warned that well-paid advanced manufacturing and research jobs could move to the US in the long run.
Continue reading...US president will curb some duties on foreign parts in domestically manufactured cars, administration says
Donald Trump unveiled plans to water down his sweeping tariffs for US carmakers on Tuesday by curbing some duties on foreign cars and parts, granting a reprieve to an industry that warned his strategy would increase costs for American manufacturers by tens of billions of dollars.
Carmakers subject to a 25% tariff on imports will not be subject to other levies Trump has imposed, for example, on steel and aluminum. US automakers will also be allowed to apply for tariff relief on a proportion of the costs imposed for imported parts, although that relief will be phased out over the next two years.
Continue reading...Lenders expected to split into two camps: those focused on domestic customers and those with large operations in the US, China and the EU
UK banks’ earnings reports will be studied this week for signs of turmoil linked to Donald Trump’s tariff drama, with uncertainty over global growth likely to weigh on lenders with heavy exposure to China, including HSBC.
First-quarter profits only reflect the January-to-March period that preceded the US president’s “liberation day” tariff announcements on 2 April. But investors will be concerned about any hints of caution around earnings forecasts, as well as an uptick in money put aside for defaults by tariff-hit borrowers.
Continue reading...‘The Chinese will see this high tariff level is unsustainable for their business,’ says Scott Bessent
The US treasury secretary, Scott Bessent, said “there is a path” to an agreement with China over tariffs after he had interactions with his Chinese counterparts last week in Washington.
“I had interaction with my Chinese counterparts, but it was more on the traditional things like financial stability, global economic early warnings,” Bessent told ABC News’s This Week on Sunday, explaining that he spoke to the Chinese during International Monetary Fund meetings in Washington. “I don’t know if President Trump has spoken with President Xi,” he added.
Continue reading...President’s international engagements have set stage for explosive confrontations and Pope Francis’s funeral comes at an especially fraught moment
A spectre is haunting Europe: the spectre of Donald Trump flying to the Vatican this weekend and publicly feuding with international leaders in front of St Peter’s Basilica in the midst of the sombre rituals and rites that will mark the funeral of Pope Francis.
The US leader’s first international trip of his second term comes at one of the most politically fractious and fraught moments in recent memory, as his “America first” project sets fire to US alliances and trade relationships around the world. Between international tariffs, the wars in Ukraine and in Gaza, the Trump team’s open antipathy toward Europe and its hard line on immigration from Central and South America, the papal funeral could prove to be a minefield of international diplomacy.
Continue reading...Experts warn of slowing economy after score based on Americans’ financial outlooks fell by 32% since January
US consumer sentiment plummeted in April after Donald Trump’s trade war threw the global economy into chaos, according to a new report.
The index of consumer sentiment, a score based on a monthly survey asking Americans about their financial outlooks, fell by 32% since January – the largest drop since the 1990 recession, according to the University of Michigan’s Institute for Social Research.
Continue reading...Beijing will ‘strengthen bottom-line thinking’ as reports say it could drop tariffs on some US products
Xi Jinping has announced a plan to counter China’s continuing economic problems and the impact of the US trade war, as reports swirl that it could drop tariffs on some US products, including semiconductors.
Friday’s meeting of the politburo was convened to discuss China’s economy, which since the pandemic has faced difficulties fuelled by a housing sector crisis, youth unemployment and Donald Trump’s tariffs on all Chinese imports to the US.
Continue reading...Donald Trump, who has seen his approval rating sink, has not ruled out serving a third term – though most spectators consider that highly unlikely
Donald Trump’s online store is selling clothing emblazoned “Trump 2028”, the year of the next US presidential election, in which the Republican is constitutionally banned from running.
The 78-year-old, who has seen his approval rating sink in recent opinion polls, has not ruled out serving a third term – though most spectators consider that highly unlikely.
Continue reading...State’s nominal GDP reaches $4.1tn, edging out Japan’s $4.02tn, ranking it behind the US, China and Germany
California’s economy has surpassed Japan’s, making the Golden state the fourth largest economy in the world, Governor Gavin Newsom announced on Thursday.
The state’s nominal GDP reached $4.1tn, according to data from the International Monetary Fund and the US Bureau of Economic Analysis, edging out Japan’s $4.02tn nominal GDP. California now ranks behind the US at $29.18tn, China at $18.74tn and Germany at $4.65tn.
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