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...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...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 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...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...Airplane manufacturer says it is lobbying Donald Trump over ‘unfortunate’ decision to impose tariffs
Boeing will try to divert as many as 50 planes ordered by Chinese airlines to customers elsewhere after steep tariffs prompted by Donald Trump’s trade war.
The US manufacturer said it was confident it could find other buyers for the planes, but said it was lobbying Trump personally to resolve an “unfortunate situation”.
Continue reading...Bosses from automative, manufacturing and energy warned MPs about effect of Trump tariffs
Britain’s manufacturers will start cutting jobs “within weeks” unless the government can strike a deal to safeguard the UK economy from Donald Trump’s trade war, industry leaders have told MPs.
Senior executives from the UK’s automotive, manufacturing and energy sectors warned a committee of MPs to expect job losses this summer if the US moves ahead with a swathe of global trade tariffs set out by Trump earlier this month.
Continue reading...Jets intended for Chinese airline returned to US, raising fears for planemaker as results near
Investors in Boeing are braced to learn the full impact of Donald Trump’s trade war, amid fears the US planemaker could be hit harder than first expected after jets intended for a Chinese airline were returned to the US.
A Boeing 737 Max 8 plane intended for use by a Chinese airline returned to the US on Monday from Boeing’s China finishing centre, according to flight data cited by Reuters. It followed the arrival in the US on Sunday of another 737 Max painted in the livery of China’s Xiamen Airlines at Boeing’s US production hub in Seattle.
Continue reading...Rating agency downgrades Ineos Quattro as it says ‘trade barriers’ could affect it for next two years
Sir Jim Ratcliffe’s loss-making chemicals business could take longer than expected to recover its financial health because of Donald Trump’s trade tariffs, analysts have said.
The billionaire industrialist has faced growing concerns over the state of his chemicals group amid problems with his business interests in Manchester United and All Blacks rugby.
Continue reading...Visit by Maryland’s Chris Van Hollen comes as a federal appeals court rules against the Trump’s administration’s efforts to block return to the US
Hello and welcome to the US politics live blog. My name is Tom Ambrose and I’ll be bringing you all the latest news over the next few hours.
We start with news that Maryland senator Chris Van Hollen met in El Salvador with Kilmar Ábrego García, a man who was sent there by the Trump administration in March despite an immigration court order preventing his deportation.
James Comer, the chair of the House oversight committee, and Elise Stefanik, chair of the House Republican leadership, have launched an investigation into Harvard University, accusing the university of a “lack of compliance with civil rights laws”.
Elon Musk’s SpaceX and two partners have emerged as frontrunners to win a crucial part of Donald Trump’s “Golden Dome” missile defense shield.
The supreme court said it will hear arguments next month over Donald Trump’s bid to restrict automatic birthright citizenship.
In their unanimous opinion issued today, a US appeals court warned the Trump administration that battles against the judiciary could undermine public confidence.
After weeks of strong rhetoric, the president told reporters in the Oval Office on Thursday that he thought trade deals could be finished in the “next three or four weeks”.
Trump on Thursday extended a government-wide federal hiring freeze that was set to expire this weekend.
The Washington DC headquarters for the Department of Housing and Urban Development may soon be up for sale.
Continue reading...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.
Continue reading...Chancellor says wages are growing faster than prices but acknowledges many are still struggling with the cost of living
A government minister has reiterated the call for the Unite union to accept a deal and end the bin strike in Birmingham.
Speaking on GB News this morning, Lillian Greenwood, parliamentary under-secretary of state for the future of roads, said residents were facing “a completely unacceptable situation”
Continue reading...