Day: April 22, 2025

At least 26 people killed in Kashmir attack

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. At least 26 people have been killed in an attack by suspected militants in India-controlled Jammu and Kashmir, according to officials, in an incident that the restive territory’s chief minister said was the deadliest against visitors in decades. Tuesday’s assault in the popular destination of Pahalgam is a setback for the government of Prime Minister Narendra Modi, which has claimed to have brought peace to Jammu and Kashmir since downgrading…

Trump now says China tariffs will come down substantially, but won’t be zero

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TAIPEI, Taiwan – U.S. President Donald Trump said Tuesday that recently imposed tariffs on Chinese goods will “come down substantially,” but won’t be zero, in the latest zigzag for Washington’s stance on global trade. The U.S. and China are waging a tit-for-tat trade battle, which threatens to stunt the global economy. The U.S. imposed tariffs of 145% on Chinese imports, prompting China to retaliate with tariffs reaching 125% on American goods. The U.S. also has imposed new tariffs on most other countries. Trump told a White House news conference that…

Trump’s ‘anxious’ tariff comments put China in control, analysts say

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The White House’s latest signs of easing its position on tariffs against China do not indicate a notable advancement in US-China trade talks, but may present Beijing an opportunity to get a better deal, economists said. Advertisement US President Donald Trump appeared to soften his stance on the US-China trade war on Tuesday, telling an Oval Office press conference that tariffs on Chinese goods “will not be as high as 145 per cent” and that “it’ll come down substantially, but won’t be zero”. His latest remarks follow claims he made…

Trade war could upend Chinese firms’ US gas contracts, plans: S&P Global

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Chinese state-backed energy firms and privately controlled gas distributors may have to renegotiate long-term liquefied natural gas (LNG) procurement contracts they signed with US providers if the trade war drags on, according to analysts. Advertisement Trade flows of US LNG to China have stopped since February 10 when Beijing retaliated against a 10 per cent US tariff on Chinese goods by slapping a 15 per cent duty on the fuel, S&P Global Commodity Insights principal research analyst Li Lunjia said on Tuesday. The tariff on US LNG was subsequently raised…

Trump news at a glance: president will be ‘very nice’ to China; Musk to step back from Doge

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Donald Trump has said tariffs on goods from China will be reduced “substantially” but “won’t be zero”, after US treasury secretary Scott Bessent said he expects a “de-escalation” in the trade war between the world’s two largest economies. Trump placed import taxes of 145% on China, which countered with 125% tariffs on US goods, causing volatility in the stock market and concern about slowing global economic growth. But the US president on Tuesday said he would be “very nice” to China and not play hardball with Chinese President Xi Jinping.…

China’s troubled energy-storage sector reels from price war, tariff blows

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China’s energy-storage industry is facing a challenging outlook this year due to the escalating US-China trade war and weaker government support, prompting one industry group to caution against price competition. Advertisement With exports to its biggest market in the US likely to be hit by higher tariffs, the nation’s producers are projected to trim their capital expenditure by 10 to 20 per cent this year, according to consultancy WaterRock Energy Economics. As a result, annual expansion of battery energy-storage systems (BESS) could shrink to as low as 30 gigawatts (GW)…

Scott Bessent says US and China need to de-escalate trade war

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Unlock the White House Watch newsletter for free Your guide to what Trump’s second term means for Washington, business and the world US Treasury secretary Scott Bessent on Tuesday warned that the US-China trade war was “not sustainable” and that the countries would have to de-escalate their dispute, in comments that buoyed financial markets hoping for a trade deal. Bessent told investors at a private conference hosted by JPMorgan in Washington that he expected Washington and Beijing would reach a deal in the “very near future”, according to several people…

Chinese EV makers take spotlight as Tesla skips Shanghai Auto Show for third time

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Tesla’s third-straight absence from China’s largest auto show has given its domestic competitors an opportunity to stand out, with emerging players and innovative technologies set to further intensify the already cutthroat competition in the world’s largest electric vehicle (EV) market. Advertisement More than 70 carmakers from 26 countries and regions are expected to gather at the Shanghai Auto Show from Wednesday to May 2, launching more than 100 new vehicle models during the two weeks, according to the Shanghai Council for the Promotion of International Trade. The world’s largest EV…

Trump says China tariffs will drop ‘substantially – but it won’t be zero’

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Donald Trump said during a White House news conference that high tariffs on goods from China will “come down substantially, but it won’t be zero”. Trump’s remarks were in response to earlier comments on Tuesday by treasury secretary Scott Bessent, who said that the high tariffs were unsustainable and that he expects a “de-escalation” in the trade war between the world’s two largest economies. Trump placed import taxes of 145% on China, which has countered with 125% tariffs on US goods. Trump has placed tariffs on several dozen countries, causing…

Trump’s Maga vision can find inspiration in Xi’s rejuvenation of China

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American society is plagued with serious imbalances, and although the United States and China are not the same, US President Donald Trump can still draw inspiration from how China is restoring harmony to its society, which is also out of sync after decades of high but lopsided economic growth. Advertisement Chinese leaders from Deng Xiaoping to Xi Jinping are discerning pupils of history. Broadly speaking, policymaking is shaped by a trifecta matrix comprising philosophy, power and pragmatism. An imbalance in this trifecta brings repercussions; the devastating chaos of the Cultural…