Taiwan’s president has reiterated calls for peace and dialogue with China as he marked one year in office, amid heightened Chinese military activity and worsening political division at home. Lai Ching-te, who was inaugurated a year ago, told reporters on Tuesday that a war would have “no winners”, but Taiwan would continue to strengthen its defences to ward off a Chinese invasion or attempt to annex it by force. “It is the aggressor who undermines peace … Taiwan is a peace-loving nation, and our society values goodwill,” he said on…
Tag: Asia Pacific
Trump tariffs could lead to surge of cheap Chinese vapes in UK, experts say
China is set to flood Britain with cheap vapes, researchers have said, as manufacturers seek to capitalise on the world’s second biggest market after Donald Trump’s tariffs. A trade standoff between Washington and Beijing has thrown the business world into chaos, with investors watching as each country dares the other to blink first. After last week’s uneasy truce, the total US import tax on Chinese-made vapes stood at about 60%. That has sent China’s $11.1bn (£8.4bn) e-cigarette export industry, already scarred by stringent domestic restrictions in 2022, back to the…
This pause in the trade war will be brief. Small businesses, plan accordingly
Donald Trump’s massive Chinese tariffs are on pause. The media debated. Wall Street rejoiced. Many of my clients breathed a sigh of relief. Big retailers jumped for joy. But for how long? For starters, the tariffs that weren’t paused – a 10% levy on all Chinese goods, plus a bonus 20% tax that somehow relates to fentanyl, are still in place. When you take into consideration existing tariffs on steel from previous Trump and Biden administrations, the effective tariff rate on Chinese goods is actually closer to 40%, according to…
Which Trump tariffs are active, which are paused and what’s next?
Over the last few months, Donald Trump has introduced a confusing and evolving slate of tariffs against specific countries and industries that the president has deemed as threats to US industry. Many of his harshest tariffs have been paused, and some exemptions have been made, but a handful of tariffs are still in place. Trump has continued to threaten more of them, though the future of the president’s trade war remains unclear. Here’s what we know so far about the status of US tariffs on imported goods. Active Most of…
Trump says he has a ‘little problem’ with Tim Cook over Apple’s India production
Donald Trump has admonished Apple and its chief executive over the tech firm’s reported plans to source production of US-bound iPhones from India. The US president said he had a “little problem” with Apple’s Tim Cook, after reports that the company is planning to switch assembly of handsets for the US market from China to India. “I had a little problem with Tim Cook yesterday,” said Trump, speaking in Qatar on Thursday. Referring to Apple’s recent promise to spend $500bn (£375bn) in the US, he added: “I said to him:…
Nissan open to making cars for Chinese partner in Sunderland, says CEO
Nissan’s new chief executive has said the Japanese carmaker would be open to building cars for a Chinese partner at its factory in Sunderland as he confirmed it would not be closed in a round of deep cost cuts. This week Nissan revealed plans to close seven factories and cut 20,000 jobs after sustaining heavy losses. Ivan Espinosa said on Thursday the UK plant at Sunderland would not be among the factories to close and he would consider building cars for China’s Dongfeng. Sunderland, where it employs 6,000 people, is…
US to cut ‘de minimis’ tariff on goods from China to as low as 30%
The US will cut the “de minimis” tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world’s two largest economies. The order published late on Monday offers some relief to big Chinese e-commerce players Shein and Temu and follows a weekend deal between Beijing and Washington to unwind for 90 days most of the tit-for-tat tariffs imposed on each other’s goods since early April. While their joint statement after…
China issues warning to UK over terms of US trade deal
China has warned the UK over its new trade deal with the US, accusing Britain of aligning with the US in a move that could compel British companies to exclude Chinese products from their supply chains. The UK-US trade deal, signed last week, offers Britain limited relief from US tariffs on car and steel exports, but only if it complies with strict American security requirements. These conditions include scrutinising supply chains and ownership structures – a move widely interpreted as targeting Chinese involvement. Beijing argues the agreement violates the principle…
China cautiously welcomes pause in US tariff war
A 90-day pause in the US-China tariff war has been cautiously welcomed in China but tensions remain high, with Xi Jinping again accusing the US of “bullying”. After two days of talks between officials in Geneva over the weekend, China and the US agreed to substantially lower for the next 90 days the high tariffs each had imposed on the other in a tit-for-tat trade war. Under the agreement, US duties on Chinese goods will be lowered from 145% to 30%, while China’s retaliatory tariffs on US imports will be…
Trump risks driving Europe into China’s embrace. Xi Jinping will be delighted | Orville Schell
How does Xi Jinping view the circus Donald Trump is ring-mastering in Washington? There is no denying that the new president has created an opportunity for Xi to drive a wedge into the flank of the battered transatlantic alliance. China’s special representative to the EU optimistically described Trump’s treatment of Europeans as so “appalling” that it was likely to make them more willing to recognise Beijing’s approach to “peace, friendship, goodwill and win-win cooperation”. It was only a few months ago that Xi deserved his reputation as the world’s disruptor-in-chief.…