Donald Trump’s 1 August tariffs deadline did what it was always intended to do. It kept the markets and the nations guessing amid last-minute uncertainty. It attempted to reassert the global heft of the United States economy to take on and master all comers. And it placed President Trump at the centre of the media story, where he always insists on being. In the event, there were some last-minute agreements struck this week, few of them fair or rational in trade terms, most of them motivated by the desire to…
Tag: Donald Trump
White House to end US tariff exemption for all low-value overseas packages
The United States is suspending a “de minimis” exemption that allowed low-value commercial shipments to be shipped to the United States without facing tariffs, the White House said on Wednesday. Under an executive order signed by Donald Trump on Wednesday, packages valued at or under $800 sent to the US outside of the international postal network will now face “all applicable duties” starting on 29 August, the White House said. The US president earlier targeted packages from China and Hong Kong, and the White House said the recently signed tax…
US and China poised to extend tariff truce after failing to find resolution at talks
US and Chinese negotiators have agreed in principle to push back the deadline for escalating tariffs, although America’s representatives said any extension would need Donald Trump’s approval. Officials from both sides said after two days of talks in Stockholm that while had failed to find a resolution across the many areas of dispute they had agreed to extend a pause due to run out on 12 August. Beijing’s top trade negotiator, Li Chenggang, said the extension of a truce struck in mid-May would allow for further talks, without specifying when…
As Trump’s tariff regime becomes clear, Americans may start to foot the bill
Burying the hatchet with Brussels, Donald Trump – flanked by the leader of the European Commission – hailed a bold new era of transatlantic relations, an ambitious economic pact, and declared: “This was a very big day for free and fair trade.” That was seven years ago. And then on Sunday, the US president – flanked by a different leader of the European Commission – hailed another new era of transatlantic relations, another economic pact and declared: “I think it’s the biggest deal ever made.” Trumpian hyperbole can typically be…
Trump permits Nvidia to sell advanced chips in China, CEO says
Nvidia’s CEO, Jensen Huang, says the chipmaker has won approval from the Trump administration to sell its advanced computer chips used to develop artificial intelligence to China. “Today, I’m announcing that the US government has approved for us filing licenses to start shipping H20s,” Huang told reporters in Beijing. The news came in a company blog post late on Monday. “The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. Huang also spoke about the coup on China’s state-run…
The Guardian view on Brics growing up: A new bloc seeks autonomy – and eyes a post-western order | Editorial
The Brics summit in Brazil last week revealed a loose alliance of emerging powers becoming more complex – and perhaps more consequential. For Brics, heft matters. It now counts 11 member states – including Indonesia, which joined this year – representing half the world’s population and 40% of the global economy, outpacing the G7 by $20tn. Yet its size hides its contradictions. The grouping’s call for more inclusive global institutions sounds welcome, but there is a preponderance of autocracies within its own ranks. Brics is right that international law should…
World must be more wary than ever of China’s growing economic power
China is pulling every lever at its disposal to counter Donald Trump’s economic blockade, and it’s working. Trade is recovering after the massive hit from Washington’s wide-ranging tariffs on Beijing’s exports. According to data provider Macrobond and Beijing-based consultancy Gavekal Dragonomics, exports to the US were down by about $15bn (£11bn) in May, but up by half that figure to other countries that trade with the US. Exports to African countries have also risen sharply. Meanwhile, Chinese officials are poised to strike deals to deepen economic cooperation with countries ranging…
Five key takeaways from Macron’s speech to UK parliament
Emmanuel Macron, making the state visit by a European head of state to the UK since Brexit, has addressed MPs and peers in the Royal Gallery in parliament. Here are five standout moments from his speech 1. A mild dig at Brexit Nine years on from the referendum, and coded laments about Brexit are more palatable. The French president said that while the UK was no longer in the EU, it “cannot stay on the sidelines because defence and security, competitiveness, democracy – the very core of our identity –…
Rare earths: how these critical minerals impact Australian industry and global politics – video
What do tariffs, Australian mining, geopolitics and the trade war between China and the US have to do with tiny magnets made from rare earth minerals like yttrium and scandium? Guardian Australia’s Matilda Boseley explains China has a stranglehold on the world’s rare-earths supply chain. Can Australia break it? Commonwealth to invest a further $200m in rare earth mining project backed by Gina Rinehart Continue reading… The Guardian
Trump to start TikTok sale talks with China, he says, with deal ‘pretty much’ reached
Donald Trump has said he will start talking to China on Monday or Tuesday about a possible TikTok deal. The United States president said the US “pretty much” had a deal on the sale of the TikTok short-video app. “I think we’re gonna start Monday or Tuesday … talking to China – perhaps President Xi or one of his representatives – but we would, we pretty much have a deal,” Trump told reporters on Air Force One on Friday. Trump also said he might visit Xi Jinping in China or…