China’s economy grew at its slowest pace in a year in the latest quarter amid a trade war with the US and long-running woes in its property market. Fragile domestic demand has left China’s economy heavily reliant on manufacturing and trade, at a time of mounting tensions with the Donald Trump administration. GDP rose by 4.8% year on year between July and September, down from the second-quarter growth rate of 5.2%. It expanded by 1.1% in the third quarter compared with the second, the same as the revised growth rate…
Tag: Tariffs
Shein warns on Trump tariff uncertainty after profits slip
Shein has reported a 20% rise in global revenues to $37bn (£27.7bn) but profits have fallen as the fast-fashion retailer faced increased costs, even before it felt the impact of recent changes to US tax laws. The Singaporean parent company of the rapidly growing retailer said pre-tax profits had fallen by 13% to $1.3bn last year from $1.5bn in 2023 after an increase in selling and marketing costs, according to new accounts. Shein is thought to be trying to list on the Hong Kong stock exchange after efforts to list…
China says it will ‘fight to end’ after US said it was trying to hurt world economy
China has hit back at accusations from the US that it is trying to hurt the world economy, as the trade war between the world’s two biggest economies appeared to re-escalate, amped up by aggressive rhetoric on both sides. China’s commerce ministry said on Tuesday that the US was “threatening to intimidate” with the prospect of new tariffs on Chinese exports, “which is not the right way to get along with China”. Its spokesperson said that China would “fight to the end” in trade talks. The comments came shortly after…
Why has the US-China trade war restarted and how have markets reacted?
With nearly a month to go before the deadline for the US and China to reach a deal in their trade war, goodwill between the two countries appears to have been swept off the table in recent days. China announced that it was once again restricting the export of critical minerals, prompting the US president, Donald Trump, to announce tariffs of 100% on US-bound Chinese exports, scuppering, at least for now, hopes that global economic turmoil could be averted. Why has the US-China trade war restarted? On Thursday, China’s commerce…
Markets rebound amid latest US-China tariff spat as traders look to possible ‘Taco trade’
Global stock markets have edged higher and cryptocurrencies rebounded amid signs that a new front in the US-China trade war may not be as severe as first feared. Tensions between Washington and Beijing escalated again on Friday and over the weekend, as Donald Trump threatened to impose additional US tariffs of 100% on China starting next month. The US president accused the country of “very hostile” moves to restrict exports of rare-earth minerals needed for American industry. Beijing said it would retaliate if Trump did not back down. However, Trump…
Asian stocks tumble on fresh US-China trade spat; Chinese exports top forecasts – business live
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China warns US of retaliation over Trump’s 100% tariffs threat
Beijing has told the US it will retaliate if Donald Trump fails to back down on his threat to impose 100% tariffs on Chinese imports as investors brace for another bout of trade war turmoil. China’s commerce ministry blamed Washington for raising trade tensions between the two countries after Trump announced on Friday that he would impose the additional tariffs on China’s exports to the US, along with new controls on critical software, by 1 November. “Wilful threats of high tariffs are not the right way to get along with…
The IMF boss is right to say ‘buckle up’ – the global economy is facing multiple menaces
Little more than 48 hours passed last week between a warning from the IMF chief, Kristalina Georgieva, that “uncertainty is the new normal” and Donald Trump’s latest tariff onslaught – this time aimed at China. Markets plunged on Friday after Trump threatened to levy punitive additional tariffs of 100% on Chinese goods in retaliation for Beijing’s blocks on exports of rare earth minerals. The world’s finance ministers and central bankers will meet in Washington this week for the annual meetings of the IMF and World Bank. In her curtain-raiser speech…
Trump news at a glance: layoffs for federal workers begin and president threatens China with tariffs
Mass firings of US federal workers have begun, as Republicans work to exert pressure on Democrat lawmakers to end a government shutdown. The White House budget office said the layoffs were “substantial”, with unions for federal workers taking the matter to court. President Donald Trump said of the job losses “it’ll be a lot” and suggested those losing their jobs would be in areas that were “Democrat oriented”. The government shutdown comes as the US president has revived the trade war with China, this time promising to increase tariffs on…
Trump threatens ‘massive’ China tariffs as Beijing restricts rare-earth exports
Donald Trump has threatened again to impose “massive” US tariffs on China, accusing Beijing of “very hostile” moves to restrict exports of rare earths needed for American industry. Wall Street fell sharply after the US president reignited public tensions with the Chinese government, and raised the prospect of another acrimonious trade war between the world’s two largest economies. Over the summer, relations had improved between Washington and Beijing, and Trump agreed to drastically reduce steep tariffs he imposed on China earlier this year, following negotiations between the two countries. “I…