Lotus is planning to end production of its sportscars in the UK and shift it to the US, a move that would put 1,300 jobs at risk and represent a major blow to the British car industry. The carmaker’s Chinese owner, Geely, is looking at options including manufacturing its Emira sportscar in the US, and permanently stopping production at its factory in Hethel, Norfolk, according to a person with knowledge of the company’s thinking. No final decision has been made. Workers at the factory, in a former second world war…
Tag: Tariffs
Nike says Trump tariff war could cost it $1bn
Nike expects costs to increase by about $1bn (£728m) as a result of Donald Trump’s tariff war, as the sportswear company looks to significantly reduce its manufacturing in China. The market value of the company has plummeted by a third over the past year and it is taking action to reduce the hit, including price increases in the US and sourcing from other countries. “These tariffs represent a new and meaningful cost headwind,” said Matthew Friend, its chief financial officer. “With the new tariff rates in place today, we estimate…
Tariff dodgers take big risks to cut small corners | Gene Marks
If you put up a barrier, people will find a way around it. So its not shocking to read recent news stories about how some businesses are trying to skirt around tariffs – particularly from China. They’re shipping goods through third countries, rather than directly from China, using special “shoppers” to skirt minimum quantity amounts, colluding with suppliers to falsify country-of-origin labels, undervaluing goods, or “assembling” products out of China where tariffs are lower. They’re creating shell companies in more tariff-friendly countries and even going so far as forging certificates…
Trump says China will face 55% tariffs as he endorses trade deal
Donald Trump has endorsed the US-China trade deal struck in London that will ramp up supplies of rare earth minerals and magnets needed for the automotive industry, saying it will take total tariffs on Beijing to 55%. Acknowledging that his Chinese counterpart, Xi Jinping, still needed to give his final approval on the terms agreed late on Tuesday night at Lancaster House, the US president disclosed the pact would also facilitate Chinese students’ access to US colleges. The 55% tariff total appears at first glance to be a hike from…
Trump announces US-China trade talks in London next week
Senior US administration officials will meet with a Chinese delegation on Monday in London for the next round of trade negotiations between Washington and Beijing, Donald Trump said on Friday. The meeting comes after a phone call between Trump and the Chinese leader, Xi Jinping, on Thursday, which the US president described as a “very positive” conversation as the two countries attempt to break an impasse over tariffs and global supplies of rare earth minerals. The treasury secretary, Scott Bessent, commerce secretary, Howard Lutnick, and US trade representative, Jamieson Greer,…
Donald Trump to meet Xi Jinping in China after ‘very good’ call on trade
Donald Trump said he had accepted an invitation to meet Xi Jinping in China after a phone conversation on trade was held between the leaders of the world’s two largest economies. In a post on Truth Social, the US president said the “very good” call lasted about 90 minutes and the conversation was “almost entirely focused on trade”. He wrote: “The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries. There should no longer be any questions respecting the complexity of…
China accuses US of ‘seriously violating’ trade truce
China has accused the US of “seriously violating” the fragile US-China detente that has been in place for less than a month since the two countries agreed to pause the trade war that risked upending the global economy. China and the US agreed on 12 May to pause for 90 days the skyrocketing “reciprocal” tariffs that both countries had placed on the others goods in a frenzied trade war that started a few weeks earlier. Tariffs had reached 125% on each side, which officials feared amounted to virtual embargo on…
China has ‘totally violated’ its trade agreement with the US, says Trump
Donald Trump declared that China has “totally violated its agreement” against the US on trade just two weeks after the countries reached a deal, raising fears that the trade war will continue to rattle the global economy. “I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation,” Trump wrote on Truth Social on Friday morning. “Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY…
Trump accuses EU of dragging its heels on a tariff deal with the US
Donald Trump said the EU had been dragging its heels “to put it mildly” on sealing a tariff deal with the US, repeating his assessment that his threat of a 50% tariff on imports from the bloc was an “extremely” satisfactory move. He commended the EU for calling to “quickly establish meeting dates” but reignited fears of a trade war with the region by adding criticism of the EU to his statement on his Truth Social platform on Tuesday. “I was extremely satisfied with the 50% tariff allotment on the…
Trump threatens 25% tariff on iPhones if they are not made in US
Donald Trump has threatened to impose a 25% tariff on iPhones if they are not made in the United States, as he stepped up the pressure on Apple to build its signature product in America. The US president caused a pre-trading dip in Apple shares with a post on the Truth Social platform stating that iPhones sold inside the US must be made within the country’s borders. Trump said in the post: “I have long ago informed Tim Cook of Apple that I expect their iPhones that will be sold…