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…
Tag: Trump administration
Taiwan president scraps Latin America trip amid reports the US opposed stopover in New York
Taiwan’s President Lai Ching-te will delay an expected trip to his country’s remaining allies in Latin America, amid conflicting accounts of the reason for the postponement. Lai was expected to travel to the Americas next month, as his government seeks to shore up support in a region where many countries have cut diplomatic ties in favour of relations with China, which claims Taiwan as its territory. Amid reports that the Trump administration had opposed a proposed stopover by the president in New York, his government said Lai had no overseas…
US and China hold trade talks after Donald Trump eyes ‘world tariff’ – business live
<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"688865728f086229c4205ac8","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" Good morning, and welcome to our live coverage of business, economics and financial markets. ","elementId":"a58dd461-f7d4-4f55-9e86-3e123d778d2d"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" After the US and EU announced the outline of a trade deal that would limit tariffs to 15%, it looks like talks with China could be the next on the agenda, with an extension of a truce in the trade war “likely”, according to a top official in the Trump administration. ","elementId":"bfefff3d-e94b-46bb-92bc-89abad3cad73"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":" US Treasury chief Scott Bessent arrived yesterday in Sweden, alongside China’s vice premier He Lifeng, according to Reuters.…
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…
Scott Morrison tells US Australia risks going to sleep on China threat after diplomatic ‘charm and flattery’
The Chinese Communist party hopes Western democracies “go to sleep on the threat” it poses to the international order, former prime minister Scott Morrison has told a congressional committee in the US. In a forthright appearance before the hawkish US House of Representatives select committee on the strategic competition between the United States and the Chinese Communist party, Morrison said China had changed diplomatic tack after he lost the 2022 election to Anthony Albanese. “This included abandoning their economic and diplomatic bullying and coercion for more inductive engagement, laced with…
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…
US attacks on Iran redraw calculus of use of force for allies and rivals around globe
For US allies and rivals around the world, Donald Trump’s strikes on Iran have redrawn the calculus of the White House’s readiness to use force in the kind of direct interventions that the president said he would make a thing of the past under his isolationist “America First” foreign policy. From Russia and China to Europe and across the global south, the president’s decision to launch the largest strategic bombing strike in US history indicates a White House that is ready to employ force abroad – but reluctantly and under…
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…
US state department told to terminate nearly all its overseas pro-democracy programs
The US state department has been advised to terminate grants to nearly all remaining programs awarded under the Bureau of Democracy, Human Rights, and Labor (DRL), which would effectively end the department’s role in funding pro-democracy programming in some of the world’s most hostile totalitarian nations. The review could affect nearly $1.3bn in grants, three state department officials told the Guardian, citing briefings on the results of a Foreign Assistance Review produced by the Office of Management and Budget (OMB). Of 391 active grants, only two were not recommended to…
Trump trade deal shows how vital China’s rare-earth metals are to US defense firms
The draft trade agreement with China announced by Donald Trump on Wednesday would ease concerns from top US military suppliers about rare-earth metals and magnets that, if cut off permanently, could hobble production of everything from smart bombs to fighter jets to submarines and other weapons in the US arsenal. While the deal has not yet been finalised, it may reassure major defense companies such as Lockheed Martin, the largest US user of samarium – a rare-earth metal used in military-grade magnets – whose supply is entirely controlled by China.…