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 tariffs
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…
Apple inks $500m deal for rare earth magnets with US mining firm
Apple has signed a $500m deal with a US firm for rare earth magnets, essential for manufacturing electronics, after China curbed exports of the scarce, vital materials. The backing from one of the world’s most valuable companies comes after MP Materials, which operates the only US rare earths mine, last week agreed to a multibillion-dollar deal with the US Department of Defense that will see the Pentagon become its largest shareholder. Both deals are aimed at mitigating supply chain risks after China limited the outgoing supply of rare earths earlier…
China’s economy beats expectations in face of Trump’s trade war
China’s economy grew more strongly than expected in the second quarter as it proved resilient in the face of Donald Trump’s trade war. China’s gross domestic product (GDP) grew 5.2% in April to June compared with a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts’ expectations for a rise of 5.1%. The world’s second largest economy has so far avoided a sharp slowdown in part due to support by Beijing and as factories took advantage of a US-China trade truce to make shipments before…
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…
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
Here we go again: latest Trump tariff deadline looms amid inflation concerns
When Donald Trump unveiled his “liberation day” tariffs in the spring, only to pull the plug days later as panic tore through global markets, his officials scrambled to present the climbdown as temporary. Three months of frenetic talks would enable the Trump administration to strike dozens of trade agreements with countries across the world, they claimed. “We’re going to run,” the White House trade adviser Peter Navarro told Fox Business Network. “Ninety deals in 90 days is possible.” The 90-day pause Trump ordered on his steep tariffs is almost up,…
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…
Chinese carmaker Chery Auto ‘actively considering’ building UK factory
The Chinese carmaker Chery Auto is considering building its second European factory in Britain. After launching two brands, Omoda and Jaecoo, in the UK in September, Chery’s UK director, Victor Zhang, said the company is making inroads in the British market with the appetite growing for Chinese cars. He was speaking at the annual conference of the Society of Motor Manufacturers and Traders, where the business secretary, Jonathan Reynolds, admitted that there was “still a lot of work” to do in negotiating away all of Donald Trump’s tariffs against the…