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…
Tag: Trump tariffs
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…
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…
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 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…
US farmers caught in Trump-China trade war – who’ll buy the soybeans?
At the Purfeerst farm in southern Minnesota, the soybean harvest just wrapped up for the season. The silver grain bins are full of about 100,000 bushels of soybeans, which grab about $10 a piece. This year, though, the fate of the soybeans, and the people whose livelihoods depend on selling them, is up in the air: America’s soybean farmers are stuck in the middle of a trade war between the US and China, the biggest purchaser of soybean exports, used to feed China’s pigs. “We are gonna have to find…
Trump mega-donor privately mocked his claim to have upper hand with China
A top donor to Donald Trump and other Maga Republicans has privately mocked the US president’s longtime position that he has an upper hand in trade negotiations with China, in a sign that even some loyal supporters have been uneasy with the White House strategy. Liz Uihlein, the billionaire businesswoman who co-founded the office supply company Uline with her husband, Richard, sent an email to her staff earlier this year that contained a cartoon in which Trump can be seen playing cards with the Chinese president, Xi Jinping. In the…
Mexico acting ‘under coercion to constrain’ China with 50% tariff on cars, says Beijing
China’s government has vowed to “firmly protect” its interests against Mexico’s plan to increase tariffs on Chinese cars to 50%, a move Beijing said was made “under coercion to constrain China”. On Wednesday Mexico said it intended to raise tariffs on car imports from China and other Asian countries from 20% to 50%, the maximum level allowed, in order to protect tens of thousands of manufacturing and industry jobs. However analysts suggested it was also designed to placate Donald Trump, who has been pressuring Mexico not to act as a…
One by one, leaders learn that grovelling to Trump leads to disaster. When will it dawn on Starmer? | Simon Tisdall
Sucking up to Donald Trump never works for long. Narendra Modi is the latest world leader to learn this lesson the hard way. Wooing his “true friend” in the White House, India’s authoritarian prime minister thought he’d conquered Trump’s inconstant heart. The two men hit peak pals in 2019, holding hands at a “Howdy Modi” rally in Texas. But it’s all gone pear-shaped thanks to Trump’s tariffs and dalliance with Pakistan. Like a jilted lover on the rebound, Modi shamelessly threw himself at Vladimir Putin in China last week. Don…