The boss of BMW has predicted that Donald Trump’s import tariffs on foreign cars will be lowered this summer, as the German carmaker reported profits for the first three months had tumbled by a quarter. Oliver Zipse, BMW’s chief executive, said he expected that Trump’s 25% tariffs on the import of foreign cars would be dropped by July. He made the prediction after the company reported a drop in profit to €3.1bn (£2.6bn) as it braced for the effects of Trump’s trade war and strong competition in China. Zipse also…
Tag: Trump tariffs
China to cut interest rates in response to trade war with US
China will cut interest rates and inject some much-needed liquidity into the domestic economy, as the country steels itself for a bruising trade war with the US. The People’s Bank of China said on Wednesday it would make a half-point cut to the banks’ reserve requirement ratio, its benchmark interest rate, and release 1tn yuan (£103.6bn) into the banking system. Pan Gongsheng, the governor of the People’s Bank of China, said China would also cut a key interest rate by 0.1 percentage point. Pan said the “moderately loose” measures were…
Why is Trump ending the ‘de minimis’ tariff loophole on low-value imports?
At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam…
China ‘evaluating’ US offer to engage in trade negotiations
Beijing is “evaluating” an offer from the US to engage in trade negotiations, the Chinese government has said, a week after Donald Trump claimed talks were already under way. China’s commerce ministry said on Friday: “The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China.” On Thursday, influential commentators in China said the country was ready to engage in talks. Ren Yi, a nationalist blogger who writes under the nickname Chairman Rabbit, wrote that he…
Trump orders funding cut for public broadcasters NPR and PBS in fresh attack on media – US politics live
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Apple to report quarterly earnings amid Trump trade policy chaos
Investors have their eyes on Apple as it prepares to report financial results of the second quarter of the fiscal year on Thursday. The tech giant has been working to calm nervous analysts after Donald Trump levied sweeping tariffs on countries around the world that are likely to complicate supply chains for consumer electronics. Since the beginning of the year, Apple’s stock has slumped 16%. In anticipation of its earnings report, the company’s stock notched up slightly on Wednesday. Analysts are predicting a positive quarter for Apple with an average…
US has approached China seeking talks on Trump tariffs, says state social media
The US has approached China seeking talks over Donald Trump’s 145% tariffs, a social media account affiliated with Chinese state media has said, potentially signalling Beijing’s openness to negotiations. “The US has proactively reached out to China through multiple channels, hoping to hold discussions on the tariff issue,” Yuyuan Tantian reported in a post published on its official Weibo social media account, citing anonymous sources. US officials, including the Treasury secretary, Scott Bessent, and White House economic adviser Kevin Hassett, also expressed hope for progress in easing trade tensions. Hassett…
Chinese e-commerce exports plummet in face of tariffs, despite rise in sales to EU
Exports to the US from Chinese online shops such as Temu and Shein have plunged in the face of Donald Trump’s trade war, as shipping from China to the EU has increased. Official Chinese data showed its total e-commerce shipping dropped 65% by volume in the first three months of the year, but rose 28% in Europe. The sharp fall comes amid reports that the fast-fashion discount platform Shein is considering a restructuring in the US to circumnavigate tariffs. According to the Financial Times, one workaround would be for Shein…
China manufacturing activity plummets amid Trump tariff war
China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States. Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs. The impact of the measures began to show in official data on Wednesday, with the Purchasing Managers’ Index (PMI) –…
No recent Xi-Trump call, says China despite US president’s claims – US politics live
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