When Ronald Reagan became the first US president to address China’s Great Hall of the People in 1984, he did not waste an opportunity to school his audience on the benefits of the American way. He boiled down his central economic ideology, and that of his Republican party – that governments should get out of the way, allow companies, industries and markets the space the thrive, without intervention – into a simple mantra: trust the people. “These three words are not only the heart and soul of American history, but…
Tag: US economy
US-China trade truce deadline looms threatening escalation of economic tensions
A trade truce between the US and China was set to expire on Tuesday, threatening an escalation of economic tensions between the world’s two largest economies. Chinese officials said they hoped the United States would strive for “positive” trade outcomes on Monday, as the 90-day detente reached between the two countries last month was due to expire. “We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state … and strive for positive outcomes on the…
Inside China’s fast-fashion factories as a US trade war looms – podcast
Ever since Donald Trump came to power, China has been threatened by a trade war – with tariffs on its products into the US at one point set at an extraordinary 145%. In May, however, the two countries agreed to a partial truce – one that is expiring on Tuesday 12 August. As the Guardian’s senior China correspondent, Amy Hawkins, explains to Nosheen Iqbal, for now there is little sign of an imminent deal, though an extension of the truce, at least, is possible. So she heads to Guangzhou, the…
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…
US and China hold trade talks after Donald Trump eyes ‘world tariff’ – business live
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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…
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,…
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…
Which Trump tariffs are active, which are paused and what’s next?
Over the last few months, Donald Trump has introduced a confusing and evolving slate of tariffs against specific countries and industries that the president has deemed as threats to US industry. Many of his harshest tariffs have been paused, and some exemptions have been made, but a handful of tariffs are still in place. Trump has continued to threaten more of them, though the future of the president’s trade war remains unclear. Here’s what we know so far about the status of US tariffs on imported goods. Active Most of…
Trump says he has a ‘little problem’ with Tim Cook over Apple’s India production
Donald Trump has admonished Apple and its chief executive over the tech firm’s reported plans to source production of US-bound iPhones from India. The US president said he had a “little problem” with Apple’s Tim Cook, after reports that the company is planning to switch assembly of handsets for the US market from China to India. “I had a little problem with Tim Cook yesterday,” said Trump, speaking in Qatar on Thursday. Referring to Apple’s recent promise to spend $500bn (£375bn) in the US, he added: “I said to him:…