Category: FT

US tariffs on pharmaceuticals risk shortages of lower-cost generic drugs

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Stay informed with free updates Simply sign up to the Pharmaceuticals sector myFT Digest — delivered directly to your inbox. The generic drug industry has warned that US tariffs on pharmaceuticals risk causing shortages of medicines including cancer treatments, and that manufacturers might stop making products that become unprofitable as a result. Generic medicines, which are cheaper versions of drugs that no longer have patent protection, make up about 90 per cent of US drug supply. The majority are manufactured outside the US, in lower-cost countries such as India. The…

Palau’s president vows to stand with Taiwan ‘til death do us part’

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Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world The president of Palau has pledged to maintain recognition of Taiwan, but warned that small countries needed to demonstrate the economic benefits of standing by Taipei as China increases pressure on its few remaining allies. Surangel Whipps Jr, speaking at the Lowy Institute in Sydney earlier this month, said that he would not change his country’s position during his four-year term, citing Taipei’s assistance during the Covid-19 pandemic…

Western carmakers plot China comeback with local knowhow

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Stay informed with free updates Simply sign up to the Automobiles myFT Digest — delivered directly to your inbox. Western carmakers will fight back against domestic rivals in China this week, launching new software and intelligence capabilities in vehicles produced with local partners as they attempt a comeback in the world’s largest car market. The country’s annual auto show, held in Shanghai this year, will provide the first real test for overhauled strategies. Volkswagen, Toyota and others have adopted “in China for China” plays to win back consumers who have…

Trump threat awakens India’s ‘big bang’ spirit

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. India faced a wrenching balance of payments crisis in 1991 that forced the country to embark on “big bang” reforms that unlocked two decades of rapid growth. Is another external shock about to jolt India’s economy into action? Some Indians see the parallels. With the spectre of a 26 per cent Donald Trump “reciprocal” tariff hanging over it, Narendra Modi’s government is moving quickly to negotiate a bilateral trade agreement…

FirstFT: Global confidence sinks as trade wars loom over IMF meetings

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This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here Good morning and welcome back to FirstFT Asia. In today’s newsletter: The deteriorating global outlook for growth South Korea ‘will not fight back’ against US tariffs Why Jamie Dimon is right about meetings Threats to global growth are rising as the US-driven trade shock crushes confidence and slams financial markets, according to research for the…

Global confidence slumps as trade turmoil looms over IMF meetings

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Stay informed with free updates Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox. Threats to global growth are rising as the US-driven trade shock crushes confidence and slams financial markets, according to research for the Financial Times ahead of key meetings of economic policymakers in Washington this week.  Confidence indicators have slumped sharply while financial market conditions have deteriorated, according to the Brookings-FT Tracking Indexes for the Global Economic Recovery, or Tiger. The deterioration in the global outlook is a marked contrast to…

Tariffs without industrial policy won’t work

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Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Resilience is a good thing. We’ve learnt that over the past two decades or so — pandemics, wars, trade decoupling and climate-related disasters have made the risks of over-concentrating production capacity in any one place apparent. That’s why I’ve always believed it to be a good thing to have more regional nodes of critical goods manufacturing around the world. It’s not about ideology. It’s just about not keeping…

DHL suspends some parcel deliveries to US amid trade war

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Logistics group DHL is suspending some parcel deliveries to the US from Monday as it struggles to cope with the extra costs and paperwork from new customs rules. From April 5, US Customs and Border Protection has required goods worth more than $800 entering the country to undergo more stringent customs checks and be accompanied by additional documentation. DHL said that it was working to increase its clearance capacity but that, given the “substantial”…

Trump’s tariff war comes to New York’s Chinatown

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Ever since Donald Trump’s imposition of 145 per cent tariffs on Chinese imports, Andy Wang has been panic buying supplies from rice wine to plastic containers for his restaurant in New York’s Chinatown.  Wang said that the price hikes expected on Chinese goods could put the Taiwan Pork Chop House he founded 26 years ago out of business, and force him into early retirement. “I have to stock up so…

China’s rare earths controls prompt fears of auto shortages and shutdowns

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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China’s latest export controls on rare earth minerals could cause shutdowns in automotive production, with stockpiles of essential magnets set to run out within months if Beijing fully chokes off exports. Beijing expanded its export restrictions to seven rare earth elements and magnets vital for electric vehicles, wind turbines and fighter jets in early April in retaliation for US President Donald Trump’s steep tariffs of 145 per cent on China.…