China has warned it will take “resolute and reciprocal” countermeasures against other countries negotiating with the US if they make a deal at China’s expense during the trade war. China’s commerce ministry was responding to recent news reports that Donald Trump planned to pressure other countries to limit their trade with China in return for tariff exemptions. Beijing and the US are locked in an escalating trade war, running separately to the US’s efforts to rewrite trade deals with the rest of the world. “China firmly opposes any party reaching…
Tag: Business
China sends back new Boeing jet made more expensive by tariffs
A Boeing jet intended for a Chinese airline landed back at the planemaker’s US production hub on Sunday, a victim of the tit-for-tat bilateral tariffs launched by Donald Trump. The 737 MAX, which was meant for China’s Xiamen Airlines, landed at Seattle’s Boeing Field at 6.11pm, according to a Reuters witness. It was painted with Xiamen livery. The jet, which made refuelling stops in Guam and Hawaii on its 5,000-mile (8,000-km) return journey, was one of several 737 MAX jets – Boeing’s bestselling model – that had been waiting at…
British Steel must now join the modern economy, not be a prisoner of the old | Will Hutton
The fate of incoming Labour business and industry secretaries seems to be to launch emergency rescue packages for industries that would otherwise face imminent closure. Witness Jonathan Reynolds at last Saturday’s extraordinary parliamentary recall arguing for the legal right to take over the running of British Steel from its Chinese owner, Jingye, in order to save up to 3,500 jobs and Britain’s strategic capacity to make steel. And witness Tony Benn, in 1974, offering a financial lifeline to 3,000 workers forming a cooperative to save motorcycle manufacture at the failed…
Cutting business ties with China would be ‘foolish’, Reeves says amid reports of US pressure
Rachel Reeves has dismissed the idea of economically disengaging from China, amid concerns the US may put pressure on the UK to limit its deals with Beijing. The chancellor, who will discuss a trade deal with the US on a trip to Washington next week, said it would be “very foolish” for Britain to have less involvement with Xi Jinping’s administration. The Wall Street Journal reported this week that US officials would attempt to use trade deals and tariff discussions to economically isolate China. Keir Starmer spoke to Donald Trump…
US forges ahead with plans for steep port fees on China-built vessels
The Trump administration is forging ahead with plans to charge steep fees on Chinese-built ships for stopping at US ports in an effort to revive its shipbuilding industry, but scaled back the penalties after warnings about the impact on consumers. The Office of the US Trade Representative (USTR) significantly watered down original plans from February, under which vessels built in China would be charged $3.5m (£2.6m) each time they docked at a US port. The US and China are locked in a trade war. Those proposals prompted a backlash from…
Uyghur rights group calls on hotel chains not to ‘sanitise’ China abuses in Xinjiang
Almost 200 international hotels are operating or planning to open in Xinjiang, despite calls from human rights groups for global corporations not to help “sanitise” the Chinese government’s human rights abuses in the region, a report has said. The report by the Uyghur Human Rights Project (UHRP) identified 115 operational hotels which the organisation said “benefit from a presence in the Uyghur region”. At least another 74 were in various stages of construction or planning, the report said. The UHRP said some of the hotels also had exposure or links…
Nvidia’s CEO makes surprise visit to Beijing after US restricts chip sales to China
The chief executive of the American chip maker Nvidia visited Beijing on Thursday, days after the US issued fresh restrictions on sales of the only AI chip it was still allowed to sell to China. Jensen Huang’s surprise visit was on the invitation of a trade organisation, according to a social media account affiliated with state media. The official broadcaster China Central Television said Huang met Ren Hongbin, the head of the China Council for the Promotion of International Trade, where he said he hopes “to continue to cooperate with…
Temu and Shein warn of US price hikes from next week due to Trump tariffs
Two of China’s largest fast fashion retailers, Temu and Shein, have warned US customers that they will face price increases from next week, as Donald Trump’s hefty tariffs on Chinese imports come into force. Both companies will be hit by new import levies, which will mean taxes of up to 145% being applied to Chinese goods. They will also suffer from Trump’s cancellation of the “de minimis” exemption, under which shipments worth less than $800 (£600) could be imported duty-free. That exemption was crucial in helping the low-cost retailers make…
Why is US threatening to ban TikTok and will other countries follow suit?
Joe Biden has signed into law a bill that requires TikTok’s Chinese owner to sell the social media app’s US operations or face a ban, after the Senate passed the legislation. The law, part of a foreign aid package for Ukraine, Israel and Taiwan, sets the clock ticking on a potential ban for a platform that is hugely popular in the US. Here is a guide to the TikTok legislation and what may happen next. How does the legislation pave the way for a sale or ban? The bill gives…
Biden to triple taxes on Chinese steel and block Japanese takeover of US Steel
Joe Biden announced plans to triple tariffs on Chinese steel and aluminum and promised to block the acquisition of US Steel by a Japanese company during a speech to steelworkers on Wednesday in the battleground state of Pennsylvania, where union support could prove crucial in the November general election. Biden touted the plan during a visit to the United Steelworkers union headquarters in Pittsburgh, the heart of the American steel industry, where he said “the backbone of America has a steel spine” and promised to keep US Steel as a…