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SHANGHAI, China (AFP) — China’s currency slid on Monday to its weakest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets. The onshore yuan was around 7.1425 to the US dollar in late morning Asian trading, its weakest point since early 2008, but slightly off lows reached earlier in the day. Global economic tensions have intensified in recent days with the […]
by John Biers NEW YORK, United States (AFP) — The latest lurches in President Donald Trump’s trade war with China set the stage for a potential repeat of late 2018 when goods flooded into America’s ports to beat new tariffs. US importers, retailers and shippers are bracing for a new round of punitive duties on Chinese goods set to hit in two steps, September 1 and December 15, likely to drive a rush […]
HONG KONG, China (AFP) — Markets retreated in Asia on Tuesday as uncertainty over the China-US trade talks was compounded by increasing tensions in Hong Kong and an economic crisis in Argentina. Investor confidence has been knocked this month by a perfect storm of negative issues, only slightly offset by hopes for further central bank easing measures as the global outlook dims. Comments from Donald Trump throwing next month’s planned trade talks into doubt, as […]
SEOUL, South Korea (AFP) — South Korea on Monday put Japan into its own new export category, intensifying a trade war between the two neighbours and US allies. The move came after Seoul announced earlier this month it would remove Tokyo from its list of trusted trading partners, reciprocating an identical move by Japan. That followed Tokyo’s imposition of tough restrictions on exports crucial to tech titans such as Samsung following a series of […]
by Ryan Mcmorrow BEIJING, China (AFP) — Export-reliant Chinese companies are slashing prices, moving production abroad, creating new domestic markets and even rebranding goods as they try to survive the escalating trade war with the United States. Factories along the eastern coast, fish processors in the south, apple juice exporters in central China and farmers in the northeast have all been forced to change their business models since US President Donald Trump launched the […]
WASHINGTON, United States (AFP) — Britain was seeking to fast-track a crucial post-Brexit trade deal with the United States on Wednesday after new Prime Minister Boris Johnson dispatched his top diplomat and foreign trade minister to Washington. Foreign Secretary Dominic Raab was due to hold talks with his US counterpart Mike Pompeo at the State Department while the International Trade Secretary Liz Truss has lined up meetings with top American trade officials. With Johnson […]
by John BIERS NEW YORK, United States (AFP) — World stock markets plunged Monday as Beijing parried US President Donald Trump’s latest tariff announcements by moving to let the China yuan currency devalue and halting purchases of US agricultural products. The rebuttal sparked Wall Street’s worst selloff of the year and also led to significant declines in leading bourses in Europe and Asia amid fears the escalation of the months-long conflict will further dim the […]
SEOUL, South Korea (AFP) — South Korea will remove Japan from its “white list” of trusted trading partners, Seoul’s finance minister said Friday, reciprocating just hours after a similar move by Tokyo. The Japanese government’s decision “fundamentally destroys the relations of trust and cooperation that the two countries established” in the past, said Hong Nam-ki. “For this, we express our strong protest and deep regret, and urge Tokyo to immediately withdraw its vengeful trade measures.” […]
SEOUL, South Korea (AFP) — South Korean President Moon Jae-in on Friday condemned Japan’s decision to remove his country from a “white list” of favored trading partners, calling it a “reckless” move and threatening unspecified countermeasures. Tokyo’s “selfish act will inflict tremendous damage on the world economy by disrupting global supply chains”, he said in remarks to a cabinet meeting called at short notice and televised live. “Japan should withdraw its unilateral and unfair measures as […]
TOKYO, Japan (AFP) — Japan on Friday said it will remove South Korea from a “white list” of favored export partners, a move that Seoul has warned will have “grave consequences” for security ties between the US allies. “The government at a cabinet meeting today approved a revision to the export control law… South Korea, the only Asian nation on the list, will be removed,” Japan’s Trade Minister Hiroshige Seko told reporters. The measure, which […]
by John BIERS NEW YORK, United States (AFP) — Earlier US tariffs enacted in President Donald Trump’s trade war with China has dealt only a glancing blow to consumers, but those announced Thursday are different. “This hits consumers straight on,” Steve Pasierb, president of the Toy Association, said in an interview. “This is the finished products. It’s not raw materials.” The tariffs, a 10 percent levy on $300 billion in Chinese goods that Trump said […]
by Francesco FONTEMAGGI / Dene-Hern Chen Agence France Presse BANGKOK, Thailand (AFP) — US Secretary of State Mike Pompeo insisted Thursday that Washington was not asking Southeast Asian nations to “choose” between his country and rival power China, as he trailed a rebooted security and trade strategy at a Bangkok summit. The denuclearisation of the Korean Peninsula, a bitter trade war between the superpowers and open access to contested seas dominated talks between Pompeo […]
