Trump extends delay on US TikTok ban until mid-December
US President Donald Trump on Tuesday extended a delay on enforcing a ban against TikTok until December 16, marking the fourth postponement of a law designed to force the app’s sale from its Chinese owner. The announcement, made through an executive order, came despite Trump telling reporters Tuesday that the United States and China had […]
Trump’s pick for US Fed governor vows to uphold independence
Donald Trump’s pick to join the Federal Reserve’s board of governors pledged Thursday to uphold US central bank independence if confirmed, as the institution faces growing political pressure from the president to slash interest rates. “The Federal Open Market Committee is an independent group with a monumental task, and I intend to preserve that independence,” […]
Trump, Intel announce deal giving US a 10% stake in chipmaker
Chipmaker Intel has agreed to give the US government a 10-percent stake in its business, the company and President Donald Trump announced Friday. The deal came after Trump’s administration said Intel should give Washington an equity stake in exchange for large grants committed when Joe Biden was president. Under the agreement, the US government will […]
Starbucks receives bids for stake in China business: US media
Starbucks has received around 30 offers from investment firms seeking a stake in the company’s China business, US media reported Wednesday. The coffee chain’s China business, its second biggest after its US operation, drew non-binding offers from a mix of Chinese and foreign private equity firms valuing the enterprise at between $5 and $10 billion, […]
Chinese manufacturers in fighting spirits despite scrapped US orders
On a sweltering spring day, workers at a Christmas tree factory in eastern China rhythmically assembled piles of branches, wiping away sweat as they daubed white-paint snow onto plastic pine needles. Like countless other companies in the manufacturing powerhouse of Zhejiang province, its products are geared largely towards export — a sector freshly menaced by […]
Asset flight challenges US safe haven status
The US has long been considered a financial safe haven. The sell-off of the dollar, stocks and Treasury bonds in a spree sparked by panic at President Donald Trump’s trade war is starting to raise questions about if that’s still true. – What happened this week to US assets? – US equities and the greenback […]
US exempts tech imports in tariff step back
The Trump administration has exempted a raft of consumer electronics from its punishing import tariffs — offering relief to US tech firms and partially dialling down a trade war with China. A notice late Friday by the US Customs and Border Protection office said smartphones, laptops, memory chips and other products would be excluded from […]
Indonesia palm oil firms eye new markets as US trade war casts shadow
Indonesian palm oil companies are seeking new markets in Europe, Africa and the Middle East as they try to protect themselves from the impact of Donald Trump’s trade war, a top industry executive told AFP. Indonesia is the world’s biggest producer of the edible oil — used in making foods such as cakes, chocolate, and […]
China calls on US to ‘completely cancel’ reciprocal tariffs
China on Sunday called on the United States to “completely cancel” its reciprocal tariffs after Washington announced exemptions for consumer electronics and key chipmaking equipment. “We urge the US to… take a big step to correct its mistakes, completely cancel the wrong practice of ‘reciprocal tariffs’ and return to the right path of mutual respect,” […]
US unveils fresh export curbs targeting China’s chip sector
The United States announced new export restrictions Monday taking aim at China’s ability to make advanced semiconductors — used in weapon systems and artificial intelligence — as competition deepens between the world’s two biggest economies. “The United States has taken significant steps to protect our technology from being used by our adversaries in ways that […]