Zero: Have China's Emissions Finally Peaked?
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Yahoo
13 minutes ago
- Yahoo
Philippines goods to face 19% tariff, Trump says
The US will levy a 19% tax on imports from the Philippines, US President Donald Trump has announced after meeting with the country's president at the White House. Trump wrote on social media on Tuesday that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily. "It was a beautiful visit, and we concluded our Trade Deal," he wrote on social media, offering no further details about the apparent agreement. The plan, which was not confirmed by the Philippines, would leave the country facing a tax even higher than what Trump had threatened when he first announced sweeping global tariffs in April. At the time, Trump said his goal with instituting tariffs was to push countries to drop policies he saw as unfair to the US. His plans set off a flurry of trade talks with countries around the world. He has since announced a handful of deals, including with the UK, China and Indonesia. But the agreements so far have kept in place high tariffs, with key issues unresolved or unconfirmed by both parties. With Trump now threatening a new round of higher duties to go into effect 1 August, some of America's biggest and most important trade partners, including the European Union and Canada, remain in limbo. As hopes for a deal dim, officials in Europe are increasingly rallying around plans for potential retaliation. In Canada on Tuesday, Prime Minister Mark Carney said that "complex negotiations" were continuing but was noncommittal on the prospect of reaching a deal by Trump deadline next week. "We'll see," he told reporters after meeting with premiers in Ontario. "The Americans objectives are multiple, they change over time ... but what is clear is that the Canadian government will not accept a bad agreement. The objective is not to have an agreement at any cost." Trump's tariff plans sparked widespread financial turmoil when he announced them originally in April, putting forward a plan that would leave the US with its highest duties since the early 1900s. He subsequently suspended some of the plan's most aggressive measures, while leaving in place a universal 10% tariff on most goods and separately hitting certain items, such as cars, copper, steel and aluminium, with higher duties. But in recent weeks, as markets have calmed and the US economy held steady, Trump has returned to plans for higher duties, sending letters to countries outlining plans for new tariffs that he says will go into force on 1 August. In a letter to leaders in the Philippines this month, he had said he would charge a 20% tariff on the country's goods. That was up from 17% rate he had threatened in April. In a statement on Wednesday, the Embassy of the Republic of the Philippines said the reduction in the tariff from the most recent rate threatened was "encouraging". "We will continue to find other ways to enhance and deepen our economic partnership," it said. The Philippines is a relatively small trade partner with the US, sending about $14.2bn worth of goods to the America last year. That included car parts, electric machinery, textiles and coconut oil. Meanwhile for companies, the cost of the new tariffs is increasing. General Motors on Tuesday said tariffs had cost it more than $1bn over three months. That followed an earlier disclosure from rival Stellantis, maker of Jeep, which said the measures had cost it €300m (£259.6m, $349.2m). Error while retrieving data Sign in to access your portfolio Error while retrieving data
New York Times
13 minutes ago
- New York Times
Chinese and European Leaders Meet Amid Grievances on Trade
The European Union has sent the president of the European Commission, Ursula von der Leyen, and other top officials to Beijing for a high-profile, high-stakes summit on Thursday with their Chinese counterparts, complete with nods to the 50-year anniversary of their diplomatic ties. Both sides came with long lists of grievances over trade. The Europeans want an end to the flood of Chinese exports that they insist is unfairly bolstered by government financial support. The Chinese angrily deny the allegations and want the European Union to lift tariffs and embrace trade with China. Neither European Union leaders nor Chinese officials said they expected the summit to resolve their many differences, which also include an intense disagreement over China's support for Russia and its war in Ukraine. Beijing wants the European Union to rescind its tariffs on electric cars from China and take other measures to allow more Chinese exports into the continent. But European leaders have made clear that they want to address many serious concerns about China's recent policies. They are upset that China's state-owned banks are lending at low interest rates to the country's manufacturers. The resulting overflow of inexpensive goods has pushed up China's trade surplus with the European Union to more than $350 billion. Want all of The Times? Subscribe.
Yahoo
25 minutes ago
- Yahoo
JPMorgan, BofA Leaders Subpoenaed by US Lawmakers Over CATL IPO
(Bloomberg) -- JPMorgan Chase & Co. and Bank of America Corp. were subpoenaed by US lawmakers over their role in the initial public offering of Chinese battery maker Contemporary Amperex Technology Co. Ltd. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US Why the Federal Reserve's Building Renovation Costs $2.5 Billion The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Milan Corruption Probe Casts Shadow Over Property Boom The House of Representatives' Select Committee on the Chinese Communist Party sent demands for documents to the banks' chief executive officers, the panel wrote Wednesday on X. The Wall Street Journal reported the request earlier in the day. 'We've had constructive engagement with the committee and will continue to engage,' a representative for Bank of America said in an emailed statement. A representative for JPMorgan declined to comment comment. But in a Bloomberg TV interview in May, CEO Jamie Dimon noted the US hadn't placed sanctions on the Chinese battery maker and that banks do thorough due diligence before handling such deals. 'If we thought it was wrong, we wouldn't do it,' he said at the time. The committee had called on both banks in April to withdraw from working on CATL's market listing in Hong Kong. The lenders stuck with the deal, and CATL went on to raise $5.2 billion the next month. By underwriting CATL's listing, the banks were exposing themselves and their American investors to 'significant regulatory, financial and reputational risks,' the committee's chairman, Michigan Republican John Moolenaar, said in the April letters addressed to Dimon and Bank of America CEO Brian Moynihan. Those letters highlighted CATL's inclusion on a Pentagon watch list in January, citing alleged links to the Chinese military. Robin Zeng, the billionaire founder and chairman of CATL, has pushed back on accusations it poses a threat to national security, saying the company has never sold any of its products to the military. --With assistance from Peter Eichenbaum. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk Burning Man Is Burning Through Cash A Rebel Army Is Building a Rare-Earth Empire on China's Border It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Sign in to access your portfolio
