A Trump political dynasty? His son Eric says maybe
Eric Trump speaks to media at Trump Tower in New York City, U.S., June 16, 2025. (Reuters/File)
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RTHK
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- RTHK
Chinese manufacturing activity edges up in June
Chinese manufacturing activity edges up in June The purchasing managers' index for China's manufacturing sector came in at 49.7 in June from 49.5 in May. File photo: Reuters The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.7 in June, up 0.2 percentage points from May, official data showed on Monday. The figure remains below the 50-mark separating growth from contraction and is in line with a median forecast of 49.7 in a Reuters poll. The new orders sub-index rose to 50.2 from 49.8 in May, while the new export orders sub-index improved to 47.7 from 47.5. The PMI for the non-manufacturing sector, which includes services and construction, came in at 50.5, up 0.2 percentage points from May. Policymakers are confident they can push ahead with reforms launched late last year to transition the world's second-largest economy from a manufacturing-led model to a consumer-driven one, Premier Li Qiang told delegates at World Economic Forum and Asian Infrastructure Investment Bank meetings last week. Such a shift in the engines of growth could be progressed while maintaining strong growth, Li said. While the United States and China have settled on a framework trade deal, analysts expect eventual US tariffs to remain well above historic levels, maintaining pressure on exporters and officials to find alternative markets or boost domestic demand. Analysts in a Reuters poll forecast the private-sector Caixin PMI at 49, up from 48.3 a month prior. The private data will be released on Tuesday. (Xinhua/Reuters)


South China Morning Post
42 minutes ago
- South China Morning Post
Carney says trade talks with US resume after Canada rescinded tech tax
Canadian Prime Minister Mark Carney said late Sunday that trade talks with the US have resumed after Canada rescinded its plan to tax US technology firms. Advertisement US President Donald Trump said Friday that was suspending trade talks with Canada over its plans to continue with its tax on technology firms, which he called 'a direct and blatant attack on our country'. The Canadian government says 'in anticipation' of a trade deal 'Canada would rescind' the Digital Services Tax. The tax was set to go into effect on Monday. Carney's office said Carney and Trump have agreed to resume negotiations. 'Today's announcement will support a resumption of negotiations toward the July 21, 2025, timeline set out at this month's G7 Leaders' Summit in Kananaskis,' Carney said in a statement. Advertisement Carney visited Trump in May at the White House, where he was polite but firm. Trump travelled to Canada for the G7 summit in Alberta, where Carney said that Canada and the US had set a 30-day deadline for trade talks.


South China Morning Post
2 hours ago
- South China Morning Post
US Senate pushes ahead on Trump's sweeping tax cut and spending bill
Senate Republicans pushed forward US President Donald Trump's sweeping tax cut and spending bill on Sunday in a marathon weekend session even as a non-partisan forecaster said it would add an estimated US$3.3 trillion to the nation's debt over a decade. Advertisement The estimate by the Congressional Budget Office (CBO) of the bill's hit to the US$36.2 trillion federal debt is about US$800 billion more than the version passed last month in the House of Representatives. Republicans, who have long voiced concern about growing US deficits and debt, have rejected the CBO's long-standing methodology to calculate the cost of legislation. Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. A copy of US President Donald Trump's 940-page spending and tax bill. Photo: Reuters 'Republicans are doing something the senate has never, never done before, deploying fake math and accounting gimmicks to hide the true cost of the bill,' Democratic Senate Minority Leader Chuck Schumer said as debate opened on Sunday.