Shanghai market regulator cracks down on food delivery price wars
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South China Morning Post
13 minutes ago
- South China Morning Post
Washington trade talks with India have stalled, sources say
US-India trade talks appear to have stalled, according to two sources familiar with the matter, as both sides remain unwilling to compromise on opening India's agriculture and dairy markets to US products. Before US President Donald Trump announced on Wednesday that he would impose 25 per cent tariffs on imports from the country, the Indian side was expected to visit. However, Indian negotiators will not be coming to Washington in mid-August as a planned follow-up to their previous meeting about two weeks ago, according to one person familiar with the issue. A scheduled trip by the US Trade Representative Jameison Greer to New Delhi later in the month also appears unlikely if the two sides do not reach a consensus on market access. The apparent setback follows five rounds of negotiations between April and July after Trump threatened India with 26 per cent so-called reciprocal tariffs on April 2. India's agricultural sector supports the livelihoods of roughly 42 per cent of the country's population, making Trump's demand for access politically risky for Prime Minister Narendra Modi and ratcheting up tension between Washington and the world's most populous country. One of the sources said the mood in New Delhi felt 'bitter', while both sources said the US negotiators have remained firm in demanding a 'complete' opening of the Indian market, an approach India has rejected to protect its domestic industries and farmers.
South China Morning Post
6 hours ago
- South China Morning Post
Trump's order to end ‘de minimis' tariff break expands from China to rest of the world
Washington's decision to suspend the 'de minimis' tariff exemption for all countries – expanding on an earlier move that targeted Chinese shipments – is set to disrupt and ultimately reshape the global cross-border e-commerce sector, analysts said. The White House announced the order on Wednesday as part of efforts to close loopholes used to evade tariffs and smuggle 'deadly synthetic opioids as well as other unsafe or below-market products' into the United States. It will come into effect on August 29. In May, the US eliminated the exemption – which had allowed small packages worth less than US$800 to enter the country duty-free – for goods from China . The move aimed to close what many considered a regulatory loophole exploited by Chinese platforms like Temu and Shein to rapidly scale their businesses. Experts said the latest action marked a return to trade normalcy and left Chinese exporters with limited options: either compete in an already saturated domestic market, or battle fellow Chinese sellers abroad. 'Before, they could source from other countries to get around rules — that's no longer viable, as the pathways to the US market are all blocked,' said Zhuang Bo, global macro strategist at Loomis Sayles Investment Asia, an affiliate of Natixis Investment Managers.
RTHK
8 hours ago
- RTHK
Trump calls Powell 'stupid' after rates unchanged
Trump calls Powell 'stupid' after rates unchanged Fed chairman Jerome Powell resists calls from the president to lower rates and defended the independence of the central bank. File photo: Reuters US President Donald Trump lashed out on Thursday at Jerome Powell after the US central bank continued to hold rates steady again, calling him "too stupid" to be Federal Reserve chairman. "Jerome 'Too Late' Powell has done it again!" Trump posted on his Truth Social platform, after the Fed decided a day earlier to hold its key lending rate steady for a fifth straight meeting. In announcing its decision on Wednesday, the Fed cited a moderation in economic activity in the first half of the year and "solid" labour market conditions. It warned however that "uncertainty about the economic outlook remains elevated", while inflation too is somewhat heightened. With Trump's sweeping tariffs on US trade partners raising uncertainty about the economic and inflationary outlook, Mr Powell on Wednesday told a press conference that "we're still a ways away from seeing where things settle down". "He is TOO LATE, and actually, TOO ANGRY, TOO STUPID, & TOO POLITICAL, to have the job of Fed Chair," Mr Trump said. The president has repeatedly attacked the Fed chief over the rate decision. (AFP)
