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24 minutes ago
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China's weak job market stirs boom-era nostalgia on social media
By Marius Zaharia and Claire Fu HONG KONG/SINGAPORE (Reuters) -Dwindling job and income prospects in China are fuelling intense social media chatter about the fashion and culture of the country's high-growth period 20 years ago, in what analysts describe as a way to express discontent about the economy without attracting censorship. The hashtag phrase "beauty in the time of economic upswings," often accompanied by early 2000s pictures of celebrities wearing bright clothes and make-up or music videos and TV ads from that period, surged in social media mentions over the summer just as 12.2 million university students graduated. They entered one of the most challenging job markets in decades - pandemic years aside - as the world's second-largest economy grapples with higher U.S. trade tariffs, deflation, industrial overcapacity and sluggish domestic consumption. While China is growing at roughly 5% this year, analysts describe it as a dual-speed economy, with manufacturing and exports running strong, while households struggle. The current pace is half of that from the 2001-2010 decade. "The economy has its cycles, but youth doesn't come twice," a social media user wrote on a widely-shared post on the topic. The State Council Information Office, which handles media queries for the government, did not respond to a comment request. China's ruling Communist Party exerts a high degree of control over domestic media and social media in the name of safeguarding social stability and preventing the spread of rumours and fake news. Reports and public discussions on what the Party considers as sensitive are routinely removed from the internet, including views critical of the economy and any veiled criticism of policymakers. On RedNote, China's version of Instagram, the hashtag has so far garnered close to 50 million views. Most posts come from millennial women recalling greater career and consumption choices in their twenties, says Yaling Jiang, founder of consultancy ApertureChina, citing platform data. But it is today's young Chinese, who face far more limited options, engaging with these posts. "Considering when it has gone viral, this is likely a response to the widespread complaints about the declining value of higher education and the increasingly tough job market for young graduates this summer," Jiang said. Xiao Qiang, the founder of U.S.-based China Digital Times, which tracks China censorship, says the topic's popularity "poses a challenge to the authorities mainly because it uses everyday symbols, such as make-up and fashion, to subtly express dissatisfaction with economic decline and life pressure." "It creates a collective atmosphere of nostalgia and indirect criticism," Xiao said. "It can quietly erode public confidence in the official economic narrative." The content is "awkward" for censors, says Xiao, as most users share opinions over the aesthetics of China's recent past and express positive emotions. MARKETING OPPORTUNITY Fashion labels such as Giorgio Armani, Estee Lauder's Tom Ford and Valentino have sponsored "boom era"-themed posts on RedNote in the past 30 days, said Jiang. More than a dozen stores on Alibaba's Taobao e-commerce platform have used this tag to sell clothes. Bloggers have promoted the "Millennial Rose" shampoo by Procter & Gamble's Safeguard, or bulky Nike sneakers advertised on Taobao as "millennial classics reborn." L'Oreal-owned Maybelline, in a Weibo post promoting some of its brighter lipsticks, wrote "feel the beauty and vitality of the economic upswing." However, early-millennium looks are not prominent on Chinese streets. Jiang said marketing teams are leveraging the social media trend for brand awareness, not pushing new 2000s-inspired collections. Fashion bloggers posting under the "upswing" hashtag say styles often reflect the prevailing economic mood. This year's make-up trends, for instance, feature the more conservative, less expressive "glass skin," achieved through heavy use of moisturisers and hydrating primers or monochromatic looks where foundation, blushes or lipsticks can differ in gradient but belong to the same colour palette. The 2000s embraced futurism with metallic tones, glossy finishes and pearlescent blue or green eyeshadows. Full-eyeliner looks with smoky eyes contrasted with Barbie-pink lips for dramatic effect. "In times of economic growth, make-up is meant to look expensive and give out that glow of confidence that comes with flying careers and optimism," one beauty blogger wrote. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
38 minutes ago
- Yahoo
Trump says he's not ‘seeking' summit with Xi
President Trump said that he is not looking for a summit with Chinese President Xi Jinping, pushing back on reporting that the tariff talks this week could set the groundwork for a meeting with his counterpart. 'The Fake News is reporting that I am SEEKING a 'Summit' with President Xi of China. This is not correct, I am not SEEKING anything!' Trump said on Truth Social. 'I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest! Thank you for your attention to this matter.' Talks between the U.S. and China are going on in Stockholm this week with Treasury Secretary Scott Bessent and his counterparts, which marks the third round of talks between the two nations. The meeting could set up an extended tariff truce, which could lead to a meeting with Trump and Xi later this year, NBC News reported. China and the U.S. are facing an Aug. 12 deadline following agreements announced in May and June that brought down mutually imposed triple-digit tariffs. For other trading partners, Trump has set an Aug. 1 deadline for the resumption of tariffs. 'We have a good relationship with China,' Trump said Monday. 'China's tough.' The president last month said Xi was 'extremely hard to make a deal' with and the two leaders have had a fraught relationship in recent years. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Yahoo
38 minutes ago
- Yahoo
These nations don't have trade deals with Trump ahead of his Aug. 1 tariff deadline
President Trump is set to hit several major U.S. trading partners with steep tariffs if they don't agree to new trade terms before an Aug. 1. deadline. Trump suggested Monday that any nation that refuses to strike a deal with the U.S. would face a tariff between 15 and 20 percent. 'We're going to be setting a tariff for essentially the rest of the world, and that's what they're going to pay if they want to do business in the United States. Because you can't sit down and do 200 deals. But we made the big ones,' he said. Here are some of the top trading partners that have not struck deals with the U.S. China Treasury Secretary Scott Bessent and his Chinese counterparts held talks this week in China and Stockholm this week, which marked the third round of talks between the two nations. The talks led to another possible extension in the trade deal that was announced in May, without details about the timing of that extension. Trump said he will be briefed on Wednesday by his top officials on a deal with China to extend the tariff pause, and 'we'll either approve it or not.' China and the U.S. were facing an Aug. 12 deadline for tariffs on China at 30 percent and Chinese tariffs on the U.S. at 10 percent. That rate is significantly down from earlier in the year, when Trump hit China with a 145 percent tariff and Beijing hit U.S. goods with a 125 percent tariff. 'We have a good relationship with China,' Trump said Monday. 'China's tough.' Trump on Tuesday also pushed back on reporting that the tariff talks this week could set the groundwork for a meeting with Chinese President Xi Jinping, saying he's not looking for a summit with his counterpart. U.S. imports from China in 2024 totaled nearly $439 billion, according to the U.S. trade representative (USTR), and U.S. exports to China in 2024 were more than $143 billion. Mexico and Canada Negotiations between the Trump administration and Canada have stalled, Trump said last week. 'We haven't really had a lot of luck with Canada. I think Canada could be one where they'll just pay tariffs. It's not really a negotiation,' Trump said on Friday. Trump threatened to levy a 35 percent tariff on the country in a letter to Canadian Prime Minister Mark Carney. Canada was the third-largest source of U.S. imports, totaling $412.7 billion in 2024, according to the USTR. U.S. exports to Canada in 2024 were $349.4 billion. The president also threatened to impose a 30 percent tariff on goods from Mexico in a letter, citing the flow of fentanyl across the southern border that was the original basis for a 25 percent tariff he imposed on Mexican goods earlier this year. The letter to Mexican President Claudia Sheinbaum was sent on the same day that Trump threatened 30 percent tariffs on the European Union. He has since made a deal with the European bloc to lower tariffs to 15 percent. Mexico was the top source for U.S. imports, which totaled just less than $506 billion in 2024, according to the USTR. U.S. goods exports to Mexico in 2024 were $334 billion. South Korea The administration hasn't cited any progress in talks with South Korea, and President Lee Jae Myung said in July that talks with the U.S. have been 'clearly not easy.' South Korea is the sixth-largest trading partner with the U.S. and was hit with a 25 percent tariff on its imports on 'Liberation Day' in April. U.S. goods from South Korea totaled more than $131 billion in 2024, according to the USTR. U.S. exports to South Korea in 2024 were more than $65 billion. Taiwan The U.S. has held three rounds of talks with Taiwanese officials, and a deal could be struck any day, a source familiar with talks told The Hill. Even so, the fate of a deal with Taiwan also depends on the U.S.-China talks in Sweden. Taiwan is bracing for Trump possibly cutting them out of a trade relationship as part of making a deal with China, the source said, and is 'actively contemplating the prospect of a new go-it-alone era, where Taipei can no longer count on support from the White House.' The Trump administration reportedly denied Taiwanese leader Lai Ching-te's request to stop over in the U.S. next month, a move that has added to the fears that the president would 'sell out' Taiwan's democracy in order to have a strong trade relationship with China. Taiwan is the seventh-largest trading partner with the U.S. and was hit with a 32 percent tariff on its imports in April. U.S. imports from Taiwan in 2024 totaled more than $116 billion, according to the USTR, and U.S. exports to Taiwan in 2024 totaled more than $42 billion. India Top administration officials, including Trump, have insisted for months that a deal with India was pending but have yet to announce one. 'No, it's not,' Trump said on Tuesday when asked if a deal with India was finalized. He also threatened to impose a 25 percent tariff on India. India and U.S. trade last year overall was valued at roughly $130 billion, and Prime Minister Narendra Modi paid a friendly visit to Trump in February. Vice President Vance then traveled to India in April and hailed progress on trade talks with Modi, expressing optimism about striking a deal. Trump imposed a 26 percent tariff on goods from India during his April 2 'Liberation Day' tariff announcement. India is the 10-largest trading partner with the U.S., and U.S. imports from India totaled more than $87 billion in 2024, according to the USTR. U.S. exports to India in 2024 were nearly $42 billion. Brazil Trump declared that Brazil would be hit with a hefty 50 percent tariff in part due to the criminal prosecution of Jair Bolsonaro, Brazil's former president, over an alleged plot to remain in power after losing an election. He sent a letter to Brazil, deeming the prosecution of Bolsonaro — known as the 'Trump of the tropics' — a 'witch hunt.' Brazilian President Luiz Inácio Lula da Silva has urged Trump to return to trade talks and said on CNN earlier this month that Trump 'was elected not to be the emperor of the world.' Brazil is among the top 15 trading partners with the U.S. and was hit with a 10 percent tariff on its imports in April. U.S. imports from Brazil in 2024 totaled more than $42 billion, according to the USTR, and U.S. exports to Brazil in 2024 were nearly $50 billion. Switzerland Switzerland is hopeful that the draft trade deal it approved will be signed off by Trump ahead of the deadline, Bloomberg reported. Swiss President and Finance Minister Karin Keller-Sutter said in July that the two nations were close and was hopeful at the time that Switzerland would be one of the first nations to strike deals with the U.S. Switzerland is among the top 20 trading partners with the U.S. and was hit with a 31 percent tariff on its imports in April. U.S. imports from Switzerland totaled more than $63 billion in 2024, according to the USTR, and U.S. exports to Switzerland in 2024 were $25 billion. Thailand Thailand and Cambodia agreed to a ceasefire on Monday to end five days of fighting in the region, which is expected to also restart trade talks with the U.S. 'I have instructed my Trade Team to restart negotiations on Trade,' Trump said on Truth Social after he spoke to both leaders about the truce. Trump had previously said if the two countries did not stop fighting, they would not get a trade deal with the U.S. Thailand's acting Prime Minister Phumtham Wechayachai said he expects a 'very good' trade deal after agreeing to end the conflict. He said that Trump told him 'there will be tariff negotiations, which will be beneficial, and we will get something very good out of it. He will do his best to give us as much as he can,' Bloomberg reported. Thailand is among the top 20 trading partners with the U.S. and was hit with a 36 percent tariff in April. U.S. imports from Thailand totaled more than $63 billion in 2024, according to the USTR, and U.S. exports to Thailand in 2024 were nearly $18 billion. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
