logo
White House mulls slashing China tariffs to between 50-65%, WSJ reports

White House mulls slashing China tariffs to between 50-65%, WSJ reports

Zawya23-04-2025
The U.S. government is considering cutting its tariffs on Chinese imports in a bid to de-escalate tensions with Beijing, the Wall Street Journal reported on Wednesday.
The China tariffs are likely to come down to between 50% and 65%, the report added citing a White House official.
(Reporting by Pretish M J in Bengaluru)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

India-US Ties Are Too Strong To Be Rocked By Trade Tariff
India-US Ties Are Too Strong To Be Rocked By Trade Tariff

Arabian Post

time7 hours ago

  • Arabian Post

India-US Ties Are Too Strong To Be Rocked By Trade Tariff

By Nantoo Banerjee Come August 27, the picture of the Indo-US trade may show a considerable change. India's merchandise exports to the US will be generally subjected to a 50 percent import tax from that date. A few categories, including drugs and pharmaceuticals, have been exempted. The reason advanced by US President Donald Trump for imposing the punitive tax rate on India is India's large oil import from Russia helping the latter financially to keep fighting against Ukraine. Everyone including President Trump knows the assumption is flawed. India is the world's second-largest importer of crude oil to meet its energy needs, with over 85 percent of the country's oil consumption coming from foreign sources. China, the world's biggest crude oil importer, is the second largest buyer of Russian oil. Turkey and Brazil also import significant quantities of Russian oil products. They all import oil from Russia for commercial reasons. Russian oil and gas are available at much discounted rates. Thanks to the EU and NATO trade and financial sanctions coupled with the fixation of Russia's oil export price, Russian crude has become the world's cheapest. India would buy crude oil from any country if its landed import cost works out cheaper than that of Russian oil. India is upset with the US for singling it out for penal tax while sparing China, at least for now, and Turkey. Interestingly, Pakistan, a new found Trump friend, skips Russia while importing roughly 85 percent of its crude oil needs. It imports crude oil primarily from Saudi Arabia, the United Arab Emirates, and the United States. In a recent development, Pakistan has agreed to import crude oil from the US for the first time, marking a shift in its traditional reliance on West Asian energy sources. This new import deal is part of Pakistan's broader effort to deepen trade and geopolitical ties with the US. Recently, the US issued an executive order suspending the heightened tariffs on Chinese imports until November 10, this year. The current 10 percent US reciprocal tariff with China remains in effect during this suspension period. The US has also suspended additional tariffs on imports from Mexico, a major supplier of merchandise goods to the US along with another US neighbour, Canada, for 90 days. The US has imposed 35 percent import tax on Canada and 25 percent on Mexico covering goods that are not compliant with the Canada-US-Mexico agreement. Though Turkey was spared with only a baseline 10 percent tariff in US President Donald Trump's trade announcement, compared with higher tariffs for many other countries, for unknown reasons, it is unlikely to bring much benefit to the country. Turkey has free trade agreements with as many as 54 countries outside the US and the EU. Thanks to those FTAs, 68 percent of Turkey's exports go to these countries. Turkey has a customs union with the European Union that removes trade restrictions. While the US has imposed a 50 percent import tax for goods from Brazil, which stand for only 1.3 percent share of US imports, it has also punished Switzerland with an import tax of 39 percent and South Africa 30 percent. Clearly, India, which accounts for 2.7 percent share of US imports, does not need to panic immediately on the punitive US import tariff linked with the country's recent spurt in cheaper oil imports from Russia. The only concern is that till now the US has been India's biggest source of trade surplus and the higher import tariff could substantially reduce its positive trade balance with the US. While the US can ignore India, which does not feature even among the top 10 of the global US trade partners, the US market is extremely important for India as the country has been traditionally suffering from large annual trade deficits with a host of other nations, led by China. The US has not spared even its traditionally important trade allies such as Mexico, Canada, China, Japan, Germany, South Korea, Vietnam, Taiwan, the Netherlands with its import tariff mostly ranging from 15 to 20 percent. China's case is very special for the US as the country accounts for the second largest share (13.4 percent) of US imports, just behind Mexico's share of 15.5 percent. Canada's share of US imports is 12.6 percent. Both Canada and Mexico, the two large US neighbours, have attracted punitive import tax rates. For the present, India needs to exercise caution and patience to deal with the extremely unpredictable and moody US president. Considering that India's export trade with the US is under threat, the country must use diplomatic tools to reduce tension between the two nations. In fact, India's diplomatic relations with the US have been growing fast, marked by increased cooperation in defence and technology. India must focus on strengthening strategic partnership, address shared challenges, and promote a free and open Indo-Pacific. The fact which needs to be focused on is India's significant increase in defence cooperation with the US designating India as a major defence partner and granting Strategic Trade Authorization-1. This includes foundational defence agreements and joint military exercises. India needs to focus on the US-India Initiative on Critical and Emerging Technologies (iCET) launched to foster collaboration in areas like semiconductors, space, and 5G/6G. India's current trade tension with the US is most unlikely to last long. Strategically, the two countries are coming increasingly closer to each other. The two countries have been collaborating on various platforms such as the Quadrilateral dialogue (Quad), a strategic partnership with Australia and Japan focused on the Indo-Pacific. India is also cooperating with the US on issues like climate change, pandemic preparedness, and sustainable development. On the other hand, encouraging progress has been made in civil nuclear cooperation, with the removal of certain Indian entities from the US Entity List. India's current trade tension with the US will hopefully die down soon with a potential thaw in Ukraine-Russia relations, especially after a somewhat encouraging end of the Trump-Putin summit at Alaska, last week, and chances of the international oil market returning back to its old rhythm in due course. (IPA Service)

Higher Organising Committee announces 2025 Huairou Great Wall Marathon & Zayed Charity Run
Higher Organising Committee announces 2025 Huairou Great Wall Marathon & Zayed Charity Run

Al Etihad

time16 hours ago

  • Al Etihad

Higher Organising Committee announces 2025 Huairou Great Wall Marathon & Zayed Charity Run

18 Aug 2025 18:49 BEIJING (WAM) The Higher Organising Committee of the Zayed Charity Run, in partnership with the People's Government of Huairou District, officially unveiled the 2025 Huairou Great Wall Marathon & Zayed Charity Run at a press conference held on Monday in Huairou, high-profile event brought together over 100 distinguished guests, including senior government officials, sports leaders, diplomats, media representatives, and partners from both the UAE and China, marking a historic moment as the race prepares for its Beijing debut on 21st September by the People's Government of Huairou District and supported by the UAE Embassy in Beijing, the launch featured an engaging program that included UAE-produced video presentations, formal introductions of distinguished guests, a detailed race briefing by the Huairou Sports Bureau, speeches from the UAE and Chinese dignitaries, acknowledgment of event sponsors, and an awards segment recognising outstanding partners and the attendees were Lieutenant General Mohamed Helal Al Kaabi, Chairman of the Zayed Charity Run, along with members of the Organising Committee. Senior Chinese officials from national, municipal, and district sports, political, and cultural sectors were also present, underscoring the event's diplomatic and sporting a rich cultural dimension, the UAE delegation offered traditional Emirati refreshments during the tea break, engaged UAE-based media for coverage, and showcased inspiring content on the Zayed Charity Run's global charitable mission — now expanding to six countries for the 2025–2026 season.'This event is more than just a race; it is a message of friendship and cooperation, and a celebration of the Comprehensive Strategic Partnership between the United Arab Emirates and the People's Republic of China — built on mutual trust, cultural exchange, innovation, and a shared spirit of humanitarian giving. Let us run together… for health, for friendship, and for the power of giving that unites hearts across distances and borders,' said Lieutenant General Mohamed Helal Al 2025 Huairou Great Wall Marathon and Zayed Charity Run will present an exciting lineup of cultural and sporting activities, highlighted by the 'Robot & Family Charity Run' on September special event will make history with its inaugural robot race, alongside a race dedicated to people of determination and a family fun run that celebrates community to the festivities, the 'Emirati House' cultural fair will take place at the Mutianyu Great Wall from September 19 to 21, offering visitors an immersive journey into authentic Emirati traditions. Guests can explore vibrant folk arts, intricate handicrafts, and sample traditional Emirati cuisine, all while experiencing the warmth and generosity of Emirati in 2001 in Abu Dhabi, the Zayed Charity Run was inspired by the vision of the late Sheikh Zayed bin Sultan Al Nahyan — to extend generosity to those in need and uphold the highest human 22 editions in Abu Dhabi, it has become a symbol of the UAE's commitment to spreading love, peace, and compassion across the globe, reflecting Sheikh Zayed's lifelong dedication to charitable inaugural race attracted more than 168,000 participants, setting the foundation for a lasting legacy of community spirit and humanitarian its home in Abu Dhabi, the Run went global in 2005 with its first international edition in New York City, followed by Cairo in 2014. Today, it stands as a leading event in the world of charitable initiatives, funding treatment for patients with chronic illnesses such as kidney disease, cancer, and heart conditions, while also supporting children's hospitals and medical research. More than just a fundraiser, the Zayed Charity Run promotes health awareness and inspires communities to lead active, healthy lives — making it a powerful platform for both humanitarian and social good.

Swatch pulls 'slanted eye' ad after Chinese social media uproar
Swatch pulls 'slanted eye' ad after Chinese social media uproar

Sharjah 24

time20 hours ago

  • Sharjah 24

Swatch pulls 'slanted eye' ad after Chinese social media uproar

Internet users slammed the "slanted eye" gesture made by the Asian male model as racist. In a post on Instagram and Chinese social media platform Weibo on Saturday, Swatch acknowledged the "recent concerns regarding the portrayal of a model" in the advert and said it had deleted the promotional material worldwide. "We sincerely apologise for any distress or misunderstanding this may have caused," the company wrote. Many online were not content with the company's response and continued to call for boycotting Swatch Group brands, which include Blancpain, Longines, and Tissot. A Weibo user with more than one million followers accused the company of "racism against Chinese" and suggested the firm should be punished by regulators. Others accused Swatch of deliberate discrimination and urged consumers to boycott the company. "The brand's image has collapsed. (Swatch) thinks they can just apologise and salvage everything? It's not that simple," another user wrote. China is one of Swatch Group's biggest markets. But along with many other Western luxury brands, the watchmaker has struggled to maintain growth as the world's second largest economy has slowed and consumers have shifted to more affordable brands. In July, the group reported an 11.2 percent drop in net sales for the first six months of the year. It said the slump was "exclusively attributable" to sluggish demand in China. Swatch is not the first foreign brand to face accusations of racist advertising in China. Italian luxury fashion brand Dolce & Gabbana was heavily criticised in 2018 after it posted promotional videos showing a Chinese model awkwardly using chopsticks to eat Italian food. In 2023, French brand Dior also sparked uproar with an advertisement showing a model pulling up the corner of her eye.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store