
Lego goes local with Vietnam and US plants to curb tariff risks
HANOI -- Lego Group's second Asian production center has opened in Vietnam amid mounting trade tensions, underscoring the Danish toy maker's growing emphasis on local manufacturing that could mitigate the risks posed by U.S. tariffs.
During a visit to the new facility in Binh Duong province for its April 9 opening, Lego CEO Niels Christiansen said that "building a factory here was a very good choice," adding that point had been confirmed on "several occasions" over the past three years.

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Asahi Shimbun
15 hours ago
- Asahi Shimbun
Asia shares climb after China and the U.S. say they have a framework for seeking a trade deal
Pedestrians pass by an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo on June 11. (AP Photo) Asian shares mostly rose Wednesday after China and the U.S. said they had reached agreement on a framework for following up on the trade truce reached last month in Geneva. Japan's benchmark Nikkei 225 surged 0.5% in morning trading to 38,385.37. Data from the Bank of Japan data showed wholesale inflation slowed in May, meaning there might be less pressure for the central bank to raise interest rates in its next policy board meeting. Hong Kong's Hang Seng gained 0.8% to 24,364.77, while the Shanghai Composite rose 0.5% to 3,402.72. Australia's S&P/ASX 200 edged up 0.3% to 8,612.40. South Korea's Kospi added 0.6% to 2,889.88. Tuesday on Wall Street, the S&P 500 rose 0.5% to 6,038.81 as the trade talks between the world's two largest economies carried into a second day. The Dow Jones Industrial Average added 0.2% to 42,866.87, and the Nasdaq composite gained 0.6% to 19,714.99. Stocks have roared higher since dropping roughly 20% below their record two months ago, when President Donald Trump shocked financial markets with his announcement of tariffs that were so stiff that they raised worries about a possible recession. Much of the rally has been due to hopes that Trump would lower his tariffs after reaching trade deals with countries around the world, and the S&P 500 is back within 1.7% of its record set in February. Analysts said that after two days of discussion in London, the late-night agreement reached appeared to be a consensus on what was already agreed upon before. 'So what did 48 hours of talks actually produce? Apparently, a reaffirmation to eventually do what they had already said they would do. If markets were expecting substance, they got process instead,' said Stephen Innes, managing partner at SPI Asset Management. U.S. Secretary of Commerce Howard Lutnick said Tuesday evening in London that talks with China were going 'really, really well.' Both the United States and China have put many of their tariffs announced against each other on pause as talks continue. Even though many tariffs are on hold for the moment, uncertainty over what is to come is still affecting companies and their ability to make profits. Designer Brands, the company behind the DSW shoe store chain, became the latest U.S. company to yank its financial forecasts for 2025 because of 'uncertainty stemming primarily from global trade policies.' The company, which also owns the Keds, Jessica Simpson and other shoe brands, reported a larger loss for the start of the year than analysts were expecting, and its revenue also fell short of forecasts. CEO Doug Howe pointed to 'persistent instability and pressure on consumer discretionary' spending, and the company's stock tumbled 18.2%. The uncertainty is moving in both directions, to be sure. A survey released Tuesday of optimism among small U.S. businesses improved a bit in May. 'While the economy will continue to stumble along until the major sources of uncertainty are resolved, owners reported more positive expectations on business conditions and sales growth,' according to Bill Dunkelberg, chief economist at the National Federation of Independent Business. Tesla helped to make up for such losses by rising 5.7%. The electric vehicle company has been recovering since tumbling last week as Elon Musk's relationship with Trump imploded. That raised fear about possible retaliation by the U.S. government against Tesla. Shares that trade in the United States of chipmaking giant Taiwan Semiconductor Manufacturing Co. rose 2.6% after the company known as TSMC said its revenue in May jumped nearly 40% from the year earlier. In other dealings early Wednesday, the yield on the 10-year Treasury eased to 4.48% from 4.47% late Tuesday. Benchmark U.S. crude oil slipped 12 cents to $64.86 a barrel. Brent crude, the international standard, fell 15 cents to $66.72 a barrel. The U.S. dollar rose to 144.94 Japanese yen from 144.84 yen. The euro cost $1.1414, down from $1.1425.

21 hours ago
Japan, Guatemala Agree to Upgrade Bilateral Relations
News from Japan Politics Jun 11, 2025 12:08 (JST) Tokyo, June 11 (Jiji Press)--Japanese Prime Minister Shigeru Ishiba and Guatemalan President Bernardo Arevalo have agreed to elevate bilateral relations to a strategic partnership. At a meeting held in Tokyo on Tuesday, the two leaders also decided to strengthen cooperation through expanded investment by Japanese companies and assistance to Guatemalan migrants deported from the United States. This year marks the 90th anniversary of the establishment of diplomatic relations between the Asian and Latin American countries. "Cooperation among like-minded countries, including Guatemala, is more important than ever, as the international community is facing a turning point in history," Ishiba said. Arevalo expressed his wish to further develop the cooperative bilateral relationship. They also agreed to work together to realize a free and open Indo-Pacific region and deal with the East Asian situation. Guatemala has diplomatic relations with Taiwan. [Copyright The Jiji Press, Ltd.] Jiji Press


Kyodo News
a day ago
- Kyodo News
U.S., China hold high-level trade talks with rare earths in focus
KYODO NEWS - 17 hours ago - 09:29 | World, All Senior U.S. and Chinese officials met in London on Monday, with a top economic adviser to President Donald Trump expecting the latest round of trade talks to result in Beijing promptly lifting its export controls on rare earth minerals. The second high-level meeting, following mid-May talks in Geneva, took place after Trump and Chinese President Xi Jinping spoke by phone last week, their first known direct communication since the U.S. president's inauguration for a nonconsecutive second term in January. U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer attended the talks, which could also continue Tuesday. The trio met with a Chinese delegation led by Vice Premier He Lifeng, a longtime confidant of Xi who oversees economic affairs. On Monday, Kevin Hassett, director of the National Economic Council, struck an optimistic note about the meeting's anticipated outcome. Hassett said in an interview with CNBC that the talks are likely to end with a "big, strong handshake." "Our expectation is that after the handshake, then export controls from the U.S. will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters," he said. The 90-minute phone conversation between Trump and Xi on Thursday came after Washington and Beijing exchanged barbs over alleged violations of a preliminary agreement reached in Geneva. Under the deal, the two countries established a 90-day truce in their trade war and committed to stepping back from their respective triple-digit tariff rates. In the days leading up to his call with Xi, the Trump administration expressed frustration over China's slow removal of export controls on critical minerals used in high-tech products, accusing Beijing of failing to uphold the terms of the initial deal. China had criticized the Trump administration for imposing "discriminatory measures," including export control guidance on artificial intelligence chips and the revocation of visas for Chinese students studying in the United States. China's Commerce Ministry said Saturday that Beijing has approved a number of export license applications for rare earth-related items, citing global demand from industries such as robotics and new energy vehicles. However, it did not provide further details. China mines about 70 percent of the world's rare earths that are used in the production of smartphones, personal computers and vehicles. As part of retaliatory measures against high U.S. tariffs, Beijing in April introduced export controls on seven types of rare-earth minerals. Amid a tit-for-tat tariff war, Chinese exports to the United States in May fell 34.5 percent from a year earlier to $28.8 billion, while Chinese imports from the country dropped 18.1 percent to $10.8 billion, customs data of the Asian powerhouse showed Monday. Related coverage: Japan's top negotiator eyes U.S. trip this week for 6th tariff talks Japan, EU eye launch of "competitive alliance" scheme to boost trade Xi, Trump agree to new round of Sino-U.S. trade talks