Chip Maker SMIC Sees Limited Impact of Trump's Tariffs
'At least until around October this year, SMIC's production capacity will still be in short supply' as the expected hard landing of tariffs didn't happen, SMIC co-chief executive Zhao Haijun said Friday in a post-earnings call.
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Trump signs order to extend China tariff truce by 90 days
US President Donald Trump on Monday ordered a delay in the reimposition of higher tariffs on Chinese goods, hours before a trade truce between Washington and Beijing was due to expire. The White House's halt on steeper tariffs will be in place until November 10. "I have just signed an Executive Order that will extend the Tariff Suspension on China for another 90 days," Trump wrote on his Truth Social platform. The truce on steeper levies had been due to expire Tuesday. While the United States and China slapped escalating tariffs on each other's products this year, bringing them to prohibitive triple-digit levels and snarling trade, both countries in May agreed to temporarily lower them. As part of their May truce, fresh US tariffs targeting China were reduced to 30 percent and the corresponding level from China was cut to 10 percent. Those rates will now hold until November -- or whenever a deal is cut before then. Around the same time that Trump confirmed the new extension, Chinese state media Xinhua news agency published a joint statement from US-China talks in Stockholm saying it would also extend its side of the truce. China will continue suspending its earlier tariff hike for 90 days starting August 12 while retaining a 10-percent duty, the report said. It would also "take or maintain necessary measures to suspend or remove non-tariff countermeasures against the United States, as agreed in the Geneva joint declaration," Xinhua reported. In the executive order posted Monday to its website, the White House reiterated its position that there are "large and persistent annual US goods trade deficits" and they "constitute an unusual and extraordinary threat to the national security and economy of the United States." The order acknowledged Washington's ongoing discussions with Beijing "to address the lack of trade reciprocity in our economic relationship" and noted that China has continued to "take significant steps toward remedying" the US complaints. - Trump-Xi summit? - "Beijing will be happy to keep the US-China negotiation going, but it is unlikely to make concessions," warned William Yang, an analyst at the International Crisis Group. He believes China sees its leverage over rare earth exports as a strong one, and that Beijing will likely use it to pressure Washington. US-China Business Council president Sean Stein said the current extension is "critical to give the two governments time to negotiate an agreement" providing much-needed certainty for companies to make plans. A trade deal, in turn, would "pave the way for a Trump-Xi summit this fall," said Asia Society Policy Institute senior vice president Wendy Cutler. But Cutler, herself a former US trade official, said: "This will be far from a walk in the park." Since Trump took office, China's tariffs have essentially boomeranged, from the initially modest 10 percent hike in February, followed by repeated surges as Beijing and Washington clashed, until it hit a high of 145 percent in April. Now the tariff has been pulled back to 30 percent, a negotiated truce rate. Even as both countries reached a pact to cool tensions after high level talks in Geneva in May, the de-escalation has been shaky. Key economic officials convened in London in June as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers met again in Stockholm last month. Trump said in a social media post Sunday that he hoped China will "quickly quadruple its soybean orders," adding this would be a way to balance trade with the United States. China's exports reached record highs in 2024, and Beijing reported that their exports exceeded expectations in June, climbing 5.8 percent year-on-year, as the economic superpower works to sustain growth amid Trump's trade war. Separately, since returning to the presidency in January, Trump has slapped a 10-percent "reciprocal" tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15-percent US duty on many products, while the level went as high as 41 percent for Syria. The "reciprocal" tariffs exclude sectors that have been targeted individually, such as steel and aluminum, and those that are being investigated like pharmaceuticals and semiconductors. They are also expected to exclude gold, although a clarification by US customs authorities made public last week caused concern that certain gold bars might still be targeted. Trump said Monday that gold imports will not face additional tariffs, without providing further details. The president has taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil. Canada and Mexico come under a different tariff regime. bur-bys/sla/bjt Sign in to access your portfolio
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CubeSmart Announces Pricing of 5.125% Senior Unsecured Notes Due 2035
MALVERN, Pa., Aug. 11, 2025 (GLOBE NEWSWIRE) -- CubeSmart (NYSE: CUBE) (the 'Company' or 'CubeSmart'), the third-largest owner and operator of self-storage properties in the United States, today announced that its operating partnership, CubeSmart, L.P. (the 'Operating Partnership'), priced an offering of $450.0 million aggregate principal amount of 5.125% senior unsecured notes due 2035 (the 'Notes') in an underwritten public offering. The Notes were priced at 98.656% of the principal amount with a yield to maturity of 5.295%. The Notes will be fully and unconditionally guaranteed by CubeSmart. The offering is expected to close on August 20, 2025, subject to the satisfaction of customary closing conditions. The Operating Partnership expects to use the net proceeds from this offering to repay outstanding indebtedness under its unsecured revolving credit facility and for working capital and other general corporate purposes, which may include repayment or repurchase of certain of the Operating Partnership's other outstanding indebtedness. Wells Fargo Securities, BofA Securities and PNC Capital Markets LLC are acting as joint book-running managers for the offering. Regions Securities LLC and US Bancorp are acting as senior co-managers for the offering. Barclays, BMO Capital Markets, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC and Truist Securities are acting as co-managers for the offering. This offering will be made under CubeSmart's existing automatic shelf registration statement filed with the Securities and Exchange Commission (the 'SEC') on March 3, 2023. The offering of the Notes will be made only by means of a prospectus and a related prospectus supplement, when available. The prospectus supplement related to this public offering and accompanying prospectus will be filed with the SEC. Copies of the prospectus and related prospectus supplement for this offering may be obtained by contacting: Wells Fargo Securities, LLC, by email at wfscustomerservice@ or by calling toll-free at 1-800-645-3751; PNC Capital Markets LLC, by email at pnccmprospectus@ or by calling toll-free at 1-855-881-0697; or BofA Securities, Inc., by calling toll-free at 1-800-294-1322. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About CubeSmart CubeSmart is a self-administered and self-managed real estate investment trust. As of June 30, 2025, CubeSmart owned or managed 1,532 self-storage properties across the United States. According to the 2025 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S. The Company's mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. The Company's self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers. Forward-Looking Statements This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as 'believes,' 'expects,' 'estimates,' 'may,' 'will,' 'should,' 'anticipates,' or 'intends' or the negative of such terms or other comparable terminology, or by discussions of strategy. Such statements are based on assumptions and expectations that may not be realized and are inherently subject to risks, uncertainties and other factors, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Although we believe the expectations reflected in these forward-looking statements are based on reasonable assumptions, future events and actual results, performance, transactions or achievements, financial and otherwise, may differ materially from the results, performance, transactions or achievements expressed or implied by the forward-looking statements. As a result, you should not rely on or construe any forward-looking statements in this press release, or which management or persons acting on their behalf may make orally or in writing from time to time, as predictions of future events or as guarantees of future performance. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this press release or as of the dates otherwise indicated in such forward-looking statements, as applicable. All of our forward-looking statements, including those contained in this press release, are qualified in their entirety by this statement. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this press release. Any forward-looking statements should be considered in light of the risks and uncertainties referred to in this press release and our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. These risks include, but are not limited to, the following: the satisfaction of customary closing conditions for an offering of securities; adverse changes in economic conditions in the real estate industry and in the markets in which we own and operate self-storage properties; the effect of competition from existing and new self-storage properties and operators on our ability to maintain or raise occupancy and rental rates; the failure to execute our business plan; adverse consumer impacts and declines in general economic conditions from inflation, tariffs, rising interest rates and wage stagnation including the impact on the demand for self-storage, rental rates and fees and rent collection levels; reduced availability and increased costs of external sources of capital; financing risks, including rising interest rates, the risk of over-leverage and the corresponding risk of default on our mortgage and other debt and potential inability to refinance existing or future debt; counterparty non-performance related to the use of derivative financial instruments; risks related to our ability to maintain our qualification as a real estate investment trust for federal income tax purposes; the failure of acquisitions and developments to close on expected terms, or at all, or to perform as expected; increases in taxes, fees and assessments from state and local jurisdictions; the failure of our joint venture partners to fulfill their obligations to us or their pursuit of actions that are inconsistent with our objectives; reductions in asset valuations and related impairment charges; negative publicity relating to our business or industry, which could adversely affect our reputation; increases in operating costs, including, without limitation, insurance, utility and other general expenses, which could adversely affect our financial results; cybersecurity breaches, cyber or ransomware attacks or a failure of our networks, systems or technology, which could adversely impact our business, customer and employee relationships or result in fraudulent payments; risks associated with generative artificial intelligence tools and large language models and the conclusions that these tools and models may draw about our business and prospects in connection with the dissemination of negative opinions, characterizations or disinformation; changes in real estate, zoning, use and occupancy laws or regulations; risks related to or consequences of earthquakes, hurricanes, windstorms, floods, wildfires, other natural disasters or acts of violence, pandemics, active shooters, terrorism, insurrection or war that impact the markets in which we operate; potential environmental and other material liabilities; governmental, administrative and executive orders, regulations and laws, which could adversely impact our business operations and customer and employee relationships; uninsured or uninsurable losses and the ability to obtain insurance coverage, indemnity or recovery from insurance against risks and losses; changes in the availability of and the cost of labor; other factors affecting the real estate industry generally or the self-storage industry in particular; and other risks identified in the prospectus supplement relating to this offering and in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the SEC. Given these uncertainties and risks, readers are cautioned not to place undue reliance on forward-looking statements. Except with respect to such material changes to our risk factors as may be reflected from time to time in our quarterly filings with the SEC or as otherwise required by law, we are under no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements included in this press release, whether as a result of new information, future events or otherwise except as may be required by securities laws. Because of the factors referred to above, the future events discussed in this press release may not occur and actual results, performance or achievement could differ materially from those anticipated or implied in the forward-looking statements. Company Contact: Josh SchutzerVice President, Finance(610) 535-5700
Yahoo
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Trump's trade war with China in 2025
By Liz Lee and Shi Bu BEIJING (Reuters) -U.S. President Donald Trump has targeted top economic rival China with a cascade of tariff orders on billions of dollars of imported goods aimed at narrowing a wide trade deficit, bringing back lost manufacturing and crippling the fentanyl trade. The timeline below shows the development of the U.S.-China trade war this year: January 21 - A day after taking office, Trump threatens 10% punitive duty on Chinese imports, citing fentanyl flowing from China. February 1 - Trump imposes 10% on goods from China along with 25% on Mexico and Canada, demanding they curb the flow of fentanyl and illegal immigrants into the U.S. February 4 - China responds with a wide range of measures targeting U.S. businesses including Google, farm equipment makers and the owner of fashion brand Calvin Klein. Beijing also slaps levies of 15% on imports of U.S. coal and LNG and 10% for crude oil and some autos, beginning February 10. It also restricted exports of five metals used in defence, clean energy and other industries. March 3 - The U.S. doubles fentanyl-related tariffs on all Chinese imports, increasing levies to 20%, effective March 4. March 4 - China hits back with 10-15% retaliatory levies on U.S. agriculture exports, affecting about $21 billion in U.S. exports. Beijing also imposed export and investment curbs on 25 U.S. firms, on grounds of national security and banned imports of genetic sequencers from U.S. medical equipment maker Illumina. April 2 - Trump escalates global trade friction with sweeping "liberation day" tariffs, announcing a baseline 10% across all imports and significantly higher duties on some countries. Trump levies 34% on all Chinese goods, to take effect on April 9. The Trump administration also decides to end duty-free access for low-value shipments from China and Hong Kong, known as "de minimis" exemptions, from May 2. April 4 - China announces retaliatory tariffs of 34% on all U.S. imports from April 10 and export curbs on some rare earths. It imposed restrictions on about 30 U.S. organisations, mostly in defence-related industries. Beijing also suspends sorghum, poultry and bone meal shipments from some U.S. firms. April 8 - The U.S. raises tariff on all Chinese imports to 84% from 34%. April 9 - China raises its levies on U.S. imports to 84% too, and added 12 U.S. companies to a control list that prohibits exports of dual-use items and another six to its "unreliable entities" list, which allows Beijing to take punitive actions against foreign entities. The U.S. further hikes tariffs on Chinese imports to 125% from 84%. China later on the day issued risk warnings to its citizens against travelling to the U.S. April 10 - China announces it would immediately restrict imports of Hollywood films. April 11 - China also raises levies on imports of U.S. goods to 125%, dismissing the Trump tariff strategy as "a joke" and indicated it will ignore any further U.S. "numbers game with tariffs". April 15 - U.S. chipmaker Nvidia discloses that U.S. officials had informed it that its H20 chip would require an export license for sales to China. May 10-12 - Beijing and Washington hold high-stakes trade talks over the weekend in Geneva. Both sides released a joint statement agreeing to a 90-day pause on their steep tariffs. The temporary truce meant U.S. tariffs on China will fall to 30% from 145%, while China tariffs on the U.S. drop to 10% from 125%. China also committed to removing non-tariff countermeasures imposed against the United States since April 2. May 28-29 - U.S. says will start "aggressively" revoking visas of Chinese students. It also orders a broad swathe of companies to stop shipping goods covering semiconductors, design software and aviation equipment to China. May 31 - Trump says China violated the agreement reached in Geneva to mutually roll back tariffs and ease Chinese curbs on critical minerals exports. China rejects the accusation, saying U.S. had introduced multiple "discriminatory restrictive" measures against China. June 5 - Chinese President Xi Jinping and Trump hold an hour-long phone call. June 9-10 - U.S. and China hold a new round of trade talks in London and reach a framework agreement. June 11-12 - Some Chinese rare earths magnet producers begin to receive export licences. Trump says trade truce is back on track. June 27 - Treasury Secretary Scott Bessent says U.S. and China have resolved issues around rare earth minerals and magnets shipments to U.S. July 6 - Trump threatens an additional 10% tariff on countries he said were aligning themselves with the "Anti-American policies" of BRICS, which includes China. July 15 - U.S. Commerce Secretary Howard Lutnick says Nvidia plans to resume sales of its advanced AI H20 chips to China is part of U.S. negotiations on rare earths, reversing a U.S. export ban in April. July 28-29 - U.S. and Chinese officials agree to seek an extension of their 90-day tariff truce after two days of talks in Stockholm. Both sides described the talks as constructive, but no major breakthroughs were announced. August 1 - Bessent says believed that Washington has the makings of a deal with China and that he is "optimistic" about the path forward. August 8 - U.S. starts issuing licenses to Nvidia to export its H20 chips to China. August 10 - Trump urges China to quadruple its soybean purchases from the U.S. as the expiration of the trade truce looms on August 12. August 11 - U.S. and China extend their tariff truce for another 90 days. 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