Chinese business owners brace for impact of Trump tariffs
U.S. customers for Jiang Jiayu's party poppers would normally be placing their Christmas orders at this time of year, but as commercial tensions between Washington and Beijing have escalated to a full-blown trade war, those orders aren't coming in. (AP Video: Wayne Zhang)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
31 minutes ago
- Associated Press
Canada plans to hit NATO spending target early and reduce US defense reliance, Carney says
TORONTO (AP) — Canada will meet NATO's military spending guideline by early next year and diversify defense spending away from the United States, Prime Minister Mark Carney said Monday. Carney said Canada will achieve NATO's spending target of 2% of gross domestic product five years earlier than it had previously planned. 'Our military infrastructure and equipment have aged, hindering our military preparedness,' Carney said. 'Only one of our four submarines is seaworthy. Less than half of our maritime fleet and land vehicles are operational. More broadly we are too reliant on the United States.' According to NATO figures, Canada was estimated to be spending 1.33% of GDP on its military budget in 2023, below the 2% target that NATO countries have set for themselves. Canada previously said it was on track to meet NATO's spending target by the end of the decade. 'Our goal is to protect Canadians, not to satisfy NATO accountants,' Carney said. The announcement of increased spending came as Canada is about to host a summit of the Group of Seven leading industrialized nations in Alberta on June 15-17, and before the NATO summit in Europe. It also comes as NATO allies are poised to increase the commitment well beyond the 2% target. NATO Secretary-General Mark Rutte said last week that most U.S. allies at NATO endorse U.S. President Donald Trump's demand that they invest 5% of gross domestic product on their defense needs and are ready to ramp up security spending even more. Carney has said that he intends to diversify Canada's procurement and enhance the country's relationship with the EU. 'We should no longer send three quarters of our defense capital spending to America,' Carney said in a speech at the University of Toronto. 'We will invest in new submarines, aircraft, ships, armed vehicles and artillery, as well as new radar, drones and sensors to monitor the seafloor and the Arctic.' Canada has been in discussions with the European Union to join an EU drive to break its security dependency on the United States , with a focus on buying more defense equipment, including fighter jets, in Europe. Carney's government is reviewing the purchase of U.S. F-35 fighter jets to see if there are other options. Carney said that the U.S. 'is beginning to monetize its hegemony: charging for access to its markets and reducing its (relative) contributions to our collective security.' 'Middle powers compete for interests and attention, knowing that if they are not at the table, they will be on the menu,' Carney said. Trump's calls to make Canada the 51st U.S. state have infuriated Canadians, and Carney won the job of prime minister after promising to confront the increased aggression shown by Trump. Carney said that the long-held view that Canada's geographic location will protect Canadians is becoming increasingly archaic. European allies and Canada have already been investing heavily in their armed forces, as well as on weapons and ammunition, since Russia launched a full-scale invasion of Ukraine on Feb. 24, 2022.
Yahoo
36 minutes ago
- Yahoo
Graham: Fiscal Q4 Earnings Snapshot
BATAVIA, N.Y. (AP) — BATAVIA, N.Y. (AP) — Graham Corp. (GHM) on Monday reported earnings of $4.4 million in its fiscal fourth quarter. On a per-share basis, the Batavia, New York-based company said it had profit of 40 cents. Earnings, adjusted for one-time gains and costs, came to 43 cents per share. The maker of vacuum and heat-transfer equipment posted revenue of $59.3 million in the period. Graham expects full-year revenue in the range of $225 million to $235 million. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on GHM at
San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Apple heads into annual showcase reeling from AI missteps, tech upheaval and Trump's trade war
CUPERTINO, Calif. (AP) — After stumbling out of the starting gate in Big Tech's pivotal race to capitalize on artificial intelligence, Apple will try to regain its footing Monday at its annual Worldwide Developers Conference. The presummer rite, which attracts thousands of developers to Apple's Silicon Valley headquarters, is expected to be more subdued than the feverish anticipation that surrounded the event during the previous two years. In 2023, Apple unveiled a mixed-reality headset that has been little more than a niche product, and last year WWDC trumpeted its first major foray into the AI craze with an array of new features highlighted by the promise of a smarter and more versatile version of its virtual assistant, Siri. Apple had intended the planned Siri upgrade to herald its long-awaited attempt to become a major player in the AI craze after getting a late start in a phenomenon that so far has been largely been led by OpenAI, Google, Microsoft and an array of cutting-edge startups. Instead, as Apple heads into this year's showcase, the company faces nagging questions about whether the nearly 50-year-old company has lost some of the mystique and innovative drive that turned it into a tech trendsetter. Instead of making a big splash as it did with the Vision Pro headset, Apple this year is expected to focus on an overhaul of its software that may include a new, more tactile look for the iPhone's native apps and a new nomenclature for identifying its operating system updates. Even though it might look like Apple is becoming a technological laggard, Forrester Research analyst Thomas Husson contends the company still has ample time to catch up in an AI race that's 'more of a marathon, than a sprint. It will force Apple to evolve its operating systems.' If reports about its iOS naming scheme pan out, Apple will switch to a method that automakers have used to telegraph their latest car models by linking them to the year after they first arrive at dealerships. That would mean the next version of the iPhone operating system due out this autumn will be known as iOS 26 instead of iOS 19 — as it would be under the current sequential naming approach. Whatever it's named, the next iOS will likely be released as a free update in September, around the same time as the next iPhone models if Apple follows its usual road map. Meanwhile, Apple's references to AI may be less frequent than last year when the technology was the main attraction. While some of the new AI tricks compatible with the latest iPhones began rolling out late last year as part of free software updates, Apple still hasn't been able to soup up Siri in the ways that it touted at last year's conference. The delays became so glaring that a chastened Apple retreated from promoting Siri in its AI marketing campaigns earlier this year. 'It's just taking a bit longer than we thought,' Apple CEO Tim Cook told analysts last month when asked about the company's headaches with Siri. 'But we are making progress, and we're extremely excited to get the more personal Siri features out there.' While Apple has been struggling to make AI that meets its standards, the gap separating it from other tech powerhouses is widening. Google keeps packing more AI into its Pixel smartphone lineup while introducing more of the technology into its search engine to dramatically change the way it works. Samsung, Apple's biggest smartphone rival, is also leaning heavily into AI. Meanwhile, ChatGPT recently struck a deal that will bring former Apple design guru Jony Ive into the fold to work on a new device expected to compete against the iPhone. 'While much of WWDC will be about what the next great thing is for the iPhone, the unspoken question is: What's the next great thing after the iPhone?' said Dipanjan Chatterjee, another analyst for Forrester Research. Besides facing innovation challenges, Apple also faces regulatory threats that could siphon away billions of dollars in revenue that help finance its research and development. A federal judge is currently weighing whether proposed countermeasures to Google's illegal monopoly in search should include a ban on long-running deals worth $20 billion annually to Apple while another federal judge recently banned the company from collecting commission on in-app transactions processed outside its once-exclusive payment system. On top of all that, Apple has been caught in the cross-hairs of President Donald Trump's trade war with China, a key manufacturing hub for the Cupertino, California, company. Cook successfully persuaded Trump to exempt the iPhone from tariffs during the president's first administration, but he has had less success during Trump's second term, which seems more determined to prod Apple to make its products in the U.S.. 'The trade war and uncertainty linked to the tariff policy is of much more concern today for Apple's business than the perception that Apple is lagging behind on AI innovation,' Husson said. The multi-dimensional gauntlet facing Apple is spooking investors, causing the company's stock price to plunge by nearly 20% so far this year — a decline that has erased $750 billion in shareholder wealth. After beginning the year as the most valuable company in the world, Apple now ranks third behind longtime rival Microsoft, another AI leader, and AI chipmaker Nvidia.
