China's Record-Breaking Trade Hit First Big Speed Bump Since May
Cargo throughput at the nation's ports was 6.2 million containers last week, according to data released Monday by the Ministry of Transport. That was the lowest since the second week in May and a drop of almost 7% from the previous week, according to the statement.
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Yahoo
8 minutes ago
- Yahoo
Trump extends tariff truce with China for 90 days
US President Donald Trump has ordered a 90-day extension to a US-China tariff truce, hours before it was due to expire – keeping higher duties on hold until November 10 as both sides continue trade talks. 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. 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. Their 90-day halt of steeper levies had been due to expire Tuesday. 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 Tuesday 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. The 90-day extension means the truce is now set to expire just after midnight on November 10. - 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." 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. 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. 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. (AFP)
Bloomberg
10 minutes ago
- Bloomberg
Bloomberg Daybreak Asia: Trump Extends China Trade Truce for 90 Days
US President Donald Trump extended a pause of sky-high tariffs on Chinese goods for another 90 days into early November, stabilizing trade ties between the world's two largest economies. Trump signed an order extending the truce through November 10th, deferring a tariff hike set for Tuesday. The de-escalation first took effect when the US and China agreed to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies. China said it too would extend its own suspension for a further 90 days. Meanwhile, Nvidia and Advanced Micro Devices have agreed to pay 15% of their revenues from Chinese AI chip sales to the US government in an unusual, legally questionable deal that reflects the Trump administration's willingness to soften export controls in exchange for financial payouts. We discuss the day's developments with Derek Wallbank, Senior US Economy and Government Editor for Bloomberg News. Plus - Wall Street refrained from making big bets ahead of a key inflation report, with stocks losing steam after climbing to the brink of all-time highs. With the earnings season almost done, investors are turning to economic data for clues on whether the Federal Reserve will be able cut rates in September. Data due Tuesday is forecast to show US consumers saw a slight pickup in inflation as retailers gradually raised prices on a variety of items subject to higher import duties. We break down the potential market implications with Joy Yang, Head of Product Management at MarketVector Indexes.
Forbes
10 minutes ago
- Forbes
Philippines' Ayala Corp. To Sell Minority Stake In AC Health To Temasek's ABC Impact
AC Health operates a network of pharmacies, clinics and hospitals across the Philippines. Courtesy of Ayala Corp AC Health—a wholly-owned subsidiary of billionaire Jaime Zobel de Ayala and his family 's Ayala Corp.—is selling a 16% stake for an undisclosed amount to ABC Impact, a Singapore-based investor backed by Temasek. In its maiden Philippine venture, ABC Impact will inject primary capital into the healthcare company, supporting the Philippine company's expansion, AC Health said in a statement. ABC Impact has a regional portfolio that includes investments in India, China, and Vietnam. 'ABC Impact's investment reinforces the strength of our integrated model and our commitment to making healthcare more inclusive,' AC Health CEO Paolo Borromeo said. Ayala Corp. said in April it aims to grow AC Health into becoming its next unicorn with $2 billion in equity valuation by 2035, four times its current value. Founded a decade ago, AC Health has been building up its hospitals, multi-specialty clinics, and retail pharmacies through organic growth and acquisitions. By 2027, AC Health aims to expand its network to at least 10 hospitals, 300 clinics, and 1,150 pharmacies. In April, it had 880 drugstores, two drug importers licensed to distribute over 1,178 medicines, 236 corporate and multi-specialty clinics and six hospitals under Healthway Medical. ABC Impact's investment follows a strategic partnership AC Health entered into last week with Dexa Group, one of Indonesia's largest pharmaceutical companies, to import and distribute medicines into the Philippines. Ayala Corp. has invested 15 billion pesos ($263 million) since 2015 into AC Health, which posted a net loss of 610 million in 2024 as asset impairment charges and costs of its new cancer center eroded a 10% increased in sales to 9.4 billion pesos. 'This partnership with Ayala and AC Health reflects our mission to improve lives by advancing access to quality care,' ABC Impact CEO David Heng said. 'Through our regional healthcare experience and impact lens, we aim to support AC Health's efforts to strengthen systems and serve more communities across the Philippines." Ayala Corp., the country's oldest conglomerate, was started by the great grandfather of Jaime Zobel de Ayala , the family patriarch, in 1834 as a distillery. Today, the Manila-listed company has interests in banking, energy, logistics, utilities and real estate. With a net worth of $3.4 billion, the family ranks seventh among the richest in the Philippines.
