How Trade Wars Impact the Green Transition — What We Know So Far
Green Daily
By and Zahra Hirji
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Markets are still reacting to sweeping tariffs announced by US President Donald Trump on Wednesday. BloombergNEF gives us their first reaction below. Then, read one recently laid-off official's account of how cuts to the CDC's climate program will impact average Americans. For unlimited access to climate and energy news, please subscribe.
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Yahoo
10 minutes ago
- Yahoo
US and China extend trade truce for another 90 days
US President Donald Trump has extended a trade truce with China for another 90 days, delaying once again a dangerous showdown between the world's two biggest economies. Mr Trump posted on his Truth Social platform that he signed the executive order for the extension, and that 'all other elements of the Agreement will remain the same'. Beijing at the same time also announced the extension of the tariff pause, according to the Ministry of Commerce. The previous deadline was set to expire at 12.01am on Tuesday. Had that happened the US could have ratcheted up taxes on Chinese imports from an already high 30%, and Beijing could have responded by raising retaliatory levies on US exports to China. The pause buys time for the two countries to work out some of their differences, perhaps clearing the way for a summit later this year between Mr Trump and Chinese President Xi Jinping, and it has been welcomed by the US companies doing business with China. China said on Tuesday it would extend relief to American companies who were placed on an export control list and an unreliable entities list. After Mr Trump initially announced tariffs in April, China restricted exports of dual-use goods to some American companies, while banning others from trading or investing in China. The Ministry of Commerce said it would stop those restrictions for some companies, while giving others another 90-day extension. Reaching a pact with China remains unfinished business for Mr Trump, who has already upended the global trading system by slapping double-digit taxes – tariffs – on almost every country on earth. The EU, Japan and other trading partners agreed to lopsided trade deals with Mr Trump, accepting once unthinkably US high tariffs (15% on Japanese and EU imports, for instance) to ward off something worse. In June, the US and China reached an agreement to ease tensions. The US said it would pull back export restrictions on computer chip technology and ethane, a feedstock in petrochemical production, and China agreed to make it easier for US firms to get access to rare earths. 'The US has realised it does not have the upper hand,' said Claire Reade, senior counsel at Arnold & Porter and former assistant US trade representative for China affairs. In May, the US and China had averted an economic catastrophe by reducing massive tariffs they'd slapped on each other's products, which had reached as high as 145% against China and 125% against the US. Those triple-digit tariffs threatened to effectively end trade between the US and China and caused a frightening sell-off in financial markets. In a May meeting in Geneva, America's tariffs went back down to a still-high 30% and China's to 10%. Ms Reade does not expect much beyond limited agreements such as the Chinese saying they will buy more American soybeans and promising to do more to stop the flow of chemicals used to make fentanyl and to allow the continued flow of rare-earth magnets. But the tougher issues will likely linger, and 'the trade war will continue grinding ahead for years into the future', said Jeff Moon, a former US diplomat and trade official.
CNBC
12 minutes ago
- CNBC
CNBC Daily Open: Markets appear to be unfazed by Trump U-turns
The heaviest of U.S. President Donald Trump's "reciprocal" tariffs — a full 145% on imports of Chinese goods — was, once again, delayed for another 90 days. The move should be a huge relief not just to investors, but perhaps most of the population on Earth. The U.S. and China are the two largest economies in the world, according to World Bank data, and a trade war in which imports of each other's goods double in price would probably stymie, if not cripple, the global economy. But markets were mostly unmoved. Well, they did move — lower. The three big U.S. stock indexes retreated Monday as this outcome was more or less expected, since both sides had earlier telegraphed an extension of the tariff pause. Investors could have also been conditioned to expect flip-flopping from Trump, such that threats, promises, criticisms and praises don't carry as much heft as they should anymore. On Monday, Trump said Intel's CEO Lip-Bu Tan's "success and rise is an amazing story," after describing Tan as "highly CONFLICTED" the week before. There's a Freudian idea in which an individual projects their thoughts and feelings to another person. Researchers are, well, conflicted, on the veracity of the phenomenon, but empirical observation suggests it's not uncommon. Trump extends pause on China tariffs. U.S. tariffs on China were delayed for 90 days, Trump said on Truth Social. It was the expected outcome from the latest round of talks between the two countries. Elon Musk threatens legal action against Apple. Musk alleged that Apple is engaging in antitrust violations by making it "impossible for any AI company besides OpenAI to reach #1 in the App Store." Musk is the founder of xAI, which is behind the Grok AI chatbot. Intel CEO is a "success," Trump says. The U.S. president's praise of Lip-Bu Tan is a reversal in tone from his previous week's message, in which Trump said Tan "must resign, immediately." U.S. stocks end Monday lower. Major stock indexes fell as traders awaited inflation data. Japan's Nikkei 225 and Australia's S&P/ASX 200 touched record highs Tuesday, with the latter boosted by the Reserve Bank of Australia's rate cut. [PRO] Europe's defense sector could receive another leg up. According to Ben Heelan, Bank of America's head of EU industrials research, one corner of the investing world, previously reluctant to turn to defense stocks, might be changing its mind. Spain treads a risky path by standing up to Trump on defense and China The Spanish government recently renounced U.S. aircraft purchases and resisted intense pressure to commit to NATO's new 5% defense spending target, while seeking closer economic ties with China. Taken together, analysts say Spain has become a rare example of a European country willing to draw the ire of U.S. President Donald Trump. Notably, despite Trump threatening a tough trade deal for Spain, the European country has not faced any material consequences.
Bloomberg
an hour ago
- Bloomberg
Trump Extends China Tariff Truce for 90 Days
Good morning. Donald Trump extends a China trade truce for 90 days. UK wage growth may show signs of slowing. And Elon Musk lashes out at Apple. Listen to the day's top stories. Donald Trump extended a pause of tariffs on Chinese goods for another 90 days into early November. Meanwhile, China urged local companies to avoid using Nvidia's H20 chips, particularly for government-related purposes.
