Toyota Cuts Annual Guidance, Braces for $9.5 Billion Tariff Hit
The world's biggest carmaker now sees ¥3.2 trillion in operating income for the fiscal year ending in March 2026, it said Thursday. That's down from its initial forecast of ¥3.8 trillion, and also missed analyst expectations. Still, the carmaker reported operating income of ¥1.17 trillion in the April to June quarter, beating analysts' predictions for ¥890 billion.
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Yahoo
a few seconds ago
- Yahoo
Trump reportedly signs order granting another 90-day extension on harshest China tariffs
President Trump on Monday signed an executive order implementing another 90-day pause on additional tariffs on China that were set to take effect on Tuesday, reports said. The move again pushes off a deadline for imposing the harshest taxes on Chinese imports as the two sides continue negotiations on a deal. Reports from CNBC, The Wall Street Journal, and The Washington Post all said the president had signed the order, which will push the deadline for these tariffs back to Nov. 9. The White House didn't immediately respond to a request for comment. The extension appears to mean that headline rates agreed to in May of 30% on Chinese imports and 10% on American goods will continue for the immediate future and avoid a snap-back to previous triple-digit levels. Sector-specific tariffs on goods like steel and some medical supplies will keep the effective tariff rate between the two countries higher. The reported tariff agreement also comes amid an increased focus from Trump in recent days on Russia and the war in Ukraine, with Trump putting an additional 25% tariff on imports from India over that nation's consumption of Russian oil. The new pause could also increase the odds for a meeting later this year between Presidents Trump and Xi. The two men's teams have both floated the concept of a face-to-face meeting, perhaps as soon as the coming Asia-Pacific Economic Cooperation summit in South Korea at the end of October. Monday's announcement also came after three meetings of the two trade teams in recent months — gatherings that took place in Geneva in May, London in June, and Stockholm in July — resulted in signs of progress though tensions remain between the two sides. He Lifeng, China's vice premier for economic policy, has represented his country at all three meetings. A representative for He — Chinese trade negotiator Li Chenggang — said after the most recent round in Sweden that the two sides had 'candid exchanges over their economic concerns,' according to a translation. Certain issues like semiconductors, including a plan to allow the resumption of Nvidia's (NVDA) AI chip exports to China, as well as Chinese exports of rare earth minerals have been most in focus of the talks so far with a long list of issues between the two nations still to discuss. Over the weekend, the Trump administration struck a deal with Nvidia and AMD to allow those chipmakers to sell some chips into the Chinese market in exchange for a 15% cut of the sales.
Los Angeles Times
a minute ago
- Los Angeles Times
Trump set to make final call on China tariff truce extension
US President Donald Trump is set to make the final call on maintaining a tariff truce with China before it expires in two weeks, an extension that would mark a continued stabilization in ties between the world's two biggest economies. The two sides agreed to extend their tariff truce, Chinese trade negotiator Li Chenggang told reporters in Stockholm without providing further details. Treasury Secretary Scott Bessent, who led the US delegation with Trade Representative Jamieson Greer, later said 'our Chinese counterparts have jumped the gun a little.' Asked on CNBC whether he'd recommend an extension of the pause, Bessent said he'd give Trump the facts, 'then he'll decide.' There's still 'a couple of technical details to work out,' Bessent told reporters Tuesday after two days of meetings with officials from Beijing led by Vice Premier He Lifeng. The Stockholm negotiations marked the third round of US-China trade talks in less than three months. They wrapped up ahead of an Aug. 12 deadline to resolve differences during a 90-day suspension of sky-high tariffs that had threatened to cut off bilateral trade. Adding an extra 90 days is one option, Bessent said. 'While there is disappointment that nothing material was agreed, the mood seems to be constructive and optimistic about future potential deals,' Kelvin Lam, senior China economist at Pantheon Macroeconomics in London, said in an initial assessment. Asian shares were mixed in early trade on Wednesday. The S&P 500 snapped a six-day rally. A 90-day extension would clear the path for Trump to visit China to meet with President Xi Jinping in late October, around the time of an international meeting in South Korea that the US leader is likely to attend. Speaking to reporters on Air Force One, Trump said he may meet with Xi before the end of the year. Trump also said he heard from Bessent that the talks with China went well. Trump-Xi Summit? Both sides have been taking steps to turn down the temperature and reduce flashpoints recently, with Chinese exports of rare earth magnets starting to recover in June and the US saying it would approve shipments of a semiconductor used for artificial intelligence which it had blocked. This week, the US also declined to allow Taiwanese President Lai Ching-te to transit through the US, removing a potential thorn in ties with the mainland, which claims Taiwan as its own territory. 'All of these moves are setting the stage for what I predict will be a summit between Trump and Xi before Thanksgiving,' Harvard professor Graham Allison said on X. Allison last month met with China's foreign minister and the party secretary of Shanghai, who is a member of the Politburo. The Stockholm round came on the heels of the Trump administration reaching preliminary tariff deals with Japan and the European Union. Bessent said his Chinese counterparts were in 'more of a mood for a wide-ranging discussion.' The US treasury chief told CNBC that the Chinese side came to talks with a delegation of 75 people, versus the 15-strong team fielded by Washington. 'We start out in a very large room, probably 12 or 15 on each side of the table,' he said. The 'real work gets' done when delegates 'break down into smaller groups of two-on-two,' he added. Unlike at the previous talks in London, the US team this time around didn't include Commerce Secretary Howard Lutnick, who oversees Washington's export control regime. With the outlook for tariffs looking less dire than in April, the International Monetary Fund this week raised its forecasts for global growth this year. The truce has also helped China's economy, with the IMF boosting its 2025 outlook for the country to 4.8%, noting the lower levies and stronger-than-expected activity in the first half. At issue in the ongoing dialogue is how the two countries seek to maintain a stable trading relationship while applying barriers like tariffs and export controls to limit each other's progress in critical sectors ranging from battery technology and defense to semiconductors. Greer said the US wants assurances that critical materials like magnets keep flowing so the two sides can focus on other priorities. 'We don't ever want to talk about magnets again,' he said. Greer said the resumption of China's rare earths exports is Beijing's biggest concession so far. Asked if the US made any commitments to China on its pending 232 investigations, Greer said China asked for status updates on them, but stressed that the eventual duties would be applied globally and not have any exemptions for particular countries. Reducing the 20% tariffs that Trump imposed over US claims that Chinese companies supply chemicals used to make the illegal drug fentanyl is also a high priority for Beijing, Eurasia Group analysts wrote in a note last week. In the background of the latest trade talks between Washington and Beijing is the race by several economies to sign tariff deals with Trump before Aug. 1, when he's threatening to impose so-called reciprocal import taxes on the US's major trading partners. Leonard , Tam and Duxbury write for Bloomberg.
Bloomberg
2 minutes ago
- Bloomberg
Bloomberg Tech: Nvidia, AMD AI Deal
Browse all episodes Bloomberg Tech: Nvidia, AMD AI Deal Bloomberg Tech Nvidia, AMD AI Deal Arrow Right 33:47 Bloomberg's Caroline Hyde and Ed Ludlow discuss Nvidia's and AMD's agreement to pay 15% of their revenues from Chinese artificial intelligence chip sales to the US government. Analysts and investors react to the 'unprecedented' deal. Plus, Intel CEO Lip-Bu Tan is set to meet with President Donald Trump, after the US leader called his resignation.
