China's Foreign-Exchange Reserves Increased Slightly in May
The country's foreign-exchange reserves rose $3.6 billion to $3.285 trillion at the end of May, the State Administration of Foreign Exchange said Saturday.
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Top German diplomat criticizes China ahead of Japan, Indonesia visit
German Foreign Minister Johann Wadephul, just ahead of a trip to Japan and Indonesia, criticized China on Sunday for its increasingly aggressive behaviour in the Taiwan Strait and the East and South China Seas. "Fundamental rules of our global coexistence are at stake here," he warned before his departure from the Hamburg Airport. This also has implications for Europe, he added. Germany is countering this by advocating for "an international order based on the strength of the rule of law and binding rules for all." Wadephul is scheduled to meet Japanese Prime Minister Shigeru Ishiba, Foreign Minister Takeshi Iwaya and several ministers responsible for economic affairs in Tokyo on Monday. A speech at a peace foundation is also planned. "Our freedom, our prosperity and our security—the goals that guide me as foreign minister—are not decided in Europe alone. They are decided especially in cooperation with strong partners worldwide," the minister said, explaining the purpose of his trip. Minister stresses importance of open sea routes "The Indo-Pacific is crucial in determining how secure the freedom of sea routes, global supply chains and, consequently, the economic development of the entire world remains," Wadephul said. This is of paramount importance for major exporting economies like Germany and Japan, as well as for emerging partners in the Association of Southeast Asian Nations (ASEAN), such as Indonesia, he said. Germany's foreign minister is set to visit Indonesia on Wednesday. He criticized China for challenging the economies of Germany and Japan with unfair and market-distorting trade practices. He also noted that US tariff policies are unsettling businesses in Europe and Asia. Germany, he said, is working with key partners like Japan and Indonesia to promote economic relations based on free trade, competition and fairness. Germany shares more with Japan than with almost any other country in the Indo-Pacific region, the minister added. "We are united by values and interests, and we face the same massive challenges that call our liberal way of life into question." Solve the daily Crossword
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Trade Partners Grow Restless Waiting for Trump's Tariff Breaks
(Bloomberg) -- UK Prime Minister Keir Starmer declared at a Jaguar Land Rover factory in May that his world-leading trade deal with President Donald Trump included a cut in US tariffs on British steel to zero. More than three months later, steel lobbyist Peter Brennan was still waiting for that relief to become reality. The US-Canadian Road Safety Gap Is Getting Wider Festivals and Parades Are Canceled Amid US Immigration Anxiety A Photographer's Pipe Dream: Capturing New York's Vast Water System Princeton Plans New Budget Cuts as Pressure From Trump Builds A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Brennan, director of trade and economic policy at industry body UK Steel, said most members had seen US orders fall because of the uncertainty over America's 25% import tax. One producer that makes particularly price-competitive products said they'd be out of business by year-end if tariffs aren't reduced to zero, he added. 'Concern is growing that finalizing the deal on steel has fallen down the priority list both for the UK and US governments,' Brennan said last week. 'The will to close the deal may well be faltering on both sides.' Frustration and economic losses like those in the UK are growing in Japan, the European Union and South Korea. Those three made similar announcements over the past month: that Washington granted them leniency on auto exports in the haggling over the level of Trump's across-the-board tariffs that took effect Aug. 7. But for the trio of car export powerhouses, which unlike the UK face a 50% duty on their steel and aluminum, the wait for Trump's concession continues while an American levy justified on national security grounds on imported Toyotas, BMWs, Hyundais and others remains at a crippling 25%. 'We're continuing to see damage — the bleeding hasn't stopped,' Japan's chief trade negotiator Ryosei Akazawa said Friday in a reference to the country's car industry. 'We want the US to sign the executive order as soon as possible.' Spokesmen for the White House, the US Trade Representative's office and the Commerce Department didn't reply to requests for comment. 'Forever Negotiations' It was three weeks ago that EU Commission President Ursula von der Leyen shook hands with Trump in Scotland over what she called an 'all-inclusive' tariff of 15% that officials in Brussels later understood to be a ceiling that would also apply to cars. VDA, which represents Germany's car industry, is pressing for fast implementation to alleviate a 'considerable burden' on manufacturers and their suppliers. 'The deal between the EU and the US has not yet brought any clarity or improvement for the German automotive industry,' VDA President Hildegard Müller said in a statement to Bloomberg News on Thursday. 'The costs incurred run into the billions and continue to rise.' Cecilia Malmström, the former European commissioner for trade who's now a nonresident fellow at the Peterson Institute for International Economics, cautioned that any delays may be purely administrative. But 'if nothing happens, there will be huge pressure on the European Commission to retaliate or to act in some way, especially from carmakers in Germany, Italy, France, Sweden and others,' she said. 'There are so many other things that are vague in the EU-US deal — and in the others as well — so it is likely we will see forever negotiations and a lot of filibustering.' At a press briefing on Aug. 14, European Commission spokesperson Olof Gill said Washington and Brussels are finalizing a joint statement. 'The US has made political commitments to us in this respect and we look forward to them being implemented,' he said. Japan's Uncertainty Less than a week before the EU's announcement, the US and Japan clinched a surprise deal on July 22 that lowered across-the-board tariffs and car levies to 15%. So far the broader duties have been implemented but the added tax on autos remains at 25%. Officials in Asia's No. 2 economy are waiting for an executive order from Trump to bring down the car levies, as well as an official directive — like the EU already received — to clarify that the universal tariffs don't stack on top of existing duties. Akazawa has mentioned how a Japanese carmaker is losing ¥100 million ($680,000) every hour due to the tariffs. Last month Nissan Motor Corp. said it foresaw a ¥300 billion hit from the lower tariff rate, down from a previous estimate of ¥450 billion. But Chief Executive Officer Ivan Espinosa has warned of the difficulties in giving an accurate forecast as long as it's unclear when the tariffs will take effect and in what way. Akazawa flew to the US earlier this month to confirm that the US will be adjusting its executive order soon to remove the stacking, and pay back overcharges on tariffs. Neither has yet to materialize. Hyundai, Kia Facing similar questions is South Korea, which announced a trade agreement with Washington on July 31. That pact would impose a 15% tariff on imports to the US, including autos, alongside a $350 billion Korean investment pledge focused on shipbuilding, and $100 billion in energy purchases. The 15% universal tariff took effect earlier this month under Trump's order, but like Japan, the sectoral auto tariff remain at 25%. While South Korea's exports overall have stayed resilient in the first half of the year, thanks to front-loading by companies anticipating higher US tariffs, the value of car shipments to the US fell nearly 17%, and steel exports dropped more than 11%, trade data showed. South Korea's top automaker Hyundai Motor Co. and affiliate Kia Corp. could face as much as $5 billion in additional costs this year even under the new 15% auto tariff, according to Bloomberg Intelligence analyst Joanna Chen. While avoiding a 25% levy will save more than $3 billion, the duty squeezes margins amid softer demand and tighter subsidies, intensifying competition with Japanese automakers, Chen said. Korean President Lee Jae Myung's planned summit with Trump on Aug. 25 — their first meeting since Lee took office in June — will test the durability of the $350 billion investment pledge, as well as their alliance over sensitive issues like defense spending, US troop levels and North Korea policy. 'Just Overwhelmed' For Starmer and the UK, most aspects of the pact have now come into force, including a 10% so-called reciprocal rate that's the lowest among all US trading partners. Yet Trump's 25% tax on British steel still chafes amid the delays in cutting it. Among the issues to resolve is the US's insistence that steel should be melted and poured in the UK in order to qualify. That's a requirement which Tata Steel UK, one of the country's biggest producers, is no longer able to fulfill after closing down its blast furnace last year. Its new electric arc furnace is not due to be ready until late 2027. People familiar with the government's thinking are cautiously optimistic they might be able to secure exemptions to the melt-and-pour rule, whereby steel imported from certain European countries before being further processed in the UK is allowed to qualify as British. 'It's not for lack of trying by the UK government,' said Tim Rutter, director of public affairs at Tata Steel. 'We hear that US departments are just overwhelmed.' A spokesperson for the UK Department for Business and Trade said officials will continue to work with Washington to implement the deal as soon as possible. Late on Friday in Washington, the US Customs and Border Protection agency issued new inclusions to steel and aluminum product lists for tariffs that take effect Monday, with some of the guidance affecting imports from the UK. Japan's Akazawa acknowledged that even with the UK, actual implementation of key parts of their deal took 54 days. As a result, he's said that it's 'not bad' if an executive order from the US comes by around mid-September. 'It's just further confirmation that negotiations never really end,' especially with more US tariffs coming for sectors including pharmaceuticals and semiconductors, said Sam Lowe, a partner at Flint Global in London and head of its trade and market access practice. --With assistance from Nick Heubeck, Max Ramsay, Stefan Nicola, Sakura Murakami, Soo-Hyang Choi and Josh Wingrove. 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Trade Partners Grow Restless Waiting for Trump's Tariff Breaks
(Bloomberg) -- UK Prime Minister Keir Starmer declared at a Jaguar Land Rover factory in May that his world-leading trade deal with President Donald Trump included a cut in US tariffs on British steel to zero. More than three months later, steel lobbyist Peter Brennan was still waiting for that relief to become reality. The US-Canadian Road Safety Gap Is Getting Wider Festivals and Parades Are Canceled Amid US Immigration Anxiety A Photographer's Pipe Dream: Capturing New York's Vast Water System Princeton Plans New Budget Cuts as Pressure From Trump Builds A London Apartment Tower With Echoes of Victorian Rail and Ancient Rome Brennan, director of trade and economic policy at industry body UK Steel, said most members had seen US orders fall because of the uncertainty over America's 25% import tax. One producer that makes particularly price-competitive products said they'd be out of business by year-end if tariffs aren't reduced to zero, he added. 'Concern is growing that finalizing the deal on steel has fallen down the priority list both for the UK and US governments,' Brennan said last week. 'The will to close the deal may well be faltering on both sides.' Frustration and economic losses like those in the UK are growing in Japan, the European Union and South Korea. Those three made similar announcements over the past month: that Washington granted them leniency on auto exports in the haggling over the level of Trump's across-the-board tariffs that took effect Aug. 7. But for the trio of car export powerhouses, which unlike the UK face a 50% duty on their steel and aluminum, the wait for Trump's concession continues while an American levy justified on national security grounds on imported Toyotas, BMWs, Hyundais and others remains at a crippling 25%. 'We're continuing to see damage — the bleeding hasn't stopped,' Japan's chief trade negotiator Ryosei Akazawa said Friday in a reference to the country's car industry. 'We want the US to sign the executive order as soon as possible.' Spokesmen for the White House, the US Trade Representative's office and the Commerce Department didn't reply to requests for comment. 'Forever Negotiations' It was three weeks ago that EU Commission President Ursula von der Leyen shook hands with Trump in Scotland over what she called an 'all-inclusive' tariff of 15% that officials in Brussels later understood to be a ceiling that would also apply to cars. VDA, which represents Germany's car industry, is pressing for fast implementation to alleviate a 'considerable burden' on manufacturers and their suppliers. 'The deal between the EU and the US has not yet brought any clarity or improvement for the German automotive industry,' VDA President Hildegard Müller said in a statement to Bloomberg News on Thursday. 'The costs incurred run into the billions and continue to rise.' Cecilia Malmström, the former European commissioner for trade who's now a nonresident fellow at the Peterson Institute for International Economics, cautioned that any delays may be purely administrative. But 'if nothing happens, there will be huge pressure on the European Commission to retaliate or to act in some way, especially from carmakers in Germany, Italy, France, Sweden and others,' she said. 'There are so many other things that are vague in the EU-US deal — and in the others as well — so it is likely we will see forever negotiations and a lot of filibustering.' At a press briefing on Aug. 14, European Commission spokesperson Olof Gill said Washington and Brussels are finalizing a joint statement. 'The US has made political commitments to us in this respect and we look forward to them being implemented,' he said. Japan's Uncertainty Less than a week before the EU's announcement, the US and Japan clinched a surprise deal on July 22 that lowered across-the-board tariffs and car levies to 15%. So far the broader duties have been implemented but the added tax on autos remains at 25%. Officials in Asia's No. 2 economy are waiting for an executive order from Trump to bring down the car levies, as well as an official directive — like the EU already received — to clarify that the universal tariffs don't stack on top of existing duties. Akazawa has mentioned how a Japanese carmaker is losing ¥100 million ($680,000) every hour due to the tariffs. Last month Nissan Motor Corp. said it foresaw a ¥300 billion hit from the lower tariff rate, down from a previous estimate of ¥450 billion. But Chief Executive Officer Ivan Espinosa has warned of the difficulties in giving an accurate forecast as long as it's unclear when the tariffs will take effect and in what way. Akazawa flew to the US earlier this month to confirm that the US will be adjusting its executive order soon to remove the stacking, and pay back overcharges on tariffs. Neither has yet to materialize. Hyundai, Kia Facing similar questions is South Korea, which announced a trade agreement with Washington on July 31. That pact would impose a 15% tariff on imports to the US, including autos, alongside a $350 billion Korean investment pledge focused on shipbuilding, and $100 billion in energy purchases. The 15% universal tariff took effect earlier this month under Trump's order, but like Japan, the sectoral auto tariff remain at 25%. While South Korea's exports overall have stayed resilient in the first half of the year, thanks to front-loading by companies anticipating higher US tariffs, the value of car shipments to the US fell nearly 17%, and steel exports dropped more than 11%, trade data showed. South Korea's top automaker Hyundai Motor Co. and affiliate Kia Corp. could face as much as $5 billion in additional costs this year even under the new 15% auto tariff, according to Bloomberg Intelligence analyst Joanna Chen. While avoiding a 25% levy will save more than $3 billion, the duty squeezes margins amid softer demand and tighter subsidies, intensifying competition with Japanese automakers, Chen said. Korean President Lee Jae Myung's planned summit with Trump on Aug. 25 — their first meeting since Lee took office in June — will test the durability of the $350 billion investment pledge, as well as their alliance over sensitive issues like defense spending, US troop levels and North Korea policy. 'Just Overwhelmed' For Starmer and the UK, most aspects of the pact have now come into force, including a 10% so-called reciprocal rate that's the lowest among all US trading partners. Yet Trump's 25% tax on British steel still chafes amid the delays in cutting it. Among the issues to resolve is the US's insistence that steel should be melted and poured in the UK in order to qualify. That's a requirement which Tata Steel UK, one of the country's biggest producers, is no longer able to fulfill after closing down its blast furnace last year. Its new electric arc furnace is not due to be ready until late 2027. People familiar with the government's thinking are cautiously optimistic they might be able to secure exemptions to the melt-and-pour rule, whereby steel imported from certain European countries before being further processed in the UK is allowed to qualify as British. 'It's not for lack of trying by the UK government,' said Tim Rutter, director of public affairs at Tata Steel. 'We hear that US departments are just overwhelmed.' A spokesperson for the UK Department for Business and Trade said officials will continue to work with Washington to implement the deal as soon as possible. Late on Friday in Washington, the US Customs and Border Protection agency issued new inclusions to steel and aluminum product lists for tariffs that take effect Monday, with some of the guidance affecting imports from the UK. Japan's Akazawa acknowledged that even with the UK, actual implementation of key parts of their deal took 54 days. As a result, he's said that it's 'not bad' if an executive order from the US comes by around mid-September. 'It's just further confirmation that negotiations never really end,' especially with more US tariffs coming for sectors including pharmaceuticals and semiconductors, said Sam Lowe, a partner at Flint Global in London and head of its trade and market access practice. --With assistance from Nick Heubeck, Max Ramsay, Stefan Nicola, Sakura Murakami, Soo-Hyang Choi and Josh Wingrove. What Declining Cardboard Box Sales Tell Us About the US Economy Americans Are Getting Priced Out of Homeownership at Record Rates Living With 12 Strangers to Ease a Housing Crunch Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan How Syrian Immigrants Are Boosting Germany's Economy ©2025 Bloomberg L.P.
