Chinese economy grows at 5.2 per cent annual pace in April-June quarter despite trade war
That compares with 5.4 per cent annual growth in January-March. The government said Tuesday that in quarterly terms, the world's second largest economy expanded by 1.1 per cent.
In the first half of the year, the Chinese economy grew at a 5.3 per cent annual pace.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
5 minutes ago
- Hindustan Times
Why India singled out for extra sanctions over buying Russian oil? Trump answers
US President Donald Trump on Thursday said a lot more secondary sanctions are upcoming, after he was asked why only India was singled out for penalties over doing business with Russia. U.S. President Donald Trump speaks in the Oval Office at the White House in Washington, D.C.(REUTERS) During a press conference at the White House, Trump was asked about India's response to him doubling its tariffs to 50 per cent on Wednesday. New Delhi had pointed that the US was imposing additional tariffs on India for "actions that several other countries are also taking". Responding to the question, Trump said, "It's only been 8 hours. So let's see what happens. You're going to see a lot going to see so much secondary sanctions." Plans for more tariffs on China? Trump was also asked specifically about China, another country that does business with Russia, and whether he plans to hike tariffs on that country as well. Trump responded, "Could happen. Depends on how we do. Could happen." Earlier on Tuesday, Trump's own party leader Nikki Haley had urged against a "pass to China" as she backed India and called the country a strong ally for the United States. "India should not be buying oil from Russia. But China, an adversary and the number one buyer of Russian and Iranian oil, got a 90-day tariff pause. Don't give China a pass and burn a relationship with a strong ally like India," she wrote on X. Trump doubles down on tariff attack On Wednesday, Trump signed an executive order, imposing additional 25 per cent tariffs on all Indian goods entering the US, on top of the 25 per cent duties announced last week. In his earlier tariff announcement for India, Trump had threatened penalties for the country, citing its purchase of energy and military equipment from Russia. The additional 25% will take effect on August 27, and would put Indian exporters at a significant disadvantage compared to countries like Bangladesh, Indonesia and Vietnam – which face tariffs of between 19% and 20%. India slammed Trump's latest move "unfair, unjustified and unreasonable". It had earlier accused the US and the European Union of unfairly targeting New Delhi for its trade with Russia.
Mint
5 minutes ago
- Mint
Trump, Apple announce $100 billion US boost, total investment hits $600 billion
President Donald Trump announced on Wednesday that Apple will invest an additional $100 billion in the United States, a move which will expand the company's domestic investment commitment and could help it sidestep potential tariffs on iPhones. The new pledge brings Apple's total investment commitment in the U.S. to $600 billion. Earlier this year, the company had announced it would invest $500 billion and hire 20,000 workers across the country over the next four years. The announcement centers on expanding Apple's supply chain and advanced manufacturing footprint in the U.S., but still falls short of Trump's demand that Apple begin making iPhones domestically. "Companies like Apple, they're coming home. They're all coming home," Trump told reporters in the Oval Office, moments after Apple CEO Tim Cook gave him a U.S.-made souvenir with a 24-karat gold base. "This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America," Trump added. Asked if Apple could eventually build entire iPhones in the U.S., Cook noted that many components such as semiconductors, glass and Face ID modules are already made domestically, but said that final assembly will remain overseas "for a while." While the investment pledge is significant, analysts say the numbers align with Apple's typical spending patterns and echo commitments made during both the Biden administration and Trump's previous term. In May, Trump had threatened Apple with a 25% tariff on products manufactured overseas, a sharp reversal from earlier policy when his administration had exempted smartphones, computers and other electronics from rounds of tariffs on Chinese imports. Trump's effort to reshape global trade through tariffs cost Apple $800 million in the June quarter. "Today is a good step in the right direction for Apple, and it helps get on Trump's good side after what appears to be a tension-filled few months in the eyes of the Street between the White House and Apple," said Daniel Ives, an analyst with Wedbush Securities. Apple has a mixed track record when it comes to following through on investment promises. In 2019, for instance, Cook toured a Texas factory with Trump that was promoted as a new manufacturing site. But the facility had been producing Apple computers since 2013 and Apple has since moved that production to Thailand. Apple continues to manufacture most of its products, including iPhones and iPads, in Asia, primarily in China, although it has shifted some production to Vietnam, Thailand and India in recent years. Despite political pressure, analysts widely agree that building iPhones in the U.S. remains unrealistic due to labor costs and the complexity of the global supply chain. "The announcement is a savvy solution to the president's demand that Apple manufacture all iPhones in the U.S.," said Nancy Tengler, CEO and CIO of Laffer Tengler Investments, which holds Apple shares. Partners on Apple's latest U.S. investment effort include specialty glass maker Corning, semiconductor manufacturing equipment supplier Applied Materials, and chipmakers Texas Instruments, GlobalFoundries, and Broadcom. Apple shares closed up 5% on Wednesday. Shares of Corning rose nearly 4% in extended trading, while Applied Materials gained almost 2%.
&w=3840&q=100)
First Post
5 minutes ago
- First Post
Trump announces 100% tariff on computer chips and semiconductors, exempts firms 'building in US'
Trump has announced a 100 per cent tariff on imported computer chips and semiconductors, aiming to push companies to manufacture them within the country. The move which exempts US-based producers. read more Trump has taken an extraordinary bet on the importance of American market in global economy and believes that he has a leverage so unique that he can do almost anything. Image: AFP US President Donald Trump on Wednesday (August 6, local time) announced plans to impose a 100 per cent tariff on computer chips and semiconductors, while exempting companies that manufacture them within the United States. The move is expected to drive up the cost of a wide range of electronics, cars, appliances, and other essential tech-driven products. 'We'll be putting a tariff on of approximately 100 per cent on chips and semiconductors,' Trump said while speaking at the Oval Office. 'But if you're building in the United States of America, there's no charge.' STORY CONTINUES BELOW THIS AD The announcement follows Trump's decision to impose an additional 25 per cent tariff on Indian goods over its continued oil trade with Russia, effectively doubling the overall tariff rate to 50 per cent. The new tariffs are scheduled to take effect in 21 days, allowing time for India and Russia to negotiate with the US administration over the proposed import duties. The global chip shortage during the Covid-19 pandemic had already led to rising car prices and contributed to broader inflation. Since then, demand for semiconductors has continued to surge, with global sales rising 19.6 per cent in the 12 months ending June, according to the World Semiconductor Trade Statistics organization. Trump's latest tariff move marks a sharp departure from current strategies aimed at boosting domestic chip production through subsidies and incentives. Instead, he's opting for a more aggressive approach, using tariffs as leverage to push companies to manufacture within the US. By making imported chips more expensive, Trump is betting that firms will be compelled to shift production domestically, even if it risks squeezing profits and raising consumer prices on products like smartphones, televisions, and appliances.
