China's E-Commerce Giants Are Putting Up a Fight
China's e-commerce players are perhaps the most exposed to the trade war, the exception to arguments that the country's tech sector will be able to weather the storm.
If President Donald Trump's tariffs hold, it would be devastating for the business models of PDD Holdings Inc.'s Temu, Shein, Alibaba Group Holding Ltd.'s international retailers, and the thousands of small Chinese companies making goods for export. But the levies have galvanized them to support each other in unprecedented ways. And Americans have simultaneously shown an unwillingness to let their access to cheap imports go.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Senate GOP leaders face spending squeeze on Trump's big bill: From the Politics Desk
Welcome to the online version of From the Politics Desk, an evening newsletter that brings you the NBC News Politics team's latest reporting and analysis from the White House, Capitol Hill and the campaign trail. Happy Monday and welcome to our first edition of June! The Senate is back this week and will begin the process of taking up the 'big, beautiful bill' the House passed. Sahil Kapur breaks down the challenges facing GOP leaders as they try to send the legislation to President Donald Trump's desk by July 4. Plus, Scott Bland digs into the archives for a quote from the 2016 campaign trail from a Republican that provides a guide for Democrats today. Sign up to receive this newsletter in your inbox every weekday here. — Adam Wollner The House-passed legislation for President Donald Trump's domestic agenda is moving to the Senate, where Majority Leader John Thune, R-S.D., is facing a squeeze from opposing party factions about how to modify it. Spending and the debt: Some Republicans say they want steeper spending cuts to offset the debt increase as a result of the tax breaks and funding bumps for immigration enforcement and the military. That includes Sen. Rand Paul, R-Ky., and Sen. Ron Johnson, R-Wis., both of whom have said they cannot support the bill in its current form as it adds an estimated $2.3 trillion to the debt. 'It's wrong. It's immoral. It has to stop,' Johnson said Sunday on Fox News. 'My loyalty is to the American people, to my kids and grandkids. We cannot continue to mortgage their future.' Medicaid: On the other hand, Thune must navigate worries and political considerations from senators about the existing spending cuts in the legislation — particularly on Medicaid, SNAP and clean energy funding. Sen. Susan Collins, R-Maine, voted for the Senate's initial budget blueprint to begin work on the bill, but later objected to a revised version, citing concerns that it could impact her constituents who rely on Medicaid coverage. Collins is up for re-election in 2026, along with Sens. Thom Tillis, R-N.C., and Joni Ernst, R-Iowa. All are likely to face attacks from Democrats about the stricter burdens for Americans to stay on the health care program. And at least one solid Trump ally from a red state is warning against rolling back Medicaid. 'I've got some concerns,' Sen. Josh Hawley, R-Mo., told reporters recently. 'I continue to maintain my position; we should not be cutting Medicaid benefits.' Hawley notably told NBC News last month he's fine with 'coverage losses' resulting from the work requirements and anti-fraud measures. So he may ultimately get in line with the bill, as Trump and Republican leaders are portraying the Medicaid provisions as program integrity measures, instead of cuts to rescind coverage. Regardless, Hawley's vocal support for preserving Medicaid benefits creates a potential land mine for Republicans to maneuver around, making it harder to cut deeper than the House bill if they want more savings to appease spending hawks. Clean energy: As part of the spending caution, Sen. Lisa Murkowski, R-Alaska, says there is a faction of GOP senators who opposes the 'termination' of the clean energy tax credits passed by Democrats in 2022, which Republican leaders have put on the chopping block to finance their bill. Getting technical: And there's a procedural hurdle Thune must navigate: The so-called 'Byrd bath.' Senate rules limit bills under the 'reconciliation' process — which Republicans are using here to bypass Democrats in the Senate — to budgetary measures that are primarily about dollars and cents, not policy changes. Democrats are preparing to challenge a host of provisions in the package. In the end, the three-vote margin for defection may give Thune the breathing room he needs to pass the bill. But any changes the Senate makes need to go back to the House for another vote in the paper-thin majority. And Thune is on deadline, as the Treasury Department has said Congress needs to pass a debt ceiling increase — which is part of the broader package — no later than July in order to prevent a catastrophic default. Up until now, the GOP's deadlines have all been fuzzy. But this one is real. Related read: Thune says Senate on track to pass GOP megabill by July 4, by Frank Thorp V Democrats are in regroup mode after losing the 2024 election, acutely aware of the party's low standing with the American public and thinking through everything from their policy platform to where and how they talk to voters — like the $20 million pitch reported by The New York Times for a research project titled 'Speaking with American Men: A Strategic Plan.' More power to them, if someone wants to fund it. And Democrats desperately want to do something to move forward right now. They might want to consider some long-ago advice from one Marco Rubio about what really matters for a political party's viability — and why it could take an excruciatingly long time to get there. When Rubio — currently President Donald Trump's secretary of state — was running for president in August 2015, he gave a prescient response to questions about then-candidate Donald Trump's rhetoric about immigration. Asked by CNBC whether the way Trump and others were talking about immigrants would hurt the Republican Party in the 2016 general election, Rubio said, 'This is not the Republican Party. These are individual candidates who are responsible for their own rhetoric and what they say,' adding, 'The face of the Republican Party is going to be our nominee.' Rubio hit a similar theme days later, speaking to Bloomberg News in New Hampshire: 'Ultimately the Republican Party will reach out to all voters based on who our nominee is. And I don't believe Donald Trump will be our nominee.' Don't be distracted by the admittedly big thing that Rubio got wrong. The broader point is that American political parties are shaped and defined by their candidates. The biggest and best thing that the Democratic Party can do to change voter perceptions of itself is to nominate a national candidate that voters see more favorably. The party can't just erase former President Joe Biden's struggles and former Vice President Kamala Harris' loss to Trump — especially among the slice of Democrats fed up with their own party right now, a big contributor to those record-low poll numbers. That's just stuck to the Democratic brand right now. Of course, Democrats aren't going to nominate another presidential candidate for three years or so. Perhaps that's why some are itching to get that contest started sooner rather than later. Even formally nominating the party's next slate of congressional or Senate contenders is a year or so away. It's no wonder that research and investment efforts are getting a lot of attention — on the long road to fixing a party brand, that's what's available right now. ⚫ Boulder attack: A man who shouted 'free Palestine' and used a 'makeshift flamethrower' on demonstrators marching in support of Israeli hostages held by Hamas was charged with a federal hate crime and first-degree murder in Colorado. Follow live updates → ⚖️ SCOTUS watch: Trump's agenda is shaping the Supreme Court's traditional monthlong ruling season, as consequential emergency cases flood the docket. Read more → ⚖️ SCOTUS watch, cont.: The high court decided not to hear two big gun cases, a decision that allows restrictions on assault-style weapons in Maryland and large-capacity magazines in Rhode Island to remain in effect. Read more → ⚕️ Obamacare wars: Congressional Republicans are facing new pressure to extend expiring tax credits under the Affordable Care Act. If the money lapses this year, 5 million Americans would be expected to lose coverage and others would face premium hikes. Read more → 🍎 Big Apple battle: New York Lt. Gov. Antonio Delgado launched a primary challenge against Democratic Gov. Kathy Hochul. Read more → 💰 2028 watch: Sen. Chris Murphy, D-Conn., launched a new national political action committee to fight back against Trump and the GOP. Read more → 🤖 Conspiracy corner: Over the weekend, Trump reposted a baseless claim on Truth Social that former President Joe Biden was executed in 2020 and replaced with clones or robots. Read more → Follow live politics coverage → That's all From the Politics Desk for now. Today's newsletter was compiled by Adam Wollner and Ben Kamisar. If you have feedback — likes or dislikes — email us at politicsnewsletter@ And if you're a fan, please share with everyone and anyone. They can sign up here. This article was originally published on
Yahoo
18 minutes ago
- Yahoo
Kansas Republican state senator accepts appointment to USDA rural development job
J.R. Claeys, a member of the Kansas Legislature for 13 years, said he accepted appointment to an administrative job in the U.S. Department of Agriculture within under President Donald Trump. He said serving the Salina area was the biggest honor of his life. (Grace Hills/Kansas Reflector) TOPEKA — Republican Sen. J.R. Claeys of Salina resigned from the Kansas Legislature after accepting an administrative job with the rural business development service in the U.S. Department of Agriculture. Claeys, who served 13 years in the House and Senate but lost a GOP primary for secretary of state, disclosed several weeks ago his intent to quit as senior advisor to Attorney General Kris Kobach and as a Republican political consultant for Axiom Strategies. On Monday, Claeys assumed duties at USDA as director of the Rural Business-Cooperative Service. The federal agency within USDA has responsibility for promoting economic development by supporting rural businesses and cooperatives. Claeys said he joined the administration of President Donald Trump to 'continue to fight for rural Americans.' 'I have had the privilege of serving my hometown in the Kansas Legislature,' Claeys said. 'Representing the people of Saline and Dickinson counties, including Salina where I was born and raised, has been the honor of my life.' Senate President Ty Masterson, R-Andover, said he appreciated the role Claeys' played in shaping the Senate's budget and tax policies. 'He has helped lead efforts to secure key private and public sector investments into Kansas, particularly his district,' Masterson said. The 24th District in the Senate, in accordance with Section 5 of the Kansas Constitution, was declared vacant and the process of nominating a replacement could begin. Claeys won reelection to a four-year term in November. Claeys was the second Republican to recently depart the Legislature for employment at USDA. State Rep. Patrick Penn, R-Wichita, stepped down in mid-May to begin work as deputy undersecretary for the agriculture department's food and nutrition service. Sedgwick County Republicans nominated Steve Brunk to complete the unexpired portion of Penn's term. Brunk served as a state representative from 2003 to 2015. Claeys said the central Kansas region within his legislative district experienced economic growth due to massive federal investment and an influx of state bond revenue that spurred manufacturing expansion and technological evolution. Developments included transportation projects, housing construction, downtown revitalization and growth at Kansas State University's aviation campus in Salina. 'Rural America is not an afterthought,' Claeys said. 'It is where the strongest work ethic exists in our nation. A resource more valuable than any other.' Claeys was elected to the House in 2012 and transitioned to the Senate in 2020. He worked on behalf of the Trump presidential campaign in 2020. He ran unsuccessfully for Kansas secretary of state in 2010. In 2012, the Salina Journal reported a company owned by Claeys was the subject of a Federal Trade Commission investigation into sales of worthless 'green' certifications to more than 125 companies. The FTC concluded Tested Green, based in Washington, D.C., sold bogus environmental certifications from February 2009 to April 2010. 'This company was putting out a green certification that consumers could pay for that was deceptive,' the FEC said at that time. 'It had nothing behind it to prove a company was green.' The FTC said Tested Green certifications were backed by the National Green Business Association and the National Association of Government Contractors. Those Claeys-owned associations shared an address in the District of Columbia. Claeys said he launched Tested Green, but turned over management to a 'director' when he began the campaign for Kansas secretary of state. Claeys said he was deceived by the director, who he declined to identify. The FTC's order listed Jeremy Ryan Claeys was doing business as Tested Green, the Journal said. The company wasn't fined or penalized by the FTC, which typically would issue a cease-and-desist order to the offending company.
Yahoo
19 minutes ago
- Yahoo
China negotiations are 'high priority' for the Trump admin.
Tensions are rising as the US and China's trade accusations over trade practices and access to critical minerals mount. Timothy Brightbill, partner at Wiley Rein, joins Catalysts to explain what's driving the latest tariff standoff and where negotiations could head next. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. Talk to me about this tit-for-tat between the US and China both accusing each other of the same thing. Is there any merit to that? Is this just negotiation in the art of the deal? Where does this sit with you? Uh, thanks for having me this morning, Madison. There, I think, uh, there's, uh, there are things going on on both sides here. Uh, the United States and China, uh, both are have some accurate statements that they've made. The Trump administration is clearly frustrated with China, uh, that it's not living up to the May 12th agreement, and in particular, that it's slowing down access to rare earth magnets and other critical minerals, which are needed for so many different segments of manufacturing. Uh, now MOFCOM, of course, has pushed back and said that it's the United States that is escalating the situation, uh, first with restrictions on the sale of chip design software to China, and then also some of the other issues, such as the announcement to revoke visas of Chinese students. So, I think, uh, both sides make some valid claims. It's mostly negotiations, but we do want to see these discussions move forward, um, given the size of the tariffs that have been suspended between the two countries. And talk to me about what that looks like. What would be the impetus to make these negotiations move forward? Are you seeing any signals of further discussions happening? I think both sides are very interested. So, uh, yes, I think there are signals of more discussions. Uh, there will be other opportunities going on. There is an OECD meeting this week. Uh, this is a high priority for the administration, for Ambassador Greer, um, but there's a lot of ground to cover and a lot of very hot button issues between the two countries. So, not clear how how quickly it will be resolved.
