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China retaliates against Trump's trade war

China retaliates against Trump's trade war

China said on Friday it will impose reciprocal 34% tariffs on all imports from the United States from April 10, making good on a promise to strike back after US President Donald Trump escalated a global trade war.
On Wednesday, Trump unveiled an additional 34% tariffs on all Chinese goods imported into the US, in a move poised to cause a major reset of relations and worsen trade tension between the world's two largest economies.
'This practice of the US is not in line with international trade rules, seriously undermines China's legitimate rights and interests, and is a typical unilateral bullying practice,' China's State Council Tariff Commission said in a statement announcing its retaliatory tariffs.
Since returning to power in January, Trump had already levied two tranches of 10% additional duties on all Chinese imports, which the White House said was necessary to stem the flow of illicit fentanyl from the country to the US. That means Chinese goods arriving in the US would be effectively subject to 54% tariffs.
China's retaliation against the latest round of US tariffs are more sweeping than its earlier reciprocal actions. Beijing had responded to those previous levies swiftly, but moderately, imposing retaliatory tariffs on targeted US imports including agricultural products and fuel, while taking action against certain American firms and ramping up export controls.
The 54% tariffs are higher than what many analysts had expected and could fundamentally reshape relations, and roughly half a trillion dollars in trade, between the two economies after decades of interdependence.
As part of the retaliatory measures announced Friday, when hundreds of millions of people in China celebrated a major public holiday, the country also added 11 American companies to its 'unreliable entity list,' including drone manufacturers, and put export controls on 16 American companies to prohibit the export of Chinese dual-use items.
The Commerce Ministry announced anti-dumping investigations into imported medical CT X-ray tubes originating from the United States and India.
In addition, Beijing also unveiled export controls on seven types of rare-earth minerals to the US, including samarium, gadolinium and terbium.
The challenges are multifold for businesses with supply chains rooted in China, which are now left scrambling as they face not only the unexpectedly high US levies on Chinese imports, but also on other Asian countries due to Trump's broad-based tariffs.
The tariffs also come at a challenging time for China's own slowing economy, with officials in recent weeks ramping up efforts to spur weak domestic consumption as they braced for the widening trade war.
US stock futures plunged Friday after China announced it would retaliate. Dow futures fell 1,000 points, or 2.3%. The broader S&P 500 was set to open 2.4% lower and the tech-heavy Nasdaq Composite was on pace to start the day 2.7% lower. European and UK stocks were down more than 3% Friday, on pace for their worst performance in years.
Markets have been on edge for days: On Thursday, the Dow fell more than 1,600 points, or nearly 4%. The S&P 500 fell nearly 5% and the Nasdaq plunged nearly 6%. Each major US index recorded its worst performance in about five years, since the pandemic.
This is a developing story and will be updated.

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Uzbekistan President Delivers Speech at 4th Tashkent International Investment Forum
Uzbekistan President Delivers Speech at 4th Tashkent International Investment Forum

See - Sada Elbalad

time4 hours ago

  • See - Sada Elbalad

Uzbekistan President Delivers Speech at 4th Tashkent International Investment Forum

Rana Atef On Tuesday, the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, delivered a speech at the Fourth Tashkent International Investment Forum. The full text of his speech is as follows: "Dear participants of the forum! Ladies and gentlemen! Dear guests! At the outset, I would like to extend a warm welcome to all of our distinguished guests, high-ranking representatives from our partner countries, heads of international organizations, and prominent figures from the business world, to the Fourth Tashkent International Investment Forum. I am also delighted to welcome His Excellency Rumen Radev, President of Bulgaria, His Excellency Robert Fico, Prime Minister of Slovakia, His Excellency Olzhas Bektenov, Prime Minister of Kazakhstan, His Excellency Adylbek Kasymaliev, Chairman of the Kyrgyz Government, His Excellency Kohir Rasulzoda, Prime Minister of Tajikistan, His Excellency Ali Asadov, Prime Minister of Azerbaijan, Deputy Prime-Minister of Russia Mr. Alexander Novak, Deputy Chairman of the Cabinet of Ministers of Turkmenistan Mr. Nokerguli Ataguliev, who are with us today. I would also like to welcome the distinguished delegations from Russia, China, the United States of America, and the Arab, European, Asian and African countries. Let me express my special gratitude to the heads of the financial institutions working closely with us: Ms. Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, and Ms. Dilma Rousseff, President of the New Development Bank. Today's forum is attended by more than 7.5 thousand delegates, including almost 3 thousand foreign guests from around 100 countries. We see this as a true expression of respect for our country, as well as an indication of mutual trust and close cooperation. Welcome to Uzbekistan, dear friends! Dear participants! The world today is facing big challenges. Serious threats to global security and sustainable development are strengthening, while geopolitical processes are changing rapidly before our eyes. The global arms race is intensifying again. Military spending by major countries has increased by 1.5 times against 2010, reaching $2.5 trillion. Due to the consequences of the economic crisis and a shortage of financial resources global GDP has been declining for three years in a row. Unfortunately, the norms of international law and the power of diplomacy are weakening. Even more regrettably, attention is waning to the most pressing problems of humanity: food security, poverty and climate change. It is more important than ever to restore peace, justice and a shared belief in human dignity around the world. We believe that the situation related to Ukraine must be resolved only through diplomatic means, and we welcome the process of direct negotiations taking place in Istanbul. At the same time, I would like to draw your attention to the ongoing tragedy in Gaza. In the 21st century, the death of so many innocent people before our eyes cannot be justified. The only solution to this problem is a fair settlement of the conflict based on international law and adopted resolutions. The people of Palestine have a right to their own independent state. Another issue on the global agenda is supporting the peaceful and sustainable development of neighboring Afghanistan. Now more than ever, it is crucial to engage in constructive dialogue with the current government of this country on the international stage and to prevent its isolation. After all, stability and economic development in Afghanistan are key factors for the long-term progress of all surrounding regions. On the issues I have just outlined, we urge all our partner states to engage in open and broad-based international cooperation. Because the core theme of the forum is investments that guarantee not only economic development, but also peace and stability! Let us work together to create an investment environment that, alongside generating profit, becomes a strong foundation for upholding human dignity and contributing to societal development! Dear guests! In the current challenging environment, we are focusing our primary attention on maintaining economic stability in Uzbekistan. Our gross domestic product has doubled over the past eight years. We have set a goal to increase it to $200 billion by 2030. Last year, the volume of investments into national economy reached $35 billion, and exports amounted to $27 billion. This is also a practical result of the Tashkent International Investment Forum, now being held for the fourth consecutive year. The effectiveness of reforms in New Uzbekistan is duly reflected in international rankings. Our position in the Index of Economic Freedom has risen by 48 places over the past five years. In the Economic Complexity Index of Harvard University, we improved our standing by 28 positions. Last month, the reputable agency S&P upgraded Uzbekistan's independent credit rating outlook from "stable" to "positive." We all understand that today, the world economy is on the threshold of a new era and changes. This encourages all countries to work together on the path of sustainable development in the following four areas. Firstly, transition to green economy. We are firmly committed to developing green energy to provide our economy with stable energy resources. Over the past short period, nearly $6 billion worth of foreign direct investment has been attracted to this sector. Electricity production has increased from 59 billion to 82 billion kilowatt-hours. In the next five years, this figure will exceed 120 billion kilowatt-hours, and the share of green energy in the energy mix will reach 54 percent. We will also attract $4 billion to upgrade the power grids. In this regard, this year we will transfer the Samarkand power grids, and next year, another 8 regional power grids to private partnership. In addition, we have launched the sale of green certificates and carbon units for the first time. This year, we will join global carbon markets and create a 'Green Uzbekistan' climate investment platform. Secondly, digital technologies and AI are turning into the 'drivers' of the economy. This year alone, IT exports in our country will reach $1 billion. We have enough potential and opportunities to increase this figure fivefold by 2030. Our work has been internationally recognized, and over the year, we have risen 17 positions in the International AI Readiness Index. Next year, 'Cloud Technologies' National Platform will be launched. In the next five years, together with private investors, we will build 20 Data Centers with a capacity of more than 500 megawatts. We will also develop a national model of artificial intelligence that embodies our rich history, values, and new creative ideas. In order to ensure the effectiveness of this system, we have launched the project 'One million AI leaders'. I am confident that together with you, we will turn Uzbekistan into a prestigious IT and Fintech 'hub'. Third, the financial system and technologies are drastically changing in modern world. Recently, together with the International Monetary Fund and the World Bank, we conducted a comprehensive assessment of Uzbekistan's financial sector for the first time. They fully supported our reforms in banking, finance, insurance, and the capital market. In order to take these sectors to the next stage of development a Financial Stability Council will be established in Uzbekistan, as well as cybersecurity and financial technology platforms at the Central Bank. We have also launched major reforms in the insurance system. A National Reinsurance Company and Global Digital Reinsurance Platform have been established. We are witnessing rapid growth of venture capital as an alternative tool for startups. Notably, last year, two local startup companies' capitalization surpassed $1 billion. We are committed to increasing the number of such companies. In this regard, a draft law "On Alternative Investment Funds" has been developed. Our goal is to increase the volume of venture and other alternatives investments to $1 billion over the next five years. There is another significant direction. The Fourth Industrial Revolution is sharply increasing global demand for so-called "technological minerals". Uzbekistan is home to substantial reserves of minerals, including tungsten, molybdenum, magnesium, lithium, graphite, vanadium, titanium, and others. In total, the potential of our subsoil resources is valued at $ 3 trillion. We have all necessary capabilities to transform our region into a hub for the production of high value-added goods from minerals. In this regard, we are constructing "Metals of the Future" techno parks in the Tashkent and Samarkand regions. In this context, I would like to put forward an initiative: investors implementing a full-cycle operation – from geological exploration to the production of finished goods – will be granted rent tax refund for 10 years. I am confident that our long-term productive relations will bring win-win business cooperation in all key areas. Distinguished investors! We are taking all necessary measures to turn the principle of "New Uzbekistan – a country of vast opportunities for investments" into practical accomplishments. First and foremost, I would like to draw your attention to one important point: it is essential to ensure level playing field for each state within global production chains. Undoubtedly, the World Trade Organization plays a key role in this regard. Therefore, we have set the goal to become a member of this organization next year and we are actively working with our partners. To this end we have harmonized dozens of laws and hundreds of standards to international requirements, and this year we will complete this process in full. Second, in order to create a more favorable environment for foreign investors in our country a 'national regime' will be introduced, guaranteeing the same conditions as those enjoyed by local companies, the 'one-stop-shop' principle will be implemented in relations with government bodies, a system of guaranteed protection of investment activities from excessive inspections will also be created. These measures are intended to raise Uzbekistan's credit rating to the "investment" level by 2030. Third, in privatization of state-owned companies, we have opted to transform them into valuable assets that serve the prosperity of our country. To this end, we have established the National Investment Fund that unites state shares in 18 major companies and banks worth almost $2 billion. A world-renowned Franklin Templeton company has been invited to manage the Fund. Next year, the Fund will launch its international IPO. Moreover, professional consultants will be invited to privatize 29 large state-owned companies within two years. Fourth, we recognize the vital role of transport and logistics in our economy. Therefore, we are actively attracting private capital to this sector. For instance, Samarkand, Namangan, Bukhara and Urganch international airports have been handed over to sophisticated investors on the basis of a public-private partnership. The world's leading company, Incheon, has been involved in the management of Urgench Airport. Next year, tenders will also be held for Nukus, Termez, Fergana and Navoi airports. Another significant development is that the population of our capital city has exceeded 5 million. In order to accommodate this growth, we are planning to build the city of "New Tashkent" to house 2 million people, transforming the capital into a metropolis. A "multimodal hub" will be created that covers railway, road transport and airport, serving 20 million passengers in a year. Large shopping and financial centres will also be built. We invite investors, international financial institutions and foreign banks to collaborate with us on this major project. Fifth, as a result of our open and friendly policy towards our neighbours in recent years a new environment for cooperation has been created in Central Asia. The participation of the heads of governments of these countries in today's forum is clear proof of this. Please note that the volume of trade with our neighbors has increased by more than 3.5 times in eight years, reaching almost $13 billion. Large investment projects are being implemented. In particular, construction of China-Kyrgyzstan-Uzbekistan railway has begun, significant progress has been made on preparing major energy and infrastructure projects. More broadly, we propose promoting the 'Concept of an Integrated Region for Investment and Trade' in Central Asia. In this regard, I would like to reach out to international organizations with a following message: the time has come to establish new financial mechanisms to support regional projects. By working together, we can transform Central Asia into a place of peace and prosperity. Dear participants of the forum! We are hosting today's event in a new, expanded format. For the first time, a specialized exhibition is taking place as part of the forum, with Uzbek companies presenting their projects and joint initiatives. I would like to underscore one issue: for us, investment is not just a financial resource. It also encompasses technology, knowledge, qualified personnel and integration into the international production chain – in other words, real development. Uzbekistan will create all conditions necessary for foreign investors with such noble ideas, provide its support and guarantee. All doors are open to you in our country. The most important thing is that there are laws that protect your activity. We have an open state and hardworking people ready for cooperation. I would like to express my sincere gratitude once again to all investors, representatives of foreign governments and international organizations who are participating in today's forum and visiting our country. I wish you all success and great achievements. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

One year from World Cup opener, FIFA leaves questions unanswered on tickets and security
One year from World Cup opener, FIFA leaves questions unanswered on tickets and security

Al-Ahram Weekly

time4 hours ago

  • Al-Ahram Weekly

One year from World Cup opener, FIFA leaves questions unanswered on tickets and security

There is uncertainty about whether fans from some nations will be welcome — 11 of the venues are located in the U.S., where all matches will be played from the quarterfinals on. Security is a concern, too. At the last major football tournament in the U.S., the 2024 Copa America final at Miami Gardens, Florida, started 82 minutes late after spectators breached security gates. 'That was certainly a reminder and a wake-up call if anybody needed it that those types of things are going to be used in terms of the ultimate assessment of whether this World Cup is successful," said former U.S. defender Alexi Lalas, now Fox's lead football analyst. U.S. President Donald Trump's travel ban on citizens from 12 nations exempted athletes, coaches, staff and relatives while not mentioning fans. Vice President JD Vance made what could be interpreted as a warning on May 6. 'Of course, everybody is welcome to come and see this incredible event. I know we'll have visitors probably from close to 100 countries. We want them to come. We want them to celebrate. We want them to watch the game,' he said. 'But when the time is up they'll have to go home. Otherwise, they'll have to talk to Secretary Noem,' he added, speaking alongside Secretary of Homeland Security Kristi Noem. Back in U.S. for first time in 32 years The 1994 World Cup sparked the launch of Major League football with 12 teams in 1996, and $50 million in World Cup profits seeded the U.S. football Foundation, tasked with developing the sport's growth. MLS now has 30 teams, plays in 22 football specific stadiums and has club academies to grow the sport and improve talent. Next year's tournament will include 104 games, up from 64 from 1998 through 2022, and the 11 U.S. stadiums are all NFL homes with lucrative luxury suites and club seating. It also will be the first World Cup run by FIFA without a local organizing committee. 'The legacy initiative of 2026 is around how we ensure that football is everywhere in this county," U.S. football Federation CEO JT Batson said. "How do we ensure that every American can walk, ride their bike or take public transit to a safe place to play football? How do we make it to where every school in America has football accessible to their students? And how do we make it to wherever every American can truly see themselves in the game?' Interest in football has vastly increased in the U.S., with England's Premier League averaging 510,000 viewers per match window on NBC's networks last season and the European Champions League final drawing more than 2 million viewers in each of the past five years on CBS. However, CBS broadcast just 26 of 189 Champions League matches on TV in 2024-25 and streamed the rest. MLS drew about 12.2 million fans last year, second to 14.7 million in 2023-24 for the Premier League's 20 teams, but MLS has largely disappeared from broadcast TV since starting a 10-year contract with Apple TV+ in 2023. Apple spokesman Sam Citron said the company does not release viewer figures. In a fractured television landscape, different deals were negotiated by FIFA, UEFA, MLS, the NWSL, the USSF and the five major European leagues. 'You basically have over 2,800 game windows per season aired in the United States and so that requires distribution largely on streaming platforms like Paramount+ or ESPN+, but it's difficult for new fan adoption and it makes reach kind of challenging,' said Gerry Cardinale, managing partner of RedBird Capital Partners, which holds controlling interests in AC Milan and Toulouse and owns a non-controlling stake of Fenway Sports Group, parent of Liverpool. 'Kids today are getting weaned on Premier League football and Serie A football, and when you watch that as a product, it's hard for MLS to compete.' 1994 World Cup set attendance record The 1994 World Cup, a 24-nation tournament, drew a record 3.58 million fans for 52 matches. Ticket prices ranged from $25-$75 for most first round games and $180-$475 for the final at the Rose Bowl in Pasadena, California. FIFA, which has about 800 people working at an office in Coral Gables, Florida, says it will announce information on general tickets in the third quarter. It wouldn't say whether prices will be fixed or variable. Hospitality packages are available on FIFA's website through On Location. For the eight matches at MetLife Stadium in East Rutherford, New Jersey, including the final on July 19, prices range from $25,800 to $73,200 per person. Variable ticket pricing possible FIFA appears to be using variable pricing for this year's Club World Cup, played at 12 U.S. stadiums from June 14 to July 13, and some prices repeatedly have been slashed. Marriott Bonvoy, a U.S. football Federation partner, has been offering free tickets to some of its elite members. Asked about Club World Cup ticket sales and team base camp arrangements, Manolo Zubiria, the World Cup's chief tournament officer, hung up four minutes and five questions into a telephone interview with The Associated Press. Brendan O'Connell, the publicist who arranged the interview, wrote in an email to the AP: 'The guest was not prepared for those questions.' FIFA's media relations staff would not make FIFA president Gianni Infantino available to discuss the tournament. Ahead of the 1994 World Cup, FIFA announced in May 1992 the draw would take place at Las Vegas on Dec. 18 or 19, 1993. FIFA has not revealed plans for this year's draw but appears to be planning for Las Vegas on Dec. 5. Regular ticket sales began in February 1993 for the U.S. football family and general first- and second-round sales started that June. Fans submitted lottery applications in October 1993 for games from the quarterfinals on. Teams could train away from World Cup cities While not detailing ticketing plans for next year's tournament, FIFA is spreading it beyond the host cites and lists about 60 possible base camps for teams to use, paired with hotels. Some are fancy — The Greenbrier Resort in White Sulphur Springs, West Virginia — and some more Spartan — the Courtyard by Marriott Mesa at Wrigleyville West in Arizona. Thousands of arrangements must be coordinated. Major League Baseball is drawing up its schedule to ensure that the four teams whose ballparks share parking lots with World Cup stadiums — in Arlington, Texas; Kansas City, Missouri; Philadelphia; and Seattle — won't play home games on the dates of tournament matches. Boris Gartner, CEO of La Liga North America, a joint venture of the Spanish football league and Relevent Sports, said the 2026 World Cup should be viewed as just another step in the sport's long-term growth in the United States. 'If you have a clear understanding of the market and the audience, a clear understanding of the value that these properties bring to media companies, and you mix content with a commercial strategy, with the right media distribution strategy, this is something that will continue to grow over the next two decades," he said. 'If more people are watching the NWSL, more people are going to be interested in football that could potentially end up watching a Bundesliga game or La Liga game.' (For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.) Short link:

Hopes rise as US and China hold second day of trade talks - International
Hopes rise as US and China hold second day of trade talks - International

Al-Ahram Weekly

time5 hours ago

  • Al-Ahram Weekly

Hopes rise as US and China hold second day of trade talks - International

The United States and China began a second day of trade talks on Tuesday, seeking to shore up a shaky tariff truce in a bitter row deepened by export curbs. The gathering of key officials from the world's two biggest economies began Monday in London, after an earlier round of talks in Geneva last month. Stock markets wavered as investors hoped the talks will bring some much-needed calm on trading floors and ease tensions between the economic superpowers. A US Treasury spokesman told AFP on Tuesday the "talks resumed earlier this" morning. One of US President Donald Trump's top advisers said he expected "a big, strong handshake" at the end of the talks in the historic Lancaster House, operated by the UK foreign ministry. Trump told reporters at the White House on Monday: "We are doing well with China. China's not easy. "I'm only getting good reports." The agenda is expected to be dominated by exports of rare earth minerals used in a wide range of things including smartphones, electric vehicle batteries and green technology. "In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on Monday. But even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he added. Still, he said he expected "a big, strong handshake" at the end of the talks. "Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett added. He also said the Trump administration might be willing to ease some recent curbs on tech exports. Concessions? Tensions between Washington and Beijing have heightened since Trump took office in January, with both countries engaging in a tariffs war hiking duties on each other's exports to three figures -- an effective trade embargo. The Geneva pact to cool tensions temporarily brought new US tariffs on Chinese goods down from 145 percent to 30 percent, and Chinese countermeasures from 125 percent to 10 percent. But Trump recently said China had "totally violated" the deal. "Investors are willing to grab on to any positive trade headline right now, as this is keeping hopes of a rally alive," said Kathleen Brooks, research director at trading group XTB. Ipek Ozkardeskaya, senior analyst at the Swissquote Bank, said that although there had been "no breakthrough" it seemed "the first day of the second round of negotiations reportedly went relatively well". "Rumours are circulating that the US may be willing to make concessions on tech exports in exchange for China easing restrictions on rare earth metal exports," she said. Rare earth shipments from China to the US have slowed since the tariff war was triggered by Trump's so-called "Liberation Day" announcements, according to Brooks. The US leader slapped sweeping levies of 10 percent on friend and foe alike, and threatened steeper rates on dozens of economies. The tariffs have already had a sharp effect, with official figures from Beijing showing Chinese exports to the United States in May plunged by 12.7 percent. China is also in talks with other trading partners -- including Japan and South Korea -- to try to build a united front to counter Trump's tariffs. Chinese leader Xi Jinping on Tuesday urged South Korea's new President Lee Jae-myung to work with Beijing to uphold free trade to ensure "the stability and smooth functioning of global and regional industrial and supply chains." "A healthy, stable, and continuously deepening China-South Korea relationship aligns with the trend of the times," Xi said in a phone call, according to the Xinhua news agency. Chinese Vice Premier He Lifeng is heading the team in London, which included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the US delegation. Follow us on: Facebook Instagram Whatsapp Short link:

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