The Latest: Trump inaugurates his family's newest luxury golf course in Scotland
Trump will be the new course's first official player, though it opens to the public on Aug. 13 and could see a boost in sales because of the president's promotion. Trump used another one of his family's luxury golf courses on Scotland's southwestern coast to host British Prime Minister Keir Starmer, mixing critical discussions on the deepening food crisis in Gaza, Russia's war in Ukraine and tariff rates with boasts about the property's opulence.
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Yahoo
14 minutes ago
- Yahoo
China's July exports top forecasts amid rush to meet Trump tariff deadline
BEIJING (Reuters) -China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods ahead of a looming deadline later this month. Outbound shipments from the world's second-largest economy rose 7.2% year-on-year in July, customs data showed on Thursday, beating a forecast 5.4% increase in a Reuters poll and June's 4.8% growth. Imports grew 4.1%, following a 1.1% rise in June. Economists had predicted a 1.0% fall. China is facing an August 12 deadline to reach a durable tariff agreement with the U.S. administration, after Beijing and Washington reached framework agreements in May and June to reduce non-tariff barriers such as rare earth minerals and technology to avoid further escalating their trade war. Without a deal, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus narrowed to $98.24 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed the U.S. trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States — and with the European Union, which has accused China of producing and selling goods too cheaply — would give Chinese officials more room to advance their reform agenda. However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU.
Yahoo
14 minutes ago
- Yahoo
GM, Hyundai join forces to battle rising Chinese rivals
STORY: General Motors and Hyundai are joining forces to battle mounting competition from Chinese rivals. The pair said Wednesday (August 6) that they would develop five vehicles together. Four will be targeted at markets in Central and South America, where Chinese brands have been gaining ground. The other one will be an electric van for the North American market. For GM, the deal offers access to hybrid technology that it has lacked. For South Korean Hyundai, it's a first-ever partnership on vehicle development and offers a way into new markets, including American vans. The two companies didn't say where the models will be made. Hyundai already has a factory in Alabama and has promised to ramp up output at another plant in Georgia. It also has a factory in Brazil that could be used. The tie-up comes as Chinese brands release a slew of low-priced, high-tech models, pressuring legacy names like GM to cut costs in return. Donald Trump's sweeping global tariffs have also added billions in costs, increasing pressure to take action. South Korea last week agreed to a 15% levy on its exports to the U.S. as part of a deal with Washington.
New York Times
14 minutes ago
- New York Times
Corrections: Aug. 7, 2025
An article on Tuesday about jurists losing faith in President Trump's Justice Department misstated Andrew Wiederhorn's role with the restaurant chain Fatburger. He was previously a chief executive of the chain and founded its parent company. He did not create the restaurant chain. A picture caption with an article on Wednesday about a growing debate in Japan between those who defend pacifism as a national virtue and those who think the country must abandon it referred incorrectly to a treaty that Japan has not signed. It is the Treaty on the Prohibition of Nuclear Weapons, not the Nuclear Nonproliferation Treaty. An article on Wednesday about how the Trump administration will gain access to the standardized test scores and grade point averages of all applicants to Columbia and Brown University misstated the findings of an SAT report from the College Board. The report found that 1 percent of the African American high school graduates who took the SAT in 2024 scored between 1400 and 1600, the highest possible scores, and 27 percent of the Asian graduates scored at that level. It is not the case that, of all the high school graduates who scored between 1400 and 1600 in 2024, 1 percent were African American and 27 percent were Asian. An article on July 31 about Brazil's President Luiz Inácio Lula da Silva voicing frustration with President Trump over tariffs misidentified birds roaming the presidential palace lawns. They were rheas, not emus. An article on Wednesday about how Texas Republicans are hoping the surge of Hispanic support for President Trump in 2024 will last through the 2026 midterm elections misstated the percentage of votes that Representative Henry Cuellar, Democrat of Texas, won in Starr County in the 2024 elections. It was 69 percent, not 60 percent. An article on Wednesday about the Trump administration's plans to terminate $7 billion in federal grants intended to help low- and moderate-income families install solar panels on their homes misstated the amount of money the Georgia Bright Communities Coalition was using to provide free rooftop solar panels to about 800 Georgia households. It is about $12 million of a $156 million Solar for All grant, not the entire $156 million grant amount. Want all of The Times? Subscribe.
