Latest news with #AmericanChamberofCommerceinChina
Khaleej Times
25-04-2025
- Business
- Khaleej Times
Trump says had call with China's Xi on tariffs: US media
US President Donald Trump said he spoke with China's Xi Jinping about tariffs, according to an interview with the American leader published by TIME Magazine on Friday. The world's two biggest economies are locked in an escalating tit-for-tat trade battle triggered by Trump's new levies on Chinese goods, which have reached 145 per cent on many products. China has denied that it is conducting trade negotiations with the United States, but Trump said he expects the two countries to reach an agreement in the next few weeks, TIME reported. However, China is asking businesses to identify goods that could be eligible for tariff exemptions, according to businesses notified. Some companies represented by the US business group have reported that they had imported goods in the past week without the new tariffs being applied, American Chamber of Commerce in China President Michael Hart said on Friday. "There's a number at which they will feel comfortable," Trump told the magazine during an interview that took place on Tuesday. "But you can't let them make a trillion dollars on us." The tariff blitz – which Trump says is retaliation for unfair trade practices, as well as a bid to restore US manufacturing prowess – has rattled markets and raised fears of a global recession.
South China Morning Post
25-04-2025
- Business
- South China Morning Post
US firms cautious about investing in China amid rising tensions, AmCham says
American companies are growing increasingly wary of investing in China amid rising tensions between the world's two largest economies, despite Beijing's efforts to woo foreign investors, a US business group has warned. Advertisement 'Our companies are concerned not only about the political risks between the two countries, but also about trade barriers and any uncertainties around investing in China,' said Michael Hart, president of the American Chamber of Commerce in China (AmCham China), at a launch event for the group's 2025 white paper on Friday. The annual report, which assesses the operating environment for US businesses in China, found that strained US-China relations remained the top concern of AmCham China's members for the fifth consecutive year, with 63 per cent of respondents naming it as their biggest operational challenge. Relations have only grown more fraught since AmCham China conducted the survey of more than 350 US firms in late 2024, with the two powers locked in an escalating trade war that has seen both sides raise tariffs on each other's goods by more than 120 per cent. Hart said both Chinese and US commerce authorities had been collecting feedback from companies to assess the impact of the current tariffs, as he urged both governments to prioritise creating a stable policy environment for US-China economic relations going forward. Advertisement 'It does look like both governments are looking carefully and don't want to stop trade overall,' he said. 'Anecdotally, companies are reporting that they're able to bring in some items without tariffs,' he added. 'We haven't seen an official announcement. We'll wait for that.'
RTÉ News
25-04-2025
- Business
- RTÉ News
China considers exempting some goods from US tariffs
China is considering exempting some US imports from its 125% tariffs and is asking businesses to identify goods that could be eligible in the biggest sign yet that Beijing is worried about the economic fallout from its trade war with Washington. A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a source who spoke on condition of anonymity. Financial news magazine Caijing reported on Friday citing sources that Beijing was preparing to include eight semiconductor-related items, although not memory chips. "The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said on Friday. Some chamber members say they have imported goods in the past week without the new tariffs being applied, Hart added. A list of 131 categories of products eligible for exemptions was circulating widely on social media and among businesses and trade groups on Friday. Reuters could not verify the list, whose items ranged from vaccines and chemicals to jet engines. While Beijing's ultimate course of action remains unknown, Huatai Securities analysed the list circulating in trade groups and said it corresponded to $45 billion worth of imports last year. Repeated phone calls to China's customs department were not answered. Customs and the Ministry of Commerce did not respond to faxed questions. While Washington has said the current status quo is economically untenable and already offered tariff exemptions to some electronic goods, China has repeatedly said it is willing to fight to the end unless the US lifts its tariffs. But beneath the bombast, China's economy is entering the trade war flirting with deflation. Demand is weak and consumer spending and sentiment have never properly recovered from the pandemic levels. The government is pushing tariff-hit exporters to pivot to local markets, but companies say profits are lower, demand weaker and customers less reliable. Exemptions are a bigger gesture of support, although by allowing some trade to resume, they also reduce the pain for the US economy and take some pressure off the White House. Many imports, ranging from petrochemical ethane to pharmaceuticals have few easy alternatives or could take years to manufacture outside the United States. Big pharmaceutical companies including AstraZeneca and GSK have at least one manufacturing site in the US for drugs sold in China, according to Chinese government data.
Yahoo
25-04-2025
- Business
- Yahoo
FTSE 100 LIVE: Stocks mixed as China ‘considers US tariff exemptions'
The FTSE 100 (^FTSE) and European stocks were mixed on Thursday as traders mulled signs that the US and China are prepared to pull back from their trade war. According to reports, China is considering some exemptions to its 125% tariffs on US goods, with the world's second largest economy asking companies to submit their own requests for items to be spared duties. Reuters reported that a Ministry of Commerce taskforce was collecting lists of items that could have duties removed — a sign that policymakers are worried about the damage caused by its trade war with Washington. American Chamber of Commerce in China president Michael Hart said: 'The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain.' A list of 131 categories of products eligible for exemptions has been circulating widely on social media and among businesses and trade groups on Friday. News will not only cheer investors but could also reassure politicians and central bankers around the world, who have spoken out about the consequences of a slowdown in world trade. London's benchmark index (^FTSE) was treading water in early trade, down 0.03% at the time of writing. Germany's DAX (^GDAXI) rose 0.2% and the CAC (^FCHI) in Paris headed 0.4% into the green. The pan-European STOXX 600 (^STOXX) was treading water. Wall Street is set for a positive start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all in the green. The pound was 0.2% down against the US dollar (GBPUSD=X) at 1.3301. Follow along for live updates throughout the day: According to reports, China is considering some exemptions to its 125% tariffs on US goods, with the world's second largest economy asking companies to submit their own requests for items to be spared duties. Reuters reported that a Ministry of Commerce taskforce was collecting lists of items that could have duties removed — a sign that policymakers are worried about the damage caused by its trade war with Washington. American Chamber of Commerce in China president Michael Hart said: 'The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain.' A list of 131 categories of products eligible for exemptions has been circulating widely on social media and among businesses and trade groups on Friday. News will not only cheer investors but could also reassure politicians and central bankers around the world, who have spoken out about the consequences of a slowdown in world trade. Stocks in Asia mostly rose last night, seeing a second consecutive week of gains as traders mull signs that the US and China are prepared to pull back from their trade war. In Hong Kong, the Hang Seng (^HSI) rose 0.5% but there was a small slip for mainland China's Shanghai Composite ( which was down just 0.07% on the day. In Japan, the Nikkei (^N225) was up 1.9%, regaining all its losses since Trump's announcement of the highest US tariffs in a century. It came as reports revealed that China is considering some exemptions to its 125% tariffs on US goods. Across the pond on Wall Street, major stock indexes rose yesterday, with the Dow Jones (^DJI) up 1.2% to 40,093.40, the S&P 500 (^GSPC) climbing 2% to 5,484.77 and the Nasdaq Composite (^IXIC) rising 2.7% to 17,166.04. Tech stocks pushed higher after Google parent Alphabet (GOOG) also beat profit expectations and reaffirmed AI spending targets. Its shares were up nearly 5% in after-hours trading in New York. The dollar, which has taken a beating through a volatile few weeks of tariff announcements found a footing around $1.328 to the pound and $1.133 per euro. In the bond market, the yield on 10-year US Treasury notes fell to 4.325% from 4.362% late on Wednesday. Good morning folks! Welcome back to our markets live blog. It's the last one of the week and as usual we will be taking a deep dive into what's moving markets and happening across the global economy. Here's a quick look at what's on the agenda for today: 7am: Trading updates: Evoke (EVOK.L) 7am: UK retail sales report for March 9.30am: UK trade data for Q4 2024 3pm: University of Michigan's survey of US consumer confidence 3pm: IMF holds press conference on the economic outlook for EuropeAccording to reports, China is considering some exemptions to its 125% tariffs on US goods, with the world's second largest economy asking companies to submit their own requests for items to be spared duties. Reuters reported that a Ministry of Commerce taskforce was collecting lists of items that could have duties removed — a sign that policymakers are worried about the damage caused by its trade war with Washington. American Chamber of Commerce in China president Michael Hart said: 'The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain.' A list of 131 categories of products eligible for exemptions has been circulating widely on social media and among businesses and trade groups on Friday. News will not only cheer investors but could also reassure politicians and central bankers around the world, who have spoken out about the consequences of a slowdown in world trade. Stocks in Asia mostly rose last night, seeing a second consecutive week of gains as traders mull signs that the US and China are prepared to pull back from their trade war. In Hong Kong, the Hang Seng (^HSI) rose 0.5% but there was a small slip for mainland China's Shanghai Composite ( which was down just 0.07% on the day. In Japan, the Nikkei (^N225) was up 1.9%, regaining all its losses since Trump's announcement of the highest US tariffs in a century. It came as reports revealed that China is considering some exemptions to its 125% tariffs on US goods. Across the pond on Wall Street, major stock indexes rose yesterday, with the Dow Jones (^DJI) up 1.2% to 40,093.40, the S&P 500 (^GSPC) climbing 2% to 5,484.77 and the Nasdaq Composite (^IXIC) rising 2.7% to 17,166.04. Tech stocks pushed higher after Google parent Alphabet (GOOG) also beat profit expectations and reaffirmed AI spending targets. Its shares were up nearly 5% in after-hours trading in New York. The dollar, which has taken a beating through a volatile few weeks of tariff announcements found a footing around $1.328 to the pound and $1.133 per euro. In the bond market, the yield on 10-year US Treasury notes fell to 4.325% from 4.362% late on Wednesday. Good morning folks! Welcome back to our markets live blog. It's the last one of the week and as usual we will be taking a deep dive into what's moving markets and happening across the global economy. Here's a quick look at what's on the agenda for today: 7am: Trading updates: Evoke (EVOK.L) 7am: UK retail sales report for March 9.30am: UK trade data for Q4 2024 3pm: University of Michigan's survey of US consumer confidence 3pm: IMF holds press conference on the economic outlook for Europe Sign in to access your portfolio
Telegraph
25-04-2025
- Business
- Telegraph
Stocks jump as China ‘considers US tariff exemptions'
7:20AM Stocks jump as China 'considers US tariff exemptions' Stock markets jumped after it was said China is considering exempting some US goods from its 125pc tariffs. The Nikkei in Japan rose 1.8pc and the Hang Seng in Hong Kong was up 1.1pc after reports a Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs. European stocks were higher in premarket trading after Reuters reported China is asking companies to submit their own requests for items to be spared duties. American Chamber of Commerce in China president Michael Hart said: 'The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain.' A list of 131 categories of products eligible for exemptions was circulating widely on social media and among businesses and trade groups on Friday. Stocks were already on track for a second week of gains after Donald Trump signalled he could reduce tariffs against China. Meanwhile the White House hinted that its first trade deal could be with South Korea, saying that the talks are progressing faster than it expected. 7:12AM Good morning Thanks for joining me. Stock markets were climbing after it was said that China is considering some exemptions to its 125pc tariffs on US goods. Asian markets rose and Europe was on track to make gains at the open after Reuters reported a Ministry of Commerce taskforce was collecting lists of items that could have duties removed. 5 things to start your day Trump has two weeks to save America from empty shelves | As imports from China dwindle, US retailers face a difficult choice: pay the tariffs or suffer shortages Trump turns on Rupert Murdoch after Fox claims voters disapprove of president | Right-wing news channel publishes poll suggesting president's approval rating just 44pc Workless youths won't get out of bed for less than £40k, Lords told | Claim fuels fears that young people have lost interest in finding a job Top Goldman Sachs banker joins UK exodus in wake of tax raid | Billionaire property investors the Livingstone brothers have also quit Britain Ben Marlow: Reeves has wrecked the hopes of China's high street predator | Shein was ruthlessly exploiting a tax loophole in its bid to conquer the West – until now What happened overnight Asian stock markets headed for a second straight week of gains as investors focused on signs the US and China were prepared to pull back from their trade war. Tech stocks were lifted after Google parent Alphabet also beat profit expectations and reaffirmed AI spending targets, pushing its shares up nearly 5pc in after-hours trade in New York. The dollar, which has taken a beating through a volatile few weeks of tariff announcements found a footing around $1.328 to the pound and $1.133 per euro. In Hong Kong, the Hang Seng rose 1pc and there were small rises for mainland China's Shanghai Composite and blue chip CSI300. In Japan, the Nikkei was up 1.8pc and has regained all its losses since Trump's announcement of the highest US tariffs in 100 years. On Wall Street, major stock indexes rose yesterday. The Dow Jones Industrial Average rose 1.2pc, to 40,093.40, the S&P 500 rose 2pc, to 5,484.77 and the Nasdaq Composite rose 2.7pc, to 17,166.04. In the bond market, the yield on 10-year US Treasury notes fell to 4.325pc from 4.362pc late on Wednesday.
