Latest news with #AndyWong
Japan Today
a day ago
- Business
- Japan Today
China's exports climb 4.8% in May as shipments to U.S. fall nearly 10%
Policemen stand watch while cranes load containers onto trucks at the Yangluo Port in Wuhan, central China's Hubei Province, Friday, May 23, 2025. (AP Photo/Andy Wong) By ELAINE KURTENBACH China's exports rose 4.8% in May from a year earlier, a bit lower than expected, as shipments to the United States fell nearly 10%, according to data released Monday just hours ahead of another round of trade talks between the U.S. and China. Imports declined 3.4% year-on-year, leaving a trade surplus of $103.2 billion. China exported $28.8 billion to the United States in May, while its imports from the U.S. fell 7.4% to $10.8 billion, the report said. Still, exports to Southeast Asia and the European Union remained robust, growing 14.8% and 12%, year-on-year. 'The acceleration of exports to other economies has helped China's exports remain relatively buoyant in the face of the trade war,' Lynne Song of ING Economics said in a commentary. Still, trade slowed in May from an 8.1% jump in China's global exports in April. Many businesses had rushed orders to try to beat higher tariffs, even as some new import duties took effect or remained in place. Exports will likely rebound somewhat in June thanks to a 90-day suspension of most of the tariffs China and the U.S. imposed on each other in their escalating trade war. 'But with tariffs likely to remain elevated and Chinese manufacturers facing broader constraints on their ability to sustain rapid gains in global market share, we think export growth will slow further by year-end,' Zichun Huang of Capital Economics said in a report. Despite the tariffs truce, the rancor between Beijing and Washington has persisted, with angry exchanges over advanced semiconductors, 'rare earths' that are vital to many industries and visas for Chinese students at American universities. The next round of negotiations was due to take place later Monday in London, following a phone call last week between Trump and Chinese leader Xi Jinping. Other data released Monday highlight the pressure on the world's second largest economy from slowing exports, since China imports many of the components and materials needed for the goods it assembles for the world. But at the same time, China's own domestic markets are suffering. The government reported that consumer prices fell 0.1% in May, evidence of sluggish demand. The persisting deflation partly reflects lower food prices, economists said. Producer price deflation was worse, contracting 3.3% in May, its lowest level in almost two years, after falling 2.7% in April. AP researcher Yu Bing in Beijing contributed to this report. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
CTV News
5 days ago
- Business
- CTV News
Lululemon's Q1 profit reaches US$314.6 million, down from a year ago
A woman walks out from a Lululemon store next to Starbucks café inside a shopping mall, in Beijing, Thursday, April 10, 2025. (AP Photo/Andy Wong) Lululemon Athletica Inc.'s share price tumbled 20 per cent in afterhours trading as the company revealed its profit slid in its latest quarter. The Vancouver-based athletic retailer says its first-quarter net income totalled US$314.6 million, down from US$321.4 million in the same period a year earlier. Profits at the company, which keeps its books in U.S. dollars, amounted to US$2.60 per diluted share, up from US$2.54 per diluted share a year prior. Net revenue for the period ended May 4 was about US$2.37 billion compared with US$2.21 billion a year earlier. Lululemon's comparable sales increased one per cent overall but fell by two per cent across the Americas. The quarter encompasses a period when the U.S. was lobbing tariffs at Canada and Lululemon was working to bring more newness to its product range. This report by The Canadian Press was first published June 5, 2025. Tara Deschamps, The Canadian Press
Toronto Sun
02-06-2025
- Business
- Toronto Sun
China says U.S. moves on computer chips, student visas 'seriously violate' tariffs truce
Last month's de-escalation in President Donald Trump's trade war lasts 90 days Published Jun 02, 2025 • Last updated 5 minutes ago • 2 minute read American flags are displayed together with Chinese flags on top of a trishaw on Sept. 16, 2018, in Beijing. Photo by Andy Wong / AP TAIPEI, Taiwan — China criticized the U.S. on Monday over moves it alleged harmed Chinese interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China, and planning to revoke Chinese student visas. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 'These practices seriously violate the consensus,' the Commerce Ministry said in a statement, referring to a China-U.S. joint statement in which the United States and China agreed to slash their massive recent tariffs, restarting stalled trade between the world's two biggest economies. But last month's de-escalation in President Donald Trump's trade wars did nothing to resolve underlying differences between Beijing and Washington and Monday's statement showed how easily such agreements can lead to further turbulence. The deal lasts 90 days, creating time for U.S. and Chinese negotiators to reach a more substantive agreement. But the pause also leaves tariffs higher than before Trump started ramping them up last month. And businesses and investors must contend with uncertainty about whether the truce will last. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. The Commerce Ministry said China held up its end of the deal, cancelling or suspending tariffs and non-tariff measures taken against the U.S. 'reciprocal tariffs' following the agreement. 'The United States has unilaterally provoked new economic and trade frictions, exacerbating the uncertainty and instability of bilateral economic and trade relations,' while China has stood by its commitments, the statement said. It also threatened unspecified retaliation, saying China will 'continue to take resolute and forceful measures to safeguard its legitimate rights and interests.' This advertisement has not loaded yet, but your article continues below. Trump stirred further controversy Friday, saying he will no longer be nice with China on trade, declaring in a social media post that the country had broken an agreement with the United States. Hours later, Trump said in the Oval Office that he will speak with Chinese President Xi Jinping and 'hopefully we'll work that out,' while still insisting China had violated the agreement. 'The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' Trump posted. 'So much for being Mr. NICE GUY!' In response to recent comments by Trump, the Commerce Ministry said of the U.S.: 'Instead of reflecting on itself, it has turned the tables and unreasonably accused China of violating the consensus, which is seriously contrary to the facts.' This advertisement has not loaded yet, but your article continues below. U.S. Commerce Secretary Howard Lutnick said that the Chinese were 'just slow rolling the deal' from Geneva. Appearing on Fox News on Sunday, Lutnick said the U.S. was 'taking certain actions to show them what it feels like on the other side of that equation,' adding that Trump would 'work it out' with Xi. The Trump administration also stepped up the clash with China in other ways last week, announcing that it would start revoking visas for Chinese students studying in the U.S. U.S. campuses host more than 275,000 students from China. Both countries are in a race to develop advanced technologies such as artificial intelligence, with Washington seeking to curb China's access to the most advanced computer chips. China is also seeking to displace the U.S. as the leading power in the Asia-Pacific, including through gaining control over close U.S. partner and leading tech giant Taiwan. Sunshine Girls Columnists Columnists Columnists World
Wall Street Journal
21-05-2025
- Wall Street Journal
Beijing Says U.S. Huawei Comments Undermine Trade Deal
The U.S. alleges that certain high-end Huawei Ascend chips were likely developed illegally with U.S. technology. (Andy Wong/AP)
Glasgow Times
21-05-2025
- Entertainment
- Glasgow Times
Fortnite video game returns to iPhone app store in US
Fortnite hailed its app's long-awaited restoration to the iPhone and iPad in a Tuesday post, marking the first time it will be available on those devices since it was ousted in 2020 for trying to avoid the 15% to 30% commissions that Apple collects on in-app transactions. The video game featuring a virtual fight on a digital island is coming back to the iPhone just a few days after its parent company, Epic Games, filed a motion asking a federal judge to order its return as part of a civil contempt of court finding issued against Apple late last month. In a brief statement filed in court late on Tuesday, Apple said the dispute that had been keeping Fortnite off its iOS software for the iPhone had been resolved. Epic filed a lawsuit alleging Apple had turned its app store into an illegal monopoly (AP Photo/Andy Wong) The Cupertino, California, company did not immediately respond to a request for further comment. The legal wrangling is all part of a bitter feud that is still boiling. Epic filed a lawsuit alleging Apple had turned its app store into an illegal monopoly — a claim that it lost under a 2021 ruling made by a federal judge after a month-long trial. Although she decided Apple was not breaking antitrust laws, US District Judge Yvonne Gonzalez Rogers ordered the company to loosen control over in-app payments and allow links to other options that might offer lower prices. After exhausting an appeal that went all the way to the US Supreme Court, Apple last year introduced a new system that opened the door for links to alternative payment options while still imposing a 27% commission on in-app transactions executed outside its own system. Epic fired back by alleging Apple was thumbing its nose at the legal system, reviving another round of court hearings that lasted nearly a year before Ms Gonzalez Rogers delivered her stinging rebuke that included a ban on collecting any kind of commission on alternative payment options. That appeared to clear the way for Fortnite's return to the iPhone and iPad, but Epic last week said the video game was still being blocked by Apple. After Apple contended that keeping Fortnite was still permissible while it pursues an appeal of Ms Gonzalez Rogers' contempt ruling, Epic forced the issue by asking the judge for another order that would make clear the video game should be allowed back on the iPhone and iPad. Ms Gonzalez Rogers on Monday asked why Apple was still blocking Fortnite without an order from the appeals court authorising that action. She scheduled a May 27 hearing in Oakland, California, to hear Epic's latest motion while noting 'Apple is fully capable of resolving this issue without further briefing or a hearing'.
