Latest news with #USChinaTradeWar
South China Morning Post
a day ago
- Business
- South China Morning Post
Deloitte China launches global office to help mainland clients navigate trade tensions
Deloitte China will set up a new global office, increase headcount and invest in technology to support its mainland Chinese clients' global expansion plans while helping them navigate geopolitical tensions, according to its new boss. Advertisement 'The current US-China tariff dispute presents a golden opportunity for Chinese companies to truly go global,' said Dora Liu, who took over as CEO of Deloitte China for the next four years on Sunday. 'We see a trend of Chinese companies now expanding to Southeast Asia, the Middle East and Central Europe.' She is the first woman to lead Deloitte China, taking over from Patrick Tsang, who has become a senior partner of the firm. Mainland Chinese companies are increasingly seeking new supply chains and new markets amid the US-China trade war. The dispute escalated after US President Donald Trump on April 2 introduced the so-called 'reciprocal tariffs' on imports from China and other countries, but a temporary 90-day truce last month considerably reduced the tit-for-tat tariffs on both sides. 03:01 US appeals court allows Donald Trump's tariffs to stay in effect US appeals court allows Donald Trump's tariffs to stay in effect The US Court of International Trade in Manhattan ruled on Wednesday against Trump's move to impose punitive tariffs on the nation's trading partners, saying the president overstepped his authority, but analysts said the uncertainties surrounding the trade disputes were a concern. Advertisement Liu said these uncertainties would bring new opportunities. She planned to establish a global office at Deloitte China, involving dozens of regional and global partners and staff to help multinational clients and mainland Chinese companies achieve their global goals.
CNA
2 days ago
- Business
- CNA
Trade 'critical' to ASEAN, must be protected from ‘arbitrary' curbs: Anwar at Shangri-La Dialogue
SINGAPORE: Trade is part of Southeast Asia's strategic architecture and must be protected 'from the onslaught of arbitrary imposition of trade restrictions', said Malaysian Prime Minister Anwar Ibrahim in a special address at this year's Shangri-La Dialogue on Saturday (May 31). He added that the Southeast Asia region is 'holding its ground' in a troubled world, cautioning that trade faltering could have rippling consequences on stability, with impact cascading beyond any one region. 'In Southeast Asia, we have learned that lasting stability begins with steady fundamentals, clear policies and a long view. Trade is not a soft power indulgence. It is part of our strategic architecture,' said Anwar who is this year's rotating chairman of the Association of Southeast Asian Nations (ASEAN). 'And like any critical system, it must be protected, not from competition, but from the onslaught of arbitrary imposition of trade restrictions,' he added in his 15-minute speech before regional defence ministers and chiefs. 'What holds true for us holds true elsewhere - where trade flourishes, stability follows. When it falters, the consequences ripple far beyond any one region,' said Anwar. While he did not specify countries, the Malaysian premier was referencing the ongoing trade war between US and China, which recently made global headlines following US President's Donald Trump sweeping 'Liberation Day' tariffs that caused turmoil in the stock market and sparked economic uncertainty across industries. ASEAN nations are among those most heavily hit by US tariffs, with countries such as Cambodia and Laos slapped with 49 per cent and 48 per cent import tariffs respectively, before Trump announced on Apr 9 a 90-day pause on 'reciprocal' tariffs on imports from almost 60 countries and the European Union. On May 12, both the US and China agreed to temporarily cut massive tariffs imposed on each other's goods. Washington cut tariffs on imports from China to 30 per cent from 145 per cent for 90 days, while Beijing will slash duties on US imports to 10 per cent from 125 per cent for the same period. As both countries continue to negotiate, countries across the world continue to be gripped by uncertainty. During the ASEAN Summit earlier this week, Anwar said that the bloc has the 'fortitude and staying power' to 'weather the storms' of economic uncertainty swirling in the region, arising from geopolitical trade tensions between the US and China. In his speech on Saturday, Anwar reiterated the importance of ASEAN's principle of 'centrality', and how it is widening its 'strategic aperture' by working with other regions such as the Gulf and the formation of the ASEAN Geoeconomics Task Force to help the bloc 'navigate external shocks'. 'And that gives us 'habits of cooperation' – trade facilitation, cybersecurity frameworks, cross-border data rules, cultural cooperation. They may not be as dramatic, but they are no less vital, for they give Southeast Asia greater impetus to act together,' said Anwar. 'And the more we act together, the harder it becomes to be pulled apart by external gravity. Preserving our autonomy is not about resisting others. It is about strengthening ourselves. This, in essence, is what ASEAN centrality is about,' he added.
South China Morning Post
3 days ago
- Business
- South China Morning Post
US retail giants pushing Chinese suppliers to shoulder up to 66% of tariff costs
American retail giants are now demanding that their Chinese suppliers shoulder half to 66 per cent of the cost of US import duties, as the ongoing US-China trade war ramps up pressure on businesses' bottom lines, industry sources told the Post. Advertisement US retailers have been locked in talks with Chinese producers for weeks over how to handle the additional costs caused by the trade war, with the firms facing intense political pressure at home to ' eat the tariffs ' and keep prices stable. Walmart and other major US retail groups previously agreed to bear the full cost of the tariffs when they asked their Chinese suppliers to resume shipments in late April, industry sources told the Post at the time But global brands including several US retail giants are now pushing suppliers in both China and parts of Southeast Asia to absorb a large chunk of the cost of the levies, according to sources from suppliers serving companies including Walmart, Target, Nike, Puma and Adidas. 'Most of our customers, the garment vendors exporting to major retailers and brands, are being asked to cover 50 to 66 per cent of the current tariffs,' said an executive at a fashion supplier, which produces and sources from China and Southeast Asia and then sells across the United States and Europe. Advertisement The negotiations remain fluid and the details of how the tariff costs will be divided have not yet been finalised, the sources stressed, as both sides remain in constant contact as they try to navigate a 'tough time' for the industry.
South China Morning Post
4 days ago
- Business
- South China Morning Post
More cards to play: scholar sees Trump moving beyond tariffs as tactic with China
Beijing should be ready for Washington to adopt alternative pressure tactics in future tariff negotiations, according to a renowned Chinese scholar who noted that the Trump administration had recognised the limitations of imposing heavy tariffs. Wu Xinbo , dean of the Institute of International Studies at Fudan University in Shanghai, said that while US President Donald Trump might continue using tariffs as a negotiating tool, he was likely to show more restraint after seeing their mixed results. 'Trump came to understand that while tariffs had limited impact on China, they carried significant side effects for the US. Although he would continue to use tariffs, he would definitely exercise more restraint going forward, avoiding the extremes seen in the first phase,' Wu said in an interview. 'That's why we also need to be alert to the possibility that he may play other cards – because once he saw the limitations of the tariff card, he could start considering alternative cards,' he said. 05:19 How are Chinese citizens feeling the effects of the US-China tariff war? How are Chinese citizens feeling the effects of the US-China tariff war? Such measures could relate to science, diplomacy and security, Wu said.
CTV News
25-05-2025
- Business
- CTV News
ASEAN must deepen integration to tackle U.S. tariffs, Malaysia says
Malaysia's Foreign Minister Mohamad Hasan delivers an opening speech at the opening ceremony of the 46th Association of Southeast Asian Nations (ASEAN) Foreign Ministers' Meeting in Kuala Lumpur, Malaysia, Sunday, May 25, 2025.(AP Photo/Vincent Thian) KUALA LUMPUR, Malaysia — Southeast Asian nations must accelerate regional economic integration, diversify their markets and stay united to tackle the fallout from global trade disruptions resulting from sweeping U.S. tariffs, Malaysia's foreign minister said Sunday. Mohamad Hasan, at a meeting of foreign ministers from the Association of Southeast Asian Nations, also reiterated the bloc's call for an end to Myanmar's civil war and downplayed plans of Myanmar's ruling military to hold elections later this year as a 'whitewash.' 'ASEAN nations are among those most heavily affected by the U.S.-imposed tariffs. The U.S.–China trade war is dramatically disrupting production and trade patterns worldwide. A global economic slowdown is likely to happen,' Mohamad said. 'We must seize this moment to deepen regional economic integration, so that we can better shield our region from external shocks.' ASEAN countries, many of which rely on exports to the U.S., are reeling from tariffs imposed by U.S. President Donald Trump's administration ranging from 10 per cent to 49 per cent. Six of the bloc's 10 members are among the worst-hit, likely affecting ASEAN's targeted growth forecast of 4.7 per cent this year, trade officials said. When Trump last month announced a 90-day pause on the tariffs, countries including Malaysia, Indonesia, Thailand and Vietnam swiftly began trade negotiations with Washington. Mohamad said that Malaysia, ASEAN's current chair, has requested a special summit with the U.S. as a bloc to discuss tariffs and is hopeful it could happen later this year. He said ASEAN is also exploring making Ukraine its dialogue partner while accelerating the process of admitting East Timor as its 11th member. ASEAN leaders meet Monday in an annual summit that will be followed by a joint meeting Tuesday with Chinese Premier Li Qiang and leaders from the Gulf Cooperation Council comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. ASEAN's unity is crucial as the region grapples with climate change and disruption from the malevolent use of artificial intelligence and other unregulated technologies, Mohamad said, adding that the bloc will be tested by external pressure, including a superpower rivalry. Mohamad said the conflict in Myanmar, where the military seized power in 2021, had spilled over its borders with a growing number of refugees fleeing to neighboring nations and rising transborder and cybercrimes, making it now 'an ASEAN issue.' He said ASEAN does not prefer any foreign intervention as the bloc should resolve its own internal affairs. Myanmar's military leaders are barred from ASEAN meetings after refusing to comply with the bloc's peace plan, which includes negotiations and delivery of humanitarian aid. Mohamad said the March earthquake that left more than 3,700 dead had opened up opportunity for ASEAN to reach out to warring parties with the aim of creating a dialogue toward peace. Mohamad said the bloc plans to appoint a permanent envoy to Myanmar with a three-year term to bolster the process, and that he would visit Myanmar in June. Currently an envoy is appointed each year from the country holding the bloc's rotating chair. Mohamad said that violence must cease before any elections in Myanmar, which he said would be futile if there was just partial participation. Opposition parties are mostly either banned from contesting or are boycotting elections. It is also unclear how the polls can be carried out as the military has reportedly lost control of a large part of Myanmar. 'What is the point if it's just a whitewash to cover up in the eyes of the international community?' Mohamad said. Eileen Ng, The Associated Press
