Latest news with #USExports
South China Morning Post
11 hours ago
- Business
- South China Morning Post
US tariffs hit China's exports in May, but June seen as ‘a better month'
China's export growth slowed last month, weighed down by fewer US orders being made before the two countries came to a 90-day tariff truce. Advertisement And while June's prospects look poised to improve, China's manufacturing and trade sectors remain under strain, according to economists, who also point to lingering uncertainties over American tariffs. China's May exports were up by 4.8 per cent, year on year, to US$316.1 billion, customs data showed on Monday. The figure followed April's 8.1 per cent growth and fell short of the estimate of a 6.28 per cent increase in a market survey by Chinese financial data provider Wind. Exports to the United States plunged by 34.52 per cent, sharper than the 21 per cent drop seen in April, owing to the trade war between the two countries. Advertisement
Wall Street Journal
13-05-2025
- Business
- Wall Street Journal
China Is Building Megaports in South America to Feed Its Need for Crops
SANTOS, Brazil—China has reassured its citizens they would have enough to eat without U.S. crops. It will have to unclog Latin America's largest port first. The decrepit port in this Atlantic coast city is the main gateway for South American exports of soybeans and other agricultural goods that represent China's only viable alternative supply to U.S. exports. Though China has reduced its reliance on U.S. foodstuffs, crops are still among the top U.S. exports to China.
Free Malaysia Today
12-05-2025
- Business
- Free Malaysia Today
Japan's Ishiba signals increasing corn imports as part of US trade talks
The US exported US$2.8 billion worth of corn to Japan in 2024, to counter an 80% drop in exports to China. (EPA Images pic) TOKYO : Japanese Prime Minister Shigeru Ishiba signalled that increasing corn imports from the US would be among options in trade negotiations with Washington, but warned Japan would never sacrifice its agriculture industry to win lower auto tariffs. Japan has made little headway in two rounds of trade talks with the US as it seeks exemptions from US tariffs, including a crippling 25% tariff on its mainstay automobiles. During the first round of talks last month, US negotiators brought up automobiles and rice as areas where they said Tokyo puts up market barriers. Agreeing to buy more corn is a less controversial option for Japan than increasing rice imports, as Ishiba's ruling Liberal Democratic Party (LDP) relies heavily on rice farmers' support in elections. Speaking in parliament, Ishiba repeated that Japan won't sacrifice the domestic agriculture industry for the sake of winning US tariff concessions for automobiles. 'Still, Japan can use corn not for consumption but for use as ethanol fuel. Usage as biomass would be in Japan's national interest,' Ishiba said, adding that Japanese soil was not necessarily suited for corn production anyway. 'We hope to deepen discussion on whether to use corn for consumption or energy,' Ishiba said without elaborating. The US exported US$2.8 billion worth of corn to Japan in 2024, to counter an 80% drop in exports to China. Speaking at the same parliamentary session, Japan's top trade negotiator, Ryosei Akazawa, said he won't waver in his demand for the US to eliminate all the tariffs imposed by the Trump administration. The remarks came as Japan seeks to arrange a third round of bilateral ministerial-level trade talks later this month, which could be influenced by a deal reached between the US and China to slash 'reciprocal' tariffs. Japan may also propose offering the US technical cooperation in shipbuilding, two sources with knowledge of the negotiations said, confirming earlier reports by domestic media. Japanese policymakers and ruling party lawmakers have said they see no merit in striking a deal with the US unless a 25% tariff on automobile imports are lifted, given the huge impact the industry has on Japan's export-heavy economy. The impact is already evident in Japan's automobile sector. Mazda reported a 45.1% drop in net profits for the fiscal year that ended in March, and held off on disclosing earning estimates for the current year through March 2026. On April 2, US President Donald Trump imposed a 10% tariff on all countries except Canada, Mexico and China, along with higher tariff rates for many big trading partners, including Japan, which faces a 24% tariff rate starting in July unless it can negotiate a deal with the US.
CNN
08-05-2025
- Automotive
- CNN
World's biggest carmaker sees 21% profit decline as tariffs take a bite
Tokyo Reuters — Toyota Motor forecast a 21% profit decline for the current financial year on Thursday, as the strain from US President Donald Trump's tariffs and an appreciating yen take some of the shine off strong demand for hybrid vehicles. The world's top-selling automaker expects operating income to total 3.8 trillion yen ($26 billion) in the year to March 2026, versus 4.8 trillion yen in the financial year that just ended. That was roughly in line with the 4.75 trillion yen average of 25 analysts surveyed by LSEG. Toyota faces the risk of being hit by widespread fallout from Trump's tariffs, not only from the impact on its US-bound exports but also because of the potential for a downturn in consumer sentiment in the US and elsewhere. Price rises can lead to a decline in consumer sentiment. The lower profit for the coming year was due to the negative impact from a stronger yen, as well as higher material prices and the impact of tariffs, Toyota said in a presentation. Like other global automakers doing business in the world's top economy, Toyota could face high labor costs and be forced to spend more on investment, if it decides to expand its US production base further. While Toyota has seen its vehicle sales in China fall less than other Japanese automakers, it has still struggled to halt a sales decline in the world's biggest auto market amid heavy competition from Chinese brands.
