Latest news with #economicfriction
The Guardian
02-06-2025
- Business
- The Guardian
China accuses US of ‘seriously violating' trade war truce
Update: Date: 2025-06-02T06:36:56.000Z Title: Introduction: China accuses US of 'seriously violating' trade truce Content: Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. Trade war tensions are on the rise again, as relations between China and the US deteriorate. Beijing has hit back this morning against Washington, accusing the US of 'seriously violating' the trade truce which the two powers agreed in Zurich last month. China's commerce ministry also promised to take forceful measures to safeguard its interests, rejecting a claim from Donald Trump last week that China has 'totally violated' its trade agreement with the US. In a statement, the ministry said: 'The U.S. government has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations.' Beijing accused the US of unilaterally introducing new discriminatory restrictions, including new guidelines on AI chip export controls, curbs on chip design software sales to China and the revocation of Chinese student visas, Bloomberg reports. Stock markets across the Asia-Pacific region have dropped today, as investors fret that the détente between the two sides is fraying. Last Friday, the US president – perhaps stung by jibes that Trump Always Chickens Out – declared that China 'HAS TOTALLY VIOLATED ITS AGREEMENT WITH US.', raising fears that the trade war will continue to rattle the global economy. This latest uncertainty is hurting the US dollar. It has slipped against a basket of currencies, with the pound up almost half a cent at $1.35, and the euro gaining a third of a cent to $1.138. The legality of Trump's trade war was also thown into doubt last week, when a US federal court ruled that his 'liberation day' tariff plan is illegal, only for a federal appeals court to temporarily reinstate the tariffs while the case progresses. 9am BST: Eurozone manufacturing PMI for May 9.30am BST: UK manufacturing PMI for May 9.30am BST: Bank of England mortgage approvals and credit conditions data 3pm BST: US manufacturing PMI for May
Telegraph
02-06-2025
- Business
- Telegraph
Live China accuses Trump of violating trade deal
China has accused Donald Trump's administration of violating its trade deal with the US as it vowed to re-escalate the trade war between the world's two largest economies. Beijing said Washington had introduced multiple 'discriminatory restrictive' measures as it hit back at the US president's claim it had broken the agreement made in Switzerland last month. The Chinese Ministry of Commerce said those measures included issuing guidance on AI chip export controls, halting sales of chip design software to China and revoking visas for Chinese students. Asian shares plunged trade tensions flared up again, with the Hang Seng in Hong Kong down 1.6pc and the Nikkei in Japan down 1.4pc. China's Commerce Ministry said: 'The US government has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations.' It added: 'If the US insists on its own way and continues to damage China's interests, China will continue to take resolute and forceful measures to safeguard its legitimate rights and interests.'
CBC
14-05-2025
- Business
- CBC
Conservative MP Jamil Jivani concerned about lack of labour minister amid Trump's tariffs
Conservative MP Jamil Jivani has sent a letter to the federal government saying he's concerned about the lack of a labour minister in Prime Minister Mark Carney's cabinet at a time of economic friction with the United States. Jivani, who represents Bowmanville—Oshawa North, said his region is facing significant challenges due to layoffs at the General Motors assembly plant in Oshawa, Ont., and shift cuts in an automobile sector that has been upended by U.S. President Donald Trump's 25 per cent duties on vehicle imports to the United States. "With these local economic factors in mind, it is no surprise that many Canadians are concerned by Prime Minister Mark Carney's decision to exclude a minister of labour from the newly unveiled federal Liberal cabinet and relegate the labour portfolio to a junior position in government," Jivani wrote in the letter posted on social media Wednesday. The minister of labour title disappeared in March when Carney appointed his first cabinet, and Steve Mackinnon's title changed from minister of employment, workforce development and labour to minister of jobs and families. On Tuesday, Carney moved Thunder Bay MP Patty Hajdu into that same role. The prime minister also created a second tier of 10 secretaries of state — members of the Privy Council who are not full ministers and only attend cabinet meetings when they're relevant to their files. Carney appointed John Zerucelli as secretary of state for labour. On Wednesday morning, Hajdu said cabinet's mission is "to strengthen the Canadian economy and protect workers from the shock that's coming from the changing economic relationship with the United States." "And that's a task the prime minister has given me, along with many other ministers, to ensure that we support workers no matter what comes," Hajdu said ahead of a cabinet meeting. 'Respect is earned,' says Labour union leader Carney said Tuesday that his cabinet — which includes 28 full ministers — will "reinforce bridges" across labour, business and civil society and advance nation-building investments. The absence of a full minister of labour was noted by Laborers' International Union of North America Canadian director Joseph Mancinelli, who called it "a slap in the face." In a post on social media Tuesday, Mancinelli said that "if the Canadian government wants respect from labourers, perhaps let's start with a Minister of Labour in Cabinet. Respect is earned." Jivani's letter said Trump's tariffs on Canada's auto industry threaten the livelihoods of thousands of workers. The Conservative MP called on the prime minister to appoint a full labour minister to cabinet and to work directly with unions, businesses and industry leaders. He said the government should extend employment insurance for affected workers and invest in retraining programs. Jivani also called for policies to maintain production at the General Motors Oshawa plant for the domestic market and to encourage businesses and consumers to buy Canadian vehicles through measures like tax cuts on Canadian-made cars.
Globe and Mail
14-05-2025
- Business
- Globe and Mail
Tory MP Jamil Jivani concerned about lack of labour minister amid Trump's tariffs
Conservative MP Jamil Jivani has sent a letter to the federal government saying he's concerned about the lack of a labour minister in Prime Minister Mark Carney's cabinet at a time of economic friction with the United States. Jivani, who represents Bowmanville–Oshawa North, said his region is facing significant challenges due to layoffs at the General Motors assembly plant in Oshawa, Ont., and shift cuts in an automobile sector that has been upended by U.S. President Donald Trump's 25 per cent duties on vehicle imports to the United States. 'With these local economic factors in mind, it is no surprise that many Canadians are concerned by Prime Minister Mark Carney's decision to exclude a minister of labour from the newly unveiled federal Liberal cabinet and relegate the labour portfolio to a junior position in government,' Jivani wrote in the letter posted on social media Wednesday. The minister of labour title disappeared in March when Carney appointed his first cabinet, and Steve Mackinnon's title changed from minister of employment, work force development and labour to minister of jobs and families. On Tuesday, Carney moved Thunder Bay MP Patty Hajdu into that same role. The prime minister also created a second tier of 10 secretaries of state – members of the Privy Council who are not full ministers and only attend cabinet meetings when they're relevant to their files. Carney appointed John Zerucelli as secretary of state for labour. On Wednesday morning, Hajdu said cabinet's mission is 'to strengthen the Canadian economy and protect workers from the shock that's coming from the changing economic relationship with the United States.' 'And that's a task the prime minister has given me, along with many other ministers, to ensure that we support workers no matter what comes,' Hajdu said ahead of a cabinet meeting. Carney said Tuesday that his cabinet – which includes 28 full ministers – will 'reinforce bridges' across labour, business and civil society and advance nation-building investments. The absence of a full minister of labour was noted by Laborers' International Union of North America Canadian director Joseph Mancinelli, who called it 'a slap in the face.' In a post on social media Tuesday, Mancinelli said that 'if the Canadian government wants respect from labourers, perhaps let's start with a Minister of Labour in Cabinet. Respect is earned.' Jivani's letter said Trump's tariffs on Canada's auto industry threaten the livelihoods of thousands of workers. The Conservative MP called on the prime minister to appoint a full labour minister to cabinet and to work directly with unions, businesses and industry leaders. He said the government should extend employment insurance for affected workers and invest in retraining programs. Jivani also called for policies to maintain production at the General Motors Oshawa plant for the domestic market and to encourage businesses and consumers to buy Canadian vehicles, through measures like tax cuts on Canadian-made cars. 'Canadians are hopeful that Prime Minister Carney will negotiate a deal with Canada's auto sector's best interests in mind,' Jivani said in his letter. 'In the meantime, I am asking for appropriate actions to be taken to mitigate the economic damage of the current economic instability.'
