trade war

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600 Companies Tell Trump: End Trade War 'Both Sides Will Lose'

Appeal to president predicts long-lasting damage

(Newser) - Walmart, Costco, Target, and hundreds of other companies and trade groups told President Trump on Thursday that tariffs on China will cost jobs and harm American consumers. It's a battle that "both sides will lose," CNN reports the letter to the White House says. The administration increased... More »

Trump Threatens China

China talks are slated to resume in Washington this week

(Newser) - President Trump turned up the pressure on China on Sunday, threatening to hike tariffs on $200 billion worth of Chinese goods, the AP reports. Trump's comments, delivered on Twitter, came as a Chinese delegation was scheduled to resume talks in Washington on Wednesday aimed at resolving a trade war... More »

Why Russia Is Stockpiling Gold, Dropping US Dollars

Does he see where the world is headed?

(Newser) - Russia is dumping US dollars and snapping up gold in an effort to move away from American assets, Bloomberg reports. Vladimir Putin has been amassing gold for a decade now, quadrupling the nation's bullion reserves, but 2018 marked a record as the country bought 274 tons of bullion worth... More »

Behind Trade Move Against India: Dispute on Knee Implants

India, Turkey will no longer be awarded zero-tariffs status on some goods

(Newser) - Amidst America's trade battle with the world's most populated country comes a new move against the nation that occupies the No. 2 slot on that list. The US on Monday night announced that within 60 days, India will lose the preferential trade status that allowed it to export... More »

Farm Debt Hits Levels Not Seen Since 1980s Crisis

Perdue says demand for loans is at a high

(Newser) - American farmers are in debt to the tune of $409 billion, up from $385 billion last year and reaching levels of the 1980s agriculture crisis, the agriculture secretary told Congress Wednesday. And loan demand among farmers is "historically high," Sonny Perdue added, per Reuters . Low interest rates and... More »

As Deadline Nears, Trump May Meet With China's Xi

Trade war escalates in a month if 2 sides can't strike a deal

(Newser) - It's nearly crunch time for US and Chinese negotiators hoping to avoid a big escalation in the trade war, and it now appears that President Trump and Xi Jinping will meet face-to-face just before a crucial deadline. The Wall Street Journal reports that China has floated the idea of... More »

Amid Pivotal US-China Trade Talks, Zero Hope

Expectations are basically nil on a breakthrough with steep tariffs set to take effect in a month

(Newser) - US and Chinese negotiators start two days of high-level talks Wednesday aimed at settling a six-month trade war that has weakened both sides, shaken financial markets, and clouded the global economic outlook. Yet the odds seem stacked against any substantive resolution, reports the AP . "We are anticipating no big... More »

China Stops Importing US Soy in First for Trade War

November saw zero soybeans sold as the Chinese turn to Brazil

(Newser) - For the first time since President Trump ignited a trade war with China, the People's Republic imported no US soybeans at all in November. Per Reuters, China, which is the world's largest soybean buyer, has turned to Brazil's growers instead after China put a 25 percent tariff... More »

Why This Woman's Arrest Is Causing Markets to Tank

Meng Wanzhou is the CFO of Chinese tech giant Huawei

(Newser) - The arrest of a Chinese tech executive rattled already jittery world markets Thursday and brought international attention to her company, Huawei Technologies. The woman in custody is its 46-year-old chief financial officer, Meng Wanzhou, who also goes by Sabrina Meng. China is seething over the arrest, which took place at... More »

China Starts to Open Up on What It Agreed to Do

Confirms there is a 90-day window for trade talks

(Newser) - Though US markets are closed Wednesday in honor of former President George HW Bush, after Tuesday's 800-point plunge investors will be looking for hints as to what to expect Thursday morning, and all eyes are on China. Tuesday's sell-off was sparked by uncertainty over what exactly Trump and... More »

Result of Trump-Xi Dinner: A 90-Day Truce

Trade war seems to be on hiatus

(Newser) - The US and China reached a 90-day ceasefire in a trade dispute that has rattled financial markets and threatened world economic growth, per the AP . The breakthrough came after a dinner meeting Saturday between President Trump and Chinese leader Xi Jinping at the Group of 20 summit in Buenos Aires.... More »

'Trade War Now a Reality' After Latest Moves by China, US

China imposes new tariffs on $60B of US imports, accuses US of 'trade bullyism'

(Newser) - China imposed new tariff hikes on US goods on Monday and accused Washington of bullying, giving no sign of compromise in an intensifying battle over technology that's weighing on global economic growth. The General Administration of Customs said it started collecting additional taxes of 5% and 10% on a... More »

Billionaire's Plan to Create 1M US Jobs Killed by Trade War

Jack Ma of Alibaba says 'this promise can't be completed'

(Newser) - Take your pick as to which of these statements from Alibaba founder Jack Ma is gloomier: He's going back on his pledge to create 1 million US jobs , and the US-China trade war that he blames for that plan's undoing is one that he believes could last two... More »

Trump's Trade War Hits the Lobster Business

Layoffs and lagging prices damage the industry

(Newser) - The American lobster industry is starting to feel the pinch of China's tariff on US seafood as exporters and dealers cope with sagging prices, new financial pressures, and difficulty sending lobsters overseas, the AP reports. China is a major buyer of lobsters, and it imposed a heavy tariff on... More »

China Has Stopped Accepting Applications From US Firms

Business group says it is retaliation for tariffs

(Newser) - Amid a worsening tariff battle, China is putting off accepting license applications from American companies in financial services and other industries until Washington makes progress toward a settlement, a business group says. The disclosure Tuesday is the first public confirmation of US companies' fears that their operations in China or... More »

US-China Trade War Hits New Low

China releases video mocking US bacon, bourbon as billions in tariff hikes go into effect Thursday

(Newser) - The United States and China went ahead with tariff hikes on billions of dollars of each other's automobiles, factory machinery, and other goods Thursday in an escalation of a battle over Beijing's technology policy that companies worry will chill global economic growth. The increases came as envoys met... More »

In Game of Chicken, China Announces $60B Tariff Plan

Warns US to expect countermeasure if US follows through with trade threat

(Newser) - As Trump administration officials mull a possible 25% tariff on $200 billion of Chinese goods—up from the original 10% tariff being bandied about—China is taking its own steps in the newest round of trade threats. Bloomberg and CNBC report on joint statements from China's Ministry of Finance... More »

Trump to Give Farmers Aid, but Farmers Aren't Thrilled

'They want trade, not aid,' says lawmaker of $12B in emergency relief amid tariff disputes

(Newser) - President Trump showed off a new campaign hat on Monday—it's green with yellow letters, reminiscent of the John Deere logo, and it reads "Make Our Farmers Great Again," notes Politico . (See Agriculture Secretary Sonny Perdue sporting one here .) The message is a calculated one as... More »

US Just Ramped Up Trade War With China

White House announces another $200B in products to be hit with tariffs

(Newser) - The US-China trade war is here—and it's escalating rapidly. US authorities rolled out a list Tuesday of some $200 billion in Chinese goods that could be hit with 10% tariffs by September, Deutsche Welle reports. The list of more than 6,000 product lines includes food products and... More »

US Ship With Soybeans Raced the Clock Toward China

But 'Peak Pegasus' appears to have fallen just short, as tariffs go into effect

(Newser) - Trade disputes generally don't lend themselves to exciting visuals, but the new one between the US and China might be an exception. As the deadline neared for new penalties to take effect, a ship laden with US soybeans raced toward the Chinese port of Dalian, capturing the attention of... More »

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