Trump says he told TSMC it would pay 100% tax if it doesn’t build in US
President Donald Trump on Tuesday said he told the Taiwan Semiconductor Manufacturing Company it would pay a tax of up to 100 percent if it didn’t build its plants in the United States Speaking to an event at the Republican…
US to ‘take back’ Panama Canal from Chinese influence, visiting Pentagon chief says
PANAMA CITY -The United States will “take back” the Panama Canal from Chinese influence, U.S. Defense Secretary Pete Hegseth said on Tuesday during a visit to the Central American nation. After talks with Panama’s government, Hegseth vowed to deepen security…
Analysis-Sharp US bond selloff revives flashbacks of COVID-era ‘dash-for-cash’
NEW YORK – A violent U.S. Treasury selloff, evoking the COVID-era “dash for cash,” has reignited fears of fragility in the world’s biggest bond market. The $29-trillion Treasury market had surged in recent weeks as investors dumped stocks for the…
UK bill aims to speed debt restructuring for poor countries
LONDON – A British lawmaker has introduced a private member’s bill that would set new rules around debt restructurings in a push to speed up negotiations for poor countries struggling with unsustainable debt. Bambos Charalambous, who introduced the bill late…
Stocks slide in Asia as recession fears pummel sentiment, oil hits 4-yr lows
SYDNEY – Stocks in Asia extended a slide on Wall Street on Wednesday as President Donald Trump looked set to press ahead with whopping 104% tariffs on Chinese goods, pummelling oil prices to four-year lows as global recession fears gripped…
Exclusive-China to hold high-level meeting in response to US tariffs, say sources
China’s top leaders plan to convene a meeting as early as Wednesday to discuss measures to boost the economy and stabilise the capital markets, people with knowledge of the matter said, amid an escalating trade war with the U.S. The…
China vows resolute measures as Trump’s 104% tariffs kick in
BEIJING – China on Wednesday vowed to take resolute and effective measures to safeguard its rights and interests, after U.S. President Donald Trump’s 104% duties on Chinese imports kicked in. “The U.S. continues to abuse tariffs to pressure China, China…
U.S. tariffs to lead Spain’s Central Bank to lower economic growth forecasts
MADRID – The impact of U.S. tariffs on Spain will lead the Bank of Spain to revise down its growth forecasts, Spain’s central bank governor and European Central Bank’s policymaker Jose Luis Escriva said on Wednesday.
China’s car sales rise 14.4% year on year in March
BEIJING -China’s car sales rose 14.4% in March from a year earlier, as government-subsidised trade-ins bolstered demand for electric vehicles and plug-in hybrids, despite deepening deflationary pressures in the world’s largest auto market. Passenger vehicle sales hit 1.97 million units…
US 30-year mortgage rate dropped last week, applications surged
The interest rate for the most popular U.S. home loan dropped to 6.61% last week, the lowest rate since October, giving a boost to mortgage applications even as global stocks tumbled in the wake of President Donald Trump’s decision to…
Tariff turmoil leaves investors with few hiding places
LONDON – Investors are dumping U.S. assets they usually favour in times of turmoil as fear over the economic impact of U.S. President Donald Trump’s reciprocal tariffs shakes confidence in traditional safe-havens. The dollar and U.S. Treasuries have taken a…
Amazon considers $15 billion warehouse expansion plan, Bloomberg News reports
Amazon.com is considering a $15 billion warehouse expansion plan for about 80 new logistics facilities in U.S. cities and rural areas, Bloomberg News reported on Wednesday, citing people familiar with the matter. The company is asking potential capital partners to…
US intelligence agency warns China is trying to recruit government employees
WASHINGTON – The U.S. warned on Tuesday that Chinese intelligence is using deceptive methods to target current and former U.S. government employees for recruitment. The warning from the National Counterintelligence and Security Center comes amid mass federal firings led by…
US lawmakers spar over food aid program facing uncertainty
Lawmakers clashed over the future of the nation’s largest food aid program during U.S. House and Senate Agriculture Committee hearings on Tuesday, previewing a partisan fight over the issue in farm bill negotiations. The conflict over potential cuts to the…
US Justice Dept disbands crypto enforcement team, citing Trump order
WASHINGTON – The U.S. Justice Department is disbanding its National Cryptocurrency Enforcement Team and ordering prosecutors to narrow crypto investigations to focus on drug cartels and terrorist groups, according to a memo seen by Reuters. The memo from Deputy Attorney…
European shares plunge as Trump’s reciprocal tariffs kick in
European shares fell on Wednesday as steep U.S. reciprocal tariffs kicked in, exacerbating fears over the economic damage caused by the trade war that even spread to the bond market. The pan-European STOXX 600 slumped 2.5% at 0711 GMT, as…
China says it does not want trade war but will fight U.S. tariff hikes
BEIJING – China does not want a trade war with the United States but will be compelled to take the fight to the world’s No.1 economy if President Donald Trump continues to ramp up trade tensions, its commerce ministry said…
Head of France’s Medef business lobby worried about recession risk from U.S. tariffs
PARIS – The head of France’s Medef business lobby group warned on Wednesday that U.S. tariffs, that are deepening a global trade war, could hit economic growth and lead to a recession. “Of course I am worried,” Patrick Martin told…
US company resurrects the extinct dire wolf, or some version of it
WASHINGTON – The dire wolf was one of the most formidable predators in the Americas during the last Ice Age, possessing a body more stout and a skull more robust than those of modern wolves. The species went extinct along…
Costco had ‘productive’ talks on Republican push to end diversity policies, Iowa AG says
NEW YORK – Costco has had productive discussions with Iowa Attorney General Brenna Bird over the retailer’s diversity policies amid a legal onslaught against those programs launched by President Donald Trump, according to Bird’s office and another person familiar with…
Stocks, oil fall as US-China tariff war escalates
NEW YORK – Major stock indexes fell on Tuesday as the trade war between the United States and China intensified, while oil prices and the U.S. dollar also eased. The United States said 104% duties on imports from China will…
Trump trade rep sees no change on tariff tactics, says some business pain is necessary
WASHINGTON -U.S. Trade Representative Jamieson Greer told U.S. senators on Tuesday that President Donald Trump’s administration will not change tactics on tariffs in the near term and warned that some pain for businesses will be necessary to bring home manufacturing…
Universal Studios to open first European theme park near London
LONDON -U.S. media giant Comcast Corp will build its first Universal theme park and resort in Europe in Bedford, north of London, opening in 2031, the British government said on Wednesday. The park will create 20,000 jobs during construction and…
In China, whispers of change as some companies tell staff to work less
HONG KONG/BEIJING – A handful of major Chinese companies like home appliance maker Midea have new badges of honour this year: mandatory clock-off times for staff and bans on after-hours meetings. Staff at Midea once toiled till late in the…
South Korea announces emergency measures for auto industry hit by US tariffs
SEOUL – South Korea on Wednesday announced emergency support measures for its auto sector, seeking to reduce the blow of U.S. President Donald Trump’s tariffs on a sector that has seen years of sharply rising exports to the United States….
How the oil price plunge complicates Saudi Arabia’s economic agenda
DUBAI -Saudi Arabia, with its wealth linked inextricably to oil revenue, faces mounting pressure to raise debt or cut spending after a plunge in crude prices, complicating plans to fund an ambitious agenda to diversify its economy. Oil prices have…
Trump says US will soon announce tariffs on pharmaceutical imports
President Donald Trump on Tuesday said the U.S. will soon announce a “major” tariff on pharmaceutical imports. Speaking to an event at the National Republican Congressional Committee, Trump said the tariff will incentivize drug companies to move their operations to…
Oil slides nearly 4% as US kicks off 104% tariffs on China
SINGAPORE – Oil prices dropped to their lowest in more than four years in early trade on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world’s two biggest economies, and a…
US freezes funding for Cornell, Northwestern University in latest crackdown
WASHINGTON -The Trump administration has frozen over $1 billion in funding for Cornell University and $790 million for Northwestern University while it investigates both schools over civil rights violations, a U.S. official said on Tuesday. The funding being paused includes…
Trump signs executive orders to boost US coal as power demand rises
WASHINGTON -U.S. President Donald Trump signed executive orders on Tuesday that aim to boost coal production in his latest action that runs counter to global efforts to curb carbon emissions. Coal-burning plants generate less than 20% of U.S. electricity, a…