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Global stocks were mixed Friday as President Donald Trump’s unpredictable tariff tinkering weighed down sentiment even as Wall Street stocks shot higher following reassuring comments from the head of the Federal Reserve.After a down day in Europe, US stocks looked poised for another rocky round following mixed employment data.Briefing.com analyst Patrick O’Hare said investors were reassured by a midday appearance from Fed Chair Jerome Powell, who said the US central bank is in no hurry to shift course on monetary policy.”When Powell came out with a calm and reassuring tone, it gave the market an excuse to rally,” O’Hare said.All three major US indices finished the day in positive territory.The broad-based S&P 500 finished at 5,770.20, up 0.6 percent for the day but down 3.1 percent for the week.Earlier, US jobs data for February showed the country’s economy added 151,000 jobs last month, up from January’s revised 125,000 figure, but fewer than analysts estimates as unemployment ticked higher.Analysts described the report as unspectacular but good enough to suggest the labor market is not weakening precipitously.But global markets have been unnerved by Trump’s gyrations on trade policy.”US President Trump’s bewildering tariff policy is creating heightened uncertainty and investor concern with hedge funds having liquidated global equity positions at the fastest rate on record,” noted Axel Rudolph, senior technical analyst at online trading platform IG. London finished flat, but in Frankfurt the DAX closed 1.8 percent down, and France’s CAC 40 lost 1.0 percent.Trump caused disarray on trading floors after he announced Thursday he would delay tariffs on Canadian and Mexican goods covered under a North American trade agreement until April 2, days after they had taken effect following a previous delay.The decision came after a similar one-month reprieve for automakers following talks with Ford, General Motors and Jeep owner Stellantis.But Trump has said he will not modify broad tariffs for steel and aluminium imports, due to take effect next week, while China was hit with 20-percent tariffs earlier this week.”Even though Donald Trump has made more goods exempt from tariffs on Canada and Mexico, it’s the constant tinkering that’s upset investors,” noted AJ Bell investment director Russ Mould.”The fact Trump keeps changing his mind confuses matters as companies have no idea what’s going on from one day to the next,” he added.Japan’s Nikkei shares index led losses in Asia, closing down more than two percent.Chinese markets, which had been riding a wave of stimulus-induced optimism, ended the week modestly lower.Elsewhere, bitcoin plunged as much as 5.7 percent before rallying slightly after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.- Key figures around 2130 GMT -New York – Dow: UP 0.5 percent at 42,801.72 (close)New York – S&P 500: UP 0.6 percent at 5,770.20 (close)New York – Nasdaq: UP 0.7 percent at 18,196.22 (close)London – FTSE 100: FLAT at 8,679.88 (close)Paris – CAC 40: DOWN 1.0 percent at 8,120.80 (close)Frankfurt – DAX: DOWN 1.8 percent at 23,008.94 (close)Tokyo – Nikkei 225: DOWN 2.2 percent at 36,887.17 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,238 (close)Shanghai – Composite: DOWN 0.3 percent at 3,372.55 (close)Euro/dollar: UP at 1.0844 from 1.0785 on ThursdayPound/dollar: UP at 1.2925 from 1.2882Dollar/yen: DOWN 147.97 from 147.98Euro/pound: UP at 83.87 pence from 83.72 penceBrent North Sea Crude: UP 1.3 percent at 70.36 per barrelWest Texas Intermediate: UP 1.0 percent at $67.04 per barrel

World stock markets were mired in the red on Friday as investors digested a US jobs report and President Donald Trump’s unpredictable tariff tinkering.Wall Street started off positively, if gingerly, but soon fell back with the tech-heavy Nasdaq off 1.2 percent some two hours in while the broad-based S&P 500 gave up almost one percent. The Dow was down 0.7 percent.London just about held the line but in Frankfurt the DAX closed 1.75 percent down and France’s CAC 40 lost 1.0 percent.”US President Trump’s bewildering tariff policy is creating heightened uncertainty and investor concern with hedge funds having liquidated global equity positions at the fastest rate on record,” noted Axel Rudolph, senior technical analyst at online trading platform IG. On the currency markets, the euro was set for its best week in more than a decade but the dollar was set to make it five straight weeks of losses after latest data showed the US economy added fewer jobs than expected as Federal government employment declined.Trump caused disarray on trading floors after he announced Thursday he would delay tariffs on Canadian and Mexican goods covered under a North American trade agreement until April 2, days after they had taken effect following a previous delay.The decision followed a similar one-month reprieve for automakers following talks with Ford, General Motors and Jeep owner Stellantis.But Trump has said he will not modify broad tariffs for steel and aluminium imports due to take effect next week, while China was hit with 20-percent tariffs earlier this week.”Even though Donald Trump has made more goods exempt from tariffs on Canada and Mexico, it’s the constant tinkering that’s upset investors,” noted AJ Bell investment director Russ Mould.”The fact Trump keeps changing his mind confuses matters as companies have no idea what’s going on from one day to the next,” he added.The US jobs data showed the economy adding 151,000 jobs last month, up from January’s revised 125,000 figure but fewer than expected by analysts.The unemployment rate ticked up to 4.1 percent from 4.0 percent.The report paints a picture of the employment market in the first full month since Trump returned to the White House in January, amid growing blowback over unprecedented cuts to the US government spearheaded by his billionaire adviser Elon Musk.”Given the headlines around federal employment and worries about the economy, today’s jobs report was a huge focus for investors,” said Bret Kenwell, US investment analyst at eToro trading platform.”Until there’s more clarity around the current trade war and reassurance around the economy, a ‘risk-off’ mood can linger on Wall Street,” he said.In Europe, a planned spike in Germany’s defence and infrastructure spending was fuelling inflation concerns and putting pressure on the European Central Bank to pause cuts to interest rates.The ECB on Thursday reduced borrowing costs for the sixth time since June amid a struggling eurozone economy — though official data Friday showed it grew by 0.9 percent last year, higher than thought.Japan’s Nikkei shares index led losses in Asia, closing down more than two percent.Chinese markets, which had been riding a wave of stimulus-induced optimism, ended the week modestly lower.Elsewhere, bitcoin plunged as much as 5.7 percent before rallying slightly after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.- Key figures around 1655 GMT -New York – Dow: DOWN 0.7 percent at 42,301.25 pointsNew York – S&P 500: DOWN 1.1 percent at 5,688.09New York – Nasdaq: DOWN 1.2 percent at 17,853.50London – FTSE 100: FLAT at 8,679.88 (close)Paris – CAC 40: DOWN 1.0 percent at 8,120.80 (close)Frankfurt – DAX: DOWN 1.8 percent at 23,008.94 (close)Tokyo – Nikkei 225: DOWN 2.2 percent at 36,887.17 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,238 (close)Shanghai – Composite: DOWN 0.3 percent at 3,372.55 (close)Euro/dollar: UP at 1.0857 from 1.0787 on ThursdayPound/dollar: UP at 1.2914 from 1.2882Dollar/yen: DOWN 147.07 from 147.97Euro/pound: UP at 84.08 pence from 83.72 penceBrent North Sea Crude: UP 1.6 percent at 70.59 per barrelWest Texas Intermediate: UP 1.5 percent at $67.35 per barrel

US stock markets rose but European shares mostly fell on Friday as investors digested a jobs report and President Donald Trump’s unpredictable trade policies.The Dow, the tech-heavy Nasdaq and the broad-based S&P 500 moved into positive territory after opening in the red.Trump caused more disarray on trading floors after he announced on Thursday that he would delay tariffs on Canadian and Mexican goods covered under a North American trade agreement until April 2, days after they had taken effect following a previous delay.The decision followed a similar one-month reprieve for automakers following talks with Ford, General Motors and Jeep owner Stellantis.But Trump has said he will not modify broad tariffs for steel and aluminium imports due to take effect next week, while China was hit with 20-percent tariffs earlier this week.”Even though Donald Trump has made more goods exempt from tariffs on Canada and Mexico, it’s the constant tinkering that’s upset investors,” noted AJ Bell investment director Russ Mould.”The fact Trump keeps changing his mind confuses matters as companies have no idea what’s going on from one day to the next,” he added.Investors were also reacting to official data showing the United States added 151,000 jobs last month, up from January’s revised 125,000 figure but fewer than expected by analysts.The unemployment rate ticked up to 4.1 percent from 4.0 percent.The report paints a picture of the employment market in the first full month since Trump returned to the White House in January, amid growing blowback over unprecedented cuts to the US government spearheaded by his billionaire adviser Elon Musk.”Given the headlines around federal employment and worries about the economy, today’s jobs report was a huge focus for investors,” said Bret Kenwell, US investment analyst at eToro trading platform.”Until there’s more clarity around the current trade war and reassurance around the economy, a ‘risk-off’ mood can linger on Wall Street,” he said.Eurozone stock markets were down in afternoon deals but London was flat.The euro continued to win strong support as a planned spike in Germany’s defence and infrastructure spending fuels inflation concerns and puts pressure on the European Central Bank to pause cuts to interest rates.The ECB on Thursday reduced borrowing costs for the sixth time since June amid a struggling eurozone economy.There was brighter news Friday, however, as official data showed the eurozone economy grew by 0.9 percent last year, higher than thought.German stocks receded Friday after data showed that Germany’s industrial orders in January posted their biggest monthly fall in a year.Japan’s Nikkei shares index led losses in Asia, closing down more than two percent.Chinese markets, which had been riding a wave of stimulus-induced optimism, ended the week modestly lower.Chinese stocks had jumped earlier in the week after Beijing announced a growth target of around five percent at its annual meeting of the National People’s Congress.China has vowed to make domestic demand its main economic driver despite facing persistent economic headwinds and an escalating trade war with the United States.Elsewhere, bitcoin plunged as much as 5.7 percent after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.The unit recovered somewhat to trade down around one percent lower at about $89,000. – Key figures around 1455 GMT -New York – Dow: UP 0.3 percent at 42,716.39 pointsNew York – S&P 500: UP 0.6 percent at 5,770.37New York – Nasdaq: UP 0.9 percent at 18,227.24London – FTSE 100: FLAT at 8,685.64Paris – CAC 40: DOWN 1.1 percent at 8,109.96Frankfurt – DAX: DOWN 1.5 percent at 23,062.77Tokyo – Nikkei 225: DOWN 2.2 percent at 36,887.17 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,238 (close)Shanghai – Composite: DOWN 0.3 percent at 3,372.55 (close)Euro/dollar: UP at 1.0856 from 1.0787 on ThursdayPound/dollar: UP at 1.2917 from 1.2882Dollar/yen: DOWN 147.48 from 147.97Euro/pound: UP at 84.02 pence from 83.72 penceBrent North Sea Crude: UP 2.2 percent at 70.96 per barrelWest Texas Intermediate: UP 2.2 percent at $67.80 per barrel

Australian casino operator Star Entertainment said Friday it has reached an agreement to sell its stake in a major resort in return for a cash lifeline to stay afloat.Shares in the group, which employs more than 8,000 people, have been suspended from trading since March 3 after it failed to post half-year financial results citing liquidity woes.Star’s business — including casinos, bars, restaurants and hotels at resorts in Sydney, Brisbane and the Gold Coast — has been hovering close to entering administration.The firm said Friday evening it had reached a binding heads of agreement with two Hong Kong-based joint venture partners — Chow Tai Fook and Far East Consortium — to get much-needed liquidity.Under the deal, Star will relinquish its 50-percent stake in the Brisbane casino resort to its partners while gaining full ownership of the Gold Coast operations, it said in a statement to the Australian Securities Exchange.The deal provided the troubled group with an upfront cash payment of Aus$53 million (US$33 million), with Aus$35 million of that already received Friday. “The Star intends to use these proceeds for short-term liquidity purposes as it seeks to implement other liquidity initiatives,” the company said.The agreement was subject to various conditions including gaining regulatory approval.Star said it had separately signed a financing commitment for a bridge facility of Aus$250 million with investment firm King Street Capital, and it was also negotiating a larger debt refinancing proposal with a potential lender.The casino firm last traded at Aus$0.11 a share with a market capitalisation of Aus$316 million — a far cry from its Aus$5 billion-plus value of seven years ago. Its finances were squeezed by the cost of developing the Brisbane resort, the threat of an anti-money laundering fine, and stricter regulation in the industry, according to the Australian Financial Review.The company has previously been accused of not adequately policing criminal infiltration and doing little to vet the sources of money coming into the business. 

Global stock markets tumbled and the dollar retreated Friday as uncertainty over US President Donald Trump’s trade policies roiled markets and traders awaited key US jobs data.Bitcoin plunged as much as 5.7 percent after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.The unit recovered somewhat to trade down around one percent lower. European and Asian equities were in the red despite Trump’s move Thursday to delay tariffs on Canadian and Mexican goods covered under a North American trade agreement until April 2.The halt offers temporary relief to automakers.But Trump has said he will not modify broad tariffs for steel and aluminium imports, which are due to take effect next week.”Even though Donald Trump has made more goods exempt from tariffs on Canada and Mexico, it’s the constant tinkering that’s upset investors,” noted AJ Bell investment director Russ Mould.”The fact Trump keeps changing his mind confuses matters as companies have no idea what’s going on from one day to the next,” he added.The euro continued to win strong support as a planned spike in Germany’s defence and infrastructure spending fuels inflation concerns and puts pressure on the European Central Bank to pause cuts to interest rates.The ECB on Thursday reduced borrowing costs for a fifth meeting in a row amid a struggling eurozone economy.There was brighter news Friday, however, as official data showed the eurozone economy grew by 0.9 percent last year, higher than thought.German stocks receded Friday after data showed that Germany’s industrial orders in January posted their biggest monthly fall in a year.Investors were awaiting Friday’s US jobs report for February, a key indicator of the health of the world’s largest economy. Weekly jobless claims figures released Thursday were better than expected, while Wednesday’s private payroll report from ADP lagged estimates.”Today’s US jobs report wraps up a week that has brought plenty of concern around the jobs market,” said Joshua Mahony, chief market analyst at Scope Markets.He added that tariff threats and federal cutbacks are “adding up to provide a picture of economic weakness”.Japan’s Nikkei shares index led losses in Asia, closing down more than two percent.Chinese markets, which had been riding a wave of stimulus-induced optimism, ended the week modestly lower.  Chinese stocks had jumped earlier in the week after Beijing announced a growth target of around five percent at its annual meeting of the National People’s Congress.China has vowed to make domestic demand its main economic driver despite facing persistent economic headwinds and an escalating trade war with the United States.Foreign Minister Wang Yi on Friday warned that Beijing will “firmly counter” US pressure on trade.”China-US economic and trade ties are mutual. If you choose to cooperate, you can achieve mutually beneficial and win-win results. If you use only pressure, China will firmly counter,” he said.- Key figures around 1045 GMT -London – FTSE 100: DOWN 0.5 percent at 8,640.01 pointsParis – CAC 40: DOWN 1.0 percent at 8,112.97Frankfurt – DAX: DOWN 1.6 percent at 23,042.73Tokyo – Nikkei 225: DOWN 2.2 percent at 36,887.17 (close)Hong Kong – Hang Seng Index: DOWN 0.6 percent at 24,238 (close)Shanghai – Composite: DOWN 0.3 percent at 3,372.55 (close)New York – Dow: DOWN 1.0 percent at 42,579.08 (close)Euro/dollar: UP at 1.0865 from 1.0787 on ThursdayPound/dollar: UP at 1.2925 from 1.2882Dollar/yen: DOWN 147.51 from 147.97Euro/pound: UP at 84.06 pence from 83.72 penceBrent North Sea Crude: UP 1.5 percent at 70.45 per barrelWest Texas Intermediate: UP 1.4 percent at $67.28 per barrel

Britain and Japan stressed the importance of free trade in talks in Tokyo on Friday amid an escalating battle of tit-for-tat tariffs between the United States and other countries under President Donald Trump.”It’s crucial that we counter the increasing trade fragmentation that is damaging the global economy, and that we stand up for fair rules-based international trade,” Britain’s Trade Secretary Jonathan Reynolds said.”That is why the UK and Japan have agreed to enhance our economic security partnership. Our close relationship means that we can be important partners for each other on this. In fact, at this time we must be,” Reynolds told reporters.The comments followed Japan and Britain’s first “2+2” talks between Reynolds and Japanese Trade and Industry Minister Yoji Muto, and the foreign ministers of the world number four and six economies, David Lammy and Takeshi Iwaya.Muto echoed that Japan and Britain “reaffirmed the importance of maintaining free trade and working with allies to strengthen supply chains, ensure a fair playing field and responding to overcapacity and economic pressures.”Lammy said that the talks “really reinforced the value of cross-cutting discussions between the four of us. Our shared interests in a state, international system and rules-based trade is absolutely clear and fundamental.”Muto is arranging a trip to Washington during which he will reportedly demand an exemption from imminent US tariffs on steel and aluminium.Trump has said 25-percent steel and aluminium tariffs will be imposed on Wednesday next week, without exceptions.Trump has also threatened to impose tariffs of around 25 percent on auto imports. Vehicles represented nearly a third of all Japan’s exports to the United States last year.After hosting British Prime Minister Keir Starmer at the White House last month, Trump signalled the potential for a “great” post-Brexit trade accord, something which could help Britain avoid US tariffs.

Sri Lanka signed a deal with Japan Friday to restructure $2.5 billion in loans, marking the first agreement with bilateral creditors who had pledged debt relief to the cash-strapped nation last year.Japan said it was granting concessions on a 369.45 billion yen ($2.5 billion) loan under a comprehensive debt treatment plan, which the International Monetary Fund considers essential for Sri Lanka’s economic recovery.”The development of Sri Lanka, which is located at a strategic point in the Indian Ocean, is essential for the stability and prosperity of the entire Indo-Pacific region,” the Japanese foreign ministry said in a statement.”Japan intends to further contribute to the sustainable development of Sri Lanka.”Colombo’s finance ministry said Tokyo had played a “pivotal role” in helping Sri Lanka restructure its debt.”Its leadership, commitment, and constructive engagement have been instrumental in helping Sri Lanka navigate the challenges of economic recovery,” the ministry said in a statement.Sri Lanka announced last June that it had reached an understanding with all its bilateral lenders to delay repayments until 2028.Formal agreements were delayed due to protracted negotiations, making Friday’s deal with Japan the first with an official creditor of the South Asian nation.China remains Sri Lanka’s largest bilateral lender, accounting for $4.66 billion of the $10.58 billion borrowed from other nations. Japan is the second-largest lender, with just over $2.5 billion in loans.The government of leftist President Anura Kumara Dissanayake, which came to power in September, had hoped to finalise debt deals before the end of last year.The island nation defaulted on its $46 billion external debt in April 2022 after running out of foreign exchange to finance even the most essential imports, such as food and fuel.Its economy has since recovered following an IMF rescue package and the implementation of austerity measures aimed at repairing the government’s ruined finances.In November, Dissanayake announced that Sri Lanka would honour a deal secured by his predecessor to restructure $12.55 billion in international sovereign bonds, a key condition for maintaining the $2.9 billion, four-year IMF bailout loan.A majority of private creditors to the South Asian nation agreed in September to a 27 percent haircut on their loans.As part of the agreement reached in September and ratified by the new administration, bondholders will also take an 11 percent haircut on overdue interest payments.Sri Lanka secured its IMF bailout in 2023 after doubling taxes, withdrawing energy subsidies, and raising the prices of essential goods to shore up state revenue.The new government has vowed to keep up the reforms in line with the IMF bailout. 

Asian stocks tumbled Friday following a tough day on Wall Street as uncertainty over US President Donald Trump’s trade policies roiled markets and traders awaited key US jobs data.Bitcoin plunged as much as 5.7 percent after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.The unit recovered somewhat and was trading down 1.78 percent shortly before 0900 GMT. Major indices in Asia were in the red despite Trump’s move Thursday to delay some tariffs targeting Canada and Mexico. The halt — which will last until April 2 — offers temporary relief to automakers.But Trump has said he will not modify broad tariffs for steel and aluminium imports, which are due to take effect next week.”Confusion reigns around the Trump Administration policy agenda,” said Chris Weston, head of research at Pepperstone.Despite the latest tariff pause, “the lack of consistency to hold policy firm further limits the visibility US businesses have to position margins and to make strategic planning decisions”, said Weston.Japan’s Nikkei index closed down 2.17 percent while shares in South Korea and Australia also fell, with Sydney off 1.81 percent.Chinese markets, which had been riding a wave of stimulus-induced optimism, were modestly lower on Friday.  London, Paris and Frankfurt all were down.Chinese stocks jumped after Beijing announced a growth target of around five percent at its annual meeting of the National People’s Congress on Wednesday.China has vowed to make domestic demand its main economic driver despite facing persistent economic headwinds and an escalating trade war with the United States.Foreign Minister Wang Yi warned on Friday that Beijing will “firmly counter” US pressure on trade.”China-US economic and trade ties are mutual. If you choose to cooperate, you can achieve mutually beneficial and win-win results. If you use only pressure, China will firmly counter,” he said.Traders were looking ahead to Friday’s US jobs report for February, a key indicator of economic health. Weekly jobless claims figures released Thursday were better than expected, while Wednesday’s private payroll report from ADP lagged estimates.- Key figures around 0900 GMT -Tokyo – Nikkei 225: DOWN 2.17 percent at 36,887.17 (close)Hong Kong – Hang Seng Index: DOWN 0.57 percent at 24,238 (close)Shanghai – Composite: DOWN 0.25 percent at 3,372.55 (close)Euro/dollar: UP at 1.0850 from 1.0826  Pound/dollar: UP at 1.2924 from 1.2898 Dollar/yen: DOWN 147.21 from 147.53 Euro/pound: UP at 83.95 pence from 83.72 penceBrent North Sea Crude: UP 1.15 percent at 70.26 per barrelWest Texas Intermediate: UP 1.19 percent at $67.15 per barrelNew York – Dow: DOWN 1.0 percent at 42,579.08 (close)London – FTSE 100: DOWN 0.4 percent at 8,648.03

China’s retaliatory tariffs against US farm produce from corn to chicken are designed to hurt Donald Trump’s voter base, analysts say, but remain restrained enough to allow room for the adversaries to hash out a trade deal.Since taking office in January, Trump has unleashed a storm of tariffs against friends and foes alike, this week hiking blanket duties on Chinese products, adding to a plethora of existing levies.Beijing swiftly responded with countermeasures targeting imports of American farm products — many of which are produced in the rural heartlands that voted resoundingly for Trump in the November election.The Chinese tariffs “are being calibrated to hit Trump where it hurts –- in the agricultural red states that voted him in”, said Even Pay, an agriculture analyst at Trivium China, a policy research firm.”These responses are also being rolled out rapidly… (indicating) officials in Beijing already have a game plan and likely have an extensive menu of potential targets,” she told AFP.China imported $29 billion of US farm produce in 2023, more than any other country, according to the US Department of Agriculture (USDA).From Monday, Beijing will impose on top of existing tariffs an additional 10-15 percent on several US farm products.US chicken, wheat, corn and cotton will be levied the higher charge while soybeans, sorghum, pork, beef, aquatic products, fruit, vegetables and dairy will be subject to the slightly lower rate. – Red state pain -The countermeasures appear likely to cause more economic pain in Republican areas than Democrat ones, research indicates.A previous round of retaliatory tariffs that Beijing levied last month on imports of American energy, automotive and machinery products could affect up to 700,000 jobs, according to the Brookings Institution, a non-partisan US think tank.Nearly two-thirds of them are located in counties that voted for Trump at the last election, the analysis published in February concluded.An AFP breakdown also found that many of the jobs most likely to bear the brunt of Tuesday’s new levies seem to cluster in Republican strongholds.In the state of Illinois, won by Democratic challenger Kamala Harris in November, five of the country’s biggest soybean-producing counties still swung decisively for Trump.Widely used in animal feed, soybeans were the biggest US farm export to China in 2023, according to USDA data.The main soybean industry group this week repeated longstanding opposition to tariffs and warned of catastrophic consequences for farmers.And while Trump paid farmers subsidies to offset the pain of his first trade war, “this time around… the expense will be too large”, said Phillip Braun, clinical professor of finance at Northwestern University’s Kellogg School of Management.- Path to a deal? -Wu Xinbo, professor and dean of the Institute of International Studies at Shanghai’s Fudan University, said the measures would turn up the political heat on Trump by squeezing US exports and worsening inflation.In the longer term, he said, “it will have an unfavourable impact on the Republicans in next year’s midterm elections”.But some research suggests that the impact of tariffs on red states may not be enough to turn Republican voters off Trump.The US leader’s first trade war with China in 2018 and 2019 also brought economic hardship to America’s southern and midwestern heartlands, according to a study published in January by the National Bureau of Economic Research, a non-partisan US think tank.But voters there still ended up more likely to vote Trump in the 2020 election, when he lost to Democrat Joe Biden, the report found.Despite a mixed record, Trump’s “commitment to tariffs and reinvigorating manufacturing… is strongly supported by his base”, said Drew Thompson, a senior fellow at the S. Rajaratnam School of International Studies at Singapore’s Nanyang Technological University.”The more combative China gets, the more his base will support him,” Thompson told AFP.China’s foreign minister Wang Yi on Friday vowed to “firmly counter” trade pressure from Washington.That came the same day that data showed China’s exports grew slower than expected in the first two months of the year — hinting at further pain to come.But experts said Beijing had so far exercised restraint compared to Trump’s all-encompassing levies.The limited response was “due to the gap in means, strength and flexibility” relative to the US, said Shi Yinhong, an international relations professor at Peking University who has advised the Chinese government.But Susan Shirk, director emeritus of the 21st Century China Center at the University of California, San Diego, said it also showed Beijing hoped to talk through its trade problems with Washington.Beijing has “done nothing to preclude the possibility of negotiating a deal, which is the path they much prefer”, Shirk told AFP.

Indonesia approved local certificates for more than a dozen Apple products on Friday, the industry ministry said, moving the tech giant a step closer to having a ban lifted on iPhone sales in Southeast Asia’s biggest economy.Apple struck a deal with Indonesia last month to invest in the country of 280 million after months of deadlock over the tech titan’s failure to meet regulations requiring phones to be built with at least 40 percent of components made locally. “We have issued local content requirement certificates for 20 Apple products,” Industry Ministry spokesperson Febri Hendri Antoni Arief said in a statement. It did not specify the products that were certified, but local media reported they included the latest iPhone 16 model.Apple now needs to obtain a series of certificates and approvals from various ministries, the statement said.Jakarta rejected a $100 million investment proposal from Apple in November, saying it lacked the “fairness” required by the government. Apple later agreed to invest $150 million in building two facilities — one in Bandung in West Java province to produce accessories, and another in Batam for AirTags.Industry Minister Agus Gumiwang Kartasasmita said last month that Apple had also committed to building a semiconductor research and development centre in Indonesia, calling it a “first of its kind in Asia”.Despite the ban on iPhone sales in Indonesia, the government had allowed the devices to be brought in if they were not being traded commercially. Indonesia has also banned the sale of Google Pixel phones for failing to meet the 40 percent local parts requirement.