Afp Business Asia

President Donald Trump unveiled new tariffs Thursday on nearly 70 countries — including a blistering 35 percent on neighbor Canada — as he seeks to reshape global trade to benefit the US economy.However, in a minor reprieve that opens the door to further negotiations, the White House said the measures will take effect in a week for most countries, not Friday as previously expected.The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports.But the muscular approach has raised fears of inflation and other economic fallout in the world’s biggest economy.Trump raised duties on nearly 70 economies, from a current 10 percent level imposed in April when he unleashed “reciprocal” tariffs citing unfair trade practices.The new, steeper levels listed in an executive order vary by trading partner and go as high as 41 percent.Any goods “transshipped” through other jurisdictions to avoid US duties would be hit with an additional 40-percent tariff, the order said.The American leader separately hiked tariffs on Canadian goods from 25 percent to 35 percent — starting Friday.He had warned of trade consequences for Canada after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.Trump’s order cited Canada’s failure to “cooperate in curbing the ongoing flood of fentanyl and other illicit drugs” as well as its “retaliation” against his measures.Carney said his government was “disappointed” with the hike, citing its efforts to crack down on fentanyl and increase border security.- ‘Tears up’ rule book -Trump gave more time to neighbor and major trading partner Mexico, delaying for 90 days a threat to increase tariffs from 25 percent to 30 percent, after holding talks with President Claudia Sheinbaum.Exemptions remain, however, for a wide range of Canadian and Mexican goods entering the United States under a North American trade pact.With questions hanging over the effectiveness of bilateral trade deals already struck — including with the European Union and Japan — the outcome of Trump’s overall plan remained uncertain.”No doubt about it — the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,” said Wendy Cutler, senior vice president of the Asia Society Policy Institute.”Whether our partners can preserve it without the United States is an open question,” she added.Beijing warned that US protectionism “harms the interests of all parties”.”The Chinese side’s opposition to tariffs has been consistent and clear,” foreign ministry spokesman Guo Jiakun said, adding: “There is no winner in a tariff war or trade war.”The elevated duties come after Washington twice postponed their implementation amid a frantic series of negotiations, alongside announcements of new duties and deals with partners.The 79-year-old Republican has made tariffs core to his protectionist brand of hard-right politics. On Thursday, he claimed the US economy had “no chance of survival or success” without levies.- Frantic negotiations -But the latest salvo came amid legal challenges against Trump’s use of emergency economic powers. After a lower court said the president exceeded his authority, the US Court of Appeals heard arguments Thursday in cases against the blanket tariffs targeting different countries.While the president has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.Proponents of his policy argue their impact will be one-off, but analysts are awaiting further data to gauge for more persistent effects.Those who managed to strike deals with Washington to avert steeper threatened levies included Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union.Among other tariff levels adjusted in Trump’s latest order, Switzerland now faces a higher 39 percent duty.The tariff on Taiwanese products was revised down to 20 percent from 32 percent, but its President Lai Ching-te vowed to seek an even lower level.In Southeast Asia, Phnom Penh and Bangkok welcomed news that they each face a 19-percent tariff — down from initial threatened levels of 49 percent on Cambodia and 36 percent on Thailand.Britain also reached a pact with the United States, although it was not originally targeted by higher “reciprocal” tariffs.Notably excluded from the drama was China, which faces an August 12 deadline instead, when duties could bounce back to higher levels.Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but both countries have agreed to temporarily lower these duties and are working to extend their truce.

President Donald Trump ordered the reimposition of tariffs on dozens of trading partners Thursday — his cornerstone strategy for reshaping global trade to benefit the US economy.However, in a minor reprieve that opens the door to further negotiations, the White House said these measures will take effect in a week, not Friday as previously expected.The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position while encouraging domestic manufacturing by keeping out foreign imports.But the muscular approach has raised fears of inflation and other economic fallout in the world’s biggest economy.And with questions hanging over the effectiveness of bilateral trade deals already struck — including with the European Union and Japan — the outcome of Trump’s plan remained uncertain.Trump’s new measures in an executive order raises duties on nearly 70 economies, from a current 10 percent level imposed in April when he unleashed “reciprocal” tariffs citing unfair trade practices.The steeper levels, varying by trading partner, go as high as 41 percent.Trump also adjusted some tariff levels threatened in April, with Switzerland now facing a higher 39 percent duty and Thailand a lower 19 percent rate.The tariff on Taiwanese products was revised down to 20 percent, but its President Lai Ching-te vowed to seek an even lower level.Trump separately hiked tariffs on Canadian goods to 35 percent, though indicating in an NBC interview he was open to further talks. Canada and Mexico face a separate tariff regime. But exemptions remain for imports entering the United States under a North American trade pact.”No doubt about it — the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,” said Wendy Cutler, senior vice president of the Asia Society Policy Institute.”Whether our partners can preserve it without the United states is an open question,” she added.- Frantic negotiations -The elevated duties come after Washington twice postponed their implementation amid a frantic series of negotiations, alongside announcements of new duties and deals with partners.Just Thursday, Trump announced he was delaying a tariff hike on Mexican products, keeping levels at 25 percent with existing exemptions. The 90-day postponement followed talks with his counterpart Claudia Sheinbaum.The 79-year-old Republican has made tariffs core to his protectionist brand of hard-right politics. On Thursday, he claimed that the US economy had “no chance of survival or success” without tariffs.But the latest salvo came amid legal challenges against Trump’s use of emergency economic powers. After a lower court said the president exceeded his authority, the US Court of Appeals heard arguments Thursday in cases against Trump’s blanket tariffs targeting different countries.While Trump has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.Proponents of his policy argue their impact will be one-off, but analysts are awaiting further data to gauge for more persistent effects.- China question mark -Those who managed to strike deals with Washington to avert steeper threatened levies were Vietnam, Japan, Indonesia, the Philippines, South Korea and the EU.Britain also reached a pact with the United States, although it was not originally targeted by higher “reciprocal” tariffs.For Canada, transshipped goods to evade its 35 percent duty would face even higher levels, said a White House fact sheet. Its trade ties with Washington faced renewed threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.Trump’s latest order however appeared to raise tariffs on several countries not initially targeted in April — to 15 percent — including Ecuador, Ghana and Iceland.Notably excluded from the drama was China, which faces an August 12 deadline instead, when duties could bounce back to higher levels.Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but both countries have agreed to temporarily lower these duties and are working to extend their truce.

Nvidia chips do not contain “backdoors” allowing remote access, the US tech giant has said, after Beijing summoned company representatives to discuss “serious security issues”.The California-based company is a world-leading producer of AI semiconductors, and this month became the first company to hit $4 trillion in market value.But it has become entangled in trade tensions between China and the United States, and Washington effectively restricts which chips Nvidia can export to China on national security grounds.”Cybersecurity is critically important to us. Nvidia does not have ‘backdoors’ in our chips that would give anyone a remote way to access or control them,” Nvidia said in a statement Thursday.A key issue has been Chinese access to the “H20” — a less powerful version of Nvidia’s AI processing units that the company developed specifically for export to China.Nvidia said this month it would resume H20 sales to China after Washington pledged to remove licensing curbs that had halted exports.But the tech giant still faces obstacles — US lawmakers have proposed plans to require Nvidia and other manufacturers of advanced AI chips to include built-in location tracking capabilities.Beijing’s top internet regulator said Thursday it had summoned Nvidia representatives to discuss recently discovered “serious security issues” involving the H20.The Cyberspace Administration of China said it had asked Nvidia to “explain the security risks of vulnerabilities and backdoors in its H20 chips sold to China and submit relevant supporting materials”.China is aiming to reduce reliance on foreign tech by promoting Huawei’s domestically developed 910C chip as an alternative to the H20, said Jost Wubbeke of the Sinolytics consultancy.”From that perspective, the US decision to allow renewed exports of the H20 to China could be seen as counterproductive, as it might tempt Chinese hyperscalers to revert to the H20, potentially undermining momentum behind the 910C and other domestic alternatives,” he said.Other hurdles to Nvidia’s operations in China are the sputtering economy, beset by a years-long property sector crisis, and heightened trade headwinds under US President Donald Trump.CEO Jensen Huang said during a visit to Beijing this month that the company remained committed to serving local customers, adding that he had been assured during talks with top Chinese officials that the country was “open and stable”.

The clock was counting down Thursday to Donald Trump’s midnight deadline for unleashing fresh tariffs on US imports from dozens of countries — a cornerstone of his economic policy aimed at creating a new world trade order.Even as a US appeals court in Washington heard challenges to the legality of the US president’s strategy, last-gasp negotiations continued with trading partners large and small to secure trade deals and avoid the worst of the sweeping levies.With just hours to go, Trump announced he was extending the deadline for a deal with Mexico — one of the largest US trading partners — by another 90 days, citing the particular complexities of their commercial relationship.White House Press Secretary Karoline Leavitt said Trump would sign an executive order later Thursday to implement his threatened tariffs, but question marks linger over the effectiveness of Trump’s plans — and whether he will really follow through on his most dramatic threats.While Trump has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.Apple chief executive Tim Cook said Thursday US tariffs are expected to cost the iPhone maker $1.1 billion this quarter.Meanwhile, a panel of skeptical US appeals court judges grilled a government lawyer Thursday on the legal basis for Trump’s use of the 1977 International Emergency Economic Powers Act to push his tariff strategy through.Assistant Attorney General Brett Shumate insisted the president enjoyed “broad discretion” in exercising those powers, while a lawyer for the small businesses who brought the case argued that Trump was claiming an authority that “no president has asserted in 200 years.”- Deal or no deal -So far, Washington has announced pacts with Britain, Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union. New rates negotiated were expected to take effect Friday.South Korea squeezed in an agreement on a 15 percent tariff, down from 25 percent that Trump initially threatened.But Trump announced 50 percent tariffs on Brazilian products — although delaying their imposition and allowing key exemptions — as an effort to pressure the country to drop its prosecution of right-wing former president Jair Bolsonaro on coup charges.He also unveiled a 25 percent levy on Indian imports, and warned Canada of trade repercussions for planning to recognize a Palestinian state.And the details of agreements that have been made remain vague.The EU, while having reached a pact, continues seeking a carve-out for its wine industry.Looming over the global economy is also the unresolved trade tussle between the United States and rival China, with the superpowers in talks to maintain a truce after initially imposing triple-digit tariffs on each other.- Canada threat -Washington has yet to strike a deal with neighboring Canada, while Trump said he would maintain 25 percent duties on Mexican imports for now.”We haven’t spoken to Canada today,” Trump said Thursday, adding that Washington has “made a few deals today,” without providing specifics.US-Canada ties came under renewed threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.”That will make it very hard for us to make a Trade Deal with them,” Trump warned on social media.Carney said Wednesday that both countries “may not conclude talks by August 1st.”Goods covered by a North American trade pact have been excluded from Trump’s recent tariffs.Although Mexico and Canada were not originally targeted under Trump’s “reciprocal tariff” plan, he had separately threatened them with the same Friday deadline.The tariff hikes due Friday were announced in April when Trump slapped a 10 percent levy on goods from almost all partners — citing unfair trade practices.This rate was set to rise to varying levels for dozens of economies, but Washington twice postponed their implementation.

Global stocks mostly fell Thursday despite strong earnings from US tech giants Microsoft and Meta as markets girded for a key US tariff deadline.US President Donald Trump has set August 1 as the date when trading partners need to reach agreement with the United States in order to avert major tariffs. While Washington has reached tentative deals with several key countries, dozens of economies –- including key commercial partners like Canada — had yet to secure US tariff accords.Major US indices began the day strongly, with both the S&P 500 and Nasdaq surging above closing highs. But stocks were unable to hold on to gains, with all three indices finishing in the red.Some of the caution was due to a squaring of trading positions ahead of Friday’s jobs data, which could lead to market volatility, said Steve Sosnick of Interactive Brokers.Facebook parent Meta surged 11.3 percent and Microsoft jumped 4 percent after both companies reported strong quarterly results that underscored their strength in artificial intelligence. Microsoft’s valuation topped $4 trillion for part of the day before retreating.”There was no follow through” to the broader market from the strong tech results, Sosnick said.Europe was sluggish, meanwhile, London sliding just into the red by the close while eurozone indices Paris and Frankfurt both lost around one percent.  “As Wall Street braces for a slew of further tech earnings and key economic data releases, volatility looks set to rise — particularly with the looming tariff deadline tomorrow, on 1st August, casting a shadow over sentiment,” said Fawad Razaqzada, market analyst with FOREX.com.Trump said Thursday he would hold off a planned tariff hike on Mexican products and instead keep duties at existing levels for 90 days after speaking with his counterpart Claudia Sheinbaum.After initially greeting trade deals, investors are also reevaluating Trump’s trade agreements, most recently with South Korea, the latest to set a 15 percent tariff on goods. “I think the market has kind of come to grips with the idea that 15 percent is the new standard but maybe there’s a little bit of a realization that 15 percent tariffs are not actually all that market friendly,” Sosnick said.Health was the weakest sector in the S&P 500, with pharmaceutical companies selling off after Trump threatened using “every tool in our arsenal” if the sector doesn’t lower prices. Pfizer, Merck and Bristol-Myers Squibb all dropped more than two percent.In the foreign exchange market, the yen retreated against the dollar after the Bank of Japan decided not to hike interest rates, while lifting economic growth and inflation costs. It also cautiously welcomed the country’s trade deal with the United States.Tokyo and Washington last week announced a deal that will see Japanese shipments to the United States — excluding steel and aluminum – hit with a 15 percent tariff.- Key figures at around 2045 GMT -New York – Dow: DOWN 0.7 percent at 44,130.98 (close)New York – S&P 500: DOWN 0.4 percent at 6,339.39 (close)New York – Nasdaq: DOWN less than 0.1 percent at 21,122.45 (close)London – FTSE 100: DOWN 0.1 percent at 9,132.81 (close)Paris – CAC 40: DOWN 1.1 percent at 7,771.97 (close) Frankfurt – DAX: DOWN 0.8 percent at 24,065.47 (close)Tokyo – Nikkei 225: UP 1.0 percent at 41,069.82 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 24,773.33 (close)Shanghai – Composite: DOWN 1.2 percent at 3,573.21 (close)Euro/dollar: UP at $1.1416 from $1.1405 on WednesdayPound/dollar: DOWN at $1.3204 from $1.3237Dollar/yen: UP at 150.81 yen from 149.51 yenEuro/pound: UP at 86.43 pence from 86.15 penceWest Texas Intermediate: DOWN 1.1 percent at $69.26 per barrelBrent North Sea Crude: DOWN 1.0 percent at $72.53burs-jmb/sla

Investor enthusiasm for artificial intelligence kept Wall Street buoyant Thursday as Microsoft surfed a tech wave to pass $4 trillion in market value even as traders weighed Federal Reserve rates caution.US tariffs and a Fed decision Wednesday to hold rates steady as inflation stays stubbornly high in the United States could not dampen down the bulls piling into tech.Shares of Microsoft vaulted around five percent after it reported $27.2 billion in quarterly profits as it touted massive investments in AI, joining fellow AI star Nvidia in leaping the $4 trillion value barrier.Just over two hours into trading, Wall Street had lost a smidgin of its earlier momentum as the Dow was flat while the tech-rich Nasdaq Composite Index had added 0.8 percent as the broader S&P 500 rose around half of one percent.Europe was sluggish, meanwhile, London sliding just into the red by the close while eurozone indices Paris and Frankfurt both lost around one percent.  “As Wall Street braces for a slew of further tech earnings and key economic data releases, volatility looks set to rise — particularly with the looming tariff deadline tomorrow, on 1st August, casting a shadow over sentiment,” said Fawad Razaqzada, market analyst with FOREX.comAhead of US jobs data Friday, focus was on company earnings, with Microsoft and Facebook owner Meta posting better-than-expected earnings, the latter seeing its shares soar 12 percent.With US rates on pause for now, “often, that might have been enough to send traders scurrying for cover — but strong earnings results from some of the leading US tech companies have kept sentiment strong, allowing markets to make new gains this morning,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.The latest developments on the tariffs front saw US President Donald Trump announce a deal that sees 15 percent levies on South Korean goods and a commitment from Seoul to invest $350 billion in the United States.The president Thursday said his sweeping tariffs were making the US “great & rich again”.Earlier, he revealed India would face 25-percent tolls, coupled with an unspecified penalty over New Delhi’s purchases of Russian weapons and energy.Trump has also signed an executive order implementing an additional tax on Brazilian products, as he lambasts what he calls Brazil’s “witch hunt” against his far-right ally, former president Jair Bolsonaro, on coup charges.Traders are keeping tabs on talks with other countries that are yet to sign deals with Washington ahead of Trump’s self-imposed Friday deadline.After a broadly negative session Wednesday on Wall Street, Asian markets struggled.Hong Kong, Shanghai, Sydney, Singapore, Seoul, Manila, Wellington and Jakarta closed lower, while Tokyo, Taipei, Mumbai and Bangkok climbed.The yen retreated against the dollar after the Bank of Japan decided against hiking interest rates, while lifting economic growth and inflation costs. – Key figures at around 1545 GMT -New York – Dow: FLAT at 44,434.37 pointsNew York – S&P 500: UP 0.7 percent at 6,390.88New York – Nasdaq: UP 1.3 percent at 21,307.73London – FTSE 100: DOWN 0.1 percent at 9,132.81 (close)Paris – CAC 40: DOWN 1.1 percent at 7,771.97 (close) Frankfurt – DAX: DOWN 0.8 percent at 24,065.47 (close)Tokyo – Nikkei 225: UP 1.0 percent at 41,069.82 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 24,773.33 (close)Shanghai – Composite: DOWN 1.2 percent at 3,573.21 (close)Euro/dollar: UP at $1.1435 from $1.1409 on WednesdayPound/dollar: DOWN at $1.3220 from $1.3239Dollar/yen: UP at 150.58 yen from 149.50 yenEuro/pound: UP at 86.46 pence from 86.15 penceWest Texas Intermediate: DOWN 1.8 percent at $68.72 per barrelBrent North Sea Crude: DOWN 1.1 percent at $72.43burs-bcp/ajb/cw/kjm

When Mohammad Hanif heard Qatar was opening jobs to Afghans, he joined thousands of others to put his name down for a shot to make a living in the gas-rich emirate, his own country wracked by unemployment.The Taliban authorities announced a deal with Gulf state this month to recruit 3,100 workers from Afghanistan, who started applying on Tuesday at centres across the country.By Wednesday, more than 8,500 people had put their names down from the capital Kabul and surrounding provinces, labour ministry spokesman Samiullah Ibrahimi told AFP, and more than 15,500 people are expected to register nationwide.The Taliban government says the jobs will help fight steep unemployment and poverty in the country of around 48 million people, facing what the United Nations says is one of the world’s worst humanitarian crises. “Our country has many problems, most people are poor and work odd jobs,” said Hanif, who travelled to western Herat from neighbouring Badghis to register. “I have skills in car mechanics and cooking, and I have certificates to prove it,” said the 35-year-old, adding he was grateful to Qatar for employing Afghans.  Competition is steep, however, with centres swarmed by hopeful applicants ready to present the required passports, identification cards and professional certificates to nab roles ranging from bus driver to cleaner, cook, mechanic and electrician. More than 1,000 people have applied in southern Kandahar for around 375 positions allocated to the region, and in Herat, around 2,000 people lined up on Wednesday to try for one of a few hundred jobs, AFP journalists said. – Doha instead of Tehran -Qatar, where the Taliban opened an office during the two-decade war with US-led forces, is one of the handful of countries to have strong diplomatic ties with Afghanistan’s rulers after they swept to power in 2021. Only Russia has so far officially recognised the Taliban government.Discussions are also underway with Saudi Arabia, the United Arab Emirates, Oman, Turkey and Russia to set up similar deals, labour minister Abdul Manan Omari said in a statement on Tuesday. The process “will undoubtedly have a positive impact on the country’s economic situation and reduce unemployment”, said Abdul Ghani Baradar, the deputy prime minister for economic affairs.Nearly half of Afghanistan’s population lives in poverty, and the unemployment rate (over 13 percent) affects nearly a quarter of young people aged 15 to 29, according to the World Bank. Those who do have work often support large, extended families on stretched salaries.High unemployment has been driven by infrastructure hamstrung by 40 years of conflict, drought impacting the crucial agriculture sector and the recent mass removals of Afghans from neighbouring countries, said Noorullah Fadwi, head of an association of job search companies.  This year, nearly two million Afghans have returned to their country after being driven out or deported from Iran and Pakistan, where many had lived for decades. “We are grateful to Qatar and ask other (Arab) countries to hire Afghan workers too, because the situation in Iran and Pakistan is very bad,” said 39-year-old Noor Mohammad, who registered in Herat, hoping for a hotel job.- ‘There is nothing’ -The Taliban authorities have not yet detailed how the Afghan recruits will be housed or their potential working conditions, while pledging to safeguard their rights.Qatar, where foreigners make up nearly 90 percent of the three million-strong population, has faced heavy criticism over the treatment of migrant labourers, particularly during construction leading up to hosting the 2022 FIFA World Cup. Qatar has since introduced major reforms to improve workers’ safety and punish employers who violate the rules.It has dismantled its “kafala” labour system, which gave employers powerful rights over whether workers could leave their jobs or even the country.Mohammad Qasim, 37, said he would not go to Qatar if he could find a job in Afghanistan, but he earned a university degree in education four years ago and has been unemployed ever since.”I tried very hard to find work but there is nothing,” he told AFP, saying he applied to be a cleaner at a centre in Kandahar.At least in Qatar, he said, “I will earn something.”

Hong Kong’s economy grew by 3.1 percent in the second quarter, according to government estimates released Thursday, beating expectations, with strong exports buoyed by businesses racing to take advantage of US tariff easing.Hong Kong is a special administrative region in China with its own trade policies, but is still vulnerable to tariff threats from US President Donald Trump, thanks to its significant re-exporting of Chinese goods.Improved domestic demand coupled with an increase of 11.5 percent in exports saw the economy “expand solidly”, a Hong Kong government spokesperson said.The “temporary easing of US tariff measures led to some ‘rush shipments'” which also helped growth, they added. Earlier in the year tariffs between China and the United States reached triple digits before a truce slashed them to more manageable levels. A 90-day grace period is meant to end on August 12, but the latest round of trade talks ended Tuesday without a deal.The US president on Wednesday announced tariffs on major trading partners South Korea, Brazil and India — a pattern Hong Kong’s government said would also affect its economy in the second half of the year. “The US’ renewed tariff hikes of late will exert pressure on global trade flows as well as its domestic economic activity and inflation. The uncertain pace of US interest rate cuts will also affect investment sentiment,” the government spokesperson said.- Trouble ahead? -Thursday’s estimates showed private consumption, which had declined for four consecutive quarters, increased 1.9 percent, while exports of services saw 7.5 percent growth. Hong Kong’s capital market has rebounded strongly this year, with dozens of companies from China piling into the city to raise overseas capital due to policy support from the Chinese government and optimised listing rules by Hong Kong regulators.But China’s regulator this month approved the fewest number of listing applications in eight months, Bloomberg reported, raising concerns that the IPO boom in the first half of this year may be slowing.Hong Kong’s government warned that the second half of the year could be harder.  “Given the geopolitical landscape, there is enormous uncertainty and volatility (for Hong Kong),” Financial Secretary Paul Chan told a press conference on Wednesday.Growth in the first quarter was three percent, but nevertheless authorities have set a goal of two to three percent for the whole year — which would be “prudent to keep”, Chan said. “The seemingly modest growth has not been fully reflected in the labour market,” Gary Ng, senior economist at Natixis Corporate and Investment Banking, told AFP.”It is hard to say the recovery is solid and shielded from geopolitical and trade tensions.”