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EU halts counter-tariffs but no pause in US-China trade war

The EU paused plans for retaliatory tariffs on US goods Thursday after President Donald Trump abruptly suspended higher US duties on the bloc and other countries, leaving China in the crosshairs of his trade war.Trump’s about-face on Wednesday triggered a massive market rebound but Wall Street’s rally fizzled on Thursday and the dollar slumped, as investors remain on edge over the outlook for the world economy.The US president halted steep tariffs on scores of nations for 90 days. But he kept a global baseline tariff of 10 percent intact and punished Beijing for retaliating by slapping a 125 percent duty on its goods.The European Union, which had faced a 20 percent tariff, welcomed Trump’s U-turn, saying it was an “important step towards stabilising the global economy”.The 27-nation bloc responded with its own olive branch, suspending for 90 days tariffs on 20 billion euros’ worth of US goods that had been greenlit in retaliation to duties on steel and aluminium.”We want to give negotiations a chance,” EU chief Ursula von der Leyen said in a statement.She warned, however, that “if negotiations are not satisfactory, our countermeasures will kick in” and that all options remain on the table.Other countries are also lining up to bargain.Canadian Prime Minister Mark Carney called Trump’s reversal a “welcome reprieve” and said Ottawa would begin negotiations with Washington on a new economic deal after elections on April 28.Vietnam said it had agreed with the United States to start trade talks, while Pakistan is sending a delegation to Washington.- China hits Hollywood -But there was no let-up in Trump’s trade war with China, which said the US tariffs policy “goes against the will of the world and goes against the whole world”.The heightened tariffs against China took effect at the same time as retaliatory levies of 84 percent imposed by Beijing on US imports.Beijing added Hollywood to its target list on Thursday as it announced it would “moderately reduce” the number of US films it imports.But China’s commerce ministry said the door remained open for dialogue.”We hope the US will meet China halfway, and, based on the principles of mutual respect, peaceful coexistence and win-win cooperation, properly resolve differences through dialogue and consultation,” Commerce Ministry spokeswoman He Yongqian said.Trump has predicted that trade deals will be made with all countries, including China, which has for now refused to roll back retaliatory tariffs on US goods.”A deal’s going to be made with China. A deal’s going to be made with every one of them,” Trump said at the White House. However,  China’s leaders “don’t quite know how to go about it”.Trump believes his policy will revive America’s lost manufacturing base by forcing companies to relocate to the United States.The billionaire former property tycoon has particularly raged against China, accusing it of excess production and “dumping” inexpensive goods on other economies.- ‘A little queasy’ -Markets have been on a roller-coaster ride since Trump announced his tariff plans last week, with the 10 percent global levy taking effect on Saturday and the higher ones on Wednesday before the pause.Investors also began to dump US government bonds — a major economic red light since American sovereign debt is normally seen as a haven for investors in troubled times.”I saw last night where people were getting a little queasy,” Trump said Wednesday, though he denied that he backtracked on the tariffs.Wall Street’s main index were all down more than two percent as trading resumed on Thursday, a day after the tech-heavy Nasdaq soared 12 percent higher and the S&P 500 surged 9.5 percent.Asia and Europe caught up on Thursday, with Tokyo closing 9.1 percent higher as the Japanese government welcomed the tariff pause but demanded that other levies be halted.Paris and Frankfurt were up more than five percent in afternoon deals while London rose 4.5 percent.”This will go down in American history as the greatest trade negotiating day we have ever had,” said Trump’s senior trade advisor Peter Navarro.”We’re in a beautiful position for the next 90 days” to seek trade deals with partners, he told ABC News, adding that more than 75 have sought to negotiate with Washington.burs-oho-lth/phz

Shanghai finance workers worry after front-row seat to tariff turmoil

As stock prices flashed across a huge screen at a bustling intersection in China’s business hub Shanghai, finance workers shared their concerns after getting front-row seats to the global market turmoil wreaked by Donald Trump this week.After equities tanked at the beginning of the week, the US president on Wednesday paused the sweeping tariffs he had introduced on most countries. But he increased levies on China to 125 percent, citing a “lack of respect” over Beijing’s introduction of retaliatory duties. At lunchtime on Thursday in central Shanghai, the news didn’t appear to be disrupting people’s enjoyment of a warm spring day — but asked whether it had been an interesting week at work, a woman who gave her name as Catherine laughed. “Every night Trump sends out a social media post, then the market goes up or down… us finance professionals are getting first-hand experience of this,” she said, standing in front of a bronze-coloured statue of a bull charging.Shanghai lost over seven percent on Monday, though it has subsequently clawed back some of those losses. “We think (Trump’s) words and deeds have attacked all our financial systems, especially the global stock market,” a fellow worker surnamed Zhang told AFP. “He is a hugely unpredictable, uncertain factor, and this is a very big risk point from an investment perspective.”- ‘Just emotional rage’ -The Chinese government on Thursday urged the United States to meet it “halfway”, but the stand-off currently shows no sign of de-escalating. Catherine said that at this point the exact figure of the constantly rising tariff percentage made little difference. “As soon as (Trump) put 60 percent on, the trade relationship is over, so if he puts 100, over 100 percent on, that’s just another number, it’s just him expressing his emotional rage,” she said. Zhang said that although she hadn’t noticed any effect on her own life yet, the whole economy would eventually be impacted because of the importance of foreign trade to China’s growth. Overseas shipments represented a rare bright spot in a sluggish economy last year, with the United States as the top single country buyer of Chinese goods. “I hope there will be a mutual rejection of tariffs, that it can be negotiated as soon as possible, and that the negotiations will end well,” Zhang said.Semi-retired Arthur Zheng, who was taking his dog Charlie for a stroll in a pram, said he thought China could ultimately thrive on the competition. “If he raises (tariffs), we will also raise them… and everyone’s costs will get higher and higher,” he said. “But I think for everyday Chinese people… most things are not imported,” he said, gesturing at the pink floral shirt his dog was wearing. “It’s all domestically produced, we’re self-sufficient.” The 57-year-old held no animosity for the US president. “I think this guy is a hero,” he said animatedly. “The world needs someone to stir things up like this. But I hope he’s able to guide things in a positive direction — you don’t want him to stir and stir, stir the whole world up and then just stop at that, that’s not ok.”

Stock markets soar as Trump delays painful tariffs

Stocks markets rocketed and the dollar fell Thursday after Donald Trump paused steep tariffs on most countries, while investors appeared to brush off the US president’s decision to ramp up duties on China. Trump’s shock decision Wednesday to delay most of the new tariffs by 90 days drove the European Union to put its counter-tariffs on hold, boosting European and Asian indices.Trump’s announcement came after European stock markets had closed down by around three percent Wednesday, but in time to send Wall Street soaring.Trump back tracked on the punishing tariffs after global equities plummeted and US Treasuries — considered the safest option in times of crisis — showed signs of cracking.But he kept a baseline 10 percent tariff intact and ramped up his trade war with Beijing by hiking duties Chinese goods to 125 percent after facing strong retaliation.Global stock markets soared in response. Paris and Frankfurt cruised almost six percent higher in afternoon deals Thursday while London advanced around 4.5 percent.In Asia, Tokyo surged nine percent.While the tariffs pause was welcomed by investors, “the lack of long-term clarity may become more of an issue as time goes on”, said AJ Bell investment director Russ Mould.Chinese markets also gained support Thursday from optimism that Beijing will unveil fresh stimulus measures to support its economy.Hong Kong rose more than two percent — a third day of gains after collapsing more than 13 percent on Monday, its worst trading day since the Asian financial crisis in 1997. Shanghai ended up more than one percent Thursday.”Crucially, we are currently still on course for a disorderly economic decoupling between the world’s two largest economies, with no immediate signs of either US or China backing down,” said Jim Reid, an analyst at Deutsche Bank. US Treasury yields have edged down after a successful auction of $38 billion in notes.That eased pressure on the bond market, which had fanned worries that investors were losing confidence in the United States.Elsewhere in Asia, Seoul, Singapore, Jakarta, Sydney, Saigon and Bangkok climbed between four and 6.6 percent.Tech firms were the standout performers, with Sony, Sharp, Panasonic and SoftBank chalking up double-digit gains, while airlines, car makers and casinos also enjoyed strong buying.Europe’s banking sector soared, with Barclays and Deutsche Bank up 10 percent while French banks BNP Paribas and Societe Generale gained around eight percent.Gold climbed almost three percent to $3,120 an ounce — around $50 short of its record touched last month — thanks to the weaker dollar and the metal’s safe-haven status. Trump’s trade war is causing a headache for the Federal Reserve as it weighs cutting interest rates to protect the economy, or holding them steady to ward off the inflation many analysts say tariffs will fuel.Investors are awaiting data later in the day that is expected to show US inflation slowed in March. Oil prices dropped after bouncing more than four percent Wednesday, though they remain under pressure amid concerns about the global economy and its impact on demand.- Key figures around 1100 GMT -London – FTSE 100: UP 4.6 percent at 8,032.11 pointsParis – CAC 40: UP 5.7 percent at 7,252.45Frankfurt – DAX: UP 5.7 percent at 20,800.69 Tokyo – Nikkei 225: UP 9.1 percent at 34,609.00 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 20,681.78 (close)Shanghai – Composite: UP 1.2 percent at 3,223.64 (close)New York – Dow: UP 7.9 percent at 40,608.45 (close)Dollar/yen: DOWN at 145.57 yen from 147.82 yen on WednesdayEuro/dollar: UP at $1.1077 from $1.0948 Pound/dollar: UP at $1.2906 from $1.2810Euro/pound: UP at 85.80 pence from 85.45 penceWest Texas Intermediate: DOWN 2.7 percent at $60.70 per barrelBrent North Sea Crude: DOWN 2.6 percent at $63.78 per barrel

Stocks zoom higher as Trump delays painful tariffs

Stocks rocketed Thursday as a relief rally spread through markets after Donald Trump paused crippling tariffs on US partners, with Chinese investors even brushing off his decision to ramp up duties on Beijing to 125 percent.The across-the-board gains tracked a blistering performance on Wall Street as the US president said he would delay for 90 days measures announced last week that set off a firestorm on trading floors and sparked global recession fears.Trump said he would keep in place a basic levy of 10 percent on dozens of countries but upped the ante in his brutal trade war with superpower rival China by hitting it even harder after it retaliated.China’s own 84 percent retaliatory measures kicked in at 0401 GMT Thursday, later saying that the United States “goes against the whole world” with the measures and called on Washington to “meet halfway”. Trump made the decision to delay because investors were “jumping a little bit out of line”, he said, after markets collapsed and US Treasuries — considered the safest option in times of crisis — showed signs of cracking.People “were getting yippy, a little bit afraid”, he added, referring to a term in sports to describe a loss of nerves.The extra tariffs on Beijing, however, were “based on the lack of respect that China has shown to the world’s markets”, Trump said.The president denied he had made a U-turn, telling reporters that “you have to be flexible”.And his top trade advisor Peter Navarro said: “This will go down in American history as the greatest trade negotiating day we have ever had.”We’re in a beautiful position for the next 90 days, we’ve got over 75 countries that are going to come in and negotiate with us and what they’re going to have to do, without fail, is they’re going to have to lower their non-tariff barriers.”Trump’s shock announcement on his Truth Social network sparked a buying frenzy as Asian and European investors chased beaten-down stocks.”Asia markets are flipping the switch — from fear to euphoria — as Trump throws a 90-day lifeline, pausing the reciprocal tariff barrage,” said Stephen Innes at SPI Asset Management.”We just witnessed one of the all-time bouncebacks — and now, we look for Asia investors, much like their North American counterparts, to step in and buy the ‘yips’.”Tokyo’s Nikkei surged more than nine percent, while Taipei’s 9.3 percent gain was its best rise on record — after Monday’s 9.7 percent drop represented its worst fall.- ‘Fear to euphoria’ -Hong Kong rallied more than two percent — a third day of gains after collapsing more than 13 percent on Monday in its worst day since 1997 during the Asian financial crisis. Shanghai gained more than one percent.The two markets have been given extra support by optimism that China will unveil fresh stimulus to support its economy.Seoul, Singapore, Jakarta, Sydney, Saigon and Bangkok climbed between four and 6.6 percent. Manila and Wellington were also well in the positive territory.In early trade, Paris and Frankfurt cruised more than six percent higher and London rallied more than four percent.Tech firms were the standout performers, with Sony, Sharp, Panasonic and SoftBank chalking up double-digit gains, while airlines, car makers and casinos also enjoyed strong buying.Gold surged almost three percent around $3,120 — around $50 short of its record touched last month — thanks to the weaker dollar and as the uncertainty saw investors rush into the safe haven. Chihiro Ota, at SMBC Nikko Securities, said: “What happens now? If the US takes hardline stance (in negotiations), then the market would be disappointed. If it turns out that they can engage in talks, then it may create a room for (an upswing).”US Treasury yields also edged down, after a successful auction of $38 billion in notes, said Briefing.com.That eased pressure on the bond market, which had fanned worries investors were losing confidence in the United States.However, observers warn the China-US standoff could mark a step towards a disengagement between the world’s top two economies.”The escalation of the trade war between the US and China suggests that a full trade decoupling is increasingly likely,” said Mali Chivakul, emerging markets economist at J. Safra Sarasin bank. “Even if we may see a de-escalation later, a decoupling could still be the result.”Trump’s trade war is also causing a headache for the Federal Reserve as it weighs cutting interest rates to protect the economy or holding them to ward off the inflation many say tariffs will fuel.Minutes from its March meeting, released Wednesday, showed members felt they “may face difficult trade-offs if inflation proved to be more persistent while the outlook for growth and employment weakened”.Oil prices dropped after bouncing more than four percent Wednesday, though they remain under pressure amid concerns about the global economy and its impact on demand.- Key figures around 0810 GMT -Tokyo – Nikkei 225: 9.1 percent at 34,609.00 (close)Hong Kong – Hang Seng Index: UP 2.1 percent at 20,681.78 (close)Shanghai – Composite: UP 1.2 percent at 3,223.64 (close)London – FTSE 100: UP 4.7 percent at 8,042.33Dollar/yen: DOWN at 146.50 yen from 147.82 yen on WednesdayEuro/dollar: UP at $1.1012 from $1.0948 Pound/dollar: UP at $1.2870 from $1.2810Euro/pound: UP at 85.55 pence from 85.45 penceWest Texas Intermediate: DOWN 2.0 percent at $61.11 per barrelBrent North Sea Crude: DOWN 2.1 percent at $64.12 per barrelNew York – Dow: UP 7.9 percent at 40,608.45 (close)

China urges US to meet ‘halfway’ as markets rocket on Trump tariff pause

China on Thursday urged the United States to meet it “halfway” as US President Donald Trump imposed more levies on Chinese goods but, in a huge relief to global markets, paused tariffs on other countries.Stocks on Wall Street, across Asia and Europe rocketed in reaction to Trump’s announcement that he was halting a levy hike for almost all nations for 90 days.But Trump also said he was raising tariffs on China to 125 percent from an earlier 104 percent, the latest salvo in an escalating standoff between the world’s two largest economies.The heightened tariffs against China took effect at the same time Thursday as retaliatory levies of 84 percent slapped on by Beijing on US imports.China’s commerce ministry warned the tariffs risked “severely” impacting the global economy, but stressed that “the door to dialogue is open”.”We hope the US will meet China halfway, and, based on the principles of mutual respect, peaceful coexistence and win-win cooperation, properly resolve differences through dialogue and consultation,” Commerce Ministry spokeswoman He Yongqian said.Beijing’s foreign ministry also warned the tariff hikes were going “against the whole world”.Trump has predicted that trade deals will be made with all countries, including China, which has for now refused to roll back retaliatory tariffs on US goods.”A deal’s going to be made with China. A deal’s going to be made with every one of them,” Trump said at the White House. However, China’s leaders “don’t quite know how to go about it,” he added.As Beijing weighs the costs of further escalation, Bloomberg reported that its top leadership is meeting Thursday to hash out plans for additional stimulus to boost its fragile economy — already ailing before the trade war.- ‘A little queasy’ -Markets have been on a rollercoaster ride since Trump imposed a 10-percent baseline tariff on all countries and higher rates on key trading partners that he accused of cheating the United States, which activated on Wednesday.But as markets swayed yet again, Trump said in a surprise announcement that he had authorised a 90 day pause on the higher tariffs — although the baseline 10-percent rate remains.Trump denied that he backtracked on the tariffs, saying he remains flexible.”I saw last night where people were getting a little queasy,” he said, as US bond yields rose during the stocks sell-off — a major economic red light as American sovereign government debt is normally seen as a safe haven for investors in troubled times.”What a day, but more great days coming!!!” he wrote on his Truth Social network later on Wednesday.Trump’s senior trade advisor Peter Navarro said “this will go down in American history as the greatest trade negotiating day we have ever had.””We’re in a beautiful position for the next 90 days” to seek trade deals with partners, he told ABC News, adding more than 75 have sought to negotiate with Washington.- China duel -Japan — which had been slapped with 24 percent under the so-called reciprocal tariffs — said it welcomed the pause but still “strongly” demanded that Washington reconsider other levies on its steel and auto exports.The 10-member Association of Southeast Asian Nations, for which the United States is their main export market, said on Thursday they would not impose any “retaliatory measures” and were ready for dialogue.And Vietnam said it and the United States had agreed to start negotiations on a reciprocal trade agreement.The European Union earlier launched its own counterattack, announcing measures targeting more than 20 billion euros’ worth of US products.- ‘Kissing my ass’ -Wall Street stocks rocketed on Trump’s pause announcement.The S&P 500 surged 9.5 percent to 5,456.90, snapping a brutal run of losses over the past week.Markets in Asia also rallied Thursday, with Hong Kong, Tokyo, Australia, Indonesia and Singapore sharply higher. Taipei closed up a record 9.3 percent. Stocks in Chinese economic powerhouse Shanghai were also up, despite Trump’s decision to further hike tariffs.And in Europe, markets rebounded sharply on the pause.The EU’s chief Ursula von der Leyen on Thursday welcomed Trump’s decision to pause the tariff increases as an “important step towards stabilising the global economy”.Trump has said world leaders were rushing to negotiate “tailored” deals with the United States, with Japan and South Korea among those sending delegations to Washington.”These countries are calling us up kissing my ass,” Trump told a dinner with fellow Republicans on Tuesday night.Trump believes his policy will revive America’s lost manufacturing base by forcing companies to relocate to the United States.The billionaire former property tycoon has particularly raged against China, accusing it of excess production and “dumping” inexpensive goods on other economies.burs-oho/hmn

Taiwan’s TSMC says first quarter revenue up 42 percent

Taiwanese chipmaking giant TSMC reported Thursday a better-than-expected revenue for the first quarter on strong demand for AI technology, after tariffs slapped onto major economies by US President Donald Trump caused global uncertainty.Taiwan Semiconductor Manufacturing Company is the world’s largest contract maker of chips that are used in everything from Apple’s iPhones to Nvidia’s cutting-edge artificial intelligence hardware.TSMC said revenue in the first three months of 2025 rose nearly 42 percent to NT$839.25 billion ($25.5 billion) on-year, beating a forecast of around NT$830.5 billion by analysts surveyed by Bloomberg News.The company is scheduled to release full first quarter earnings in an online briefing next week.TSMC chairman and chief executive C.C. Wei has said the firm expected “2025 to be another strong growth year” as AI-related demand continues to surge. And its full year revenue was expected to increase “by close to mid-20s percent in US dollar terms,” Wei said at an earnings conference in January.But in light of Trump’s ongoing trade war with China — the world’s second-largest economy — and his threats to slap tariffs on semiconductor imports, Taiwan’s own industry could experience reverberations across the global chip supply chain. Taiwan had sought to avoid Trump’s threatened levies by pledging increased investment in the United States, more purchases of US energy and greater defence spending.Also last month, TSMC said it would invest $100 billion in the United States in what was hailed by Taiwan’s President Lai Ching-te as a “historic moment” for Taiwan-US relations.The planned investment followed Trump’s accusations that Taiwan stole the US chip industry and his threats to impose tariffs of up to 100 percent. In the end, Trump imposed a hefty 32 percent on Taiwanese imports — excluding semiconductor chips — though on Thursday the mercurial Republican abruptly paused the implementation for almost all countries except China for 90 days. TSMC has long faced demands to move more of its production away from Taiwan, with fears that supplies of the critical technology could be disrupted in any conflict with Beijing.China has upped military pressure on Taiwan in recent years to press its claim of sovereignty over the self-ruled island, where TSMC has its headquarters and the bulk of its fabrication plants.

Japan’s World Expo touts unity, and algae, in turbulent times

World Expo opens on Sunday with host Japan aiming to bring humanity together, despite global turmoil and tepid public enthusiasm for the six-month event showcasing innovation as well as Hello Kitty in algae form.A Mars meteorite the size of a sourdough loaf and a beating heart grown from stem cells are among the myriad futuristic attractions crammed into a vast waterfront site in Osaka hosting more than 160 countries, regions and organisations.Most pavilions — each more outlandishly designed than the last — are encircled by the world’s largest wooden architectural structure, a towering latticed “Grand Ring” meant as a symbol of unity.But with conflicts raging and US tariffs threatening economic chaos, that goal may be optimistic.”Not for sale” states a yellow and blue sign over Ukraine’s booth — echoing defiant comments from leader Volodymyr Zelensky about the war with Russia, which chose not to mount a display at Expo 2025.Yahel Vilan, head of Israel’s equally compact pavilion, which features a stone from Jerusalem’s ancient Western Wall, told AFP that “we came with a message of peace”.Israel is not at Expo “to deal with politics”, he said. There is also a Palestinian pavilion, but it was not open at a Wednesday press preview. At the imposing US exhibit, absent was any mention of President Donald Trump’s hefty levies on trade partners, most of which he has now paused.Instead, the pavilion focuses on the world’s largest economy’s diverse landscapes, AI tech and space — including a simulated rocket launch where dry-ice blasters appear to ignite above visitors’ heads.- Human washing machine -After enjoying the view and sea breeze atop the Grand Ring’s “skywalk”, visitors can stop by the world’s longest sushi conveyor belt or meet many-eyed Expo 2025 mascot Myaku-Myaku.Among the more bizarre displays are 32 sculptures of Hello Kitty dressed as different types of algae — to symbolise the slimy plant’s many uses — and a “human washing machine” that shows imagery based on the bather’s heart rate.Elsewhere are demonstrations of drone-like flying vehicles, and the tiny artificial heart made from induced pluripotent stem cells (iPS) shown in public for the first time.”It has an actual pulseByron Russel of Pasona Group, which runs the exhibit, told AFP.Human stem cells were modified to become like “cardiac muscle cells” and “grown into the shape of the heart”, he explained. It will not beat continuously for six months but will be replaced every week or so.Themes of sustainability run through the Expo, including at the bauble-like Swiss pavilion, which aims to have the smallest ecological footprint.But Expos have been criticised for their temporary nature, and after October Osaka’s man-made island will be cleared to make way for a casino resort.According to Japanese media, only 12.5 percent of the Grand Ring will be reused.- Slow ticket sales -Expo is also known as a World’s Fair, and the phenomenon, which brought the Eiffel Tower to Paris, began with London’s 1851 Crystal Palace exhibition and is held every five years.The 2020 edition in Dubai was postponed by the Covid-19 pandemic, so Osaka Expo organisers say it will “restore much-needed connections” and “provide the opportunity to create a better tomorrow”.Osaka last hosed the Expo in 1970 when Japan was booming and its technology the envy of the world. It attracted 64 million people, a record until Shanghai in 2010.But 55 years on Japan is less of a trendsetter and opinion polls show low levels of enthusiasm for the Expo among the public.So far 8.7 million advance tickets have been shifted, below the pre-sales target of 14 million.This time around “inflation is causing a lot of anxiety, especially among younger generations”, Yani Karavasilev of the APIR think-tank told AFP.Japan is also experiencing a record tourism boom, meaning accommodation in Osaka — near hotspot Kyoto, and home to the Universal Studios Japan theme park — is often fully booked with prices sky-high.A lack of viral online posts about the Expo is another reason for low excitement levels, according to Karavasilev.”I think as long as sharing on social media picks up, ticket sales will pick up as well,” he said.

Vietnam says it will start trade talks with United States

Vietnam and the United States agreed to start negotiations on a reciprocal trade agreement, Hanoi said on Thursday, hours after Washington delayed imposing an enormous tariff on the Southeast Asian manufacturing powerhouse. The United States was Vietnam’s biggest export market in the first three months of the year but President Donald Trump hit it with a 46 percent duty as part of a global trade blitz announced last week.Trump paused the stiff new tariffs on Wednesday and Vietnam’s Deputy Prime Minister Ho Duc Phoc suggested the two countries “should soon negotiate a bilateral trade agreement… to promote stable and mutually beneficial economic and trade relations”, according to a statement on the government news portal.Phoc has been appointed by top leader To Lam to negotiate with the United States on tariffs. He met with US Trade Representative Jamieson Greer on Wednesday.”The United States agreed that the two sides should initiate negotiations on a reciprocal trade agreement, which would include tariff agreements, and asked technical levels from both sides to begin discussions immediately,” according to the government statement.Phoc had meetings with senators and many organisations and businesses while in the United States, it said.Vietnamese budget airline Vietjet said on Thursday it had signed a $300 million agreement with AV AirFinance, a commercial aviation lending company, to boost its fleet.It said the agreement, signed in the presence of Phoc, was part of a broader series of aircraft financing deals totalling more than $4 billion that Vietjet had secured with leading US partners.AV AirFinance said Vietjet would begin taking delivery of the first batch of Boeing 737 MAX aircraft this year as part of a $24 billion deal originally announced in 2019.Vietnam had previously asked Trump for a delay of at least 45 days on the new tariff.Experts said the levy could seriously damage Vietnam’s growth model, which relies heavily on exports to the United States.Vietnam pledged to buy more US goods, including security and defence products, as it sought a reprieve.Trump claimed the communist country charges the United States a 90 percent tariff, a figure based on Vietnam’s trade surplus with the United States, worth $123.5 billion last year.His administration also appeared particularly angry about what it sees as the country’s role in attempts to get around tariffs imposed on China.Vietnam said in Thursday’s statement that it had “proactively addressed many concerns of the US”. 

Expo 2025 in Japan: five things to know

A multi-eyed mascot, a vast wooden Grand Ring, 160 countries and regions strutting their stuff, and robots and sushi galore: Expo 2025 begins Sunday in Osaka, Japan.World Expo is held every five years in different global locations. Here are five things to know about this event, which runs until mid-October.- Grand Ring -Encircling dozens of national pavilions is the Grand Ring — recognised by Guinness World Records as the planet’s largest wooden architectural structure.Architect Sou Fujimoto says his edifice, which cost 34.4 billion yen ($230 million) and has a circumference of two kilometres (1.2 miles), is a symbol of unity.Latticed beams hold up a sloping roof, 20 metres (65 feet) tall at its highest point, which doubles as a “skywalk”.Fujimoto told AFP that he chose wood as a sustainable material.But Japanese media say just 12.5 percent of the temporary structure will be reused — down from the original plan of 25 percent.- ‘Mysterious’ mascot -Myaku-Myaku, Expo 2025’s mascot, is red and blue with five googly eyes dotted around its smiling mouth — and one more eye on its bobbly red tail.It is “a mysterious creature born from the fusion of cells and water”, according to event organisers.”Basking in the sunlight is the source of its energy” and sometimes the shape-shifting Myaku-Myaku “forgets its original form”, they say.Despite puzzled reactions when it was unveiled, the mascot has since become popular among social media users in Japan, and has even inspired fan art.- Slow sales -This is Osaka’s second World Expo after the 1970 edition that was attended by 64 million people, a record until Shanghai in 2010.At Expo 1970, the first film in IMAX format was shown and visitors admired rocks brought back from the Moon.But this time ticket sales have been slow and many locals are unimpressed by the construction being 27 percent over budget.Organisers want to sell 23 million tickets overall, and as of last week, 8.7 million had been sold. To encourage visitors, same-day admission will now be possible.- Meteorites and Marley -Japan’s pavilion will show off a meteorite from Mars discovered in Antarctica by Japanese researchers — the first time it will be on display to the public.Hungry visitors can stop by Japan’s longest sushi conveyor belt before checking out cutting-edge robots, drone shows and a beating “heart” grown from stem cells.The US pavilion, themed “America the Beautiful”, has an LED-screen simulator of a NASA rocket launch.Elsewhere visitors can help polish five heart-shaped “Love and Peace” rocks, while the Jamaica pavilion features life-size Bob Marley and Usain Bolt statues and a bobsleigh.- Ukraine ‘peace’ -Russia announced in 2023 — the year after it invaded Ukraine — that it would not participate in the Expo.But Ukraine is present, despite its dire financial situation caused by the war — a decision that Osaka’s governor has said “conveys peace”.It will reportedly show 18 objects including helmets used in the restoration of power facilities damaged by the Russian invasion, but these were not yet on display at a preview on Wednesday.

Trump’s tariff pause gives market relief, but China trade war intensifies

US President Donald Trump abruptly paused tariffs on most countries, sparking euphoria on global markets Thursday, but upped the ante on a brutal trade war with superpower rival China.After days of turmoil, stocks on Wall Street and across Asia saw huge surges in reaction to Trump’s announcement that he was halting a levy hike for almost all nations for 90 days.But Trump also said he was raising tariffs on China to 125 percent because of a “lack of respect.”Beijing hit back with retaliatory levies of 84 percent on US imports, which came into effect just after midday (0401 GMT) on Thursday, the latest salvo in an escalating standoff between the world’s two largest economies.Trump has denied that he backtracked on the tariffs, telling reporters that “you have to be flexible.””People were jumping a little bit out of line, they were getting yippy, a little bit afraid,” Trump said. “Yippy” is a term in sports to describe a loss of nerves.He said he had been watching the “very tricky” state of the crucial US bonds market before his decision.”I saw last night where people were getting a little queasy,” he said, as US bond yields rose during the stocks sell-off — a major economic red light as American sovereign government debt is normally seen as a safe haven for investors in troubled times.Trump also predicted that trade deals will be made with all countries, including China, which has for now refused to roll back retaliatory tariffs on US goods.”A deal’s going to be made with China. A deal’s going to be made with every one of them,” Trump said, adding however that China’s leaders “don’t quite know how to go about it.”Trump also said that he “can’t imagine” increasing Chinese tariffs more than he has.As Beijing weighs the costs of further escalation, Bloomberg reported that its top leadership will meet Thursday to hash out plans for additional stimulus to boost its fragile economy — already ailing before the trade war. – China duel -Markets have been on a rollercoaster ride since Trump’s announcement of sweeping global tariffs one week ago on what he called “Liberation Day” before his dramatic pause on Wednesday.Trump had imposed 10 percent baseline tariffs on all countries which came into effect on Saturday, and higher rates on key trading partners such as China and the European Union that he accused of cheating the United States, which activated on Wednesday.But as markets swayed yet again, Trump said in a surprise announcement on his Truth Social network that “I have authorized a 90 day PAUSE” on the higher tariffs, while the baseline 10 percent would remain.He said that he took the decision after more than 75 countries reached out to negotiate and did not retaliate.Japan — which had been slapped with 24 percent under the so-called reciprocal tariffs — said it welcomed the news but still “strongly” demanded that Washington reconsider other levies on its steel and auto exports.The European Union had earlier launched its own counterattack, announcing measures targeting some US products from next week in retaliation for American duties on global steel and aluminum exports.The 27-nation bloc will hit more than 20 billion euros’ worth of US products, including soybeans, motorcycles and beauty products.But the EU notably did not retaliate against the separate “Liberation Day” tariffs of 20 percent that came into effect on Wednesday.- ‘BE COOL!’ -Wall Street stocks rocketed on Trump’s pause announcement.The S&P 500 surged 9.5 percent to 5,456.90, snapping a brutal run of losses over the past week.Markets in Asia also rallied Thursday, with Hong Kong, Tokyo, Taipei, Australia, Indonesia and Singapore sharply higher.Stocks in Chinese economic powerhouse Shanghai were also up, despite Trump’s decision to further hike tariffs.Before his pivot, Trump said world leaders were rushing to negotiate “tailored” deals with the United States, with Japan and South Korea among those sending delegations to Washington.”I’m telling you, these countries are calling us up kissing my ass,” Trump told a dinner with fellow Republicans on Tuesday night.Trump believes his policy will revive America’s lost manufacturing base by forcing companies to relocate to the United States.The billionaire former property tycoon has particularly raged against China, accusing it of excess production and “dumping” inexpensive goods on other economies.With the trade war between the world’s two biggest economies showing little signs of abating, China told tourists on Wednesday to “fully assess the risks” before travelling to the United States.Separately, US Defense Secretary Pete Hegseth warned against Chinese “threats” as he visited Panama, whose canal is at the center of a row between Beijing and Washington.burs-oho/hmn