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CNN — President Donald Trump and his administration are racing to get trade deals done ahead of a self-imposed deadline, at which point tariffs are set to rise for dozens of countries across the world. News about the on-again, off-again tariffs has become such a daily fixture of the second Trump administration that, at times, it can be hard to remember why the president started down this path in the first place. Trump has given many different reasons for why he believes tariffs are a crucial part of his policy agenda, but they can be categorized into four main goals:…
President Donald Trump has issued a new tariff threat.”Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” Trump wrote in a post on Truth Social on Sunday night.”There will be no exceptions to this policy,” he added.Trump’s comments come amid a two-day BRICS summit in Rio de Janeiro. The group of emerging nations includes key members Brazil, Russia, India, China, and South Africa.On Sunday, the BRICS group issued a statement expressing “serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.”The group…
CNN — Companies are increasingly turning to a Depression-era policy to avoid President Donald Trump’s tariffs, importing goods into designated US zones where they don’t have to pay tariffs until they want to. There are 374 foreign trade zones, or FTZs, across the United States, originally designed to help keep companies competitive during the Great Depression. Now, these zones exist in every state and Puerto Rico and allow businesses to import products or materials (inputs) to the United States and store them, duty-free. Importers only pay tariffs when they sell their products to US customers. And if they choose to…
Hong Kong CNN — China’s government on Monday sidestepped a question on US President Donald Trump’s recent claim that he “pretty much” has a deal with Beijing to bring TikTok into American ownership and that talks with China over the popular short-video app could begin early this week. TikTok’s Chinese parent company ByteDance is under pressure to spin off the short-video app’s US operations by September 17 or face a ban in the United States. Last year, then President Joe Biden signed a sale-or-ban law, requiring ByteDance to divest the app to an American owner over national security concerns. Despite…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Revolut has yet to receive the green light from UK financial regulators to provide consumer credit services to its 11mn customers in Britain, marking the latest hurdle for the $45bn fintech to become a full-service UK bank. The group is still awaiting authorisation from the Bank of England’s Prudential Regulation Authority and the Financial Conduct Authority after applying for a consumer credit licence last year, which would enable it to offer credit cards and other services in the UK, according to people…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The number of companies applying for a listing in Hong Kong this year has hit an all-time high, as the territory tries to regain its status as a top financial hub and attract Chinese companies looking to expand abroad. A total of 208 companies applied for primary or secondary listings on the Hong Kong Exchange in the first six months of this year, beating the previous record of 189 companies in the same period in 2021, according to data from the exchange. Last…
Crypto companies and traders are pouring billions of dollars into tokenised versions of money market and Treasury bond mutual funds, as they look beyond stablecoins to other places to park excess cash that can also give them some yield.Total assets held in tokenised Treasury products — which include funds whose units have been converted into digital tokens as well as some tokenised US government bonds — have jumped 80 per cent so far this year to $7.4bn, according to data group RWA.xyz. Funds run by BlackRock, Franklin Templeton and Janus Henderson have grown particularly rapidly, with combined assets tripling.Inflows have…
Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldThe writer is chief investment strategist at Charles SchwabThe debate over immigration policy in the US has intensified in recent years, shaped by a complex mix of economic priorities, humanitarian values and national security concerns.This has led to efforts to strengthen border enforcement and remove immigrants with criminal records. These goals might have political support but shifts in US immigration policy — including a significant decline in legal immigration and a sharp rise in deportations — may have profound economic…
CNN — President Donald Trump and his administration are racing to get trade deals done ahead of a self-imposed deadline, at which point tariffs are set to rise for dozens of countries across the world. News about the on-again, off-again tariffs have become such a daily fixture of the second Trump administration that, at times, it can be hard to remember why the president started down this path in the first place. Trump has given many different reasons for why he believes tariffs are a crucial part of his policy agenda, but they can be categorized into four main goals:…
This as-told-to essay is based on a conversation with Lily Wu, a 31-year-old Chinese American compliance professional who moved to Hong Kong in her early 20s. Her words have been edited for length and clarity.If you’d asked me where I was from 10 years ago — before I moved to Asia — my answer would’ve been very different.”Where are you from?” has become the poster question for how Asian Americans are often treated as foreigners in their own country. I used to reply, “Boston,” very matter-of-factly. I grew up there. I’m American. I speak English. It was a defensive answer,…