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Trump tariffs live updates: Beijing’s state media urges longer US-China tariff pause
Yahoo Finance
Updated 2 min read
China's state-backed Global Times said Friday the 90-day tariff truce with the US is too short and should be extended. The US recently cut tariffs on Chinese goods from 145% to 30%, with China lowering its own to 10%, following talks in Switzerland. Analysts say China wants flexibility, as tariffs may return after the truce.
Talks continue in South Korea but President Trump's tariffs are likely to stay high beyond the 90-day pause, as per Bloomberg. Analysts say this will keep pressure on Chinese exports, with the pause possibly lasting through to 2025 - but a full rollback remains unlikely.
On Thursday, Trump said India may may drop tariffs on US goods in a future trade deal. He also claimed Apple (AAPL) should boost US production after urging CEO Tim Cook not to expand in India.
In more corporate fallout, Walmart (WMT) on Thursday warned that rising costs from tariffs soon lead to higher prices for shoppers. The company was the latest to skip giving second-quarter profit guidance due to Trump's tariffs disrupting global trade.
"We will do our best to keep our prices as low as possible but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren't able to absorb all the pressure given the reality of narrow retail margins," CEO Doug McMillon said.
The US-China trade detente has moved to a side burner as investors study a tariff regime that looks more likely to hold, while also assessing prospects for deals. The US and China paused most tariffs for 90 days and sent markets into euphoria on Monday.
"The consensus from both delegations this weekend is neither side wants a decoupling," US Treasury Secretary Scott Bessent said on Monday.
Meanwhile, Trump's Middle East visit has opened the door for Saudi Arabia and the UAE to push ahead with their AI ambitions, with firms like Nvidia (NVDA) and Advanced Micro Devices (AMD) set to supply advanced chips.
Broader optimism for a comprehensive shift in US policy grew last week as Trump announced a trade deal with the UK.
Meanwhile, US negotiations with the UK's neighbors in the EU have taken a different tone, with the EU unveiling a list of US products it will target with tariffs in the event trade negotiations fail.
Here are the latest updates as the policy reverberates around the world.
LIVE 901 updates
Jenny McCall
China-US 90-day tariff truce should be extended: Report
China's state-run media Global Times said the 90-day tariff pause agreed by the US and China is too short. The deal was made by trade talks in Switzerland last weekend. Now both sides are continuing discussions in Korea.
Reuters reports:
Read more here.
Rian Howlett
US-China tariffs expected to remain at 30% post-truce, analysts say
Donald Trump's wide-ranging tariffs on Chinese imports are expected to remain at 30%, down from the 145% previously touted, after the current 90-day hold while a trade deal is reached.
Bloomberg reports:
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Grace O'Donnell
4 in 5 Canadians believe old US relationship is 'over,' poll says
Bloomberg reports:
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Grace O'Donnell
Birkenstock hikes price of sandals to help offset tariffs
Starting in July, Birkenstock (BIRK) will begin raising prices for its sandals and clogs by low single digits in order to pass along tariff costs, according to Reuters.
The 251-year-old company makes its shoes in Germany, which currently faces a 10% tariff rate for items coming into the US. If the US and European Union haven't struck a new trade agreement before a 90-day tariff pause is up, that rate will shoot up to 20% on July 9.
"We will be fully offsetting the effects from current existing tariffs," Birkenstock CFO Ivica Krolo told Reuters in an interview. "We're not raising in one region only, we see it as a global exercise."
Read more here.
Grace O'Donnell
Retail sales slow sharply in April as pre-tariff spending burst reverses
Yahoo Finance's Josh Schafer reports:
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Grace O'Donnell
EU readies new trade proposal for US as tariff talks move slowly
Bloomberg News reports:
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Jenny McCall
US-China trade clash risks making Europe dumping ground for cheap goods
Bloomberg News reports:
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Jenny McCall
Deere lowers bottom of outlook range on tariff uncertainty
Bloomberg News reports:
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Grace O'Donnell
How Trump's tariffs are squeezing small businesses
In a Yahoo Finance survey of over 100 business owners, two-thirds said their business has been negatively impacted by President Trump's tariffs.
Senior Columnist Rick Newman reports on how small businesses are faring in this new business environment:
Read more here.
Grace O'Donnell
Walmart says it will hike prices due to tariffs
Walmart (WMT) shares rose about 2% premarket after the company reported mixed earnings and said it would hike prices to navigate President Trump's tariffs.
America's largest retailer has been seen as well-positioned to weather tariffs, as around 60% of its sales are in groceries, Yahoo Finance's Brooke DiPalma reported. Its size also means it has leverage to negotiate with suppliers to keep prices low.
However, Walmart announced it would raise some of its prices due to tariffs.
"We will do our best to keep our prices as low as possible," Walmart CEO Doug McMillon said in the release. "But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins."
Walmart is a bellwether in retail, and its price hikes and cautious guidance may serve as an indicator for the rest of retail, with Target (TGT), Home Depot (HD), and Lowe's (LOW) reporting earnings next week.
Jenny McCall
Trump’s tariffs are changing the way Americans spend
Still battle-scarred by the pandemic and rising inflation, American consumers are shifting spending and delaying purchases amid Trump's tariff chaos and economic uncertainty, a new survey shows.
CNN reports:
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Jenny McCall
Cambodia holds trade talks with US as 49% tariff weighs on outlook
Cambodia has started trade talks with the US in Washington, hoping to lower high tariffs set by the Trump administration.
Reuters reports:
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Jenny McCall
EU ready to take slow road in US trade talks in pursuit of bigger deal
Reuters reports:
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Jenny McCall
Nissan CEO urges faster Japan-US trade talks
Reuters reports:
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Jenny McCall
Exclusive: Shein to set up huge Vietnam warehouse in US tariff hedge
Shein plans to open a large warehouse in Vietnam to avoid high US tariffs, according to sources.
Reuters reports:
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Jenny McCall
Lower US tariffs on UK exports unlikely to take effect for weeks
The FT reports:
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Jenny McCall
Housing market faces 'a lost year' due to tariffs, economist says
Tariffs imposed under President Trump are casting a long shadow over the US housing market. Yahoo Finance's podcast writer Sara Belcher delves into the story, looking at how rising construction costs and shortages threaten homebuilding.
“I think it's just kind of going to be another lost year for housing in terms of supply and demand,” Daryl Fairweather, Redfin’s chief economist and the author of the forthcoming book “Hate the Game,” said on Yahoo Finance’s Financial Freestyle podcast (see video above or listen below).
Fairweather pointed out that limited housing inventory likely won't ease up, noting that “builders aren't going to want to build when they're facing tariffs on materials and labor shortages because of immigration policy.”
Read more here.
Jenny McCall
China accuses US of 'abusing' export control measures in Huawei AI chip curb
Reuters reports:
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Jenny McCall
China pauses dual-use export curbs targeting US firms
China has paused a ban on exporting dual-use goods - possibly including rare earths - to 28 US firms. The move comes as part of a trade truce between China and the US.
Bloomberg News reports:
The move follows an agreement by China and US to temporarily lower tariffs levied against each other’s products — the first major de-escalation in the trade row that was touted by US President Donald Trump as a “total reset” of bilateral ties. Stocks and the dollar surged as prospects of a resolution offered relief to investors.
The announcement from China’s Ministry of Commerce puts a 90-day pause on restrictions unveiled by Beijing in statements on April 4 and April 9, banning the export of so-called dual-use items to a total of 28 named US entities.
Read more here.
Jenny McCall
Japan to seek third round of US trade talks next week
Reuters reports:
Read more here.
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