“The TV is clear ... but of course we have to accept it,” Emery said. “It was a mistake. A big mistake.”
“It is good to reach a trade deal between the two countries. But people have already lost confidence in Trump, and we will take a wait-and-see attitude,” he said. “We believe the signing a trade deal is just a pause and the ultimate goal of the US is to curb China’s development.”Tariffs also remain in place for some industries, which are not part of the general deal. Hong Kong businessman Danny Lau, who owns an aluminum-coating factory, said his company still faces about a 75% tariff from tariffs levied at different points since 2018 by the U.S. Still he welcomed the news from the weekend, saying he would reach out to existing American customers to gauge their views.
“Although the policy change doesn’t cover our industry, we hope talks will continue and there will be better news during the 90-day pause,” he said.In April, some Chinese businesses said they would focus their attention on exporting to other markets, given how high the American tariffs were. Analysts said previously that the tariffs could cause Chinese businesses to diversify their supply chains and move part of their manufacturing capacity abroad, including to the U.S.Liao, the auto parts manufacturer, said his company already has a factory in Vietnam, and the products there were exported to the U.S.
“We don’t believe that the US has the ability to produce the products like ours with lower costs. We will not give up on the US market.”AP researcher Yu Bing contributed to this report from Beijing. AP writers Kanis Leung in Hong Kong and Fu Ting in Washington contributed to this report.
WASHINGTON (AP) — For months, American consumers and businesses have been hearing that President Trump’s massive import taxes – tariffs – would drive up prices and hurt the U.S. economy. But the latest economic reports don’t match the doom and gloom: Inflation actually
For now, the disconnect has businesses and consumers struggling to reconcile what they were told to expect, what the numbers say and what they are seeing on the ground. Trump and his supporters are quick to point out that the trade wars of his first term didn’t translate into higher overall inflation across the economy.A choppy day of trading on Wall Street ended with a mixed finish for stock indexes Wednesday, as gains by several big technology stocks helped temper losses.
The S&P 500 edged up 0.1% after wavering between small gains and losses much of the day. Most of the stocks in the index lost ground, but solid gains for several heavyweight technology companies like Nvidia helped counter a decline in health care and other sectors.The Dow Jones Industrial Average slipped 0.2%, while the Nasdaq composite rose 0.7%.
Super Micro Computer surged 15.7% after signing a partnership agreement with Saudi Arabian data center company DataVolt. Advanced Micro Devices gained 4.7% after announcing a $6 billion stock buyback program.Nvidia rose 4.2% and Google parent Alphabet added 3.7%.