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Tariffs could leave US sporting goods firms on the ropes as trade war escalates, companies say

An increasingly nasty brawl between the United States and China could deliver a devastating uppercut to America’s US$52 billion sporting goods industry, manufacturers say.Beginning on September 1, the Trump administration is set to add a 15 per cent duty on billions of dollars of baseballs, footballs, lacrosse sticks and other sporting equipment in an escalating showdown with Beijing.The latest round of tariffs is expected to affect some of the biggest brands names in American sports goods,… Source link

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China 

IMF: China could depreciate yuan further if trade war escalates, rebuking Trump’s manipulator charge

The International Monetary Fund on Thursday found no fault with the recent weakening of the Chinese yuan, recommending that Beijing allow the currency to fall further if the trade war escalates, despite Washington branding China a “currency manipulator”.The yuan, also known as renminbi, fell below a key level of seven to the US dollar earlier this month, leading the United States to allege that China is deliberately weakening the currency to gain trade advantages. China strongly hit back at the… Source link

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China seeks to change economic landscape as Donald Trump escalates US decoupling risks

President Xi Jinping made two strategic decisions this week that could redefine China’s economic landscape in the coming decades as risks of decoupling from the United States continue to rise.China should first focus its domestic economic efforts on activities in “central cities and city clusters”, a major shift from the traditional idea of even distribution across big and small cities.Xi also called for an upgrading of China’s industrial supply networks to forge value chains that are … Source link

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Citing ‘political uncertainty’ UBS shifts to underweight equity position as US-China trade war escalates further

As the trade war between the United States and China further escalated, UBS said it is underweighting equities in its portfolios in its global wealth management business to reduce its exposure to “political uncertainty”.The Swiss bank said it removed its overweight rating for global equities versus high-grade bonds, while also initiating an underweight rating for emerging market stocks versus high-grade bonds. The bank said emerging market firms are more exposed to “heightened market volatility… Source link

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Hong Kong stocks plunge as trade war escalates and protests over weekend turn violent

The Hang Seng Index tanked in early Monday trading, weighed down by a ramp-up in the US-China trade war and weekend demonstrations in which Hong Kong police for the first time used water cannons to try to disperse protesters.The Hang Seng was down 3.27 per cent to 25,322.89, with the pain spread across sectors.Industrial and commerce sector, as well as properties led the plunge in the blue chip index.In percentage terms, electronics maker AAC Technologies plunged 9.9 per cent to HK$33.3, making… Source link

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Huawei steps up lobbying efforts in Washington as US-China trade war escalates

Huawei Technologies has hired the law firm Sidley Austin to lobby on trade as the US pressures allies to join it in blacklisting the Chinese telecommunications giant, which finds itself increasingly mired in President Donald Trump’s trade war with Beijing.The lobbying, which began in July, will focus on export controls, trade sanctions “and other national security-related topics”, according to a disclosure filed with the US Senate. The document shows that Huawei, the world’s largest telecoms… Source link

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Global chip sales continue to decline as US-China trade war escalates

The Trump administration’s proposed new round of tariffs on US$300 billion of trade with China will encompass virtually all information technology products, including laptops, smartphones, solid state drives, video game consoles, printers, televisions and displays – which are all enabled by semiconductors. Photo: AP Source link

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Stocks Blog: Trump escalates trade war, ending US-China truce

Good day, traders, and TGIF — Well, Mr. Trump certainly had an overnight surprise — he escalated the trade war, saying he will hit $300 billion worth of Chinese goods with a 10 per cent tariff. We’ll keep you up on what you need to know, with insights from top analysts, the latest news and the big moves in our markets. So come back and check in on us throughout the day. And if you have any feedback, we’d love to hear from you at deb.price@scmp.com . — Georgina Lee and Deb…

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Vietnam 

Funds lose against VN-Index as trade war escalates – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Hòa Phát factory in Hải Dương Province’s Kinh Môn District. – VNA/VNS Photo Danh Lam HÀ NỘI – In the first five months of this year, investment funds lost in the race against the benchmark VN-Index, online newspaper ndh.vn has reported. Net asset values (NAVs) of the Việt Nam-focused investment funds run by Dragon Capital, VinaCapital and Pyn Elite either did not grow or made modest gains. In the first five months, the benchmark VN-Index on the Ho Chi Minh Stock Exchange was up 9.3 per cent. The…

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China 

Chinese attendees give US investment conference their collective snub as year-long trade war escalates, spills over to tech

The Chinese delegation to a major conference on foreign investments hosted by the United States government shrank sharply for a second year, as the protracted US-China trade war diminished business appetite amid tightening regulatory scrutiny in both countries on deals.A total of 76 company representatives and government officials from China attended the annual Select USA Investment Summit, down from last year’s 101 delegates and 155 in 2017, according to organisers of the Monday event in… Source link

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