China says door for US trade talks ‘wide open’
China said Wednesday that it was willing to engage in trade talks with Washington, a day after US President Donald Trump signalled that hefty tariffs he imposed on the country would come down after the sides reach a deal.
“China pointed on early on that there are no winners in tariff wars and trade wars,” foreign ministry spokesman Guo Jiakun said at a daily press conference in Beijing, adding: “The door for talks is wide open.”
Sensex reclaims 80,000-level on global markets rally, foreign fund inflows
Equity benchmark indices Sensex and Nifty surged in early trade on Wednesday driven by a sharp rally in global markets and foreign fund inflows. Buying in blue-chip IT stocks also added to investors’ optimism.
The 30-share BSE benchmark Sensex jumped 658.96 points to 80,254.55 in early trade. The NSE Nifty rallied 192.05 points to 24,359.30.
From the Sensex firms, HCL Tech surged over 6 per cent after the firm posted an 8.1 per cent increase in consolidated net profit at Rs 4,307 crore for March quarter 2024-25, mainly on account of large deals with a total contract value of about Rs 25,500 crore.
China’s Xi says tariffs ‘hurt’ multilateral trade: State media
During discussions in Beijing on Wednesday, Chinese President Xi Jinping expressed concerns about tariffs whilst meeting with Azerbaijani President Ilham Aliyev, according to state media.
In his remarks reported by state news agency Xinhua, Xi stated that tariff and trade conflicts “undermine the legitimate rights and interests of all countries, hurt the multilateral trading system, and impact the world economic order”. The statement emphasised his position on international trade relations.
Donald Trump News Live: Trump says won’t fire Fed chief, signals China tariffs will come down
Donald Trump said Tuesday he had no intention of firing the chair of the US Federal Reserve and signalled a “substantial” lowering of tariffs on China — bringing relief to global markets spooked by his aggressive trade policies.
Trump’s recent outbursts against Fed boss Jerome Powell had fanned concern that he would oust him, sending jitters through markets.
The president had criticized Powell for warning that the White House’s sweeping tariffs policy would likely reignite inflation.
“I have no intention of firing him,” Trump said Tuesday. “I would like to see him be a little more active in terms of his idea to lower interest rates — it’s a perfect time to lower interest rates.
“If he doesn’t, is it the end? No.”
Asian stocks value climb as US signals tariff relief and fed stability
Asian markets experienced gains following reassurance from President Trump regarding Jerome Powell’s position and positive signals on trade from Treasury Secretary Bessent. US markets rebounded strongly, fueled by corporate earnings and Elon Musk’s focus on Tesla, despite IMF’s global growth forecast downgrade. Bond markets stabilized, while crude oil prices and the euro saw increases.
Auto Shanghai to showcase new EV era despite tariff speedbumps
The Shanghai Auto Show, the world’s biggest automotive exhibition, commences Wednesday, highlighting the dominance of electric vehicles whilst international trade restrictions potentially affect China’s worldwide expansion plans.
The exhibition features approximately 1,000 participants, with international automotive manufacturers eager to demonstrate their capability to compete with Chinese companies, who currently lead the electric vehicle sector.
The Chinese domestic market has thrived due to government support for electric and hybrid vehicle development, with market analysts noting its appeal to younger consumers who embrace innovation.
China maintains its position as the largest automotive market globally, experiencing continued growth whilst other significant markets face declining sales.
According to a pre-show report by AlixPartners consultancy, “Domestic growth in China is being driven by rapid adoption of electric vehicles, increasingly with intelligent-vehicle features such as autonomous-driving systems.”
Trump says China tariffs will drop ‘substantially but won’t be zero’
The US president said that the final tariff rate with China would come down “substantially” from the current 145%.“It won’t be that high, not going to be that high,” Trump said.
EVs in the spotlight as China claims a leading global role at Shanghai’s auto show
At the Shanghai Auto Show, global and Chinese automakers are showcasing new models amid fierce competition in the world’s largest car market. Chinese manufacturers, now leading in domestic sales and expanding globally, are dominating the shift to electric vehicles (EVs), with BYD surpassing Tesla in sales and unveiling ultra-fast charging tech. Government subsidies and strong local demand have accelerated EV adoption, even as traditional car sales decline. Foreign automakers face rising pressure from Chinese rivals and geopolitical challenges like US tariffs, which are prompting firms to localize production. The show marks a turning point, with Chinese brands emerging as global leaders.
Gold hits record, stocks slip as Trump fuels federal fears
Bullion hit another record Tuesday while the dollar steadied and equities mostly fell as Donald Trump’s latest salvo against Federal Reserve boss Jerome Powell added fuel to fears about the central bank’s independence.
With the US tariff blitz still causing ructions on global trading floors, investors are now dealing with the added worry that the US president will try to remove the country’s top banker that many fear could hammer already fragile market confidence.
Trump took a swipe at Powell last week for his warning that the sweeping levies would likely reignite inflation, saying his “termination cannot come fast enough” and adding that “I’m not happy with him. I let him know it and if I want him out, he’ll be out of there real fast, believe me”.
While that raised eyebrows, the Republican tycoon sent shivers through markets Monday by calling on the Fed boss again to make pre-emptive cuts to interest rates and calling him a “major loser” and “Mr. Too Late”.
US presses India for full e-commerce access to Amazon, Walmart amid trade deal talks: Report
The US administration is engaging in trade discussions with India, seeking to provide full market access for online retailers like Amazon and Walmart in India’s burgeoning ecommerce sector, according to report from Financial Times. This push comes amid potential tariff increases and aims to address what the US considers non-tariff barriers, such as restrictions on foreign ecommerce enterprises and product inspections.
India, US have finalised terms of reference for proposed bilateral trade agreement: USTR
India and the US have finalised the terms of reference outlining the roadmap for negotiations of the proposed Bilateral Trade Agreement (BTA), according to a statement issued by the US. US Trade Representative (USTR) Jamieson Greer said that these ongoing talks will help achieve balance and reciprocity by opening new markets for American goods and addressing unfair practices that harm US workers.
“India’s constructive engagement so far has been welcomed, and I look forward to creating new opportunities for workers, farmers, and entrepreneurs in both countries,” he said in a statement.
“I am pleased to confirm that USTR and India’s Ministry of Commerce and Industry have finalised the Terms of Reference to lay down a roadmap for the negotiations on reciprocal trade,” Ambassador Greer said.
‘Vance meeting PM Modi strengthens trade relations between India, US’: BJP’s Praveen Khandelwal
BJP MP Praveen Khandelwal on Tuesday emphasised the importance of US Vice President JD Vance’s visit to India, stating that his meeting with Prime Minister Narendra Modi will play a crucial role in strengthening trade relations between both nations.
Khandelwal noted that the visit was significant not only for enhancing trade ties but also for promoting India’s culture and heritage in the US and expressed hope that discussions would also focus on safeguarding India’s interests amidst the ongoing trade tariff war between the US and China.
“In the current global situation, the visit of the Vice President of America to India is very important. His meeting with Prime Minister Narendra Modi will strengthen the trade relations between India and America. Not just for trade but also for the spread of India’s culture and heritage across the US, this visit is important… I am hopeful that there will also be a discussion on how far India’s interests will be protected in the current trade tariff battle,” Khandelwal said.
‘India’s constructive engagement so far has been welcomed’: US trade body announces progress on bilateral trade deal
The US and India have finalized terms for negotiating a Bilateral Trade Agreement, aiming for reciprocity and new market opportunities. Discussions seek to address practices detrimental to US workers, with the US Trade Representative highlighting a serious lack of reciprocity in the current trade relationship. Both nations reported substantial progress towards a mutually advantageous trade agreement.