Virgin Atlantic founder says ‘erratic’ decisions from US president have been ‘awful for everyone’

Sir Richard Branson has attacked Donald Trump’s policies as “doing so much damage” to the world, adding that he did not believe the US president’s actions were backed by most Americans.

The Virgin Atlantic founder warned that the “erratic and unpredictable” actions of the White House were undermining business, although he singled out Trump’s policy on Ukraine as the one that “should worry the world the most”.

Continue reading…

President acknowledged his tariff war with China could lead to a toy shortage and costlier products

Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might “have two dolls instead of 30 dolls”, but he insisted China will suffer more from his trade war.

The US president has tried to reassure a nervous country that his tariffs will not provoke a recession, after a new government report showed the US economy shrank during the first three months of the year.

Continue reading…

World Trade Organization says trade between US and China is expected to plunge by 81% in ‘decoupling’

Donald Trump’s tariffs will send international trade into reverse this year, depressing global economic growth, the World Trade Organization has warned.

In its latest snapshot of the global trading system, the Geneva-based institution says it had previously expected goods trade to expand by a healthy 2.7% this year. As a result of Washington’s trade policy, it is now forecasting a 0.2% decline.

Continue reading…

Imports worth less than $800 will be subject to 120% levy meaning prices on Chinese exports will probably increase

At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of the US president Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam going on against our country”, Trump said on Wednesday. “We put an end to it.”

Continue reading…