4 d. ago Xi contrasts China’s clean energy promises with Trump turmoil

Virtual meeting of leaders also hears UN’s António Guterres proclaim ‘no group or government’ can stop green revolutionChina will continue to push forward on the climate crisis, Xi Jinping has said while appearing to criticise the “protectionism” of Donald Trump’s tariff policies.The Chinese president was attending a closed-door virtual meeting with the UN secretary general, António Guterres, Brazil’s president, Luiz Inácio Lula da Silva, the European Commission president, Ursula von der Leyen, and about a dozen other heads of state and government to discuss the climate crisis. Continue reading...

Politics

1 week ago World Trade Organisation says global trade could slide this year because of Trump’s tariff policies

‘Enduring uncertainty threatens to act as a brake on global growth’ says international trade forum

Politics

2 w. ago Price hike on Shein? How Trump tariffs could shift the US’s love of fast fashion

Trump ended the ‘de-minimis’ rule while launching a trade war with China – which will make retail giants such as Temu more expensive, experts sayAfter a chaotic week of flip-flopping tariff policies, cheap clothes from China are nearly certain to face a steep price hike soon – prompting concern among fast fashion retailers and potentially pushing consumers to look for other alternatives.As part of a package of global tariff policies announced on “liberation day” last week, Donald Trump signed an executive order that ended a duty-free exemption for low-priced goods to enter the US from China and Hong Kong. Known as the “de-minimis” rule, packages under $800 do not qualify for any taxes or tariffs on the goods and are inspected minimally at the border. Continue reading...

Politics

2 w. ago Prada buys Versace in €1.25bn deal uniting Italy’s biggest fashion brands

Prada has secured Versace at a €180m discount amid market turmoil and after months of speculationPrada has agreed to buy the Versace fashion brand for €1.25bn ($1.38bn) from the fashion conglomerate Capri Holdings.It comes after months of speculation about a potential deal to combine the two Italian fashion houses and, more recently, rumours that the acquisition was set to collapse after market upheaval in response to President Trump’s tariff policies. Continue reading...

Economics

2 w. ago Prada’s €1.25bn Versace takeover: a new era for Italian luxury

Prada has secured Versace at a €200m discount amid market turmoil, uniting two Italian fashion powerhousesPrada has agreed to buy the Versace fashion brand for €1.25bn ($1.38bn) from the fashion conglomerate Capri Holdings.It comes after months of speculation about a potential deal to combine the two Italian fashion houses and, more recently, rumours that the acquisition was set to collapse after market upheaval in response to President Trump’s tariff policies. Continue reading...

Politics

2 w. ago Germany to send ‘clear signal’ of ‘strong, effective government’ under new coalition, says Friedrich Merz – Europe live

Presumed future chancellor says coalition has ‘strong plan’ after negotiations as polling shows popularity of far-right AfDEarlier today I brought you Donald Trump’s comments overnight on “major” tariffs to be announced “very shortly” on pharmaceuticals (9:20).My colleague Lisa O’Carroll looked at the risks such measures could pose for Europe:Pharmaceutical companies in the EU have warned of a “risk of exodus” to the US as stocks in the sector slid around the world on the back of Donald Trump’s renewed threat to impose tariffs on US drugs imports.Drugmakers’ shares across Europe and India, another foreign drugs hub, slipped on Wednesday after Trump indicated further carnage was on the way in addition to the 20% “reciprocal tariffs” on imports that kicked in overnight. Continue reading...

Politics

2 w. ago Ireland’s deputy PM to meet US secretary of commerce as EU finalises first part of response to Trump’s tariffs – Europe live

Simon Harris to meet Howard Lutnick as EU member states vote on final list of €21bn of goods facing retaliatory tariffsUS president Donald Trump continues to rewrite the rules of global trade, as his sweeping tariffs take effect.Rates on imports to the United States from dozens of economies rose further from 12.01am (0401 GMT) on Wednesday, with tariffs imposed on Chinese products since Trump returned to the White House reaching a staggering 104%. The new tariffs include rates of 20% on the European Union, 26% on India and 49% on Cambodia. Continue reading...

Politics

3 w. ago ‘Another nail in the coffin’: Germany’s car industry faces up to Trump’s tariffs

There are major concerns about the potentially ‘catastrophic’ impact US policy will have on vehicle makers Emerging into the springtime sun from gate 17 at Volkswagen’s main factory in Wolfsburg at the end of his shift on Thursday afternoon, Carsten, 63, pulled heavily on a cigarette and shook his head when asked about Donald Trump’s US tariff policies.“It’s just another nail in the coffin for the German car industry,” the assembly line worker said. He cited managers’ plans to slash jobs and close factories earlier this year, and a decade before that the ‘dieselgate’ scandal, costly both financially and reputationally, after Germany’s largest carmaker was found to have falsified CO2 emissions tests. Continue reading...

Politics

3 w. ago Trump ‘is not going to back off’ from tariff policies, US commerce secretary says – live

Howard Lutnick tells CNN that US president stands by decision to impose sweeping tariffs on nations around the worldUS stock markets tumble as investors shaken by Trump tariffsIn the aftermath of the disastrous debate against Donald Trump that ultimately ended his political career, Joe Biden skipped a White House meeting with the congressional Progressive caucus in favor of a Camp David photoshoot with the fashion photographer Annie Leibovitz, a new book says.“You need to cancel that,” Ron Klain, Biden’s former chief of staff and debate prep leader, told the president, as he advocated securing the endorsement of the group of powerful progressive politicians perhaps key to his remaining the Democratic nominee. Continue reading...

Politics