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      Trump administration investigating California university over foreign gifts

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      The Trump administration launched an investigation into the University of California, Berkeley, on Friday centered on foreign funding, making it the latest university to be targeted by the federal government.The investigation revives criticism from several years ago about the university’s partnership with China’s Tsinghua University. It comes after Donald Trump earlier this week signed a series of executive orders focused on universities that he views as liberal adversaries to his political agenda.One order called for harder enforcement of Section 117, a federal law requiring colleges to disclose foreign gifts and contracts valued at $250,000 or more.The Department of Education’s office of general counsel will investigate “UC Berkeley’s apparent failure to fully and accurately disclose significant funding received from foreign sources,” education secretary Linda McMahon said in a statement.UC Berkeley denied the government’s claims, saying that for the last two years “UC Berkeley has been cooperating with federal inquiries regarding 117 reporting issues, and will continue to do so.”The department cited media reports from 2023 about UC Berkeley failing to disclose “hundreds of millions of dollars in funding from a foreign government” but didn’t mention the country.On May 2023, the Daily Beast reported that UC Berkeley failed to report it got $220m from the Chinese government to build a joint Tsinghua-Berkeley Shenzhen Institute (TBSI), which UC Berkeley and Tsinghua University opened in 2014 in the city of Shenzhen to focus on “strategic emerging industries”, according to the institute’s website.Last year, a report by the Republican members of the House select committee on the Chinese Communist party found that US tax dollars have contributed to China’s technological advancement and military modernization when American researchers worked with their Chinese peers in areas such as hypersonic weapons, artificial intelligence, nuclear technology and semiconductor technology.In response to the report, UC Berkeley said Berkeley’s researchers “engage only in research whose results are always openly disseminated around the world” and the school was “not aware of any research by Berkeley faculty at TBSI conducted for any other purpose”. The university also said then it would unwind its partnership.skip past newsletter promotionafter newsletter promotionThe university said on Friday it’s no longer affiliated with TBSI.Last week, the Department of Education demanded records from Harvard over foreign financial ties spanning the past decade, accusing the school of filing “incomplete and inaccurate disclosures”. Trump’s administration is sparring with Harvard over the university’s refusal to accept a list of demands over its handling of pro-Palestinian protests as well as its diversity, equity and inclusion efforts. More

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      California’s economy surpasses Japan’s as it becomes fourth largest in world

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      California’s economy has surpassed Japan’s, making the Golden state the fourth largest economy in the world, governor Gavin Newsom announced on Thursday.The state’s nominal GDP reached $4.1tn, according to data from the International Monetary Fund and the US Bureau of Economic Analysis, edging out Japan’s $4.02tn nominal GDP. California now ranks behind the US at $29.18tn, China at $18.74tn and Germany at $4.65tn.Along with the tech and entertainment industry capitals, the state, which has a population of nearly 40 million people, is the center for US manufacturing output and is the country’s largest agricultural producer.“California isn’t just keeping pace with the world – we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation,” Newsom said in a statement.The state has outperformed the world’s top economies with a growth rate in 2024 of 6% compared with the US’s 5.3%, China’s 2.6% and Germany’s 2.9%. This week’s new rankings come six years after California surpassed the United Kingdom and became the world’s fifth largest economy.Newsom noted, however, that the Trump administration’s agenda endangers California’s economic interests.“And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”skip past newsletter promotionafter newsletter promotionCalifornia last week became the first state to sue the federal government over Donald Trump’s tariff policies, and has argued that the president’s actions are unlawful and that constitution explicitly grants Congress the power to impose tariffs.“No state is poised to lose more than the state of California,” Newsom said during a press conference announcing the lawsuit. “It’s a serious and sober moment, and I’d be … lying to you if I said it can be quickly undone.”California is a major contributor to economic growth nationally, with the money it sends to the federal government outpacing what it receives in federal funding by $83bn, according to a statement from Newsom’s office.Despite an enormous shortage of affordable housing that has fueled a homelessness crisis in the state, the population has grown in recent years. Meanwhile, last year the state reported its tourism spending had hit an all-time high – though California has seen a drop in some areas.Canadian tourism in California was down 12% in February compared with the same month last year amid Trump’s tariff war. In response, the state has announced a new campaign to draw Canadians back, while one city has put up pro-Canada signs across its downtown. More

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      Stock markets rise as Trump backtracks on high China tariffs and firing Fed chair

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      Stock markets have risen around the world after Donald Trump said his tariffs on China would come down “substantially” and he had “no intention” of firing the chair of the US central bank, Jerome Powell.Weeks of tough talk on trade from White House officials have rattled investors and Trump now appears to be softening his tone. The president told reporters in Washington on Tuesday he planned to be “very nice” to China in trade talks and that tariffs could drop in both countries if they could reach a deal, adding: “It will come down substantially, but it won’t be zero.”Overnight in Asia, Japan’s Nikkei rose by nearly 2%, Hong Kong’s Hang Seng was up 2.4% and the South Korean Kospi gained 1.6%.The rally spread to Europe in early trading on Wednesday, with the UK’s FTSE 100 index up 1.6%, while the Italian FTSE MIB rose by 1.1%. Germany’s Dax gained 2.6% and France’s Cac 2.1%.Meanwhile, US stocks opened on a high Wednesday morning, with the Dow rallying over 800 points, and the Nasdaq Composite up over 3%. The rally stalled in the afternoon but all the major stock markets managed to end the day higher.On Wednesday, the US treasury secretary, Scott Bessent, also took a softer, optimistic tone on China in remarks delivered at the Institute of International Finance in Washington DC, saying that China “knows it needs to change”.“If China is serious on less dependence on export-led manufacturing growth and rebalancing toward a domestic economy … let’s rebalance together,” Bessent said. “This is an incredible opportunity.”Bessent told investors in a private meeting on Tuesday that he expects a “de-escalation” of the trade war between China and the US in the “very near future”.“‘America First’ does not mean America alone. To the contrary, it is a call for deeper collaboration and mutual respect among trade partners,” Bessent said on Wednesday.Investor confidence also grew after Trump told reporters he would not fire Powell, the chair of the US Federal Reserve, reversing the previous day’s losses triggered by the president calling the central bank boss a “major loser”.The president has criticised the Fed chair repeatedly for refusing to cut interest rates and last week hinted that he believed he could dismiss Powell before his term as the head of the central bank comes to an end in May next year.Trump wrote on his social media platform, Truth Social, last week that Powell’s termination “could not come fast enough”, after the Fed chair raised concerns about the impact of trade tariffs on the American economy.However, the suggestion from the White House that the US central bank will remain independent helped stocks to rise on Wednesday, as well as the prospect of lower tariffs on Chinese imports to the US.The US dollar, which hit a three-year low on Tuesday before recovering, rose by 0.25% against a basket of major currencies.Oil prices also rose on Wednesday, with Brent crude rising above $68 (£51) a barrel amid hopes that lower tariffs will be less damaging to the global economy. The rise was also led by new US sanctions targeting Iranian liquefied petroleum gas and the crude oil shipping magnate Seyed Asadoollah Emamjomeh.Meanwhile, gold, which is traditionally viewed by investors as a safe haven asset during volatile periods, retreated from the new high of $3,500 (£2,620) an ounce it hit on Tuesday, to trade at about $3,307. More

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      The mysterious firing of a Chinese professor has Asian students on edge: ‘Brings chills to our spines’

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      When FBI and Department of Homeland Security (DHS) agents descended recently on two homes owned by Xiaofeng Wang, a Chinese national and cybersecurity professor at Indiana University, many in the idyllic college town of Bloomington were shocked.In December, Wang had been questioned by his employers about allegedly receiving undisclosed funding from China on a project that also received US federal research grants. On the same day of the home raids, Wang was fired from his longstanding post at Indiana University over email – a move that goes against the university’s own policy.But Wang hasn’t been charged with any offence, and his lawyer says no criminal charges are pending.The incident has driven fear into the hearts of Bloomington’s Asian community of faculty and students who fear a political motivation.“I study at the computer science department, and I’ve overheard Chinese professors talking about how worried they are that something similar could happen them, too,” says a Chinese PhD student who came to Bloomington from Suzhou, Jiangsu province, last September and who asked not to be named given the sensitivity of the issue.During the first Trump administration, the Department of Justice created the China Initiative in an effort to find and prosecute spies for Beijing working in US research and development sectors. At the time, it was criticized by rights groups for fueling racial profiling and violence against Asian Americans, and a review by the Biden administration saw the effort ended in 2022.Now as before, Trump has made targeting universities whose leadership and faculty he believes run against his own agenda a key element of his second term.For the Massachusetts Institute of Technology professor Gang Chen, what happened to Wang “brings chills to our spines”.“What is particularly troubling in this case is that Indiana University fired him and his wife without due process, presuming guilt instead of innocence,” Chen says.Chen, who has US and Chinese nationality, found himself charged by the Department of Justice for allegedly failing to disclose links to Chinese organizations on a grant application for a federally funded project, with just weeks remaining in Trump’s first term, in January 2021.The charges were dismissed a year later.“The investigations on Professor Wang and his firing creates huge fear among researchers of Chinese descent, especially students and postdoctorates from China. It is clear that such events, together with legislation and hostile rhetoric, are driving out talents. I learned that many Chinese students and postdoctorates here are considering leaving the US.”More students from China come to the US to study and research at third-level institutions than from any other country.The fear of Chinese spies operating in the US isn’t completely unfounded.A report released recently by US intelligence agencies found that China remains the top cyber threat to America, and many politicians on the right believe smaller colleges in low-key parts of the country such as the midwest could be used as gateways into the US by the Chinese Communist party.In October, five Chinese students at a college in Michigan were charged with spying on a military training camp where Taiwanese soldiers participate. This month, information on several Chinese students at Purdue University, also in Indiana, was sought by members of Congress, claiming national security interests, though no charges have been brought.But the vast majority of the estimated 300,000 Chinese academics and students in the US today are in the country to legitimately contribute to research and to learn, say experts who fear that Trump’s targeting of colleges deemed to be antisemitic may now be shifting to the midwest.Last month, the Department of Education named Indiana University Bloomington among 60 colleges under investigation for alleged antisemitic discrimination, a move that could result in funding cuts.It’s not only Chinese academics and students who could be affected.Universities in Illinois, Indiana and other heartland states are home to some of the largest Chinese student populations in the country.Nearly half of Urbana-Champaign’s combined population of 130,000 people in neighboring Illinois is made up of college students and staff. Nearly six thousand are students from China.In Bloomington, which has a population of under 80,000 people, close to 50,000 are students, with nearly 10% coming from overseas.Midwestern colleges and the communities around them are keen to attract international students and rely heavily on the money they bring with them; about 2,000 Chinese students enroll at Indiana University every year. International undergrad students are charged an average of $42,000 in tuition and fees, alongside $14,000 in housing and food, bringing hundreds of millions of dollars into the college and town.Over the years, these and other small university towns have come to rely on international students to prop up their economies.A couple of blocks west of the University of Indiana Bloomington campus, a grouping of Chinese, Korean and Asian eateries cater to the college’s large Asian community. The sidewalk in front of the Longfei Chinese restaurant is dotted with food signs written in Mandarin. The restaurant’s manager, however, says he believes that the political problems between Washington and Beijing have seen the number of Chinese students coming to the US – and through his doors – fall in recent years.The Chinese PhD student, who one recent morning is here grabbing lunch, says his student visa status allows him to stay in the US for up to five years, but he and his Chinese colleagues are worried that the Trump administration may cut that short.“I’m concerned with President Trump’s hostility against China and this kind of hostility may affect Chinese students and professors, and the funding that we get,” he says.“I’m concerned about the impact on my life.”Faculty at the department where Wang worked for more than two decades have called for Indiana University to revoke his dismissal. His profile page on the University’s website has been removed and college authorities have not commented on his firing.“Neither Prof Wang nor Ms Ma [his wife, who worked as a library analyst at the same university] have been arrested … further, there are no pending criminal charges as far as we are aware,” says Jason Covert, a lawyer at Taft Stettinius & Hollister, a firm representing Wang and Ma.“They look forward to clearing their names and resuming their successful careers at the conclusion of this investigation.”Covert would not say whether Wang planned to remain in the US. More

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      US begins inquiry into pharmaceutical and chip imports in bid to impose tariffs

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      The Trump administration is kicking off investigations into imports of pharmaceuticals and semiconductors into the US as part of an attempt to impose tariffs on both sectors on national security grounds, notices posted to the Federal Register on Monday showed.The filings scheduled to be published on Wednesday set a 21-day deadline from that date for the submission of public comment on the issue and indicate the administration intends to pursue the levies under authority granted by the Trade Expansion Act of 1962. Such inquiries need to be completed within 270 days after being announced.The Trump administration has started 232 investigations into imports of copper and lumber, and inquiries completed in the US president’s first term formed the basis for tariffs rolled out since his return to the White House in January on steel and aluminum and on the auto industry.The US began collecting 10% tariffs on imports on 5 April. Pharmaceuticals and semiconductors are exempt from those duties, but Trump has said they will face separate tariffs.Trump said on Sunday he would be announcing a tariff rate on imported semiconductors over the next week, adding there would be flexibility with some companies in the sector.The US relies heavily on chips imported from Taiwan, something the then president, Joe Biden, sought to reverse by granting billions in Chips Act awards to lure chipmakers to expand production in the US.Taiwan’s economy minister, Kuo Jyh-huei, said its government would run simulations for various levels of tariffs on semiconductors and seek talks with the US.Taiwan is home to TSMC, the world’s leading producer of the most advanced chips and a main contributor to the island’s GDP. Speaking to reporters outside parliament, Kuo said he would seek to ensure “fair competition” for the Taiwanese industry.The Taiwanese and US chip sectors are complementary, he added.The investigation announced on Monday will include pharmaceuticals and pharmaceutical ingredients as well as other derivative products, the notice showed.Drugmakers have argued that tariffs could increase the chance of shortages and reduce access for patients. Still, Trump has pushed for the fees, arguing that the US needs more drug manufacturing so it does not have to rely on other countries for its supply of medicines.Companies in the industry have lobbied Trump to phase in tariffs on imported pharmaceutical products in hopes of reducing the sting from the charges and to allow time to shift manufacturing.Large drugmakers have global manufacturing footprints, mainly in the US, Europe and Asia, and moving more production to the US involves a major commitment of resources and could take years. More

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      ‘The sky won’t fall’: China plays down Trump tariff risks as stock markets rally

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      China has played down the risk of damage to its exports from Donald Trump’s tariffs, with an official saying the “the sky won’t fall”, as stock markets rose on Monday amid signs of a retreat on electronics restrictions.The world’s second-largest economy has diversified its trade away from the US in recent years, according to Lyu Daliang, a customs administration spokesperson, in comments reported by state-owned agency Xinhua.China has retaliated forcefully to Washington’s tariffs, with 125% levies on US imports against the US’s total of 145% border taxes on goods moving the other way. The trade war has prompted turmoil on financial markets since Trump first revealed tariffs on every country in the world on 2 April. Since then he has partly retreated on the highest levies on most trading partners for at least 90 days, but has doubled down in his spat with China.The White House offered further relief over the weekend with an exemption from the steepest tariffs for electronics including smartphones, laptops and semiconductors. Trump officials later appeared to walk that back with the commerce secretary, Howard Lutnick, saying such devices would be “included in the semiconductor tariffs which are coming in probably a month or two”.Trump said on Sunday night on his social network, Truth Social, that “NOBODY is getting ‘off the hook’”, highlighting that smartphones are still subject to 20% levies and suggesting they could still rise higher.However, investors on Monday appeared unconvinced by Trump’s attempts to play down the retreat. Japan’s Nikkei gained 1.2% while Hong Kong’s Hang Seng rose by 2.2% and the Shanghai and Shenzhen exchanges climbed by 0.8% and 1.2%, respectively. European stock market indices also jumped in opening trades, with London’s FTSE 100 up by 1.6%, Germany’s Dax up 2.2%, and France’s Cac 40 up 2%.“The sky won’t fall” for Chinese exports,” China’s Lyu said. “These efforts have not only supported our partners’ development but also enhanced our own resilience”.The customs report also played up China’s “vast domestic market”, and said “the country will turn domestic certainty into a buffer against global volatility”. China has increasingly tried to stimulate private consumption.skip past newsletter promotionafter newsletter promotionChina’s president, Xi Jinping, on Monday criticised the US tariffs, during a visit to Vietnam. Vietnam has in recent decades grown to become the eighth largest source of goods for US consumers, but it is facing the threat of 46% tariffs when Trump’s 90-day pause expires.In an article in a Vietnamese newspaper, Xi said that a “trade war and tariff war will produce no winner, and protectionism will lead nowhere”. More

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

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      After 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.Conceived as a means to allow Americans to bring back low-cost goods to the US from abroad, fast fashion giants including Shein and Temu have used the rule to send low-cost e-commerce purchases to the US with few expenses.Alon Rotem, the chief strategy officer for ThredUp, an online thrift store, welcomed the executive order.“With the proliferation of fast fashion, this is something we’ve really supported because it creates an unfair competitive advantage,” he said.Ending the de-minimis rule has been a target of bipartisan legislators in recent years as the value of goods entering the US under the rule soared from about $5.5bn in 2018 to $66bn in 2023, according to a congressional report. Nearly two-thirds of packages under the rule were shipped from China and Hong Kong, said a US International Trade Commission briefing.ThredUp has pushed for legislation to end the de-minimis rule through the American Circular Textiles, a trade group it helped found that advocates for strengthening domestic supply chains. Other members include the RealReal, Reformation and H&M.“This change was coming,” said Derek Lossing, the founder of Cirrus Global Advisors, a global logistics firm. “Maybe it’ll catch consumers by surprise, but it’s ultimately not catching the brands significantly by surprise.”Some companies have already begun diversifying their production outside of China. Others have evolved their business model to begin stocking more inventory in the US as well as moving some production here and then fulfilling orders domestically, Lossing added.Trump first announced the rule change in February, but then recanted in order to give border agents time to figure out how to address an influx of so many packages that will require more extensive inspection.It is currently expected to take effect 2 May. After that, the packages will be subject to a tariff rate of 30% or $25 an item, rising to $50 an item on 1 June. When China responded with retaliatory tariffs this week, Trump hit back and then tripled the rates for previously exempt packages to 90% or $75 an item, rising to $150 on 1 June.“Everyone’s just pulling up their pants and bracing for impact,” said Jason Wong, who works in product logistics for Temu in Hong Kong. “We know it’s going to be a mess.”Wong said one plan is to make more of a push into Europe as well as Australia, which has its own de-minimis rule that goods under $1,000 can enter the country without taxes or tariffs.“We know for a fact that the demand from the US and North America will significantly decrease,” he said.Shein and Temu did not respond to requests for comment about any shifts to their business model in response to the forthcoming rule change.Rotem, the ThredUp executive, said the rule change creates an opening for consumers to consider other options, including buying secondhand clothes. While he acknowledged that shoppers care about sustainability, he said it’s a secondary decision of consumers to price.“All of a sudden, if ultra fast fashion is now 30% or so more expensive, it really does make the value proposition that much more compelling for resale,” he said.skip past newsletter promotionafter newsletter promotionSome retail experts cautioned that the rule change may not deter consumers from options like Shein or Temu, because many of their items are so inexpensive to begin with.“Americans’ love affair with cheap goods is not over,” said Jason Goldberd, chief commerce strategy officer at Publicis Groupe, a global communications firm. “Even with the tariffs, the products still may be attractively priced.”Rotem said he saw promise in the shift: “We’re never going to get this thing perfect, but the progress with public policy to encourage resale is something that we’re going to support.”While the de-minimis rule change remains intact for now, anxiety and confusion is also high amid a whiplash in policies and wild market swings. On Wednesday, Trump ordered a 90-day freeze on tariffs, though kept a 10% flat rate tariff intact and then raised tariff rates for China.“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump wrote.On Friday, China responded by raising its tariff rate to 125% as well. An official said it would not raise the tariff rate any further than that.Wong, who works in Temu logistics, said that there have been so many changes to the policies, that partly the move will be to simply keep watching for now.“We don’t know how long this de-minimis thing is going to last,” he said, adding that backlash from consumers could lead to yet another policy shift.Goldberg echoed that sentiment, calling it “a dynamic situation”.“It may be different tomorrow,” he said. More

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      Trump insists tariff war is ‘doing really well’ as recession fears mount

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      Donald Trump insisted his trade war with much of the world was “doing really well” despite mounting fears of recession and as Beijing hit back and again hiked tariffs on US exports to China.As the US president said his aggressive tariffs strategy was “moving along quickly”, a closely watched economic survey revealed that US consumer expectations for price growth had soared to a four-decade high.The White House maintains that the US economy is on the verge of a “golden age”, however, and that dozens of countries – now facing a US tariff of 10% after Trump shelved plans to impose higher rates until July – are scrambling to make deals.“The phones have been ringing off the hook to make deals,” the press secretary, Karoline Leavitt, told reporters on Friday.Beijing raised Chinese tariffs on US products to 125% on Friday – the latest salvo of its escalating trade dispute with Washington – and accused Trump of “unilateral bullying and coercion”.“Even if the US continues to impose even higher tariffs, it would no longer have any economic significance, and would go down as a joke in the history of world economics,” the Chinese finance ministry said.Few investors were laughing. US government bonds – typically seen as one of the world’s safest financial assets – continued to be sold off, and were on course for their biggest weekly loss since 2019. The dollar also fell against a basket of currencies, and was down against the euro and the pound.Leading stock indices paused for breath on Friday after days of torrid trading. The FTSE 100 rose 0.6% in London. The S&P 500 increased 1.8% and the Dow Jones industrial average gained 1.6% in New York.The S&P 500 finished an extraordinarily volatile week for markets up 5.7%, its biggest weekly gain since November 2023.“We are doing really well on our TARIFF POLICY,” Trump wrote on his Truth Social platform. “Very exciting for America, and the World!!! It is moving along quickly. DJT”Some of Wall Street’s most influential figures were unconvinced. “I think we’re very close, if not in, a recession now,” Larry Fink, CEO of the investment giant BlackRock, told CNBC. Far from providing certainty, the 90-day pause on higher US tariffs on much of the world “means longer, more elevated uncertainty”, he added.Jamie Dimon, CEO of JPMorgan Chase, the US’s largest bank, said the world’s largest economy was facing “considerable turbulence” as a key measure of consumer confidence tumbled to its lowest level since the Covid-19 pandemic – and the second-lowest level on record.US consumer sentiment has dropped 11% to 50.8 this month, ahead the pause announced by Trump earlier this week, according to a regularly survey compiled by the University of Michigan.Expectations for inflation meanwhile surged, with respondents indicating they are bracing for prices to rise by 6.7% over the coming year – the survey’s highest year-ahead inflation expectation reading since 1981.“There is great optimism in this economy,” Leavitt claimed at the White House briefing when asked about the survey. “Trust in President Trump. He knows what he’s doing. This is a proven economic formula.”Trump won back the White House last November by pledging to rapidly bring down prices – something he has claimed, in recent weeks, is already happening. US inflation climbed at an annual rate of 2.4% last month, according to official data.skip past newsletter promotionafter newsletter promotion“Consumers have spiralled from anxious to petrified,” observed Samuel Tombs, chief US economist at Pantheon Macroeconomics. He added, however, that a bipartisan divide – with Democrats growing more pessimistic, while Republicans become more upbeat – suggests that people are allowing their political views to cloud their economic confidence.The US’s top markets watchdog is facing demands from senior Democrats to launch an investigation into alleged insider trading and market manipulation after Trump declared on social media that it was “A GREAT TIME TO BUY!!!” hours before announcing Wednesday’s climbdown on tariffs.Days of erratic policymaking constructed a rollercoaster week for markets, with the S&P 500 dropping 12% in just four sessions, before surging back almost 10% in a single day after the administration pulled back from imposing higher tariffs on most countries, except China, which is facing a 145% tariff on exports to the US.In a letter to the US Securities and Exchange Commission (SEC), Senate Democrats including Elizabeth Warren and Chuck Schumer wrote: “It is unconscionable that as American families are concerned about their financial security during this economic crisis entirely manufactured by the President, insiders may have actively profited from the market volatility and potentially perpetrated financial fraud on the American public.”Tesla meanwhile stopped taking orders in China for two models it previously imported from the US, as companies scramble to adapt to prohibitive tariffs imposed in Trump’s trade war.The manufacturer, run by Trump’s close ally Elon Musk, removed “order now” buttons on its Chinese website for its Model S saloon and Model X sports utility vehicle.Tesla did not give any indication of why it had made the changes but it came after the rapid escalation of the trade war between the US and China.The border taxes make the goods trade between the two countries prohibitively expensive and mean cars imported from the US are now much less attractive in China than those produced locally.In the UK, economists warned that stronger than expected growth of 0.5% in February is likely to prove short lived as the impact of Trump’s trade war is felt throughout the global economy. 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