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      Asia Stocks Rise on Hope for Lower Tariffs After U.S.-China Talks

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      Investors were optimistic after American officials touted progress in trade negotiations over the weekend, though details had yet to be released.Stocks in Asia gained on Monday after weekend talks signaled that progress had been made in easing trade tensions between the United States and China.Benchmark indexes in Japan and South Korea edged higher in early trading on Monday morning. Stocks in Hong Kong and Shenzhen in China climbed about 1 percent, while futures pointed to similar gains for the S&P 500 when trading begins in New York.Meetings in Geneva between U.S. and Chinese officials concluded on Sunday with Scott Bessent, the U.S. Treasury secretary, saying that “substantial progress” had been made. China’s vice premier, He Lifeng, called the talks “candid, in-depth and constructive.” Details are expected to be released on Monday, both sides said.The meetings were the first between Washington and Beijing since President Trump ratcheted up tariffs on Chinese imports to 145 percent and China retaliated with its own taxes of 125 percent on U.S. goods. The tariffs are so high as to effectively block much of the trade between the two countries.The escalating trade war has left financial markets uneasy, and the meeting raised investors’ hopes that tariffs could eventually be lowered.Analysts at the financial services firm Wedbush Securities said the talks were a “positive step in the right direction.” They anticipated that an initial agreement, once unveiled during the U.S. day on Monday, would “at a minimum” involve a “much lower level” for tariffs.Economists have warned that the tit-for-tat trade barriers have significantly increased the possibility of an economic downturn. That includes in Asia, where some of the biggest economies, including Japan and South Korea, are heavily reliant on both China and the United States as trade partners.The World Trade Organization has forecast that the continuing division of the global economy into “rival blocs” could cut global gross domestic product by nearly 7 percent over the long run. Earlier this month, Japanese officials slashed their growth forecast for this year by more than half.Last week, China reported that its exports to the United States in April dropped 21 percent from a year earlier. Recession warnings are beginning to emerge in the United States.Heading into the weekend, investors had relatively low expectations for a breakthrough at the talks that would result in a meaningful reduction in tariffs. Many analysts expected the discussions to revolve around determining what each side wanted and how negotiations could move forward.Recently, Mr. Trump has opened the door to lower tariffs. Last week, he suggested that tariffs could come down to 80 percent. Commerce Secretary Howard Lutnick told Fox News that so-called reciprocal tariffs on trade with China may settle near 34 percent. More

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      A CEO’s Guide to Surviving Trump’s Trade War

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      Randy Carr, whose family business makes embroidered patches, is always on high alert for the competition. But with on-again-off-again tariffs, he’s just trying to keep up with the rules.Randy Carr watched the news on his laptop the way you look at a doctor about to administer a shot — nervously and braced for pain. It was April 2, and President Trump was in the Rose Garden about to unveil new tariffs.An upbeat, slightly jacked 52-year-old, Mr. Carr is the chief executive of World Emblem, a privately held company based in Fort Lauderdale, Fla., that produces about 150 million embroidered patches a year, most of which end up on shirts and hats. He radiates so much energy that even sitting down he appears to be set on vibrate. He’s intense about everything, including his diet, which he described one recent afternoon, karate chopping a tabletop for emphasis.Two hundred grams of protein a day (bam!), lots of vegetables (bam!), low carbs (bam!), no sugar (bam!). He gets up at 5 a.m. to lift weights every morning and runs five miles every afternoon.“It’s about being the best I can be every day, for everybody here,” he said. “I wouldn’t want to compete with this company.”His father started World Emblem in 1990, with two machines in a warehouse in a suburb of Miami. The company’s fortunes were improving by the time it opened a factory in Mexico, in 2005. Today that operation is the size of eight football fields and employs more than 800 people. In a typical week, it produces about 2.5 million emblems.World Emblem’s factory in Aguascalientes covers eight football fields.Fred Ramos for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Administration to Announce Trade Deal With Britain

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      A deal would be a positive sign for both governments, which have eyed an agreement since President Trump’s first term.President Trump is expected to announce on Thursday that the United States will strike a trade agreement with Britain, according to three people familiar with the plans.Mr. Trump teased a new trade agreement in a social media post on Wednesday night, though he did not specify which nation was part of the deal.“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” he wrote.A spokesman for the White House declined to comment beyond Mr. Trump’s post. A spokesman for the British Embassy in Washington did not respond to a request for comment.The agreement would be the first deal announced since Mr. Trump imposed stiff tariffs on dozens of America’s trading partners. He later paused those temporarily in order to allow other nations to reach agreements with the United States.A deal between the United States and Britain could be a significant win for both countries, which have long sought closer economic cooperation.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Are U.S. Tariffs Affecting Your Business? We Want to Hear From You.

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      The New York Times wants to hear from European business owners about how they are navigating the uncertainty of President Trump’s tariffs.President Trump’s trade war has created chaos for companies around the world, snarling supply chains, sowing uncertainty and muddling their ability to plan for the future.After announcing tariffs that started at 20 percent for nearly all imports from European Union members — and more on other countries — the president has scaled the rate to 10 percent until July, saying his administration will use the time to negotiate bilateral deals with America’s trading partners. At the same time, Mr. Trump has escalated a trade war with China, potentially squeezing European companies.We are a team of reporters who write about business and economic issues in Europe for The New York Times. In recent weeks, we have covered how tariffs have been affecting the car industry, financial markets and economic expectations for European countries.To better understand the impact the tariffs are having on companies in Europe, including Britain, we would like to hear from business owners, entrepreneurs, managers and employees. How might the import taxes affect your company or job? Have you delayed hiring, postponed expansion plans or canceled orders? Have you altered your supply chains? We would also like to hear what tariffs mean for your production, and whether you are considering moving some part of it to the United States.We will read every response and reach out if we are interested in learning more. We won’t publish any part of your response without contacting you first and obtaining your consent. Your contact information will not be shared outside The Times newsroom and we will use it only to get in touch with you. More

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      India and UK Strike Trade Deal Amid Trump’s Tariff Upheaval

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      The two countries signed a deal three years after negotiations began to strengthen alliances in what the British prime minister called a “new era” of trade.Britain and India agreed to a trade deal on Tuesday, strengthening economic ties between two of the world’s largest economies amid President Trump’s upheaval of the global trade system.The deal, which the British government said would increase bilateral trade by £25.5 billion ($34 billion), comes three years after the negotiations began. Intense talks between Jonathan Reynolds, Britain’s business and trade secretary, and Piyush Goyal, India’s commerce minister, took place last week to finalize the outstanding issues.The British government said India had reduced 90 percent of tariffs on goods, and within a decade most of those would become tariff free. Duties on British whiskey and gin would be halved, to 75 percent, and eventually be lowered to 40 percent. India will also reduce its car tariffs, which exceed 100 percent, to 10 percent under a quota. Britain, in turn, reduced tariffs on clothes, footwear and food products including frozen prawns.Last year, trade in goods and services between India and Britain, the world’s fifth and sixth largest economies, totaled £42.6 billion, according to British data.The trade agreement comes as many countries are seeking to bolster alliances and trade flows after Mr. Trump sent shock waves through the global economy by announcing, and then pausing, high tariffs on dozens of countries. The uncertainty created by the policy whiplash is expected to dampen investment and economic growth around the world.Officials in Britain, which squeezed out 0.1 percent economic growth in the final quarter of last year, have tried to increase investment from foreign companies and sign more trade deals. Other negotiations, including those with South Korea, are continuing.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      As Backlash to Trump’s Tariffs Grows, Europe Boycotts American Brands

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      A shifting perception of the United States amid President Trump’s trade war is prompting Europeans to pivot decisively away from U.S. goods and services.For motorcycle lovers in Sweden, Harley-Davidson is the hottest brand on the road. Jack Daniels whiskey beckons from the bar at British pubs. In France, Levis jeans are all about chic.But in the tumult of President Trump’s trade war with Europe, many European consumers are starting to avoid U.S. products and services in what appears to be a decisive and potentially long-term shift away from buying American, according to a new assessment by the European Central Bank.In April, Mr. Trump imposed a 10 percent blanket tariff on America’s trading partners, and threatened “reciprocal tariffs” on many of those, including the European Union. Companies like Tesla and McDonald’s are seeing customers in Europe put off by “Made in America.”“The newly imposed U.S. trade tariffs on European products are causing European consumers to think twice about what’s in their shopping cart,” the E.C.B. wrote in a blog post about its research on consumer behavior. “Consumers are very willing to actively move away from U.S. products and services.”Europeans had already begun testing grass-roots boycotts on American products, including Heinz ketchup and Lay’s potato chips, shortly after Mr. Trump took office. His threats to take over Greenland, part of Denmark, energized Danes to organize no-buy campaigns on Facebook. Tesla owners in Sweden slapped “shame” bumper stickers on their cars to distance themselves from Elon Musk, the Tesla chief executive who is one of Mr. Trump’s top advisers.Motorcycles in a Harley-Davidson dealership in Paris. The E.C.B. study said that even households that could bear the brunt of higher prices were moving away from U.S. goods.Gonzalo Fuentes/ReutersWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Oil Prices Slide Further on Plans to Increase Supply

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      U.S. oil prices fell to around $56 a barrel after the OPEC Plus cartel said it would bring more oil to market.Oil prices resumed their downward slide after the OPEC Plus cartel of oil producers said over the weekend that it would pump more oil, despite concerns that President Trump’s trade war will curb demand.The U.S. benchmark oil price fell to around $56 a barrel, from $58 on Friday. For many companies, the steady decline means it will not be profitable to drill wells in the United States despite Mr. Trump’s calls for increased production.Prices were last around this level in early April, just before Mr. Trump said he would pause reciprocal tariffs on most countries for 90 days. That announcement led to rallies in both the stock market and the oil market, though oil prices have since waned.That is partly because OPEC Plus is raising output at the same time that economists are warning that higher tariffs on most American trading partners will slow global economic growth and potentially cause a recession in the United States.The eight countries that make up the OPEC Plus cartel said on Saturday that they would further ramp up production in June.Lower commodity prices are causing some companies to pull back. There are about 9 percent fewer rigs drilling wells in the Permian Basin, the top U.S. oil field, than there were this time last year, when oil was trading near $80 a barrel, according to Baker Hughes.On Friday, Exxon Mobil and Chevron, the two largest U.S. oil and gas companies, reported their lowest first-quarter earnings in years. Those financial results reflect the market before Mr. Trump further escalated tariffs on China in early April.“It is clear that this uncertainty is weighing on economic forecasts, causing significant volatility and raising the prospects of slower growth,” Darren Woods, Exxon’s chief executive, told analysts. More

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      Trump Says He Will Put 100% Tariff on Movies Made Outside U.S.

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      Declaring foreign film production a national security threat, the president said he had asked his top trade official to start the process of imposing a tax on Hollywood.President Trump said he would impose a 100 percent tariff on movies “produced” outside the United States, proclaiming in a social media post on Sunday that the issue posed a national security threat. Mr. Trump said he had authorized Jamieson Greer, the United States Trade Representative, to begin the process of taxing “any and all Movies coming into our Country that are produced in Foreign Lands.” Mr. Trump added, “This is a concerted effort by other Nations and, therefore, a National Security threat.”The Motion Picture Association, which represents the biggest Hollywood studios in Washington, declined to comment. The association’s latest economic impact report, based primarily on government data and released in 2023, showed that the film industry generated a positive U.S. balance of trade for every major market in the world.As is often is the case with Mr. Trump’s declarations on social media, it was not entirely clear what he was talking about. Did he mean any movie, including independent foreign-language films destined for art house cinemas and movies that play exclusively on streaming services?Would such a tariff apply only to movies receiving tax incentives from foreign countries — or to any movie with scenes shot overseas? What about postproduction visual effects work? A single superhero movie can often involve a half-dozen or more specialized firms scattered around the world.Technically speaking, the vast majority of movies shown in American cinemas are produced in the United States — scripts written, preproduction planning handled, principal actors cast, footage edited and sound added. But Hollywood has increasingly turned to foreign locales for the cameras-rolling part of the moviemaking process because, as with so much traditional manufacturing, it is much cheaper.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More