auto sales

 
 

China Q3 GDP grows 6pc, slowest pace in almost three decades

BEIJING, Oct 18 — China's economic growth slowed more than expected to 6 per cent year-on-year in the third quarter, the weakest pace in almost three decades, hit by soft factory production amid a bruising Sino-US trade war and lacklustre demand…


IMF warns global outlook ‘precarious,’ no room for policy mistakes

WASHINGTON, Oct 15 — The world economy is slowing to its weakest pace since the global financial crisis, as the US-China trade war undercuts business confidence and investment, the IMF said today. It warned that the outlook is beset by risks, and…


Wall Street dips as trade war threatens US economy

NEW YORK, Oct 3 ― Wall Street's main indexes suffered their sharpest one-day declines in nearly six weeks yesterday after employment and manufacturing data suggested that the US-China trade war is taking an increasing toll on the US economy….


Trump offers delay in tariff hike, responding to Chinese gesture

WASHINGTON: After an apparent conciliatory move by China, US President Donald Trump on Wednesday made one of his own, announcing that he agreed to delay an increase in tariffs on $250 billion worth of Chinese goods by two weeks.

Speaking weeks ahead of the resumption of talks aimed at resolving a grinding trade war, Trump said the tariff delay was requested by Beijing.

Top negotiators expect to reconvene in Washington early next month after an acrimonious summer in which trade relations deteriorated sharply and both governments announced waves of new tariffs in a stand-off that is dragging on the global economy.

“We have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th,” Trump tweeted late Wednesday.

He said the delay was requested by “Vice Premier of China, Liu He, and due to the fact that the People’s Republic of China will be celebrating their 70th Anniversary,” on October 1.

Early Wednesday, Beijing announced it was temporarily exempting some US exports from tariff increases, a gesture that lifted equity markets long buffeted by the ups and downs in the conflict now entering its second year.

“It was a big move,” Trump told reporters at the White House. He reiterated that Beijing was under pressure to strike a bargain as its economy weakens, which he attributed to US actions.

However, the goods exempted do not include high-profile agricultural items like soybeans and pork that could be crucial to the ultimate success of any agreement.

The exemptions will become effective on September 17 and be valid for a year, according to the Customs Tariff Commission of the State Council, which released two lists that include seafood products and anti-cancer drugs.

The lists mark the first time Beijing has announced products to be excluded from tariffs.

Other categories that will be spared include alfalfa pellets and fish feed, and the commission said it was also considering further exemptions.

Both sides imposed fresh tit-for-tat tariffs on September 1, adding to the duties that now cover hundreds of billions of dollars’ worth of goods.

Trump initiated the trade war complaining that China engaged in unfair trade practices.

“These adjustments signal that China is more willing to make progress in the October trade talks, likely toward striking a ‘narrow’ agreement that involves China buying more US goods in exchange for the US suspending further tariff hikes,” Barclays analysts said in a research note.

They said Beijing had been sounding a more “constructive” note in recent weeks over trade relations.

Growing pressure

But US businesses in China are increasingly pessimistic about their prospects.

A report released Wednesday said growing numbers of companies expect their revenues and investment in the local market to shrink.

The American Chamber of Commerce in Shanghai’s report said 47 percent surveyed said they expected to increase their investments in China in 2019, down from 62 percent last year.

Three-quarters of businesses surveyed said they opposed the use of punitive tariffs by the United States to force China into a trade deal.

China’s economy grew 6.2 percent on-year in the second quarter, the lowest rate in nearly three decades — a fact Trump highlighted on Wednesday.

Auto sales in China fell by 6.9 percent in August compared with the previous year, an official industry association said Wednesday, extending a slump.

Trump has said the protracted trade war is damaging China more than the United States, and China is “eating the tariffs.”

But experts have warned there are signs the US is also feeling the pinch, with job creation slowing across major industries last month.

Wall Street added to gains after Trump spoke, reflecting renewed hope an agreement could be reached to end the trade war.

The benchmark Dow Jones Industrial Average jumped 0.9 percent to close at 27,137.04. – AFP


Trump offers delay in tariff hike, responding to Chinese gesture

WASHINGTON: After an apparent conciliatory move by China, US President Donald Trump on Wednesday made one of his own, announcing that he agreed to delay an increase in tariffs on $250 billion worth of Chinese goods by two weeks.

Speaking weeks ahead of the resumption of talks aimed at resolving a grinding trade war, Trump said the tariff delay was requested by Beijing.

Top negotiators expect to reconvene in Washington early next month after an acrimonious summer in which trade relations deteriorated sharply and both governments announced waves of new tariffs in a stand-off that is dragging on the global economy.

“We have agreed, as a gesture of good will, to move the increased Tariffs on 250 Billion Dollars worth of goods (25% to 30%), from October 1st to October 15th,” Trump tweeted late Wednesday.

He said the delay was requested by “Vice Premier of China, Liu He, and due to the fact that the People’s Republic of China will be celebrating their 70th Anniversary,” on October 1.

Early Wednesday, Beijing announced it was temporarily exempting some US exports from tariff increases, a gesture that lifted equity markets long buffeted by the ups and downs in the conflict now entering its second year.

“It was a big move,” Trump told reporters at the White House. He reiterated that Beijing was under pressure to strike a bargain as its economy weakens, which he attributed to US actions.

However, the goods exempted do not include high-profile agricultural items like soybeans and pork that could be crucial to the ultimate success of any agreement.

The exemptions will become effective on September 17 and be valid for a year, according to the Customs Tariff Commission of the State Council, which released two lists that include seafood products and anti-cancer drugs.

The lists mark the first time Beijing has announced products to be excluded from tariffs.

Other categories that will be spared include alfalfa pellets and fish feed, and the commission said it was also considering further exemptions.

Both sides imposed fresh tit-for-tat tariffs on September 1, adding to the duties that now cover hundreds of billions of dollars’ worth of goods.

Trump initiated the trade war complaining that China engaged in unfair trade practices.

“These adjustments signal that China is more willing to make progress in the October trade talks, likely toward striking a ‘narrow’ agreement that involves China buying more US goods in exchange for the US suspending further tariff hikes,” Barclays analysts said in a research note.

They said Beijing had been sounding a more “constructive” note in recent weeks over trade relations.

Growing pressure

But US businesses in China are increasingly pessimistic about their prospects.

A report released Wednesday said growing numbers of companies expect their revenues and investment in the local market to shrink.

The American Chamber of Commerce in Shanghai’s report said 47 percent surveyed said they expected to increase their investments in China in 2019, down from 62 percent last year.

Three-quarters of businesses surveyed said they opposed the use of punitive tariffs by the United States to force China into a trade deal.

China’s economy grew 6.2 percent on-year in the second quarter, the lowest rate in nearly three decades — a fact Trump highlighted on Wednesday.

Auto sales in China fell by 6.9 percent in August compared with the previous year, an official industry association said Wednesday, extending a slump.

Trump has said the protracted trade war is damaging China more than the United States, and China is “eating the tariffs.”

But experts have warned there are signs the US is also feeling the pinch, with job creation slowing across major industries last month.

Wall Street added to gains after Trump spoke, reflecting renewed hope an agreement could be reached to end the trade war.

The benchmark Dow Jones Industrial Average jumped 0.9 percent to close at 27,137.04. – AFP


Trump praises China's tariff exemptions as trade talks approach

WASHINGTON, Sept 12 — US President Donald Trump yesterday welcomed an apparent olive branch from Beijing in the grinding trade war between the two nations, which came weeks before negotiations are due to resume. Beijing announced it was…


‘Here and now’: India’s auto industry urges government action to fight slowdown

NEW DELHI, Sept 6 — India’s top auto industry executives called for the government yesterday to take urgent steps to revive a sector crippled by plunging sales, leading to hundreds of thousands of job losses and lower production. Indian auto…


US sees ‘modest’ growth, businesses show ‘near-term’ optimism, says Fed

WASHINGTON, Sept 5 — The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday. But Fed still drew a…


US sees ‘modest’ growth, businesses show ‘near-term’ optimism: Fed

WASHINGTON: The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday.

But Fed still drew a spotty portrait, pointing to an array of softening or deteriorating conditions just as concrete signs emerge that the trade conflict is weighing on growth.

“Although concerns regarding tariffs and trade policy uncertainty continued, the majority of businesses remained optimistic about the near-term outlook,” the central bank said in nationwide survey of economic activity.

Though disagreements remain, policymakers are widely expected to cut interest rates again in two weeks to insulate the United States from the weakening global economy and mounting fears of economic damage wrought by President Donald Trump’s trade wars.

The Fed cut rates last month for similar reasons, marking the first downshift for monetary policy in a decade.

The latest “beige book” survey, which gathers anecdotal reports from business people and other contacts in the Fed’s 12 districts, said growth had continued “at a modest pace.”

Sharp deterioration

The report may not have reflected all of last month’s sharp deterioration in the trade conflict with Beijing, as research concluded on August 23, just as Beijing and Washington announced fresh increases on hundreds of billions of dollars in two-way trade.

According to the Fed, anecdotal reports say auto sales rose and tourism was “solid,” while bank lending and commercial real estate leasing both increased a little.

Elsewhere, however, things were less than stellar.

Farms were beset by a trio of woes: bad weather, low prices and uncertainties from America’s trade wars.

Meanwhile, consumer spending — the sole strong point in the US economy — was “mixed” outside the auto sector, demand for transportation softened, home sales “remained constrained” and housing construction was flat.

Across the nation, employers complained they had difficulty finding workers to fill open positions and faced “strong upward pressure” to offer higher pay to entry-level and low-skill workers.

Elsewhere, employers upped benefits and other deal sweeteners, such as more flexible work arrangements and signing bonuses, according to the report.

But inflation remained tame. While some companies said they were able to pass on price increases, manufacturers complained there were limits on how much they could do so.

“District reports on the impact of tariffs on pricing were mixed, with some districts anticipating that the effects would not be felt for a few months,” the report said. – AFP


US sees ‘modest’ growth, businesses show ‘near-term’ optimism: Fed

WASHINGTON: The US economy grew at an unspectacular pace in recent weeks, while businesses still took a rosy view of the near future despite the escalating US-China trade war, the Federal Reserve said Wednesday.

But Fed still drew a spotty portrait, pointing to an array of softening or deteriorating conditions just as concrete signs emerge that the trade conflict is weighing on growth.

“Although concerns regarding tariffs and trade policy uncertainty continued, the majority of businesses remained optimistic about the near-term outlook,” the central bank said in nationwide survey of economic activity.

Though disagreements remain, policymakers are widely expected to cut interest rates again in two weeks to insulate the United States from the weakening global economy and mounting fears of economic damage wrought by President Donald Trump’s trade wars.

The Fed cut rates last month for similar reasons, marking the first downshift for monetary policy in a decade.

The latest “beige book” survey, which gathers anecdotal reports from business people and other contacts in the Fed’s 12 districts, said growth had continued “at a modest pace.”

Sharp deterioration

The report may not have reflected all of last month’s sharp deterioration in the trade conflict with Beijing, as research concluded on August 23, just as Beijing and Washington announced fresh increases on hundreds of billions of dollars in two-way trade.

According to the Fed, anecdotal reports say auto sales rose and tourism was “solid,” while bank lending and commercial real estate leasing both increased a little.

Elsewhere, however, things were less than stellar.

Farms were beset by a trio of woes: bad weather, low prices and uncertainties from America’s trade wars.

Meanwhile, consumer spending — the sole strong point in the US economy — was “mixed” outside the auto sector, demand for transportation softened, home sales “remained constrained” and housing construction was flat.

Across the nation, employers complained they had difficulty finding workers to fill open positions and faced “strong upward pressure” to offer higher pay to entry-level and low-skill workers.

Elsewhere, employers upped benefits and other deal sweeteners, such as more flexible work arrangements and signing bonuses, according to the report.

But inflation remained tame. While some companies said they were able to pass on price increases, manufacturers complained there were limits on how much they could do so.

“District reports on the impact of tariffs on pricing were mixed, with some districts anticipating that the effects would not be felt for a few months,” the report said. – AFP