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Australia has banned DeepSeek from all government devices on the advice of security agencies, a top official said Wednesday, citing privacy and malware risks posed by China’s breakout AI program.The DeepSeek chatbot — developed by a China-based startup — has astounded industry insiders and upended financial markets since it was released last month.But a growing list of countries including South Korea, Italy and France have voiced concerns about the application’s security and data practices. Australia upped the ante overnight banning DeepSeek from all government devices, one of the toughest moves against the Chinese chatbot yet. “This is an action the government has taken on the advice of security agencies. It’s absolutely not a symbolic move,” said government cyber security envoy Andrew Charlton. “We don’t want to expose government systems to these applications.” Risks included that uploaded information “might not be kept private”, Charlton told national broadcaster ABC, and that applications such as DeepSeek “may expose you to malware”. – ‘Unacceptable’ risk -Australia’s Home Affairs department issued a directive to government employees overnight. “After considering threat and risk analysis, I have determined that the use of DeepSeek products, applications and web services poses an unacceptable level of security risk to the Australian Government,” Department of Home Affairs Secretary Stephanie Foster said in the directive. As of Wednesday all non-corporate Commonwealth entities must “identify and remove all existing instances of DeepSeek products, applications and web services on all Australian Government systems and mobile devices,” she added.  The directive also required that “access, use or installation of DeepSeek products” be prevented across government systems and mobile devices. It has garnered bipartisan support among Australian politicians. Deputy opposition leader Sussan Ley said the public should “think carefully” about also removing DeepSeek from their private phones and computers.In 2018 Australia banned Chinese telecommunications giant Huawei from its national 5G network, citing national security concerns. TikTok was banned from government devices in 2023 on the advice of Australian intelligence agencies.- Alarm bells -DeepSeek raised alarm last month when it claimed its new R1 chatbot matches the capacity of artificial intelligence pace-setters in the United States for a fraction of the cost. It has sent Silicon Valley into a frenzy, with some calling its high performance and supposed low cost a wake-up call for US developers.Some experts have accused DeepSeek of reverse-engineering the capabilities of leading US technology, such as the AI powering ChatGPT. Several countries now including South Korea, Ireland, France, Australia and Italy have expressed concern about DeepSeek’s data practices, including how it handles personal data and what information is used to train DeepSeek’s AI system. Tech and trade spats between China and Australia go back years. Beijing was enraged by Canberra’s Huawei decision, along with its crackdown on Chinese foreign influence operations and a call for an investigation into the origins of the Covid-19 pandemic. A multi-billion-dollar trade war raged between Canberra and Beijing but eventually cooled late last year, when China lifted its final barrier, a ban on imports of Australian live rock lobsters. 

Stock markets managed to push higher on Tuesday but investors braced for volatility as President Donald Trump pressed on with tariffs against China after delaying duties on Mexican and Canadian imports.Beijing said it was imposing levies on imports of US energy, vehicles and equipment after Trump’s 10 percent tariffs came into effect.But Art Hogan of B. Riley Wealth said markets were taking a wait and see view of Trump’s trade policy given the pullback on Mexico and Canada, while regarding earnings as “a positive tailwind.All three US indices finished higher after a sluggish start.The hesitant trading came after heavy selling Monday following Trump’s weekend announcement of the tariffs, before later offering a reprieve for the United States’ closest neighbors.Investors also tracked mixed earnings from major companies — including alcoholic drinks giant Diageo, which scrapped a key performance target as it predicted sales of tequila and Canadian whisky in the key US market would be hit by the tariffs.In the United States, PepsiCo slumped after it reported flat quarterly sales while the soda and snacks giant worked to address “subdued” demand in North America and faced “business disruptions due to geopolitical tensions in certain international markets.”But Palantir Technologies piled on more than 20 percent after reporting a 36 percent increase in revenues based on artificial intelligence growth as its CEO described Palantir as a “software juggernaut.”Indexes from Japan to New York were sent tumbling Monday after news at the weekend that Trump had signed off 25 percent duties against Mexico and Canada, fanning concerns for the stuttering global economy.Hours before the tariffs were due to kick in, Trump said he would postpone the measures until March.”A risk is that this is the beginning of a tit-for-tat trade war, which could result in lower GDP growth everywhere, higher US inflation, a stronger dollar and upside pressure on US interest rates,” said Stephen Dover, chief market strategist and head of Franklin Templeton Institute.”The uncertainty surrounding the permanence of these tariffs makes it challenging for companies to make informed capital investment decisions,” he added.Trump has warned that the European Union would be next in the firing line and has not ruled out tariffs against Britain.The volatile start to February on markets follows their roller-coaster ride last week after China’s DeepSeek unveiled a cheaper artificial intelligence model rivalling those of US tech giants, sparking questions over the vast sums invested in the sector in recent years.”One thing we can say for sure. Markets are going to remain subject to massive headline risk in coming hours… days… and years,” forecast Ray Attrill, foreign currency strategist at National Australia Bank.- Key figures around 2140 GMT -New York – Dow: UP 0.3 percent at 44,556.04 (close)New York – S&P 500: UP 0.5 percent at 6,037.88 (close)New York – Nasdaq: UP 1.4 percent at 19,654.02 (close)London – FTSE 100: DOWN 0.2 percent at 8,570.77 (close)Paris – CAC 40: UP 0.7 percent at 7,906.40 (close)Frankfurt – DAX: UP 0.4 percent at 21,505.70 (close)Tokyo – Nikkei 225: UP 0.7 percent at 38,798.37 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,789.96 (close)Shanghai – Composite: Closed for a holidayEuro/dollar: UP at $1.0383 from $1.0344 on MondayPound/dollar: UP at $1.2480 from $1.2450Dollar/yen: DOWN at 154.32 yen from 154.73 yenEuro/pound: UP at 83.16 pence from 83.08 penceWest Texas Intermediate: DOWN 0.6 percent at $72.70 per barrelBrent North Sea Crude: UP 0.3 percent at $76.20 per barrel

Stock markets managed to push higher on Tuesday but investors braced for volatility in the coming weeks as President Donald Trump pressed on with tariffs against China after delaying duties on Mexican and Canadian imports.The hesitant trading came after heavy selling Monday following Trump’s weekend announcement of the tariffs, before later offering a reprieve for the United States’ closest neighbours.Oil prices also clawed back early losses seen after Beijing announced retaliatory tariffs against US products, including hydrocarbons, shortly after US levies came into force on Tuesday.”Chinese imports of US crude and oil products are relatively modest,” Jorge Leon, an economist at Rystad Energy, told AFP.”However, the key question is where we go from here. Is this the start of a tit-for-tat trade war between the two biggest economies in the world? If so, the downside risk to global economic growth would be significant,” he said.Gold, a haven asset in uncertain times, traded close to recent record highs.Investors also tracked mixed earnings from major companies — including alcoholic drinks giant Diageo, which scrapped a key performance target as it predicted sales of tequila and Canadian whisky in the key US market would be hit by the tariffs.In the United States, PepsiCo slumped after it reported flat quarterly sales while the soda and snacks giant worked to address “subdued” demand in North America and faced “business disruptions due to geopolitical tensions in certain international markets”.Indexes from Japan to New York were sent tumbling Monday after news at the weekend that Trump had signed off 25 percent duties against Mexico and Canada, fanning concerns for the stuttering global economy.Hours before the tariffs were due to kick in, Trump said he would postpone the measures until March.China, Canada and Mexico are the United States’ three biggest trading partners.”A risk is that this is the beginning of a tit-for-tat trade war, which could result in lower GDP growth everywhere, higher US inflation, a stronger dollar and upside pressure on US interest rates,” said Stephen Dover, chief market strategist and head of Franklin Templeton Institute.”The uncertainty surrounding the permanence of these tariffs makes it challenging for companies to make informed capital investment decisions,” he added.Trump has warned that the European Union would be next in the firing line and has not ruled out tariffs against Britain.The volatile start to February on markets follows their roller-coaster ride last week after China’s DeepSeek unveiled a cheaper artificial intelligence model rivalling those of US tech giants, sparking questions over the vast sums invested in the sector in recent years.”One thing we can say for sure. Markets are going to remain subject to massive headline risk in coming hours… days… and years,” forecast Ray Attrill, foreign currency strategist at National Australia Bank.- Key figures around 1645 GMT -New York – Dow: UP 0.1 percent at 44,484.22 pointsNew York – S&P 500: UP 0.7 percent at 6,034.36New York – Nasdaq: UP 1.3 percent at 19,640.00London – FTSE 100: DOWN 0.2 percent at 8,570.77 (close)Paris – CAC 40: UP 0.7 percent at 7,906.40 (close)Frankfurt – DAX: UP 0.4 percent at 21,505.70 (close)Tokyo – Nikkei 225: UP 0.7 percent at 38,798.37 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,789.96 (close)Shanghai – Composite: Closed for a holidayEuro/dollar: UP at $1.0385 from $1.0302 on MondayPound/dollar: UP at $1.2488 from $1.2407Dollar/yen: DOWN at 154.55 yen from 154.80 yenEuro/pound: UP at 83.17 pence from 83.03 penceWest Texas Intermediate: DOWN 0.4 percent at $72.76 per barrelBrent North Sea Crude: UP 0.2 percent at $76.19 per barrel

US President Donald Trump and Chinese counterpart Xi Jinping are expected to speak by phone on Tuesday, just hours after slapping tariffs on each other’s economies in an escalating trade war.Beijing said it was imposing levies on imports of US energy, vehicles and equipment in a return salvo minutes after Trump’s threatened tariffs on Chinese goods came into effect.Trump suspended tariffs on Mexico and Canada on Monday for a month after they vowed to step up measures to counter flows of the drug fentanyl and crossing of undocumented migrants into the United States.Stock markets wavered on Tuesday as investors braced for volatile market activity in the coming weeks over Trump’s threatened tariffs on the three biggest US trading partners.”Let’s see what happens with the call today,” Trump trade advisor Peter Navarro, a veteran of the US president’s first term, told news outlet Politico.Asked if Trump could halt the tariffs on China too, he added: “It’s up to the boss. I never get ahead of the boss, that’s why I’m sitting here.”Trump imposed fresh 10 percent tariffs on Chinese goods, on top of levies that were already in place against America’s biggest economic competitor. Mexico and Canada had faced 25 percent tariffs. White House Press Secretary Karoline Leavitt said on Monday that Trump was due to talk to Xi, but said Tuesday that “I don’t have any updates on when that call will take place.” “He is not going to allow China to continue to source and distribute deadly fentanyl into our country, that was the reason for this tariff,” Leavitt told reporters outside the West Wing.- ‘Malicious’ -China unveiled levies of 15 percent on imports of coal and liquefied natural gas from the United States, while crude oil, agricultural machinery, big-engined vehicles, and pickup trucks face 10 percent duties.It says it will also probe US tech giant Google and the American fashion group which owns Tommy Hilfiger and Calvin Klein.Beijing said the measures were in response to the “unilateral tariff hike” by Washington. It said it would also file a complaint to the World Trade Organization over the “malicious” levies.It also unveiled fresh export controls on rare metals and chemicals including tungsten, tellurium, bismuth, and molybdenum, used in a range of industrial appliances.China is a major market for US energy exports and according to Beijing customs data, imports of oil, coal and LNG totaled more than $7 billion last year.But that is dwarfed by China’s imports from more friendly powers such as Russia, from which it purchased $94 billion-worth last year.- Last-minute deals -Trump has made tariffs a key foreign policy tool of his second term, joking that the word tariff is the “most beautiful” in the dictionary.The Republican billionaire said his tariffs aimed to punish countries for failing to halt flows of illegal migrants and drugs including the powerful opioid fentanyl into the United States.Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau had both struck last-minute deals with Trump on Monday to tighten border measures, leading to a 30-day pause on threatened tariffs.Talks will continue for the next month on broader deals.Mexico said it had begun the 10,000-strong border troop deployment it had promised Trump as part of the agreement to halt tariffs.”The deployment has already started,” Sheinbaum told reporters.More than 450,000 people have been murdered countrywide since Mexico launched a major offensive against drug cartels in 2006.Trudeau meanwhile said Canada would appoint a “Fentanyl Czar” and list drug cartels as terrorist organizations.burs-dk/bjt

Stock markets wavered on Tuesday, with investors bracing for volatile trading in the coming weeks as President Donald Trump pressed on with tariffs against China after delaying duties on Mexican and Canadian imports.Oil prices retreated as Beijing announced retaliatory tariffs against US products, including hydrocarbons, shortly after US levies came into force on Tuesday.”Chinese imports of US crude and oil products are relatively modest,” Jorge Leon, an economist at Rystad Energy, told AFP.”However, the key question is where we go from here. Is this the start of a tit-for-tat trade war between the two biggest economies in the world? If so, the downside risk to global economic growth would be significant,” he said.Gold, a haven asset in uncertain times, traded close to recent record highs.Investors also tracked mixed earnings from major companies — including alcoholic drinks giant Diageo, which scrapped a key performance target as it predicted sales of tequila and Canadian whisky in the key US market would be hit by the tariffs.Markets from Japan to New York were sent tumbling Monday after news at the weekend that Trump had signed off 25 percent duties against Mexico and Canada, fanning concerns for the stuttering global economy.Hours before the tariffs were due to kick in, Trump said he would postpone the measures until March.China, Canada and Mexico are the United States’ three biggest trading partners.”A risk is that this is the beginning of a tit-for-tat trade war, which could result in lower GDP growth everywhere, higher US inflation, a stronger dollar and upside pressure on US interest rates,” said Stephen Dover, chief market strategist and head of Franklin Templeton Institute.”The uncertainty surrounding the permanence of these tariffs makes it challenging for companies to make informed capital investment decisions,” he added.Trump has warned that the European Union would be next in the firing line and has not ruled out tariffs against Britain.The volatile start to February on markets follows their roller-coaster ride last week after China’s DeepSeek unveiled a cheaper artificial intelligence model rivalling those of US tech giants, sparking questions over the vast sums invested in the sector in recent years.”One thing we can say for sure. Markets are going to remain subject to massive headline risk in coming hours… days… and years,” forecast Ray Attrill, foreign currency strategist at National Australia Bank.- Key figures around 1445 GMT -New York – Dow: DOWN 0.1 percent at 44,388.98 pointsNew York – S&P 500: UP 0.2 percent at 6,003.73New York – Nasdaq: UP 0.5 percent at 19,487.61London – FTSE 100: DOWN 0.3 percent at 8,561.71 Paris – CAC 40: UP 0.4 percent at 7,888.02Frankfurt – DAX: UP 0.2 percent at 21,459.97Tokyo – Nikkei 225: UP 0.7 percent at 38,798.37 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,789.96 (close)Shanghai – Composite: Closed for a holidayEuro/dollar: UP at $1.0350 from $1.0302 on MondayPound/dollar: UP at $1.2442 from $1.2407Dollar/yen: UP at 155.02 yen from 154.80 yenEuro/pound: UP at 83.19 pence from 83.03 penceWest Texas Intermediate: DOWN 2.2 percent at $70.96 per barrelBrent North Sea Crude: DOWN 1.6 percent at $74.34 per barrel

After China announced retaliatory tariffs against the United States, walkers along Shanghai’s waterfront were stoic Tuesday in face of both the cold and the prospect of an escalating trade war.The tariffs on US energy, vehicles and equipment were unveiled minutes after additional levies on Chinese goods announced Saturday by US President Donald Trump came into effect.Tariffs on a wider range of goods were announced by Chinese authorities on Tuesday. Trump’s move was the latest in a trade confrontation between the global superpowers that started eight years ago, in his first term.Out for a stroll on the last day of China’s Lunar New Year holiday, many who talked to AFP seemed largely unfazed by the news. “Now with the regular trade war, such as the restrictions on semiconductors, I think it is good (for China),” said a 48-year-old man surnamed Nian. “We will be autonomous — we will be better,” he said, using the example of Chinese AI firm DeepSeek, which made headlines recently with a chatbot which can match its American competitors seemingly at a fraction of the cost.US export controls on high-tech chips may have inadvertently fuelled its success, analysts have said, spurring the firm to develop clever ways to overcome them.Nian said that the Chinese economy could weather the stormy relationship with Washington.- ‘Lives basically unaffected’ -“People’s lives are basically unaffected, and the domestic demand of so many people (in China) is completely enough,” he said. The government has been trying to boost domestic consumption, which has remained stubbornly sluggish post-Covid, dragging on growth. Staring across the similarly slow-moving grey waters of the Huangpu river, 36-year-old Zhou said he thought most Chinese were nevertheless “relatively confident” about the economy long-term. But “when there is this type of trade war… the most fundamental harm is actually to the interests of normal people”, he warned, gesturing to his iPhone as an example of a product he said could be affected eventually. He said he harboured no ill will towards Trump, seeing the confrontation between the world’s two largest economies as “healthy competition”. “The leaders of every country are just defending their own interests,” he told AFP. Sitting beside her livestreaming equipment on a bench, 42-year-old Karen Zhang said she was concerned tariffs would have an impact on life for those living in China’s big international cities. However, she said Beijing was right to retaliate.  “I think overall this is definitely not a good thing, but China also has no choice,” she said. “The United States has been carrying out some very severe measures and policies against China. So China has to fight back… we can’t let them casually bully us,” she said. Her view was echoed by Nian.  “I think we should take countermeasures,” he said. “We should be a bit more ruthless.”

Stock markets mostly rebounded and there strong gains for Mexico’s peso and Canada’s dollar Tuesday after Donald Trump said he would delay tariffs on imports from the US neighbours.It did little to soothe trade war worries, however, as Beijing announced levies on some imports of US goods in retaliation for tariffs on items arriving from China. Oil prices retreated as Beijing’s levies targeted US hydrocarbons. Gold, a safe haven asset, traded close to recent record highs. Investors also tracked mixed earnings from major companies — including alcoholic drinks giant Diageo, which scrapped a key performance target as it predicts sales of tequila and Canadian whisky in main market the United States to be hit by the tariffs.”Markets have shown some nervousness around the prospect of a trade war, yet it doesn’t look like we’re going to have another truly miserable day,” noted Russ Mould, investment director at AJ Bell.”Equity indices were only slightly down in Europe, pockets of Asia rallied sharply, while futures prices imply a fairly quiet day on Wall Street.”Markets from Japan to New York were sent tumbling Monday after news at the weekend that Trump had signed off 25 percent duties against Mexico and Canada, fanning concerns for the stuttering global economy.Hours before the tariffs were due to kick in, Trump said he would postpone the measures until March.China, Canada and Mexico are the United States’ three biggest trading partners.”A risk is that this is the beginning of a tit-for-tat trade war, which could result in lower GDP growth everywhere, higher US inflation, a stronger dollar and upside pressure on US interest rates,” said Stephen Dover, chief market strategist and head of Franklin Templeton Institute.”At the margin, these tariffs should encourage more domestic production of goods in the United States.”However, the uncertainty surrounding the permanence of these tariffs makes it challenging for companies to make informed capital investment decisions,” he added.Trump has warned that the European Union would be next in the firing line and has not ruled out tariffs against Britain.The volatile start to February on markets follows their rollercoaster ride last week after China’s DeepSeek unveiled a cheaper artificial intelligence model rivalling those of US tech giants, sparking questions over the vast sums invested in the sector in recent years.”One thing we can say for sure. Markets are going to remain subject to massive headline risk in coming hours… days… and years,” forecast Ray Attrill, foreign currency strategist at National Australia Bank.- Key figures around 1040 GMT -London – FTSE 100: DOWN 0.3 percent at 8,562.21 pointsParis – CAC 40: UP 0.3 percent at 7,875.83Frankfurt – DAX: UP 0.1 percent at 21,446.01Tokyo – Nikkei 225: UP 0.7 percent at 38,798.37 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,789.96 (close)Shanghai – Composite: Closed for a holidayNew York – Dow: DOWN 0.3 percent at 44,421.91 (close)Euro/dollar: UP at $1.0342 from $1.0302 on MondayPound/dollar: UP at $1.2434 from $1.2407Dollar/yen: UP at 155.31 yen from 154.80 yenEuro/pound: UP at 83.18 pence from 83.03 penceWest Texas Intermediate: DOWN 1.8 percent at $71.87 per barrelBrent North Sea Crude: DOWN 1.1 percent at $75.10 per barrel

China has made good on its threats to retaliate in the escalating trade war with the United States, imposing tariffs on American imports of energy, cars and machinery parts. That came just minutes after a 10 percent tariff hike on Chinese goods, announced by US President Donald Trump on Saturday, came into effect.Here’s the state of play in the rocky US-China trade relationship:- How much trade is at stake? -Trade between China and the United States, the world’s two largest economies, is vast, totalling more than $530 billion in 2024.Sales of Chinese goods to the United States over the same period totalled more than $400 billion, second only to Mexico.China is the dominant supplier of goods from electronics and electrical machinery to textiles and clothing, according to the Peterson Institute of International Economics (PIIE). But a yawning trade imbalance — $270.4 billion last year — has long raised hackles in Washington.So has China’s vast state support for its industries, sparking accusations of dumping, as well as its perceived mistreatment of US firms operating in its territory.China’s economy remains heavily reliant on exports to drive growth despite official efforts to raise domestic consumption, making its leaders reluctant to change the status quo.- What happened during Trump’s first term? -Trump stormed into the White House for his first term in 2016 vowing to get even with China, launching a trade war that imposed significant tariffs on hundreds of billions of dollars of Chinese goods.China responded with retaliatory tariffs on US products that particularly affected American farmers.Key US demands were greater access to China’s markets, broad reform of a business playing field that heavily favours Chinese firms, and a loosening of heavy state control by Beijing.After long, fraught negotiations the two sides agreed what became known as the “phase one” trade deal — a ceasefire in the nearly two-year trade war.Beijing agreed under that agreement to import $200 billion worth of US goods, including $32 billion in farm products and seafood.However, in the face of the Covid-19 pandemic and a US recession, analysts say Beijing fell well short of that commitment.”In the end, China bought only 58 percent of the US exports it had committed to purchase under the agreement, not even enough to reach its import levels from before the trade war,” the PIIE’s Chad P Brown wrote.- How did things change under Biden? -Joe Biden, whose presidency was bookended by Trump’s two terms in office, did not roll back the increases imposed by the Republican but took a more targeted approach when it came to tariff hikes.Under Biden, Washington expanded efforts to curb exports of state-of-the-art chips to China, part of a broader effort to prevent sensitive US technologies being used in Beijing’s military arsenal.His administration also used tariffs to take aim at what it called China’s “industrial overcapacity” — fears the country’s industrial subsidies for green energy, cars and batteries could flood global markets with cheap goods.Biden ordered tariffs last May on $18 billion worth of imports from China, accusing Beijing of “cheating” rather than competing.Under the hikes, tariffs on electric vehicles quadrupled to 100 percent, while the tariff for semiconductors surged from 25 percent to 50 percent.- What happens next? – Beijing’s new tariffs will come into effect on Monday.Tariffs of 15 percent will be imposed on imports of coal and liquefied natural gas from the United States.Crude oil, agricultural machinery, big-engined vehicles and pickup trucks face 10 percent duties.China is a major market for US energy exports and, according to Beijing customs data, imports of oil, coal and LNG totalled more than $7 billion last year.By following through with the levies, Trump has shown tariff threats were serious and not an opening gambit in negotiations.The mercurial magnate has also tied tariffs to the fate of Chinese-owned social media app TikTok — warning of retaliation if a deal cannot be struck to sell it.Trump has ordered an in-depth review of Chinese trade practices, the results of which are due by April 1.Analysts say that could serve as a “catalyst” for even more tariffs on Chinese imports.However, the strong riposte has left little doubt that Beijing will push back against measures it has long viewed as unfair.China said on Tuesday it had filed a complaint with the World Trade Organization over the “malicious” levies, although that is unlikely to bring change in the short term.Separately, its State Administration for Market Regulation announced a probe into US tech giant Google over violations of anti-monopoly laws.

Asian equities rose with the Mexican peso and Canadian dollar Tuesday after Donald Trump said he would delay the imposition of stiff tariffs on imports from the US neighbours, soothing trade war worries for now.But early euphoria was tempered after China announced levies on some imports of US goods as Washington’s measures kicked in, with no news that the two sides had reached an agreement to pause.Markets from Japan to New York were sent tumbling Monday after news at the weekend that Trump had signed off 25 percent duties against Mexico and Canada, fanning concerns for the stuttering global economy.Hours before the tariffs were due to take effect, Trump said he had struck deals with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum on immigration and fentanyl, and would postpone the measures for a month.Talks on final deals would continue with both countries, he added.The tycoon added that he would hold talks with Beijing “probably in the next 24 hours” to avoid new 10 percent tariffs on Chinese imports.However, with the deadline for the tariffs passing at 0500 GMT, China unveiled tariffs on a range of US goods, including crude, coal, liquefied natural gas, agricultural machinery, large-engined vehicles and pickup trucks.Beijing also said it would file a complaint with the WTO and announced a probe into tech giant Google as well as adding US fashion group PVH Corp. — which owns Tommy Hilfiger and Calvin Klein — and biotech giant Illumina to a list of “unreliable entities”.China, Canada and Mexico are the United States’ three biggest trading partners and had warned they would retaliate.News of the deals with Mexico and Canada saw the Mexican peso surge more than three percent — having tumbled to a three-year low on Monday — before paring the gains slightly. The Canadian dollar jumped more than one percent.Asian stock markets also advanced, though unease about the lack of movement on averting the Chinese tariffs saw traders’ pare some of the morning’s gains.Hong Kong, which rose more than three percent in the morning, was up more than two percent, with analysts saying the measures so far would not have a major impact on China’s economy.Tokyo, Seoul, Manila, Sydney, Mumbai, Bangkok, Wellington and Taipei were also in the green. Sydney and Singapore edged down.London slipped at the open while Paris and Frankfurt were higher.The euro and British pound remained under pressure after Trump warned the European Union would be next in the firing line, while he did not rule out tariffs against Britain.”A risk is that this is the beginning of a tit-for-tat trade war, which could result in lower GDP growth everywhere, higher US inflation, a stronger dollar and upside pressure on US interest rates,” said Stephen Dover, chief market strategist and head of Franklin Templeton Institute.”At the margin, these tariffs should encourage more domestic production of goods in the United States. However, the uncertainty surrounding the permanence of these tariffs makes it challenging for companies to make informed capital investment decisions.”The volatile start to February on markets follows their rollercoaster ride last week after China’s DeepSeek unveiled a cheaper artificial intelligence model rivalling those of US tech giants, sparking questions over the vast sums invested in the sector in recent years.”One thing we can say for sure. Markets are going to remain subject to massive headline risk in coming hours… days… and years,” Ray Attrill at National Australia Bank warned.Gold spot prices held gains after spiking to a new record high of $2,830.74 on Monday, having retreated from last week’s all-time peak owing to the stronger dollar and as traders sought out the metal as a safe haven from uncertainty.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 0.7 percent at 38,798.37 (close)Hong Kong – Hang Seng Index: UP 2.8 percent at 20,789.96 (close)London – FTSE 100: DOWN 0.2 percent at 8,570.88Shanghai – Composite: Closed for a holidayEuro/dollar: UP at $1.0316 from $1.0302 on MondayPound/dollar: UP at $1.2420 from $1.2407Dollar/yen: UP at 155.27 yen from 154.80 yenEuro/pound: UP at 83.06 pence from 83.03 penceWest Texas Intermediate: DOWN 1.7 percent at $71.92 per barrelBrent North Sea Crude: DOWN 1.0 percent at $75.20 per barrelNew York – Dow: DOWN 0.3 percent at 44,421.91 (close)

Two Panamanian lawyers filed a complaint Monday to cancel the concession of a Hong Kong-based company for operating two ports on the Panama Canal, following US President Donald Trump’s threats to seize the vital waterway.A subsidiary of CK Hutchison Holdings — owned by Hong Kong billionaire Li Ka-shing — manages two of the canal’s five ports, an arrangement in place since 1997 via a concession from the Panama government. But Norman Castro, one of the lawyers in the case brought before the Supreme Court, told reporters the contract “violates what the constitution says in about 10 articles.” “After a detailed analysis of the contract… we decided that an action for unconstitutionality was the appropriate means” to challenge the concession, said Julio Macias, another lawyer behind the suit.The complaint also accuses the Hong Kong subsidiary of not paying taxes and benefits due to a series of advantages that are allegedly against the law. Panama Ports Company — a CK Hutchison Holdings subsidiary — currently manages the ports of Cristobal on the canal’s Atlantic side and Balboa on the Pacific side. That arrangement was automatically renewed in 2021 for another 25 years. The case comes after Trump threatened to take back the canal — built by the United States and handed to Panama in 1999 — as he said China was effectively “operating” it. But temperatures have lowered since Secretary of State Marco Rubio’s recent visit to the Central American country, with Panama President Jose Raul Mulino announcing they will not renew participation in China’s Belt and Road Initiative. Following Trump’s charges, Panama also announced an audit into the company. CK Hutchison Holdings is one of Hong Kong’s largest conglomerates, spanning finance, retail, infrastructure, telecoms and logistics.