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A top industry group had a stern rebuke Saturday for automakers fuelling a “price war”, a week after Chinese EV giant BYD announced sweeping trade-in discounts, with multiple competitors following suit.”Since May 23, a certain automaker has taken the lead in launching a substantial price drop campaign… triggering a new round of ‘price war’ panic,” the China Association of Automobile Manufacturers (CAAM) said in a statement posted to its WeChat account.The group warned that such “disorderly” competition would “exacerbate harmful rivalry” and hurt profit.The statement, dated May 30, did not single out any company by name, but on May 23, BYD announced it was offering big trade-in discounts on nearly two dozen makes, offering discounts of up to 34 percent.Its cheapest model, the smart-driving Seagull, now goes for a starting price of 55,800 yuan ($7,800), down from 69,800 yuan, with a trade-in.Days later, Stellantis-backed Chinese EV startup Leapmotor announced similar discounts on two “entry-level” models through June 8.Geely Auto announced Friday limited-time trade-in subsidies for 10 models, with its X3 Pro going for the lowest starting price of 44,900 yuan.But there is growing domestic criticism against what the autos association called “involution” — a popular tag used to describe the race to outcompete that ends up nowhere.The CEO of China’s Great Wall Motor, whose annual revenue was roughly a quarter of BYD’s, compared it to the start of China’s years-long housing slump triggered by the 2021 default of property giant Evergrande.”Evergrande in the auto industry already exists,” Wei Jianjun said this month in an interview with Chinese outlet Sina Finance.”I hope that… all these years of hard work will not go to waste.”Beijing has poured vast state funds into the electric vehicle sector, supporting the development and production of less polluting battery-powered vehicles.But China’s automakers association on Saturday warned its goliaths to play fair.”Leading companies must not monopolise the market,” the CAAM statement said.It added that “with the exception of lawful discounting, companies must not sell products below cost nor engage in misleading advertising”.Such behaviour disrupted the market and harmed both consumer and the industry, it said.An unnamed official from China’s Ministry of Industry and Information Technology added that price wars “produce no winners and no future”, the state-backed Global Times reported Saturday.

Global stocks finished mixed on Friday after President Donald Trump put US-China trade tensions back on the boil by claiming Beijing had “totally violated” an agreement with Washington.His social media post came hours after US Treasury Secretary Scott Bessent said trade talks with China aimed at putting to bed sky-high mutual tariffs — currently suspended — were “a bit stalled.”The development risks renewed trade tensions between the world’s two biggest economies.On Wall Street, the Dow Jones Industrial Average closed higher, while the S&P 500 index was flat, and the tech-focused Nasdaq Composite fell 0.3 percent.  “If it weren’t for the trade war, the market would be feeling pretty good,” said Tom Cahill of Ventura Wealth Management.”Inflation is definitely moving in the right direction,” he added, referencing the Federal Reserve’s favored inflation gauge, which cooled more than expected last month, according to fresh data published Friday.In Europe, London and Germany’s major indices ended higher, while France’s CAC40 closed lower, following declines in Asian markets earlier in the day. – ‘Undiplomatic approach’ -“If President Trump does slap tariffs back on Chinese imports to the US… we may see demand for US assets, and the dollar, severely impaired by a chaotic and undiplomatic approach to trade policy,” said Kathleen Brooks, research director at XTB.Despite rumbling concerns about the US-China economic relationship, the markets were little changed by Trump’s criticism on social media, with investors appearing to be largely inured to the US president’s now-familiar cycle of making dramatic trade threats and then retreating.Investors, traders and analysts instead focused on the Commerce Department’s personal consumption expenditures (PCE) price index data, which rose 2.1 percent in the 12 months to April — cooling slightly more than expected. Despite the good news for the Fed, which is looking to bring inflation down to its long-term target of two percent, analysts warned that the fuller inflationary effects of Trump’s tariffs were yet to come, and could cause the Fed to maintain its watch-and-wait stance.”The true weight of these policies is likely to emerge more fully in the months ahead,” said FOREX.com market analyst Fawad Razaqzada.Investors were also assessing the impact of a US court ruling that invalidated most of Trump’s sweeping tariffs — though an appeals court suspended that order and the White House vowed that its tariffs goals would be pursued one way or another.The result leaves Trump’s tariff plans in something of “a legal limbo” said Stephen Innes, of SPI Asset Management, adding that this sort of legal impasse was “the kind that keeps traders awake at night.”In the eurozone, interest rates were in focus after official data showed inflation hovering around the European Central Bank’s two-percent target. Consumer prices in top EU economy Germany showed a 2.1 percent rise in May — the same as the previous month — while they fell to 1.9 percent in Spain, and to 1.7 percent in Italy.The ECB looks set to lower interest rates again on Thursday.The dollar gained against major currencies, while oil prices were down ahead of a Saturday meeting of eight key OPEC+ members to decide production quotas for July, with some analysts predicting that the cartel could make a larger-than-expected supply hike.- Key figures at around 2030 GMT -New York – Dow: UP 0.1 percent at 42,270.07 points (close)New York – S&P 500: DOWN less than 0.1 percent at 5,911.69 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 19,113.77 (close)London – FTSE 100: UP 0.6 percent at 8,772.38 (close)Paris – CAC 40: DOWN 0.4 percent at 7,751.89 (close)Frankfurt – DAX: UP 0.3 percent at 23,997.48 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 37,965.10 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,289.77 (close)Shanghai – Composite: DOWN 0.5 percent at 3,347.49 (close)Euro/dollar: DOWN at $1.1349 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3463 from $1.3494Dollar/yen: DOWN at 143.97 yen from 144.19 yenEuro/pound: UP at 84.30 pence from 84.22 penceBrent North Sea Crude: DOWN 0.4 percent at $63.90 per barrelWest Texas Intermediate: DOWN 0.3 percent at $60.79 per barrel burs-da/bgs

US President Donald Trump signaled renewed trade tensions with China Friday, arguing that Beijing had “totally violated” a tariff de-escalation deal, while saying he expects to eventually speak with Chinese leader Xi Jinping.Trump’s comments came after US Treasury Secretary Scott Bessent said that trade talks with China were “a bit stalled,” in an interview with broadcaster Fox News.Top officials from the world’s two biggest economies agreed during talks in Geneva this month to temporarily lower staggeringly high tariffs they had imposed on each other, in a pause to last 90 days.But on Friday, Trump wrote on his Truth Social platform: “China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” without providing further details.The impasse came as China’s slow-walking on export license approvals for rare earths and other elements needed to make cars and chips fueled US frustration, the Wall Street Journal reported Friday.Key to the tariff de-escalation pact was a demand that China resume rare earth exports, the report added, citing sources familiar with the matter.Earlier Friday, US Trade Representative Jamieson Greer told CNBC: “The Chinese are slow-rolling their compliance, which is completely unacceptable.”While Greer did not go into specifics, he noted reports that Beijing continues to “slow down and choke off things like critical minerals and rare earth magnets,” adding that the US trade deficit with China is still “enormous.”Greer said that Washington was not seeing major shifts in Beijing’s behavior.Trump’s deputy chief of staff Stephen Miller told reporters that with China failing to fulfill its obligations, “that opens up all manner of action for the United States to ensure future compliance.”On Thursday, Bessent suggested that there could be a call between Trump and Xi eventually.Trump told reporters Friday afternoon: “I’m sure that I’ll speak to President Xi, and hopefully we’ll work that out.”US stock markets closed mixed, after fluctuating in the day on jitters that Trump could return to a more confrontational stance on China.- Forthcoming deals? -Washington is also in “intensive talks” with other trading partners, Greer told CNBC, saying he has meetings next week with counterparts from Malaysia, Vietnam and the European Union.The meetings come as he heads to Organisation for Economic Cooperation and Development (OECD) talks in Europe.”The negotiations are on track, and we do hope to have some deals in the next couple of weeks,” Greer said.Washington and Tokyo are making progress towards a deal, Kyodo News reported, citing Japan’s tariffs envoy Ryosei Akazawa.Akazawa, who met with Bessent and Commerce Secretary Howard Lutnick in Washington, expects another round of talks before mid-June.But Trump’s tariff plans are facing legal challenges.A US federal trade court ruled this week that the president overstepped his authority in tapping emergency economic powers to justify sweeping tariffs.It blocked the most wide-ranging levies imposed since Trump returned to office, although this ruling has been stayed for now as an appeals process is ongoing.The decision left intact, however, tariffs that Trump imposed on sector-specific imports such as steel and autos.Greer said it was important to get through the legal process so partners have a “better understanding of the landing zone.”Since Trump returned to the presidency, he has slapped sweeping tariffs on most US trading partners, with especially high rates on Chinese imports.New tit-for-tat levies on both sides reached three digits before the de-escalation this month, where Washington agreed to temporarily reduce additional tariffs on Chinese imports from 145 percent to 30 percent.China, meanwhile, lowered its added duties from 125 percent to 10 percent.The US level is higher as it includes a 20 percent levy that Trump imposed on Chinese goods over the country’s alleged role in the illicit drug trade — an accusation that Beijing has pushed back against.The high US-China tariffs, while still in place, forced many businesses to pause shipments as they waited for both governments to strike a deal.

Stocks largely slid on Friday after President Donald Trump put US-China trade tensions back on the boil by claiming Beijing had “totally violated” an agreement with Washington.His social media post came hours after US Treasury Secretary Scott Bessent said trade talks with China aimed at putting to bed sky-high mutual tariffs — currently suspended — were “a bit stalled”.The development risks renewed trade pugilism between the world’s two biggest economies.”If President Trump does slap tariffs back on Chinese imports to the US… we may see demand for US assets, and the dollar, severely impaired by a chaotic and undiplomatic approach to trade policy,” said Kathleen Brooks, research director at XTB.New York shares dipped into the red, as did Asia’s markets, though their close came before Trump posted his message. Paris also closed down while London and Frankfurt ended higher.The movements were relatively limited, with investors appearing to be largely inured to Trump’s now-familiar cycle of making dramatic trade threats then retreating. Economic data informed a lot of the trades. A key US inflation indicator released Friday showed April core price rises had slowed to 2.1 percent, milder than expected. Analysts warned that the fuller inflationary effects in the United States of Trump’s tariffs were yet to come and could cause the Fed to maintain its watch-and-wait stance.”The true weight of these policies is likely to emerge more fully in the months ahead,” said FOREX.com market analyst Fawad Razaqzada.Investors were also assessing the impact of a US court ruling that invalidated most of Trump’s sweeping tariffs — though an appeals court suspended that order and the White House vowed the tariffs goal would be pursued one way or another.”The ruling didn’t mean that all tariffs were off the table, it could affect trade negotiations going forward,” noted David Morrison, senior market analyst at Trade Nation, adding that it only injected “ongoing uncertainty surrounding trade policy”.Stephen Innes, of SPI Asset Management, said the result was “a legal limbo… the kind that keeps traders awake at night”.In the eurozone, interest rates were in focus after official data showed inflation hovering around the European Central Bank’s two-percent target. Consumer prices in top EU economy Germany showed a 2.1 percent rise in May — the same as the previous month — while they fell in Spain, to 1.9 percent, and in Italy, to 1.7 percent.The ECB looks set to lower interest rates again on Thursday.The dollar gained against major currencies, while oil prices were down ahead of a Saturday meeting of eight key OPEC+ members to decide production quotas for July, with some analysts saying the cartel could make a larger-than-expected supply hike.- Key figures at around 1545 GMT -New York – Dow: DOWN 0.2 percent at 42,145.57 pointsNew York – S&P 500: DOWN 0.4 percent at 5,890.11New York – Nasdaq Composite: DOWN 0.6 percent at 19,055.88London – FTSE 100: UP 0.6 percent at 8,766.98 (close)Paris – CAC 40: DOWN 0.4 percent at 7,751.89 (close)Frankfurt – DAX: UP 0.3 percent at 23,997.48 (close)Tokyo – Nikkei 225: DOWN 1.2 percent at 37,965.10 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,289.77 (close)Shanghai – Composite: DOWN 0.5 percent at 3,347.49 (close)Euro/dollar: DOWN at $1.1356 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3479 from $1.3494Dollar/yen: DOWN at 144.10 yen from 144.19 yenEuro/pound: UP at 84.26 pence from 84.22 penceBrent North Sea Crude: DOWN 1.5 percent at $62.41 per barrelWest Texas Intermediate: DOWN 1.15 percent at $60.23 per barrel 

Stock markets and dollar trades diverged Friday as investors assessed the outlook for US President Donald Trump’s sweeping tariffs, which are under scrutiny by US courts.In the latest turn, a US appeals court on Thursday allowed Trump to temporarily keep his aggressive tariffs in place, a day after the US Court of International Trade barred most of the levies launched since he took office.That news saw Asian markets reverse gains as analysts warned that legal wrangling could add to volatility and throw uncertainty into trade talks between Washington and other governments.Hong Kong and Tokyo stocks were down more than one percent each by the close, while Shanghai also sank.European markets fared better, with London, Paris and Frankfurt all rising near the day’s half-way mark.”When it comes to global trade right now the only certainty is uncertainty,” said Derren Nathan, head of equity research at Hargreaves Lansdown. “Just a day after US courts halted the lion’s share of Trump’s recent tariff increases, judges have temporarily reinstated the new border taxes. Little wonder markets are struggling for direction,” he added.The dollar gained against the euro and pound but fell versus the yen.The Japanese currency strengthened after figures showed May inflation in Tokyo — a barometer for the rest of Japan — came in above forecasts, ramping up expectations the country’s central bank will hike interest rates in July.Oil prices rose Friday as traders turned their focus to Saturday’s meeting of eight OPEC+ members, which are set to decide production quotas for July. Elsewhere in Europe, data showed that inflation in Spain dipped below the European Central Bank’s two percent target, bolstering the case for more interest rate cuts in the eurozone.Investors are also looking ahead to the latest figures for the US Federal Reserve’s preferred inflation measure, the PCE, for signs of the health of the world’s largest economy amid tariffs.While the tariffs are set to go through the courts — and possibly end up at the Supreme Court — there are expectations the US president will find other means to implement them.The US Court of International Trade ruling on Wednesday barred most of the tariffs announced since Trump took office, saying that he had overstepped his authority — a decision he labelled “horrible” and said should be “quickly and decisively” reversed.A separate ruling by a federal district judge in Washington also found some levies unlawful as well, giving the administration 14 days to appeal.Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain.Meanwhile, US Treasury Secretary Scott Bessent told Fox News that negotiations with China were “a bit stalled” and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war.All three main indices on Wall Street ended slightly higher on Thursday, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought.Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump’s plans to ramp up the budget deficit.- Key figures at around 1045 GMT -London – FTSE 100: UP 0.8 percent at 8,783.89 pointsParis – CAC 40: UP 0.3 percent at 7,805.49Frankfurt – DAX: UP 0.9 percent at 24,157.61Tokyo – Nikkei 225: DOWN 1.2 percent at 37,965.10 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,289.77 (close)Shanghai – Composite: DOWN 0.5 percent at 3,347.49 (close)New York – Dow: UP 0.3 percent at 42,215.73 (close on Thursday)Euro/dollar: DOWN at $1.1324 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3475 from $1.3494Dollar/yen: DOWN at 143.94 yen from 144.19 yenEuro/pound: DOWN at 84.02 pence from 84.22 penceBrent North Sea Crude: UP 0.5 percent at $64.46 per barrelWest Texas Intermediate: UP 0.8 percent at $61.44 per barrel 

Airline bosses meet from Sunday in New Delhi at their annual industry conference, battling to mitigate the impact of Donald Trump’s policies that have hit travel to the United States and potentially raised costs for aviation.Trump’s bid to impose tariffs on the United States’ trading partners have upended commercial flows, with legal challenges against his plan adding to uncertainties.The tense atmosphere in the United States, from Trump’s plans to revoke foreign students’ visas to reports of travellers detained at US borders, has also put a dampener on tourism.”The airline sector is always sensitive to the economic and political climate,” Paul Chiambaretto, professor of strategy and marketing at France’s Montpellier Business School, told AFP.”Any form of uncertainty will reduce traffic,” he added, noting it “especially” impacted business travellers, the most profitable segment.The influential International Air Transport Association (IATA) is due to update its traffic and profitability projections as the delegates from the group gathering 350 airlines hold their talks.In December it forecast a record 5.2 billion air journeys in 2025 — up 6.7 percent from an already unprecedented 2024. It predicted carriers would generate $36.6 billion in cumulative net profit, on revenue exceeding $1 trillion.However, the US president’s “Liberation Day” tariff blitz and his administration’s stance on issues from immigration to education could throw a spanner in the works.- Putting up the ‘closed’ sign -As early as March, the North American air transport market, which represents 23 percent of global traffic, began to decline and several US-based airlines warned they would not meet their financial targets. A study released this month by the World Travel and Tourism Council and Oxford Economics found that the United States was on track to lose some $12.5 billion in revenue from foreign tourists this year owing to worries about travelling to the country.The group, made up of leading travel firms, said this “represents a direct blow to the US economy overall, impacting communities, jobs, and businesses from coast to coast”.”While other nations are rolling out the welcome mat, the US government is putting up the ‘closed’ sign,” WTTC president Julia Simpson said.Didier Brechemier, an airline industry expert at Roland Berger, said: “Today, bookings for the North Atlantic are lower than they were at the same time last year.”IATA Director General Willie Walsh noted on Thursday “some signs of fragility of consumer and business confidence with continued weakness in the US domestic market and a sharp fall in North American premium class travel”.Air transport has for decades benefited from the removal of import taxes, rising living standards — particularly in Asia — and open borders, with the number of air trips tripling since 2000.But the return of protectionism is endangering the industrial model of aircraft manufacturers, whose assembly lines mobilise suppliers worldwide, with costs likely to increase, putting more of a burden on carriers.- Lower energy costs -There’s good news for carriers, though, with oil prices falling owing to an anticipated slowdown in economic growth.That could help firms reduce their fuel bills — representing between a quarter and a third of their operational costs — by hundreds of millions of dollars.Washington’s new Republican administration is also fully supporting the development of fossil fuels, in contrast to that of Democratic former president Joe Biden, who subsidised Sustainable Aviation Fuel (SAF).Sustainable development “has largely disappeared from the airline industry’s immediate priorities”, says Jerome Bouchard, a partner at consultants Oliver Wyman.Also likely on the agenda for IATA will be the impact of geopolitical tensions on the industry.India is experiencing explosive growth, with the number of airports and passengers in the world’s most populous nation doubling over the past decade, while major airlines IndiGo and Air India have hundreds of aircraft on order.Prime Minister Narendra Modi is expected to address delegates on Monday, organisers said.The country’s recent deadly spat with neighbour Pakistan, which saw the two sides impose airspace bans on each other, highlighted the fragility of civil aviation in the face of such upheavals.The row poses an additional complication for connections to Asia, as Russia has banned US and EU aircraft overflights in retaliation for sanctions linked to its invasion of Ukraine.

Most Asian shares fell Friday after a US appeal court gave Donald Trump’s sweeping tariffs a temporary reprieve, fanning uncertainty a day after judges had ruled the controversial measures were unconstitutional.The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments.While the tariffs have been stalled and are set to go through the courts — and possibly end up at the Supreme Court — there are expectations that the US president will find other means to implement them.The US Court of International Trade ruling on Wednesday barred most of the tariffs announced since Trump took office, saying that he had overstepped his authority — a decision he labelled “horrible” and should be “quickly and decisively” reversed for good.”Backroom ‘hustlers’ must not be allowed to destroy our Nation!” he wrote on his Truth Social platform.A separate ruling by a federal district judge in Washington, DC also found some levies unlawful as well, giving the administration 14 days to appeal.Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain.But Kevin Hassett, director of the National Economic Council, told Fox Business that “hiccups” sparked by the decisions of “activist judges” would not affect negotiations and that three agreements were close to finalisation.National Australia Bank’s Rodrigo Catril said after the appeal court decision that “Trump’s trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty”.He added that the judges could still rule against the White House.”But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump’s tariff agenda,” Catril said.”The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier.”The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring.”Meanwhile, US Treasury Secretary Scott Bessent told Fox News that negotiations with China were “a bit stalled” and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war.He added that “given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other”. Hong Kong and Tokyo were off more than one percent each, while Shanghai, Seoul, Manila, Mumbai and Bangkok also sank.Sydney and Wellington edged up with London, Paris and Frankfurt.The weak performance followed a tepid day on Wall Street, where all three main indexes ended just slightly higher, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought.Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump’s plans to ramp up the budget deficit.On currency markets the yen strengthened after figures showed inflation in Tokyo — a barometer for the rest of Japan — came in above forecasts this month, ramping up expectations the country’s central bank will hike interest rates in July.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.2 percent at 37,965.10 (close)Hong Kong – Hang Seng Index: DOWN 1.2 percent at 23,289.77 (close)Shanghai – Composite: DOWN 0.5 percent at 3,347.49 (close)London – FTSE 100: UP 0.5 percent at 8,762.10 Euro/dollar: DOWN at $1.1340 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3480 from $1.3494Dollar/yen: DOWN at 144.00 yen from 144.19 yenEuro/pound: DOWN at 84.12 pence from 84.22 penceWest Texas Intermediate: UP 0.3 percent at $61.13 per barrel Brent North Sea Crude: UP 0.2 percent at $64.29 per barrelNew York – Dow: UP 0.3 percent at 42,215.73 (close)

The US Securities and Exchange Commission (SEC) on Thursday dropped its civil lawsuit against the cryptocurrency exchange Binance and its majority shareholder, Changpeng Zhao.”In the exercise of its discretion and as a matter of policy, the Commission deems it appropriate to dismiss this litigation,” the agency said in a court filing.The SEC added that dropping the lawsuit “does not necessarily reflect its position in any other litigation or proceeding.”Binance, the world’s largest cryptocurrency exchange, is accused in several countries of allowing criminal organizations to launder funds through its platform.Zhao, the company’s co-founder and former CEO, pleaded guilty in late 2023 to violating anti-money-laundering requirements in the United States, serving a four-month prison sentence for it in 2024.As part of the company’s $4.3 billion settlement with US authorities, Zhao agreed to resign from his position at Binance while remaining a majority shareholder.US President Donald Trump’s pro-crypto SEC chair Paul Atkins has dropped other cases against major cryptocurrency platforms like Coinbase and Kraken initiated under the administration of former president Joe Biden.

Asian shares fell Friday after a US appeal court gave Donald Trump’s sweeping tariffs a temporary reprieve, fanning uncertainty a day after judges had ruled the controversial measures were unconstitutional.The losses reversed a rally across world markets the previous day as analysts warned that the legal wrangling could compound volatility and throw trade talks between Washington and other governments.While the tariffs have been stalled and are set to go through the courts — and possibly end up at the Supreme Court — there are expectations that the US president will find other means to implement them.The US Court of International Trade’s ruling on Wednesday barred most of the tariffs announced since Trump took office, ruling that he had overstepped his authority — a decision he labelled “horrible” and should be “quickly and decisively” reversed for good.”Backroom ‘hustlers’ must not be allowed to destroy our Nation!” he wrote on his Truth Social platform.A separate ruling by a federal district judge in Washington, DC also found some levies unlawful as well, giving the administration 14 days to appeal.Observers said the latest developments have led to speculation about trade negotiations, including those between the United States and European Union, and a deal it has already struck with Britain.But Kevin Hassett, director of the National Economic Council, told Fox Business that “hiccups” sparked by the decisions of “activist judges” would not affect negotiations and that three agreements were close to finalisation.National Australia Bank’s Rodrigo Catril said after the appeal court decision that “Trump’s trade agenda remains alive and kicking with the legal battle adding yet another layer of uncertainty”.He added that the judges could still rule against the White House.”But it is probably worth emphasising that the president has other avenues to impose tariffs, so our view here is that the court case is just another layer of uncertainty/complication but it does not derail Trump’s tariff agenda,” Catril said.”The ongoing shift in US trade policy is creating a cloud of uncertainty and now the legal battles are making the outlook even cloudier.”The only thing that looks more certain is more uncertainty, which is set to lead to a further pullback in investment decision and hiring.”Meanwhile, US Treasury Secretary Scott Bessent told Fox News on Thursday that negotiations with China were “a bit stalled” and Trump might need to speak to President Xi Jinping, weeks after the economic superpowers agreed a detente in their trade war.He added that “given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other”. Hong Kong and Tokyo were off more than one percent each, while Shanghai, Sydney and Seoul also sank into the red, though Wellington and Manila edged up.The weak performance followed a tepid day on Wall Street, where all three main indexes ended just slightly higher, with sentiment also dented by data showing the US economy contracted in January-March, albeit at a slower pace than first thought.Disappointing readings on jobless benefits and pending home sales added to the more downbeat mood, with investors also on edge over elevated bond yields and Trump’s plans to ramp up the budget deficit.On currency markets the yen strengthened after figures showed inflation in Tokyo — a barometer for the rest of Japan — came in above forecasts this month, ramping up expectations the country’s central bank will hike interest rates in July.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.4 percent at 37,890.86 (break)Hong Kong – Hang Seng Index: DOWN 1.4 percent at 23,243.11Shanghai – Composite: DOWN 0.5 percent at 3,346.41Euro/dollar: DOWN at $1.1357 from $1.1368 on ThursdayPound/dollar: DOWN at $1.3483 from $1.3494Dollar/yen: DOWN at 143.91 yen from 144.19 yenEuro/pound: UP at 84.24 pence from 84.22 penceWest Texas Intermediate: DOWN 0.3 percent at $60.74 per barrel Brent North Sea Crude: DOWN 0.3 percent at $63.97 per barrelNew York – Dow: UP 0.3 percent at 42,215.73 (close)London – FTSE 100: DOWN 0.1 percent at 8,716.45 (close)

Brazilian prosecutors are suing Chinese electric car giant BYD and two contracting companies for human trafficking and alleged slave labor conditions at a build site, according to legal documents seen by AFP Thursday.The case concerns 220 Chinese workers found last December in conditions “analogous to slavery” at a BYD plant under construction in Camacari, in the northeastern state of Bahia.Bahia’s regional ministry for works (MPT) said in December it had found “degrading working conditions” at the site being built, expected to be BYD’s largest electric car plant outside Asia.Workers slept without mattresses and, in one case, 31 people had to share a bathroom, it said.Laborers had “visible signs of skin damage” from working long hours under the sun.The MPT said it also suspected “forced labor,” with illegal clauses in workers’ contracts, passports confiscated and the employer withholding as much as 70 percent of their salary. Workers were monitored by armed guards.After the allegations were made public, BYD’s Brazilian subsidiary said it had broken its contract with the Jinjiang contractor responsible for work on the site.Jinjiang denied the slavery allegation.The MPT is now seeking 257 million reais ($45.3 million) for “collective moral damages,” as well as individual payments for each worker. The civil suit against BYD, Jinjiang and Tonghe Intelligent Equipment (now Tecmonta) was filed after the companies refused to sign a “conduct adjustment agreement” proposed by Brazilian authorities, the MPT said.On Thursday, BYD said in a statement it had collaborated with the MPT from the beginning, and “reaffirms its non-negotiable commitment to human and labor rights, guiding its activities by respecting Brazilian legislation and international labor protection standards.”Chinese foreign ministry spokeswoman Mao Ning told reporters Beijing “places great importance on protecting and safeguarding workers’ legitimate rights and interests,” and requires Chinese companies to “operate in compliance with laws and regulations.”