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Australia’s plan to exempt YouTube from a world-leading teen social media ban is “illogical” and a “mockery”, rival tech giants Meta and TikTok said Wednesday. Prime Minister Anthony Albanese last year unveiled landmark laws that will ban under-16s from social media by the end of 2025. While popular platforms such as Facebook, TikTok and Instagram face heavy fines for flouting the laws, Australia has proposed an exemption so children can use YouTube for school. TikTok’s Australian policy director Ella Woods-Joyce said YouTube had been handed a “sweetheart deal” that gave it an unfair advantage. “Handing one major social media platform a sweetheart deal of this nature — while subjecting every other platform in Australia to stringent compliance obligations — would be illogical, anti-competitive, and shortsighted,” said Woods-Joyce. “The government’s arguments citing unique educative value do not survive even the most cursory of closer examinations,” she added in a submission to a government agency released Wednesday.It would “further entrench Google’s market dominance”, she said, referring to YouTube’s parent company. Meta — the parent company of Facebook and Instagram — made similar arguments against the exemption. “This proposed blanket exception makes a mockery of the government’s stated intention, when passing the age ban law, to protect young people,” Meta said in its own submission to the communications department.”YouTube has the very features and harmful content that the government has cited as justifying the ban.” Both companies argued they produced video content that was virtually indistinguishable from YouTube’s.While a host of countries from France to China have mooted similar measures, Australia’s looming ban would be one of the strictest in the world. Firms face fines of up to Aus$50 million (US$31.3 million) for failing to comply. Albanese has painted social media as “a platform for peer pressure, a driver of anxiety, a vehicle for scammers and, worst of all, a tool for online predators”. But officials are yet to solve basic questions surrounding the laws, such as how the ban will be policed.The ban is set to come into effect by December 2025.

China is pushing for economic growth of “around five percent” in 2025, an official document seen by AFP on Wednesday showed, an ambitious goal as Beijing faces down an intensifying trade war with the United States and deepening economic doldrums at home.The goal came with China already buffeted by strong economic headwinds, including a persistent property sector debt crisis, stubbornly low consumer demand and stuttering employment for young people.It is also broadly in line with an AFP survey of analysts ahead of its official announcement later in the morning by Chinese Premier Li Qiang in the opening speech of the country’s rubber-stamp National People’s Congress (NPC) parliament, which starts at 9:00 am.Experts say that figure is ambitious considering the economic challenges facing the country.It came alongside a pledge to create 12 million new jobs in China’s cities and push for two percent inflation in 2025.Thousands of delegates will congregate in the morning for the opening session of the NPC, the second of China’s “Two Sessions” meetings this week.The world’s second-largest economy has struggled to regain its footing since the pandemic, as domestic consumption flags and a persistent debt crisis in the vast property sector drags on.Adding to the hurdles is US President Donald Trump, who this week slapped more blanket tariffs on Chinese imports following a similar move last month.US tariffs are expected to hit hundreds of billions of dollars in total trade between the world’s two largest economies.The Chinese economy faced “many difficulties and challenges,” NPC session spokesman Lou Qinjian said at a press conference ahead of Wednesday’s main event. “World economic and political uncertainty is increasing,” said Lou.”Domestic demand is insufficient, and some companies are facing difficulties in production and operation,” he admitted.- Fight to the ‘bitter end’ -Chinese exports reached record levels last year.But a broadening trade war under Trump would mean that the country will now need to rely on other drivers of economic activity.Beijing on Tuesday announced its own measures in retaliation for Washington’s latest tariff hike — and vowed it would fight a trade war to the “bitter end”.The moves will see China impose levies of up to 15 percent on a range of US agricultural products including soybeans, pork and wheat starting from early next week.Beijing’s countermeasures represent a “relatively muted response” in comparison to Trump’s all-encompassing tariffs, wrote Lynn Song, chief economist for Greater China at ING.”The retaliation could have been a lot stronger, and with every further escalation the risks are also rising for a stronger response,” he added.- More help needed -Analysts say authorities may announce plans this week to boost the economy — adding to a string of aggressive support measures announced late last year.Experts warn that the existing measures don’t go far enough in providing the stimulus that could right China’s wobbly economy.”Guidance from Beijing notes that the fiscal deficit will increase substantially this year,” Harry Murphy Cruise, head of China and Australia economics at Moody’s Analytics, told AFP.”We expect an official fiscal deficit of four percent of GDP (up from three percent) and record high issuance of special government bonds,” he said.Wednesday’s proceedings are also expected to see the government release information on its planned defence spending in 2025.Geopolitical competition between Beijing and Washington is set to intensify this year, analysts say.The status of self-governed Taiwan — claimed by China as part of its sovereign territory — is chief among the sources of tension.That spending will finance Beijing’s frequent dispatch of military aircraft around Taiwan, intended to put pressure on authorities in the democratic island.It also comes after Trump proposed a coordinated halving to the military budgets of the United States, Russia and China.China has not agreed to such a move, with a foreign ministry spokesperson suggesting last month that any reductions in military expenditure should be conducted by Washington first.

Stock markets were in gloomy mode Tuesday as China, Mexico and Canada hit back at US tariffs and fears grew that Europe could be President Donald Trump’s next target in the growing global trade war.Wall Street stocks tumbled for a second straight session while European markets closed down sharply amid worries a prolonged trade spat may knock the world economy out of kilter.Frankfurt plunged more than 3.5 percent for its worst session in almost three years, while London shed 1.3 percent and Paris gave up 1.9 percent. “The headlines surrounding an impending global trade war have become too loud to ignore on the once-booming trading floor of Frankfurt,” noted Konstantin Oldenburger, analyst at CMC Markets.   “The sounds of trade disruptions are growing louder and are becoming increasingly difficult to ignore, even though Trump has yet to impose any direct tariffs against Germany or the European Union.”Of the 11 industrial sectors in the S&P 500, 10 finished in negative territory, with technology flat.The biggest losers in the Dow included Boeing, which slid 6.6 percent, 3M, which dropped nearly five percent and American Express, which sank 4.1 percent.”The longer the tariffs last or are in effect, the longer that this market will decline,” Sam Stovall of CFRA Research said.”Investors are worried that we are headed for a recession and a bear market.” US tariffs of 25 percent for Canadian and Mexican goods came into effect on Tuesday along with the doubling of levies on Chinese imports to 20 percent. The three countries announced retaliatory moves.”The US administration is continuing to cause even more global upheaval and overnight by far the broadest set of tariffs yet has come into effect,” said Deutsche Bank analyst Jim Reid.But Reid added “there is still some market doubt as to whether all these tariffs will persist for a prolonged period of time.”The European Union warned that the tariffs on Canada and Mexico risk “disrupting global trade,” and urged Washington to reverse course.”These tariffs threaten deeply integrated supply chains, investment flows, and economic stability across the Atlantic,” said EU trade spokesman Olof Gill.Amid fears the EU will be the next target, French Economy Minister Eric Lombard insisted that the bloc would be tough in negotiations.”We have negotiators who are playing hardball, we will play hardball but… we need to reach a balanced deal to protect our economies,” Lombard said.- China congress and eurozone rates -Traders have their eyes on other major economic events this week.Investors hope China will announce a huge economic stimulus package at its annual parliamentary meeting, the National People’s Congress.On Thursday, the European Central Bank is expected to cut interest rates again to try to boost a floundering eurozone economy.The key scheduled economic event Friday will be US jobs data.- Key figures around 2130 GMT -New York – Dow: DOWN 1.6 percent at 42,520.99 (close)New York – S&P 500: DOWN 1.2 percent at 5,778.15 (close)New York – Nasdaq Composite: DOWN 0.4 percent at 18,285.16 (close) London – FTSE 100: DOWN 1.3 percent at 8,759.00 (close)Paris – CAC 40: DOWN 1.9 percent at 8,047.92 (close)Frankfurt – DAX: DOWN 3.5 percent at 22,326.81 (close) Tokyo – Nikkei 225: DOWN 1.2 percent at 37,331.18 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 22,941.77 (close)Shanghai – Composite: UP 0.2 percent at 3,324.21 (close)Euro/dollar: UP at 1.0611 from $1.0487 on MondayPound/dollar: UP at $1.2789 from $1.2701 Dollar/yen: UP 149.75 from 149.50 yenEuro/pound: UP at 82.96 pence from 82.57 pence West Texas Intermediate: DOWN 0.2 percent at $68.26 per barrelBrent North Sea Crude: DOWN 0.8 percent at $71.04 per barrel

Shares of Tesla tumbled Tuesday following data showing a big drop in auto sales in China, adding to recent losses amid backlash to CEO Elon Musk’s alliance with US President Donald Trump.The electric auto maker sold 30,688 vehicles in China in February, down 49 percent from the year-ago period, according to data from the China Passenger Car Association.Near 1840 GMT, Tesla shares were down 4.4 percent.Tesla has lost more than one third of its market value since mid-December as Musk has deepened his association with the polarizing US leader.Musk, who is the driving force behind the so-called Department of Government Efficiency, which is seeking to slash through the US budget, reportedly will attend Trump’s address before Congress Tuesday night.Musk has been excoriated among congressional Democrats for his role in cutting government jobs. He has also been criticized for endorsing far-right political figures in Germany and for making a hand gesture at Trump’s inauguration that resembled a Nazi salute.

Canadian Prime Minister Justin Trudeau on Tuesday launched a stunning attack on Donald Trump’s “dumb” trade war, sparking further threats of retaliation from the US president after huge tariffs kicked in against Canada, Mexico and China.A furious Trudeau accused Trump of trying to cause the collapse of Canada’s economy to make it easier for the United States to annex his country, and blasted Washington for targeting a close ally while “appeasing” Russia over Ukraine.Fears that the tariff spat is rapidly devolving into the most brutal trade war of modern times sent global markets lower, with the S&P 500 — a major Wall Street index — extending recent losses to erase all of its gains since Trump’s US election victory in November. Trump had announced — and then paused — blanket 25 percent tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.But he pushed ahead with them Tuesday, citing a lack of progress on both fronts. And after Canada retaliated, Trump quickly threatened to hit it again, mocking Trudeau’s position as the country’s premier.”Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!” he wrote in a post on his Truth Social platform, referring to the Canadian leader with the title used for heads of US states.The sweeping duties will hit US imports from both US neighbors, affecting everything from avocados to the lumber crucial for building US homes, and hampering supply chains for key sectors like automobiles.Trump also inked an order Monday to increase a previously imposed 10 percent tariff on China to 20 percent — piling atop existing levies on various Chinese goods.Beijing condemned the “unilateral imposition of tariffs by the US,” filing a complaint with the World Trade Organization and threatening to impose 10 and 15 percent levies on a range of agricultural imports from the United States. – Pushing up prices -Analysts and businesses have warned that the higher import costs could push up prices for consumers — which could complicate efforts to bring down inflation, one of the issues that got Trump elected.That includes at grocery stores — Mexico supplied 63 percent of US vegetable imports and nearly half of US fruit and nut imports in 2023, according to the US Department of Agriculture.Brian Cornell, the chief executive of the US retail giant Target, said Tuesday that the company could be forced to raise the cost of some fruits and vegetables over the next couple of days.”If there’s a 25 percent tariff, those prices will go up,” he told CNBC. “The giant wildcard here, obviously, is how the consumers are going to react to the price increases,” Matthew Bilunas, the chief financial officer at US electronics retailer Best Buy, told investors during a conference call on Tuesday. Housing costs could also be hit. More than 70 percent of imports of two key materials homebuilders need — softwood lumber and gypsum — come from Canada and Mexico, according to the National Association of Home Builders. Truck drivers at the Otay Mesa border crossing in Mexico told AFP they were already feeling the impact as they waited to cross into the United States early Tuesday.- Fight to ‘the bitter end’ -Ottawa’s retaliatory 25 percent tariffs on $30 billion of goods went into effect early Tuesday, and Trudeau said that they would expand to “the remaining $125 billion of American products in 21 days time.””Canadians are reasonable. We are polite. We will not back down from a fight,” he said.Addressing the US president directly, Trudeau said that while he thinks Trump is a “smart guy,” the tariffs are a “very dumb thing to do.”China said its tariffs against the United States will come into effect next week and will impact tens of billions of dollars in imports, from soybeans to chickens.Beijing also announced that imports of US lumber have been suspended, and that soybean shipments from three American exporters have been halted, as country’s foreign ministry vowed to fight the US trade war to the “bitter end.”burs-da/bfm

Stock markets were in gloomy mode Tuesday as China, Mexico and Canada hit back at US tariffs and fears grew that Europe could be President Donald Trump’s next target in the growing global trade war.Wall Street had retreated almost 2 percent mid-session following steep losses the previous day while European stock markets closed down sharply and oil prices slumped, the price of Brent Crude plunging 2.4 percent to a five-month low of $69.94 amid worries a prolonged trade spat may knock the world economy out of kilter.European equities took a similar buffeting as Frankfurt lost more than 3.5 percent for its worst session in almost three years. London shed 1.3 percent and Paris gave up 1.9 percent. “The headlines surrounding an impending global trade war have become too loud to ignore on the once-booming trading floor of Frankfurt,” noted Konstantin Oldenburger, analyst at CMC Markets.   “The sounds of trade disruptions are growing louder and are becoming increasingly difficult to ignore, even though Trump has yet to impose any direct tariffs against Germany or the European Union.”The main US oil contract, West Texas Intermediate, fell almost two percent to $69.04 a day after OPEC+ confirmed plans to hike oil output from April, amid pressure from Trump to lower prices.”Investors don’t like tariffs, and they are deeply uncomfortable with President Trump’s new world order, which is weighing on market sentiment,” said Kathleen Brooks, research director at XTB trading platform.US tariffs of 25 percent for Canadian and Mexican goods came into effect on Tuesday along with the doubling of levies on Chinese imports to 20 percent. The three countries announced retaliatory moves.”The US administration is continuing to cause even more global upheaval and overnight by far the broadest set of tariffs yet has come into effect,” said Deutsche Bank analyst Jim Reid.But Reid added “there is still some market doubt as to whether all these tariffs will persist for a prolonged period of time.”The European Union warned that the tariffs on Canada and Mexico risk “disrupting global trade”, urging Washington to reverse course.”These tariffs threaten deeply integrated supply chains, investment flows, and economic stability across the Atlantic,” said EU trade spokesman Olof Gill.Amid fears the EU will be the next target, French Economy Minister Eric Lombard insisted that the bloc would be tough in negotiations.”We have negotiators who are playing hardball, we will play hardball but… we need to reach a balanced deal to protect our economies,” Lombard said.- China congress and eurozone rates -Bitcoin continued its recent nosedive as it dropped below $83,000 while the dollar came under pressure.Traders have their eyes on other major economic events this week.Investors hope China will announce a huge economic stimulus package at its annual parliamentary meeting, the National People’s Congress.On Thursday, the European Central Bank is expected to cut interest rates again to try to boost a floundering eurozone economy.The key scheduled economic event Friday will be US jobs data.- Key figures around 1640 GMT -New York – Dow: DOWN 1.7 percent at 42,439.97 points New York – S&P 500: DOWN 1.7 percent at 5,799.25 New York – Nasdaq Composite: DOWN 1.5 percent at 18,090.25 London – FTSE 100: DOWN 1.3 percent at 8,759.00 (close)Paris – CAC 40: DOWN 1.9 percent at 8,047.92 (close)Frankfurt – DAX: DOWN 3.5 percent at 22,326.81 (close) Tokyo – Nikkei 225: DOWN 1.2 percent at 37,331.18 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 22,941.77 (close)Shanghai – Composite: UP 0.2 percent at 3,324.21 (close)Euro/dollar: UP at 1.0535 from $1.0419 on MondayPound/dollar: UP at $1.2730 from $1.2612 Dollar/yen: DOWN 148.75 from 150.28 yenEuro/pound: UP at 82.76 pence from 82.62 pence West Texas Intermediate: DOWN 1.0 percent at $67.67 per barrelBrent North Sea Crude: DOWN 1.6 percent at $70.29 per barrel

Stock markets slid Tuesday as China, Mexico and Canada hit back at US tariffs and fears grew that Europe could be President Donald Trump’s next target in the growing global trade war.Wall Street retreated further at the open following steep losses the previous day while European stock markets fell sharply in afternoon deals.”Investors don’t like tariffs, and they are deeply uncomfortable with President Trump’s new world order, which is weighing on market sentiment,” said Kathleen Brooks, research director at XTB trading platform.US tariffs of 25 percent for Canadian and Mexican goods came into effect on Tuesday along with the doubling of levies on Chinese imports to 20 percent. The three countries announced retaliatory moves.”The US administration is continuing to cause even more global upheaval and overnight by far the broadest set of tariffs yet has come into effect,” said Deutsche Bank analyst Jim Reid.Reid added, however, that “there is still some market doubt as to whether all these tariffs will persist for a prolonged period of time.”The European Union warned that the tariffs on Canada and Mexico risk “disrupting global trade”, urging Washington to reverse course.”These tariffs threaten deeply integrated supply chains, investment flows, and economic stability across the Atlantic,” said EU trade spokesman Olof Gill.Amid fears that the EU will be the next target, French Economy Minister Eric Lombard insisted that the bloc would be tough in negotiations.”We have negotiators who are playing hardball, we will play hardball but… we need to reach a balanced deal to protect our economies,” Lombard said.- China congress and eurozone rates -Bitcoin dropped below $83,000 and the dollar came under pressure.Oil prices dropped after OPEC+ on Monday confirmed plans to hike output from next month.Traders have their eyes on other major economic events this week.Investors hope China will announce a huge economic stimulus package at its annual parliamentary meeting, the National People’s Congress.On Thursday, the European Central Bank is expected to cut interest rates again to try to boost a floundering eurozone economy.The key scheduled economic event Friday will be US jobs data.- Key figures around 1435 GMT -New York – Dow: DOWN 0.9 percent at 42,790.20 points New York – S&P 500: DOWN 0.9 percent at 5,799.25 New York – Nasdaq Composite: DOWN 1.0 percent at 18,171.97 London – FTSE 100: DOWN 1.0 percent at 8,786.19Paris – CAC 40: DOWN 1.9 percent at 8,046.82Frankfurt – DAX: DOWN 2.8 percent at 22,488.93 Tokyo – Nikkei 225: DOWN 1.2 percent at 37,331.18 (close)Hong Kong – Hang Seng Index: DOWN 0.3 percent at 22,941.77 (close)Shanghai – Composite: UP 0.2 percent at 3,324.21 (close)Euro/dollar: UP at 1.0527 from $1.0419 on MondayPound/dollar: UP at $1.2715 from $1.2612 Dollar/yen: DOWN 148.60 from 150.28 yenEuro/pound: UP at 82.81 pence from 82.62 pence West Texas Intermediate: DOWN 1.0 percent at $67.66 per barrelBrent North Sea Crude: DOWN 1.5 percent at $70.55 per barrel

Mounting trade wars between the United States and its largest economic partners deepened Tuesday as huge US tariffs on Canada, Mexico and China kicked in, sparking swift retaliation from Beijing and Ottawa.Markets fell in Asia and Europe in response to what analysts said were the steepest tariffs on imports since the 1940s.Trump had announced — and then paused — blanket 25 percent tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.He pushed ahead with them Tuesday, citing a lack of progress on both fronts.The duties will hit over $918 billion in US imports from both countries, and are set to hamper supply chains for key sectors like automobiles and construction materials.Canada responded with its own retaliatory 25 percent tariffs, while Mexican President Claudia Sheinbaum said there was no justification for the US move and vowed to hit back with duties of its own.Trump also inked an order Monday to increase a previously imposed 10 percent tariff on China to 20 percent — piling atop existing levies on various Chinese goods.Beijing condemned the “unilateral imposition of tariffs by the US” and said it would impose 10 and 15 percent levies on a range of agricultural imports from the United States.Experts have warned the higher import costs could push up prices for consumers, complicating efforts to bring down inflation.That includes at grocery stores — Mexico supplied 63 percent of US vegetable imports and nearly half of US fruit and nut imports in 2023, according to the US Department of Agriculture.Housing costs could also be hit. More than 70 percent of imports of two key materials homebuilders need — softwood lumber and gypsum — come from Canada and Mexico, said the National Association of Home Builders. Truck drivers at the Otay Mesa border crossing in Mexico told AFP they were already feeling the impact as they waited to cross into the United States early Tuesday.Work was drying up because many companies in the Mexican border city of Tijuana export Chinese goods, said driver Angel Cervantes.”And since the tariffs are also against China, work is going down for the (transport) companies,” he added.- Fight to ‘the bitter end’ -Ottawa’s retaliatory 25 percent tariffs on $30 billion of goods went into effect just after midnight Tuesday.”Canada will not let this unjustified decision go unanswered,” Prime Minister Justin Trudeau said, adding that they would be extended to duties on more than $150 billion of Canadian goods within weeks.China’s tariffs will come into effect next week and will impact tens of billions of dollars in imports, from US soybeans to chickens.China also suspended all imports of US lumber and halted soybean shipments from three US exporters.Beijing’s foreign ministry vowed to fight a US trade war to the “bitter end.”European Union trade spokesman Olof Gill warned the tariffs on Canada and Mexico threatened transatlantic “economic stability” and risked disrupting global trade, urging Washington to reverse course.- Trump seeks leverage -Analysts say Trump’s tariffs over drugs like fentanyl are a means to tackle socio-economic problems — while providing legal justifications to move quickly — and Washington is also seeking leverage and to rebalance trade ties.But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move.The Tax Foundation estimates that before accounting for foreign retaliation, tariffs on Canada, Mexico and China this time would each cut US economic output by 0.1 percent.”We could easily reach the highest effective tariff rate since 1936 by the beginning of 2026,” KPMG chief economist Diane Swonk warned ahead of the tariffs going into effect.Both consumers and manufacturers stand to bear the costs of additional tariffs, which could diminish demand and trigger layoffs as businesses try to keep costs under control, she told AFP.burs-sam/st/bgs

At a bustling Shanghai trade fair, exporters of goods ranging from plush toys to chainmail bikinis expressed growing unease at the escalating US-China trade war as new US tariffs took hold on Tuesday.President Donald Trump on Monday doubled previously imposed tariffs to 20 percent, which themselves pile atop existing levies on various Chinese goods.The fair on Tuesday showcased the huge spectrum of such exports — sellers of everything from bath mats to cosmetics told AFP their businesses would be affected in some way. The writing was on the wall at the Weiteng Gifts booth, where fridge magnets, keychains and medallions reading “Red Rock Rave Las Vegas”, “Colorado Crossroads” and “West Texas Classic” were proof of its reliance on the US market.”I’m a little worried, but there’s nothing I can do. We can only absorb it internally and hedge any risks,” representative Andy Dai told AFP.He said about 70 percent of the company’s sales went to the United States.Weiteng’s sales in the first two months of 2025 were down 15 percent compared with last year, he added.”The impact (of tariffs) is actually quite great, especially for small- and medium-sized enterprises,” said Esther Ma, who works for a logistics company that counts e-commerce giants Shein, Temu and Amazon among its clients.”In my industry, everyone is very worried about this kind of trade war… If it is a blow to our customers, it will also have a great impact on us.”- Christmas trees and cat litter -Among stalls selling products from “Protect Your Peace” candles to Christmas trees and cat litter, traders smiled ruefully when asked about China-US relations.  Weiteng’s Dai said the company had started to develop its business domestically, boosting its presence at local trade fairs.”At the same time, of course, we can’t give up our traditional market. The European and American markets are still our most important markets, so we are now straddling all of them to spread the risk,” Dai said.Diversifying customer bases was a recurring theme among those who said they would be affected. One company at the trade fair specialised in the mesh and sequinned party harnesses seen at festivals such as Coachella and Burning Man. A saleswoman said they were focussing on developing their European market to make up for the hit they had already taken in the United States.Logistics specialist Ma said some of her clients had told her they were switching to focus within Asia or to countries that are part of China’s Belt and Road infrastructure and trade initiative. Others said they hadn’t seen any effects from the tariffs yet but feared they would not be able to avoid it in the future.However, another logistics professional said he thought the cost would be passed on to US consumers rather than Chinese companies. “We export to a lot of countries and the United States is just one of them,” said Jin Ziqin, whose company sells cleaning products.”This new trade war? We’ve been in a trade war all along. I believe that China has various ways to deal with it,” she said. Beijing has already retaliated against the latest US move, saying it would impose 10 and 15 percent levies on a range of US agricultural imports, from chicken to soybeans.”If we keep going back and forth, I think things will keep escalating,” Weiteng Gifts’ Dai said.”But as an ordinary business, we certainly hope that through dialogue and negotiation, the two governments can reduce trade disputes.”

Mounting trade wars between the United States and its largest economic partners deepened on Tuesday as US tariffs on Canada, Mexico and China kicked in, sparking swift retaliation from Beijing and Ottawa.Stinging US tariffs on Canadian and Mexican goods came into effect as a deadline to avert President Donald Trump’s levies passed without the nations striking a deal — a move set to snarl supply chains.Trade war fears sent markets falling in Asia and Europe on Tuesday in response to what analysts said were its steepest tariffs on imports since the 1940s.Trump had announced — and then paused — the blanket 25 percent tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.In pushing ahead with the duties, Trump cited a lack of progress in tackling the flow of drugs like fentanyl into the United States.The duties stand to impact over $918 billion worth of US imports from both countries.The sweeping duties on Canada and Mexico are set to hamper supply chains for key sectors like automobiles and construction materials, risking cost increases to households.Mexico supplied 63 percent of US vegetable imports and nearly half of US fruit and nut imports in 2023, according to the US Department of Agriculture.More than 80 percent of US avocados come from Mexico — meaning higher import costs could push up prices for American shoppers.Truck drivers at the Otay Mesa border crossing in Mexico told AFP they were already feeling the impact of the tariffs as they lined up to cross into the United States on Tuesday morning.Work was drying up because many companies in the Mexican border city of Tijuana export Chinese goods, said driver Angel Cervantes.”And since the tariffs are also against China, work is going down for the (transport) companies,” he added.And the United States imports construction materials from Canada, too, meaning tariffs could drive up housing costs.More than 70 percent of imports of two key materials homebuilders need — softwood lumber and gypsum — come from Canada and Mexico, said National Association of Home Builders chairman Carl Harris.- ‘Bitter end’ -Trump also inked an order Monday to increase a previously imposed 10 percent tariff on China to 20 percent — piling atop existing levies on various Chinese goods.Beijing condemned the “unilateral imposition of tariffs by the US” and swiftly retaliated, saying it would impose 10 and 15 percent levies on a range of agricultural imports from the United States.China’s tariffs will come into effect next week and will impact tens of billions of dollars in imports, from US soybeans to chickens.Beijing’s foreign ministry vowed to fight a US trade war to the “bitter end.””The Chinese people will not be intimidated,” spokesman Lin Jian said.And after Trump earlier announced tariffs on EU products would be 25 percent, France’s Economy Minister Eric Lombard called for the European Union to reach a “balanced deal” with Washington.EU trade spokesman Olof Gill warned the tariffs on Canada and Mexico threatened transatlantic “economic stability” and risked “disrupting global trade,” urging Washington to reverse course.Economists caution that tariffs could raise consumer prices while weighing on growth and employment.The Tax Foundation estimates that before accounting for foreign retaliation, tariffs on Canada, Mexico and China this time would each cut US economic output by 0.1 percent.This could complicate Trump’s efforts to fulfill his campaign promises of lowering prices for Americans.Former US officials see Trump’s tariffs over drugs like fentanyl as a means to tackle socio-economic problems — while providing legal justifications to move quickly.Washington is also seeking leverage and to rebalance trade ties, analysts say.But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move, and could trigger lawsuits.- US tariffs won’t ‘go unanswered’ -Canadian Prime Minister Justin Trudeau on Monday pledged to impose retaliatory 25 percent tariffs on Washington, saying in a statement: “Canada will not let this unjustified decision go unanswered.”Mexican President Claudia Sheinbaum said her country has contingency plans.If Trump continues with his tariff plans, KPMG chief economist Diane Swonk warned ahead of them going into effect: “We could easily reach the highest effective tariff rate since 1936 by the beginning of 2026.”Both consumers and manufacturers stand to bear the costs of additional tariffs, which could diminish demand and trigger layoffs as businesses try to keep costs under control, she told AFP.Robert Dietz, chief economist at the National Association of Home Builders, told AFP the group expects a possible “combined duty tariff rate of above 50 percent on Canadian lumber” as proposed duties add up.Even as the United States also plans to expand forestry, Dietz said, prices will likely rise in the short-run.burs-oho/cms/sco