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US tariff exemptions on smartphones, laptops, and semiconductors may be temporary, as President Trump emphasized that no products are exempt from a 20% tariff rate. Current US tariffs on Chinese imports have reached 145%, with China retaliating at 125%. New tariffs on critical items could be announced soon, reflecting a significant shift in trade policy that has led to historic tariff rates and economic consequences for households.
Egypt is seeking to amend the QIZ agreement with the U.S. and Israel in response to tariffs imposed by President Trump, which affect several countries, including Egypt. The government is exploring low-cost local manufacturing and plans to review free trade agreements with global partners to enhance exports. Additionally, there are suggestions to reduce the required Israeli input in QIZ products from 10.5% to 5%.
China has pledged to take "firm and forceful" measures in response to the new US tariffs, which have reached 104 percent on its products. The foreign ministry emphasized the inalienable rights of the Chinese people to development, while the commerce ministry expressed a strong commitment to countering the escalating trade conflict with the US.
Elon Musk expressed his desire for a "zero-tariff" system between the US and Europe, advocating for a free trade zone during a virtual meeting with Italy's Deputy Prime Minister Matteo Salvini. This statement comes shortly after President Trump's implementation of a 20% tariff on the European Union. Musk also emphasized the importance of allowing individuals to freely move and work between Europe and North America.
Donald Trump's newly announced tariffs, including a 10% baseline on all U.S. imports and higher rates on specific countries, could push the U.S. economy towards recession by increasing inflation and reducing consumer spending, according to JP Morgan's chief economist. The tariffs are projected to generate $400 billion in revenue but may lead to a significant contraction in real disposable income and consumer spending in the coming quarters. Global leaders are preparing retaliatory measures, raising concerns about widespread economic repercussions.
Goldman Sachs has downgraded its 12-month forecast for Europe’s STOXX 600, anticipating price returns of -6% in three months, -2% in six months, and 5% in a year, due to rising tariff concerns and weaker economic growth in the US and Europe. Earnings growth expectations for European companies have also been reduced, with projections of 2% growth in 2025 and 4% in 2026, below consensus estimates. The firm highlights that while European equities are trading at a discount compared to US stocks, the outlook remains sensitive to US trade policies and potential economic downturns.
An Indian appeals court has ruled that Google's app store billing policy is anti-competitive, affirming findings from the Competition Commission of India. While the initial fine of 9.4 billion rupees was reduced to 2.2 billion rupees, the court upheld that Google abused its market dominance. This ruling adds to Google's ongoing global antitrust issues, including a significant fine from the European Union.
Goldman Sachs Asset Management has launched a pioneering biodiversity bond fund aimed at conserving nature through fixed-income investments. This fund, which allocates at least 90% to sustainable projects, supports various United Nations' Sustainable Development Goals and excludes companies heavily involved in coal and oil. With a rapid increase in biodiversity funds globally, this initiative reflects a growing investor focus on sustainable and impactful investments.
Swiss MPs have rejected a proposal for a 50% inheritance tax on assets over 50 million francs, citing concerns that it would drive wealthy individuals out of the country and reduce tax revenue for cantons. Meanwhile, rents in Switzerland continue to rise, with significant increases reported in central cantons, while a survey indicates growing ambivalence among residents regarding bilateral agreements with the EU, with a notable increase in those seeing disadvantages.
Global trade reached a record $33 trillion in 2024, driven by a 9% surge in the services sector, which contributed $700 billion to the total growth. In contrast, goods trade grew by only 2%, and momentum slowed in the latter half of the year, with trade imbalances widening, particularly for the U.S. with China and the EU. Looking ahead, potential disruptions in 2025 are anticipated due to rising geoeconomic tensions and protectionist policies.
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US tech tariff exemptions may be temporary amid rising trade tensions
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02:02 14.04.2025
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