The State Council has approved draft regulations for implementing China’s new value-added tax (VAT) law, which is aimed at governing the country’s largest source of tax revenue and set to come into effect early next year. The regulations, released for public consultation in August and approved on Friday, outline detailed rules for enforcing the VAT…
BANGKOK (AP) — Asian shares tumbled on Tuesday, with benchmarks in Tokyo and Seoul sinking more than 3%, after Nvidia and other artificial-intelligence -related shares pulled U.S. stocks lower. U.S. futures dropped, with the contract for the S&P 500 down 0.6% while the future for the Dow Jones Industrial Average was down 0.4%. Computer chip…
PHILADELPHIA — Steel: 50%. Copper: 50%. Cars: up to 25%. But an even bigger Trump-era levy looms: 107 % on Italian pasta. Mamma mia. It started with the U.S. Commerce Department launching what it says was a routine antidumping review, based on allegations Italian pasta makers sold product into the US at below-market prices and…
TOKYO — Toyota reported a 7% year-on-year drop in its profit for April-September on Wednesday, as President Donald Trump’s tariffs slammed Japanese automakers, but it raised its forecast for the full fiscal year. Net profit for the April-September period at Toyota Motor Corp. totaled 1.77 trillion yen ($11.5 billion), down from 1.9 trillion yen a…
KUALA LUMPUR, Malaysia (AP) — China signed an expanded version of a free trade agreement Tuesday with the Association of Southeast Asian Nations, with Chinese Premier Li Qiang pitching expanded economic ties with his country as an alternative to the protectionist policies of U.S. President Donald Trump. Li Qiang told an ASEAN-China summit meeting after…
Biopharma has finally begun catching up with the overall stock market, if the positive returns shown by the top three exchange traded funds (ETFs) since the spring are any indication. Over the past six months, shares of the top three biopharma ETFs have jumped well into double digits. The top biotech-focused ETF with $6.562 billion…
WASHINGTON (AP) — President Donald Trump pulled out of trade talks with Canada Thursday night, furious over what he called a “fake’’ television ad from Ontario’s provincial government that quoted former U.S. President Ronald Reagan from 38 years ago criticizing tariffs — Trump’s favorite economic tool. The ad features audio excerpts from an April 25,…
The Ronald Reagan Presidential Foundation and Institute is drawing a volatile mix of blowback and praise for arguing that a Canadian government advertisement playing in U.S. markets misrepresented the 40th president’s words to blast President Donald Trump’s tariff policies. It is not clear how the California-based Reagan Foundation decided to enter the fray over the…
WASHINGTON (AP) — President Donald Trump is expected to leave for Asia at the end of the week, betting that an around-the-world journey will help him untangle big issues that he can’t afford to get wrong. At stake is nothing less than the future of the global economy, which could hinge on whether he’s able…
BANGKOK — BANGKOK (AP) — Shares swung higher Wednesday in Europe and Asia, supported by buying of technology shares, as hopes for a U.S. interest rate cut helped to offset worries over simmering trade tensions between Washington and Beijing. Gold rose to new highs, hitting $4,217 per ounce. The precious metal has soared nearly 60%…