By Casey Hall and James Pomfret SHANGHAI (Reuters) – Orders have evaporated for Richard Chen, who manufactures Christmas decorations in southern China for U.S. retailers, including Walmart and Costco, facing crippling U.S. tariffs. “The orders are half of what they were last year,” said Chen, who is based in the manufacturing hub of Dongguan. He…
Brits going over to the USA for a holiday often reminisce about the ‘good old days’, when you could get two dollars for every pound. But, although that excellent exchange rate hasn’t been seen since 2007, there’s still so much you can buy in the States at a fraction of the UK price. In fact,…
Beijing’s public support for criticism of Hong Kong’s CK Hutchison Holdings’ decision to sell off its Panama port assets is designed to send a message to every mainland and Hong Kong company doing business overseas. And observers say the implication is clear: you are expected to put patriotism before profits, and stand up to foreign…
The US government, despite opposition from all sides, has slapped tariffs indiscriminately on countries around the world. Citing China’s alleged failure to take sufficient measures to address the fentanyl issue, the United States announced an additional 20 per cent tariff on Chinese products exported to the US, including those from Hong Kong. It should be…
(CNN) – Walmart is caught in the middle of an escalating trade war between the United States and China. Last week, Bloomberg reported the retail giant was trying to find a solution to its tariff woes by asking some of its Chinese suppliers for significant price cuts to offset the tariffs imposed by President Donald…
Walmart (WMT) was summoned by Chinese officials for attempting to pass U.S. tariff costs onto suppliers, but it’s hardly alone in its approach. McDonald’s is splitting its teams to conquer beef, chicken, and beverages. Starbucks (SBUX) is encouraging customers to sip their coffee in comfy seats and charge their phones – as long as they…
China’s Ministry of Commerce engaged in discussions with Walmart (WMT, Financials) regarding the company’s reported request for price reductions from Chinese suppliers in response to new U.S. tariffs, multiple media outlets reported. Reports from Chinese state media indicate that Walmart reportedly pushed producers of kitchenware and apparel as well as other suppliers to cut prices…
Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. China summons Walmart executives for talks in wake of Trump tariffs China has summoned executives of Walmart – the world’s largest retailer – for regulatory talks, bringing the business…
SHANGHAI (Reuters) – Chinese officials met with Walmart this week to discuss media reports that the U.S. retailer has asked Chinese suppliers to slash prices to offset U.S. tariffs on goods from China, according to CCTV-affiliated social media posts. The posts, published on Wednesday on the Weibo account of Yuyuantantian, which is affiliated with state-run…
Tesla’s stock plunges by half; is Elon Musk’s EV party over? Tesla’s stock has dropped by nearly half in three months, losing most of the gains it made following the U.S. election last year, when CEO Elon Musk helped fund the victory of President Donald Trump. U.S. stocks mostly fell in early trading Tuesday, extending…