President Xi Jinping said China must “overcome” the challenges of developing core AI technologies including high-end chips, state media reported yesterday, as Beijing seeks to become a world leader in the rapidly developing industry.
Developing countries should strike swift trade deals with the United States at the “earliest possible” opportunity, the president of the World Bank told AFP Friday, after a busy week with global financial leaders in Washington.
The United States and European Union need to “de-escalate” and “negotiate a deal” to help boost lackluster growth on the continent, the International Monetary Fund’s Europe director said Friday.
The International Monetary Fund announced Friday it had reached agreement on a loan program review with Sri Lanka which will make around $344 million available to support the country’s economic reforms.
In a chair's statement, the IMF's steering committee also reaffirmed prior foreign exchange commitments and voiced support for a realignment of quotas, or shareholding, that better reflects countries' positions in the global economy.
Respondents cited "changes in government spending priorities and the extent of US international engagement" as driving uncertainty.
The Bank has been advising developing countries to focus attention on cutting trade barriers and boosting regional flows of goods
"China and the US are NOT having any consultation or negotiation on #tariffs," China shot back in a foreign ministry statement posted by the Chinese Embassy in the US.
As part of those changes, the government has also lowered the threshold at which parcels to individuals require formal entry processing by US Customs -- down to $800 from $2,500 as of April 5.
The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell.
Beijing "will take countermeasures in a resolute and reciprocal manner" if any country sought such deals, a ministry spokesperson said
The fresh gas price hike has become a major challenge for local industries at a time when they are at risk of experiencing a fall in exports to the US due to the new Trump tariffs, a trade expert said today.
The trade war has all but frozen the mammoth trade between the world's two largest economies with tariffs over 100% in each direction and a suite of trade, investment and cultural restrictions.
Silicon Valley semiconductor star Nvidia and its US rival Advanced Micro Devices (AMD) expect big financial hits from new US licensing requirements for semiconductors exported to China, they notified regulators this week.
The American and European aerospace giants have grappled with higher expenses for primary materials such as titanium, components and energy, as well as overall labor cost pressures.
Sky-high tariffs imposed on China by US President Donald Trump have triggered a slump in factory orders, manufacturers told AFP this week -- with some fearing business may never return.
Bangladesh shipped apparels worth $5.74 billion in the July-March period to the USA
Chinatowns across the US are feeling the effects of the escalating tariff war
