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Bitcoin rallied on Monday to a four-month high amid a positive sentiment in the crypto market after major corporations announced new purchases. The US and China also reached a trade deal that includes tariff pauses for 90 days in a step aimed at calming tensions. The Price Bitcoin rose 1.5% at Bitstamp to $105,706, the highest since January 31, with a session-low at $103,940. On Sunday, bitcoin fell 0.65%, the second daily loss in three days on profit-taking. Bitcoin rallied 10.5% last week, the fifth weekly profit in a row, and the longest such streak…
Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldRepublicans have outlined far-reaching plans to gut government support for clean energy as part of a series of legislative proposals to fund sweeping tax cuts promised by US President Donald Trump. Congressional lawmakers on the powerful House ways and means committee, which is responsible for writing tax law, on Monday released draft legislation that would end renewable energy subsidies and scrap tax breaks for electric vehicle purchases. The draft bill provided a first glimpse of Republican plans to reshape the US tax…
Chinese drug developers with product and cost advantages could emerge unscathed from US President Donald Trump’s latest attempt to slash prices of medicines, bring back manufacturing jobs and potentially slap tariffs on pharmaceutical imports, analysts said.US consumers would pay no more than drug prices charged in other high-income nations, which Trump said on Sunday were 30 to 80 per cent cheaper than in the US. The move raised concerns that profits of firms across the supply chain would be squeezed, triggering a rout in pharmaceutical stocks on Monday.Innovent Biologics, an industry bellwether based in Suzhou in the eastern Jiangsu province,…
US stock indices surged on Monday after the announcement of a trade deal and a lull in the trade tensions between the world’s two biggest economies. The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution. According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%. US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place…
A China General Chamber of Commerce – USA survey released Monday showed half of Chinese companies operating in the United States plan to shift emphasis away from investments in the country in light of Trump administration tariff policies.The business group conducted the survey of almost 100 Chinese enterprises operating in the US in March and April, finishing shortly before US President Donald Trump’s so-called “reciprocal” tariffs on Chinese products of 145 per cent and Beijing’s retaliatory 125 per cent tariffs.After weekend talks in Switzerland, both sides agreed Monday to lower tariffs for 90 days, with US tariffs reduced to 30…
US stock indices surged on Monday after the announcement of a trade deal and a lull in the trade tensions between the world’s two biggest economies. The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution. According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%. US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place…
This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe/Africa or Americas edition to get the newsletter delivered every weekday morning. Explore all of our newsletters hereGood morning and welcome back. We start today with the 90-day truce in the US-China trade war — and whether the global economy has made it through the worst of Donald Trump’s tariffs. Also in FirstFT Asia: Modi claims Indian victory after clashes with PakistanA new Taiwanese TV drama depicts a Chinese invasionHow Xi sparked China’s electricity revolutionUS stocks soared yesterday on hopes among investors that…
Chinese electric car maker BYD’s new factory in Brazil will be “fully functional” by December 2026, after its operations were delayed because of an investigation into labour abuses, Bahia state labour secretary Augusto Vasconcelos said in a video on Monday.By the end of this year, the factory should start producing cars from semi-finished kits, he added.“A new schedule is being established so that by December 2026 the factory will be fully functional with the expectation of generating 10,000 jobs,” said Vasconcelos in the video published to social media.The news comes as Bahia Governor Jeronimo Rodrigues travels to China with President…
Gold prices fell on Monday as the dollar rallied against a basket of major rivals amid an improving risk appetite, while investors shunned the precious metal as a safe haven following the US-China trade deal. The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution. According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%. US Treasury Secretary Scott Bessent hailed the “very…
The first meeting to break the US-China trade deadlock was held almost three weeks ago in the basement of the IMF headquarters, arranged under cover of secrecy.US Treasury secretary Scott Bessent, who was attending the IMF spring meetings in Washington, met China’s finance minister Lan Fo’an to discuss the near complete breakdown in trade between the world’s two biggest economies, according to people familiar with the matter.The previously unreported encounter was the first high-level meeting between US and Chinese officials since Donald Trump’s inauguration and the launch of his tariff war. The Treasury declined to comment on the secret meeting. The…