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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…
Stay informed with free updatesSimply sign up to the US equities myFT Digest — delivered directly to your inbox.US stocks soared on Monday as investors bet that the tariff agreement between Washington and Beijing meant Donald Trump’s trade war was moving beyond its most intense phase. The blue-chip S&P 500 ended the day 3.3 per cent higher, while the tech-heavy Nasdaq Composite closed up 4.3 per cent. The dollar jumped 1.5 per cent against a basket of six peers, leaving it on track for its biggest daily rise in the wake of Donald Trump’s election on November 5.“Peak tariffs are…
Chinese officials, influencers and state-run media on Monday were casting the initial trade agreement and 90-day tariff pause with the United States as a victory and a vindication of Beijing’s negotiating strategy.They’re arguing that their defiant public posture worked — and was a major reason they were able to strike a deal with U.S. officials in Switzerland with relatively few concessions.”China’s firm countermeasures and resolute stance have been highly effective,” said a social media account linked to China’s national broadcaster CCTV.In the eyes of the Chinese public, negotiators from Beijing appear to have convinced President Donald Trump’s administration to roll…