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Alibaba’s Ma steps down as industry faces uncertainty

BEIJING — Alibaba Group founder Jack Ma, who helped launch China’s online retailing boom, stepped down as chairman of the world’s biggest e-commerce company Tuesday at a time when its fast-changing industry faces uncertainty amid a U.S.-Chinese tariff war. Ma, one of China’s wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday …

China says trade talks with US to take place in October

BEIJING — U.S. and Chinese envoys will meet in early October for more talks aimed at ending a tariff war that threatens global economic growth. Stock markets rose on Thursday’s announcement but there has been no sign of progress since Presidents Donald Trump and Xi Jinping agreed in June to resume deadlocked negotiations about trade and technology. …

Global stocks higher ahead of US Fed chairman’s speech

BEIJING — Global stock markets rose Friday ahead of a closely watched speech by the U.S. Federal Reserve chairman at a gathering of global central bankers in Jackson Hole, Wyoming. Market benchmarks in London, Frankfurt, Shanghai and Tokyo all advanced. Investors are looking to Jerome Powell’s speech Friday for hints as to whether last month’s …

Trump raises tariffs on Chinese goods as trade war escalates

WASHINGTON — President Donald Trump angrily escalated his trade fight with China on Friday, raising retaliatory tariffs and ordering American companies to consider alternatives to doing business there. He also blamed Jerome Powell, the man he appointed as chairman of the Federal Reserve, for the state of the domestic economy, wondering who was a “bigger …

China’s Xi gets tougher on Trump after new tariff threat

BEIJING — Facing another U.S. tariff hike, Chinese President Xi Jinping is getting tougher with Washington instead of backing down. Beijing fired what economists called a “warning shot” at Washington by letting its yuan currency weaken in response to President Donald Trump’s latest threat of more punitive import duties on Sept. 1. Chinese buyers cancelled …

China yuan weakens after signs of stability calm markets

BEIJING — China’s yuan weakened again Wednesday after hopes among financial traders that the decline was stabilizing helped to calm jittery global markets. The currency edged down to 7.0488 to the U.S. dollar, about 0.4 per cent below its level late Tuesday. Financial markets tumbled after Beijing allowed the yuan to fall Monday to an …

How Trump’s latest China tariffs could squeeze US consumers

WASHINGTON — The latest tariffs President Donald Trump plans to impose on Chinese goods would cost U.S. households an average of $200 a year, some economists estimate, and would start to bite consumers and retailers just as the holiday shopping season begins. That cost would come on top of the roughly $830 cost imposed per …

Asian stocks sink ahead of Trump Xi meeting at G-20

BEIJING — Asian stocks sank Friday as investors waited for a meeting between Presidents Donald Trump and Xi Jinping that they hope will produce a truce in spiraling U.S.-China trade tensions. Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney all fell. Crude prices declined. Investors are hoping for a repeat of Trump and Xi’s December …

China has more weapons in US tariff war but do they work?

BEIJING — Looking for ways to hit back at Washington as a tariff fight escalates, President Xi Jinping and his economy czar visited a Chinese factory that processes rare earths — exotic minerals used in electric cars, mobile phones and other technology. Rare earths are “an important strategic resource,” the official Xinhua News Agency cited …

US delay to Huawei ban gives tech sector time to adjust

The United States is delaying some restrictions on U.S. technology sales to Chinese tech powerhouse Huawei in what it calls an effort to ease the blow on Huawei smartphone owners and smaller U.S. telecoms providers that rely on its networking equipment. The Trump administration insists the sanctions are unrelated to its escalating trade war with …