China Financial News

While some items may seem niche or indulgent, they’re part of daily routines and cultural habits that touch millions of households. And the costs are set to climb.

Fake cosmetics, massage pillows and sex toys. Crude homemade explosives. A Russian known as Warrior. A code word: Mary. These are among the key elements of a suspected Russian-run sabotage plot that led to three parcels being detonated at courier depots in Britain, Germany and Poland last summer, a person with knowledge of the Polish investigation told Reuters. The pillows, packed into the parcels with the cosmetics and sex toys, contained hidden homemade incendiary devices made of a cocktail of chemicals including highly reactive magnesium, according to the person familiar with the case who provided the most granular account yet of the alleged plot. The chemicals were ignited by pre-timed detonators adapted from cheap Chinese electronic gadgets used to track items like lost keys, with the effect enhanced by the tubes of what looked like cosmetics but in fact contained a gel made of flammable compounds including nitromethane, according to the source. «The proceedings in this case concern criminal activities inspired by Russia's GRU,» this person said, referring to Moscow's foreign military intelligence agency.

These negotiations come just days after the US imposed a series of new tariffs affecting several nations, including a levy of 26% on India. According to Reuters, US Secretary of State Marco Rubio discussed the levies with Israeli Prime Minister Benjamin Netanyahu. A State Department readout of their meeting confirmed that the tariff discussions are part of a broader diplomatic effort. The talks are centered on a relatively small subset of the countries impacted by the new tariffs, with both parties looking to strike deals. This is seen as the first phase of a larger set of negotiations, as countries begin to assess their next steps and responses to the tariff changes. On Friday, Vietnam, which is facing a 46% tariff on its exports to the US, announced that it intends to reduce its tariffs on US goods to zero, pending an agreement with the US.

Warren Buffett wants the world to know: he’s not cheering Donald Trump’s tariff spree. And he hasn’t said a word about it—despite what viral videos and presidential posts might suggest. Berkshire Hathaway issued a rare public statement on Friday, flatly denying that Buffett ever praised Trump’s recent economic measures. “There are reports currently circulating on social media (including Twitter, Facebook and TikTok) regarding comments allegedly made by Warren E. Buffett. All such reports are false,” the company said. The clarification came hours after US President Donald Trump shared a video on Truth Social claiming Buffett had declared Trump was making “the best economic moves he’s seen in over 50 years.” The video, originally posted by an Instagram user called «AmericanPapaBear,» suggested Trump was “crashing” the stock market on purpose to make equities cheaper for the middle class. Trump’s repost came just as global markets were convulsing in response to his new tariffs.

A Minecraft Movie is off to a positive start at the box office. The movie has exceeded expectations and is on track to earn $90 to $100 million over its opening weekend. As per Deadline, A Minecraft movie earned $18.4 million in 55 offshore markets on Thursday, excluding China. The Warner Bros. film earned $10.55 million in previews domestically on Thursday, April 3.

Vietnam, Thailand and Cambodia have for years worked to turn themselves into alternatives to China for factories making the bags, electronics, shoes and auto parts that eventually end up in the United States. Now, they will face some of the most punishing tariffs. All three countries have said in recent days that they’re open to negotiations over the “reciprocal tariffs” Trump announced this week, while Singapore, a finance and trade hub, has said that it doesn’t plan to strike back. The offers come as nations worldwide weigh how to respond to Trump’s decision to slap tariffs from 10% to as high as 50% on every country. Since his announcement, trillions of dollars in market value have been wiped out globally and triggered widespread recession alarms. Southeast Asia’s offers to negotiate contrast with China’s immediate retaliation, while the European Union is preparing its own countermeasures if talks fail. Trump and Vietnam's leader To Lam have agreed to discuss a deal to remove tariffs, both leaders said after a phone call that Trump said was «very productive», as Hanoi has escalated its campaign to dodge duties of 46%.

Global investors have yearned for clarity over U.S. President Donald Trump's tariffs, but now they have it, they don't much like what they see. As part of his «Liberation Day» on April 2, Trump slapped hefty tariffs on major trading partners, plunging markets into turmoil, just as investors parse through the first new quarterly earnings, along with Chinese inflation data, waiting for the rest of the world to respond.

Sean Parnell, chief Pentagon spokesman, said Friday that Hegseth will participate in the 2025 Central American Security Conference. He said Hegseth will take part in meetings that «will drive ongoing efforts to strengthen our partnerships with Panama and other Central American nations toward our shared vision for a peaceful and secure Western Hemisphere.» He did not mention the canal, which was built by the US in the early 1900s as it looked for ways to facilitate the transit of commercial and military vessels between its coasts. Washington turned control over to Panama on Dec. 31, 1999, under a treaty signed in 1977 by President Jimmy Carter. Trump has claimed that Carter «foolishly» gave the canal away. After Trump's threats, a Hong Kong-based conglomerate has agreed to sell its controlling stake in a subsidiary that operates ports near the Panama Canal to a consortium including BlackRock Inc., effectively putting the ports under American control. The deal will give the U.S. investment management company BlackRock Inc. control over 43 ports in 23 countries, including the ports of Balboa and Cristobal, located at either end of the Panama Canal. Other ports are in Mexico, the Netherlands, Egypt, Australia, Pakistan and elsewhere.

trade tariffs, industrialist Anand Mahindra believes India is being overlooked — and that could be a big mistake. On Wednesday, U.S. President Donald Trump announced sweeping reciprocal tariffs on global trade partners, including a 34% duty on Chinese goods. In response, China hit back with a 34% tariff on all imports from the U.S., escalating fears of a prolonged trade war. While the spotlight has largely remained on China, the U.S. also slapped a 26% reciprocal tariff on Indian goods, citing high import duties imposed by New Delhi. Amid this global shake-up, Mahindra sees an opening for India. Taking to X, the Mahindra Group Chairman said that while most global forums are focused on how China may benefit or retaliate, India remains a “non-topic of discussion." However, he argued that India is poised to become the world’s third-largest economy and, as the world’s largest democracy, is uniquely positioned thanks to its vast domestic consumption and strong supply chains. Mahindra also called for a “measured reaction” to tariffs, urging India to adopt smart policies that help it emerge as the world’s most reliable economic partner — and a key pillar in a new, multipolar global order.

In a post shared on Truth Social and later reposted on X, Trump stated that “tremendous progress” has been made in negotiations but that more approvals are required before finalizing the agreement. “The deal requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days,” Trump said.

Subscribe to enjoy similar stories. IF YOU failed to spot America being “looted, pillaged, raped and plundered by nations near and far" or it being cruelly denied a “turn to prosper", then congratulations: you have a firmer grip on reality than the president of the United States. It’s hard to know which is more unsettling: that the leader of the free world could spout complete drivel about its most successful and admired economy.

Subscribe to enjoy similar stories. US President Donald Trump announced sweeping reciprocal tariffs on nearly all US trade partners on Wednesday, including a 26% tariff on India. Meanwhile, the government offered another lifeline to debt-ridden Vodafone Idea by converting some of the company's dues into equity.

Indian equities were swamped by a wave of selling that swept riskier assets globally on Friday, tracking Wall Street's overnight slump-the worst since 2020-in response to US President Donald Trump's reciprocal tariff regime that has led to fears about a global downturn. NSE Nifty fell 1.5%, or 345.65 points, to finish at 22,904.45. BSE Sensex dropped 1.2%, or 930.67 points, to 75,364.69. The slump wiped out ₹10 lakh crore in market value Friday.

Indian rupee appreciated past the 85/$1 mark to touch a four-month high of 84.96, before closing at 85.23 on Friday, 20 paise stronger from its previous close of 85.43. The unit weakened in the latter half of the day due to corporate hedging demand and a slight uptick in the dollar index. The Reserve Bank of India (RBI) likely absorbed dollars as the rupee appreciated past the 85/$1 mark, traders said.

tariff war between the US and China led to a sharp downturn. The Nifty Metal index plunged 6.6%-its worst day since the announcement of general election results in June 2024.

U.S. economy is heading into troubled waters. That’s the latest warning from J.P. Morgan, which on Friday forecasted a full-year contraction in gross domestic product for 2025 — the first major Wall Street institution to do so. “We now expect real GDP to contract under the weight of the tariffs, and for the full year (4Q/4Q) we now look for real GDP growth of -0.3 per cent, down from 1.3 per cent previously,” said Michael Feroli, the firm’s chief U.S. economist, in a note to clients, as reported by Bloomberg. Feroli anticipates a two-quarter recession in the second half of 2025, with GDP shrinking 1% in Q3 and 0.5% in Q4. The cause? A dramatic escalation in U.S. trade policy under President Trump.

Of the 12 aircraft sorties, nine crossed the median line of the Taiwan Strait and entered Taiwan's southwestern and eastern Air Defense Identification Zones (ADIZ). In a post on X, the MND wrote, «12 sorties of PLA aircraft and 6 PLAN vessels operating around Taiwan were detected up until 6 a.m. (UTC+8) today.» It added, «9 out of 12 sorties crossed the median line and entered Taiwan's southwestern and eastern ADIZ. We have monitored the situation and responded accordingly.»

JPMorgan has raised its estimate of a US recession occurring before the end of the year. The bank now sees a 60% probability, up from its previous 40% estimate. The increase follows President Donald Trump’s announcement of new tariffs. These tariffs impact global markets and business conditions.

Honda will partner with US companies to test in orbit a renewable energy technology it hopes to one day deploy on the Moon's surface, the Japanese carmaker announced Friday. The auto giant is developing a mechanism capable of generating electricity and oxygen continuously — enabling astronauts to breathe — thanks to solar energy and water known to be present in some lunar soils. Now it plans to test this technology aboard the International Space Station, it said in a release, without giving a date. Honda already employs the system in its electric vehicles, and now wants to extend it to space to «to support life in space and on Earth.» «During the Lunar Day, the system will use electricity generated by the sun to power the process. Honda's high-differential pressure water electrolysis system will then produce hydrogen and oxygen from water,» it explained.

Piyush Goyal on Friday accused Congress of misleading Indian startups by misinterpreting his message at the Startup Mahakumbh, which was taken positively by the budding entrepreneurs. He also alleged that the Congress ecosystem did not understand his message for startups, which is a reflection of their negative approach. «My message for startups has been received (positively) except by some Congress party (social media) handles who are hell-bent on manufacturing a controversy when it is none. By and large, the feedback that I have received is that the young Indians are ready to capture the world,» he told reporters here. The minister's remark came in the backdrop of the Congress and some startups criticising his statement at Startup Mahakumbh here on Thursday.

Japanese Grand Prix on Sunday is only the third Formula 1 race of the season, and several plots are developing that promise a few twists. But the fresh storylines could be as fleeting as the cherry blossoms seen all over Japan at this time of the year. There's McLaren, which has been the early force after winning the first two races. Are Lando Norris and Oscar Piastri about to run away with the season just as Red Bull and Max Verstappen have in winning the last four drivers' titles? How about seven-time champion Lewis Hamilton, who moved this season from Mercedes and is looking for his first victory for Ferrari. He won the sprint two weekends ago in Shanghai. In Sunday's main race in China, he and teammate Charles Leclerc were disqualified for technical infringements. And back to the cherry blossoms in Japan — the season typically lasts for only about two weeks, from the initial blooms to its splendorous peak. A sellout crowd of about 115,000 on Sunday at Suzuka — the Honda-operated track in central Japan — will be following every lap of Japanese driver Yuki Tsunoda. Tsunoda was promoted to Red Bull last week from Racing Bulls, its feeder team. A Japanese driver has never won an F1 race.