Daily Buzz 11 April 2025

Top News

Trade tensions deepen

The White House clarified that US tariffs on China imposed since President Donald Trump took office now total 145 percent. It said an earlier 20 percent tariff related to a dispute over fentanyl production still stands.

US stocks slumped again on Thursday as investors refocused concerns on the trade war between the world's two largest economies and on confusion generated by policy gyrations in Washington. The S&P 500 index tumbled 3.46 percent, a day after posting the biggest gain in 17 years on news that Trump was pausing some tariffs on other countries.

On Thursday, China said it doesn't want a trade war, but it won't flinch if the US perpetuates one.

"We will never sit idly by and watch while the legitimate rights and interests of the Chinese people are infringed, nor will we sit idly by as international economic and trade rules and the multilateral trading system are undermined," a foreign ministry spokesman told a press conference in Beijing.

China has yet to announce countermeasures to the last round of tariff increases announced by Trump.

Top Business

China pares US film imports

China dealt a blow to Hollywood by announcing it will "moderately" reduce imports of American films. China has become a big market for US movies, though the emergence of box office hits like animated film "Ne Zha 2" show a strengthening domestic industry. The reduction, announced in a statement by the China Film Administration, is viewed as part of China's response to the trade war with the US

Export support

China's Ministry of Commerce said on Thursday that it will help domestic companies adversely impacted by US tariffs find new buyers at home.

The ministry spokesperson said roundtable discussions with industry associations, large supermarkets and distribution companies are being held to discuss how they can leverage their advantages.

"Intimidation, threats, and blackmail aren't the way to engage with China," the spokesperson said, adding China's foreign trade sector is "well-prepared for various risks and challenges."

Fujian Province and the southern city of Shenzhen were among the government entities to announce plans to assist trading companies.

Mineral mines

China announced the discovery of new domestic deposits of high-purity quartz, a mineral vital in the production of semiconductors and solar panels.

Production of the mineral has been dominated by the US. China's announcement is seen as part of the nation's goal to become self-reliant in sourcing materials needed for industrial production.

Economy

Consumer prices

China's Consumer Price Index in March fell 0.1% from a year earlier, narrowing the 0.6 percentage point decline in February. The Producer Price Index, which measures prices of industrial products, fell 2.5 percent in the month, widening a decline of 0.3 percentage points in February.

Wang Qing, an analyst at Orient Securities, said that prices for consumer goods remain generally low due to sluggish consumer spending.

Wang attributed the decline in producer prices to a change in the US government's energy policy and a drop in global crude oil prices caused by fears that punitive US tariffs will lead to recession.

Corporate

Chinese pharma risks

Wuxi AppTec, a leading Chinese pharmaceutical company, said US tariffs will definitely have an impact, but the extent of the impact is still "highly uncertain."

The statement came as President Trump continued his threats to impose specific tariffs on global pharmaceutical imports.

More than half of the company's 2024 revenue of nearly 40 billion yuan (US$5.5 billion) came from the US, while Europe, China, Japan and South Korea are also major markets for the firm.

The company's stock rose 2.05 percent on Thursday but has fallen 25 percent from mid-March.