Daily Buzz: 22 April 2025

Top News

China slams US tariff tactics

China criticized the United States for allegedly pressuring other countries to curb trade with Beijing in exchange for tariff exemptions, calling it a form of economic coercion and unilateral bullying. Responding to reports that the US is pushing for "reciprocal tariffs" through backdoor deals, China's commerce ministry said such tactics distort global trade norms and undermine multilateralism. "Appeasement brings no peace, and compromise earns no respect," a ministry spokesperson warned, vowing retaliation if China's interests are harmed.

Pope Francis dies at 88

Pope Francis, the first Latin American leader of the Roman Catholic Church, died of a stroke on Monday, hours after making a brief appearance on the balcony overlooking St. Peter's Square to bless the Easter Sunday crowd gathered there. He was 88. The Argentine pope was in frail health following 38 days in hospital with double pneumonia. He was known for his progressive views and compassion for the poor, reshaping the church with a focus on social justice, environmental protection and issues of clerical abuse. After his burial, cardinals from around the world will gather in secret in the Sistine Chapel to choose a successor.

Top Business

US markets roiled by renewed attack on Powell

US stocks, bonds and the dollar dived after US President Donald Trump ratcheted up his attacks on Federal Reserve Chairman Jerome Powell, calling him a "major loser" and "Mr. Too Late." Trump is pressuring the Fed, which is supposed to function as an independent body, to lower interest rates. Powell last week warned that Trump's tariffs may cause higher inflation and slower growth. The Trump administration said last week it is studying ways to fire Powell, whose term ends next year.

The Dow ended down 972 points, or 2.45 percent. The S&P 500 tumbled 2.36 percent. The yield on the benchmark Treasury bond rose to 4.417 percent, and the US dollar index hit a low for the year in the biggest one-day drop since 2022. Gold hit a record US$3,435 an ounce.

China upgrades free trade zones

China unveiled new policies to upgrade its pilot free trade zones, aiming to enhance global competitiveness in goods, services and digital trade. A newly issued central government directive allows foreign firms to offer film post-production, enables Hong Kong, Macau and Taiwan doctors to open clinics after licensing, and permits operations of arbitration institutions. The policies also support autonomous vehicle testing and civil drone trials, along with pilot programs for qualified foreign limited partnerships.

Economy

China leaves rates unchanged

China left its benchmark one-year prime loan rate unchanged at 3.1 percent for a sixth consecutive month after better-than-expected economic data released earlier this month. It also left intact the five-year rate at 3.6 percent. The one-year rate flows into corporate and most household loans in China, while the 5-year rate serves as a benchmark for mortgages. In the Central Economic Work Conference last week, China reaffirmed a "moderately loose monetary policy" in 2025.

Corporate

Surprise food deliveryman at the doorstep

China e-commerce giant JD.com confirmed an online photo from a man claiming the company's founder Richard Liu personally delivered food to him. JD Takeaway, which began in February, marked the company's entry into China's highly competitive food-delivery sector. As of March 20, JD Takeaway said it had signed contracts with 10,000 full-time couriers. On Monday, the firm accused rival platforms of unfair competition by coercing deliverymen to avoid working with JD.

CATL unveils longer-range batteries

Contemporary Amperex Technology (CATL), the world's leading vehicle-battery supplier, on Monday unveiled its enhanced Shenxing battery, which can power a car up to 520 kilometers after five minutes' charging, with a full charge extending the range to 800 kilometers. It also released sodium-ion batteries known for improved durability and enhanced safety, particularly in colder climates, along with the innovative Freevoy dual-power battery architecture.