Daily Buzz: 25 April

Top News

China denies trade talks

China denied that any trade talks with the US have been held, rebutting comments by President Donald Trump who said on Thursday, "We may reveal it later … we've been meeting with China." Chinese Foreign Ministry spokesman He Yadong called it fake news, saying "we will fight, if fight we must." China has stood its ground against the US imposition of 145 percent tariffs, suggesting they must be removed before any talks can begin. The Trump administration in the past week has softened its rhetoric against China as the effects of US tariffs raise alarms for the domestic economy.

It's liftoff!

A Long March-2F rocket lifted off from the Jiuquan Satellite Launch Center in northwestern China on Thursday carrying three astronauts aboard a Shenzhou-20 spacecraft to the Tiangong space station for a six-month stay. Veteran astronaut Chen Dong, serving as mission commander, previously participated in two space missions, but it's an inaugural spaceflight for Chen Zhongrui, a former air force pilot, and Wang Jie, an aerospace engineer. While in space, the crew will conduct experiments related to medicine and technology, perform extra-vehicular activities and continue upgrades to the space station.

War in Ukraine

President Trump said a deal to end the war in Ukraine is "getting very close," but there was no sign of a letup of hostilities. News reports said the future of Crimea and other territory occupied by Russia remains a sticking point. Trump, who marks 100 days in office next week, said during his 2024 presidential campaign that he would end the war in 24 hours if elected.

South Korean scandal

South Korean prosecutors have formally charged former President Moon Jae-in with bribery related to allegations that his son-in-law, with limited qualifications, was given a high-ranking job at an airline owned by a former lawmaker, who in turn was appointed to a senior government position. Moon led the country from 2017 to 2022. He is the latest in a series of former presidents who have been scarred by scandal. President Yoon Suk Yeol was removed from office earlier this month by the courts for his martial law declaration last December.

Top Business

Opening the door wider

China further relaxed restrictions on foreign entry barriers in industries such as telecom services, pharmaceutical retailing and forestry seed imports. In the 2025 edition of the national market access "negative list," the number of restricted or prohibited items was lowered to 106 from 117, the most substantial cut since the list debuted in 2018. Eight national-level restrictions were removed entirely, while eight others were partially deleted. Authorities said, list aside, all businesses – state-owned, private or foreign – must be allowed equal access under the law. The revised list reflects China's push to revitalize domestic demand and reassure foreign investors.

Economy

Tariffs begin to bite

Signs that President Trump's global tariffs are beginning to bite the US economy have been reinforced by first-quarter earnings reports from listed companies, with many expressing pessimism in forward guidance. Companies such as Intel, Hasbro. Pepsico, Procter & Gamble, Bristol Myers Squibb and Merck have lowered their outlooks for revenue and profits. Southwest Airlines CEO Bob Jordan told a conference call with analysts that he believes the US economy has already entered recession.

US consumer spending in the first half of April jumped 3.8 percent from a year earlier, according to investment bank JP Morgan, citing a rush by Americans to stockpile goods before President Trump's import tariffs fully take effect.

Striking gold

China, the world's largest producer of gold in 2024, expanded its reserves with the announcement of a new mine discovery in the northwestern Xinjiang Uygur Autonomous Region. It reported verified reserves of 5.86 metric tons, with average ore grade at the site as high as 40 grams per metric ton. The discovery comes amid an almost 30 percent surge in global gold prices this year as investors seek a safe haven from US tariff turmoil.

Corporate

Food delivery competition

JD.com's new food delivery service surpassed 10 million daily orders on April 22, doubling from a week earlier. Launched in March, the platform now serves 166 cities and is rapidly scaling up operations, with a target of recruiting 100,000 delivery riders over the next three months. The breakneck growth challenges rival Meituan's long-held dominance in food delivery and puts pressure on Ele.me, Alibaba's delivery arm. Earlier this week, JD.com accused rivals of coercing riders against joining its platform.

Boeing feels the chill

Boeing confirmed that Chinese airlines have suspended all new aircraft deliveries, citing ongoing trade tensions between Beijing and Washington. Chief Executive Dave Calhoun said the "tariff environment" has made it difficult to complete planned orders and jets intended for the Chinese market may be redirected to other markets. The Seattle-based aircraft maker was already facing difficulties related to regulatory and supply-chain challenges.