TVB News at 7:30｜10 APR 2025｜HONG KONG English Latest NEWS

Summary

US President Donald Trump announced a major shift in his tariff policy, pausing most new tariffs for 90 days but escalating tariffs on Chinese imports to 125%. While China criticized this move, they refrained from retaliatory tariffs. The global financial markets saw a rebound, with Asian markets, including Japan and Hong Kong, seeing significant gains. Trump also indicated a possible future deal with China despite the rising tensions. Meanwhile, China expressed concerns over the US's protectionist stance at the World Trade Organization, while Hong Kong's economy faces ripple effects from these escalating trade conflicts.

Takeaways

• 😀 Trump reverses tariff policy, placing a 90-day pause on tariffs for most countries but raises tariffs on China to 125%.
• 😀 US Treasury Secretary Scott Vessent criticizes China's potential retaliation via currency devaluation, warning it could trigger global tariff increases.
• 😀 Trump strikes a conciliatory tone towards Beijing, predicting a deal with China and expressing confidence in President Xi Jinping's leadership.
• 😀 China reacts to US tariff hikes, reiterating that it is not afraid of provocation and highlighting its stance against US protectionism.
• 😀 China's Foreign Ministry posts videos referencing past US tariff failures, likening current tensions to historical economic mistakes like the Great Depression.
• 😀 The World Trade Organization (WTO) expresses concern over US tariffs, warning that ongoing trade tensions could severely harm the global economic outlook.
• 😀 Asian financial markets, including Japan, Hong Kong, and China, experience a rebound as global investors react positively to the US tariff pause, excluding China.
• 😀 Chinese tariffs on US goods, including an 84% tariff on US imports, take effect, with Hong Kong benefiting as a duty-free port for mainland shoppers.
• 😀 US tariffs have caused concerns within the American tech sector, with predictions that the costs of overseas production and shifting back to the US will harm competitiveness.
• 😀 The Hong Kong Monetary Authority collaborates with local banks to tackle money laundering crimes involving mule bank accounts, offering new tools for monitoring suspicious transactions.
• 😀 China's Foreign Ministry responds to Ukrainian claims of Chinese citizens involved in the Ukraine war, stressing that the Chinese government does not support involvement in conflicts.

Q & A

Why did Donald Trump decide to place a 90-day pause on most of the US tariffs?

Donald Trump explained that the pause was due to increasing concerns and fears, as many countries were reacting strongly to the tariffs. He stated that more than 75 countries had reached out to US representatives to negotiate solutions on trade tariffs and currency manipulation.

What is the tariff rate imposed on Chinese imports following Trump's announcement?

Donald Trump raised the tariff on Chinese imports to 125%, which took effect immediately, as a response to what he called China's lack of respect for global markets.

How did China respond to the new US tariffs?

China criticized the US decision and voiced firm opposition to the tariffs. Beijing's foreign ministry spokesperson emphasized that China would not back down from such provocations, reiterating that China is not afraid of the US's tariff actions.

What was the market reaction following Trump's tariff policy announcement?

Global financial markets, including those in China and Hong Kong, rebounded sharply. Asian stock markets saw significant gains, with Japan's benchmark index rising more than 9%, and Hong Kong's Hang Seng Index increasing by 2.4%.

What concerns did the US Treasury Department have regarding the tariffs?

The US Treasury Department was concerned about the accelerating sell-off in US government bond markets, which was triggered by the tariffs. This led to fears that other nations might stop purchasing new US Treasury bonds and sell off existing ones.

What was the stance of the World Trade Organization (WTO) regarding the US tariffs?

The WTO expressed concerns about the escalating US-China trade tensions, warning that it could severely harm global economic prospects. Many WTO members, including the European Union, Japan, and Canada, shared concerns about the impact of the US's unilateral tariffs.

How did the US Secretary of Treasury, Scott Vessent, view China's potential retaliation?

Scott Vessent criticized the possibility of China attempting to devalue the Renminbi (RMB) in retaliation for the new round of US tariffs, warning that such actions could lead to a global escalation of tariffs and damage international trade relations.

What did China do in response to the US's new tariffs in the World Trade Organization?

China filed a new complaint to the WTO over the US's tariff policies, arguing that the unilateral tariffs were in violation of the most-favored-nation principle and would ultimately backfire on the US.

How did Hong Kong's market react to the increasing tariffs between the US and China?

Hong Kong, along with mainland China, saw a rebound in its stock market following Trump's tariff pause. Many mainland tourists also continued to see Hong Kong as a shopping destination due to its status as a duty-free port.

What concerns did Hong Kong’s food sector have regarding the US tariffs on Chinese goods?

Hong Kong’s food sector was concerned about the potential decrease in demand for American goods, such as beef, due to the tariffs. They were worried that consumers might turn to alternative suppliers from countries like Australia and Eastern Europe instead.