China’s commerce ministry on Friday announced that Beijing is reviewing several key proposals from the Trump administration, signaling the openness to trade talks with the US under the condition that high US tariffs must be removed.
The ministry has reaffirmed China’s willingness to engage in dialogue, while also warning it is prepared to retaliate if necessary. The United States has imposed a 145% tariff on most imports from China. In retaliation, China imposed a 125% tariff on US imports. It described these tariffs as a key barrier to progress, eroding mutual trust.
As the tariffs imposed by the Trump administration on Chinese imports take effect, many companies in the US are beginning to raise prices of products such as strollers, mattresses, power tools and cookware. The tariffs have increased the cost of importing goods and materials from China, leaving companies with no choice but to pass these higher costs onto American consumers.
As uncertainty surrounding tariffs continues, gamers are starting to feel the impact of rising prices. This week, Microsoft raised the recommended retail prices of its Xbox consoles and controllers globally. The Xbox Series S now starts at $379.99 in the US, which is an $80 price hike from its initial launch price in 2020. Meanwhile, the more expensive Xbox Series X saw a $100 increase, bringing its price to $599.99.
As of May 4, the Port of Los Angeles is expecting up to 35% less cargo than during the same week last year, according to port director Gene Seroka. He attributed the sharp drop to widespread shipment halts from China, noting that “many retailers and manufacturers alike have hit the pause button.”
Tech-giant Apple has recorded stronger-than-expected first-quarter profits but warned investors about the increasing burden of US tariffs. CEO Tim Cook said the tariffs could cost Apple around $900 million in the current quarter. While the impact was “limited” earlier in the year, the situation now has become more complex.
Global stock markets rose on Friday, signalling trade talks between Washington and Beijing. The US added 177,000 jobs last month—fewer than in previous months but better than expected—helping to ease recession fears. European shares and US stocks jumped after the report, while Wall Street’s major indexes opened about 1% higher and performed well throughout the morning.
