U.S.-China Tariff Conflict Disrupts Trade, M&S Faces Cyber-Attack, and FTSE 100 Reaches 11-Day Peak
Trade relations between the U.S. and China continue to be strained as new tariffs increase disruption, while UK retail giant Marks & Spencer (M&S) grapples with a cyber-attack. Despite these challenges, the FTSE 100 index rises to an 11-day high.
The ongoing trade conflict between the U.S. and China has intensified, with tariffs leading to a sharp decrease in trade volume. Shipping data reveals that container bookings and arrivals between the U.S. and China have significantly fallen, with projections indicating a 30% drop at the Port of Los Angeles alone. This is placing added pressure on U.S. manufacturing, especially in Texas, which is facing its worst downturn since May 2020. As tariffs continue to hinder trade, some economists fear a potential "stagflation shock," which could particularly hurt small retailers and the logistics industry.
Also Read: Huawei Unveils Ascend 910D AI Chip, Challenges Nvidia's Dominance
In the UK, the FTSE 100 index has managed to climb to an 11-day high, though growth forecasts have been downgraded due to a weakened global economic outlook. Meanwhile, retail chain Marks & Spencer has been impacted by a major cyber-attack, halting its online operations and causing significant logistical disruptions. On the M&A front, delivery service provider Deliveroo has received a $3.6 billion buyout offer from DoorDash.
In response to these challenges, German politician Friedrich Merz has proposed removing tariffs between the U.S. and Europe to help alleviate trade tensions. Despite the ongoing tariff issues, Chinese officials remain determined to meet the country’s growth target of 5% for 2025.
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