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World leaders condemn US tariffs, warn of threat to global trade system

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      China

      China

      World leaders condemn US tariffs, warn of threat to global trade system

      2025-04-09 00:09 Last Updated At:03:17

      Several world leaders have voiced strong criticism of the Trump administration's imposition of broad tariffs on trade partners, warning of their detrimental impact on the international trade system and the global economy.

      Canadian Prime Minister Mark Carney said on Monday that the tariffs are pushing the U.S. toward a recession and undermining global trade.

      On the same day, Canada requested dispute consultations with the World Trade Organization (WTO) regarding the 25 percent tariffs imposed by the U.S. on imported automobiles and certain auto parts.

      New Zealand's Prime Minister Christopher Luxon also expressed concern on Tuesday about the risk of escalating global trade tensions.

      "What actually is concerning me is the shift away from agreed rules and the risks of actually backsliding into a global trade war," he said.

      Malaysian Prime Minister Anwar Ibrahim announced on Tuesday that Malaysia would send officials to the U.S. to discuss the 24-percent tariff imposed on Malaysian imports.

      He had also called on ASEAN nations on Monday to stand united in response to the U.S. tariffs.

      Singaporean Prime Minister Lawrence Wong on Tuesday criticized th U.S. tariff measures, saying they violate the free trade agreement between the two countries and represent "a fundamental rejection of WTO rules."

      Wong noted that the so-called "reciprocal tariffs" violate the most favored nation principle in the WTO's multilateral trading system, and will "accelerate the fracturing of the global economy."

      U.S. President Donald Trump last week signed an executive order introducing a 10-percent "minimum baseline tariff" on all imports, including those from New Zealand and Singapore, with higher rates applied to certain trading partners.

      World leaders condemn US tariffs, warn of threat to global trade system

      World leaders condemn US tariffs, warn of threat to global trade system

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      China to further facilitate cross-border financial services in Shanghai

      2025-04-22 06:43 Last Updated At:07:17

      China will take more steps to further facilitate cross-border financial services in Shanghai by leveraging the municipality's role as an international financial center, according to a plan jointly issued by the central bank, the Shanghai municipal government and other financial authorities.

      The plan outlines 18 key measures including improving cross-border settlement efficiency, strengthening the hedging of foreign exchange risks, and enhancing the insurance sector's services for export companies.

      China will further optimize the management and operation of foreign exchange business, and encourage corporate groups to establish fund pools in Shanghai to achieve efficient onshore management and use of global funds.

      The country will also support financial institutions to enhance their capacity to provide digital services and improve services for enterprises to expand abroad by leveraging technologies such as blockchain.

      Efforts will be made to enhance the functionality and global coverage of the Cross-Border Interbank Payment System and encourage more banks to participate in the system, according to the plan.

      The plan underscores the need to develop diversified products and services to hedge against foreign exchange risks, and to promote cross-border use of the Chinese currency renminbi.

      According to the plan, China will increase insurance support for key export enterprises such as domestic commercial aircraft and new energy vehicle companies. The plan also encourages collaboration between insurance companies and reinsurance firms to establish insurance consortiums, thereby enhancing their capacity to cover special risks.

      China to further facilitate cross-border financial services in Shanghai

      China to further facilitate cross-border financial services in Shanghai

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