Economy

Economy Latest News

US to tighten trade rules to hit low-cost China shipments
US to tighten trade rules to hit low-cost China shipments
by  AFP

The United States unveiled a new rule Friday to tighten an exemption allowing low-value imports to enter the country duty-free, taking aim at Chinese shipments that might be benefiting from it. The proposal disqualifies certain products from the low-value, or "de minimis," exemption, which allows goods valued at $800 or below to come into the United States without paying duties or certain taxes.

US grounds SpaceX's Starship rocket pending probe
US grounds SpaceX's Starship rocket pending probe
by  AFP

The US Federal Aviation Administration on Friday grounded SpaceX's Starship pending an investigation by Elon Musk's company into why the rocket's upper stage dramatically disintegrated in a fiery cascade over the Caribbean during its latest test flight. But the triumph was short-lived when teams lost contact with the upper stage vehicle.

Trump, Xi speak by phone, vow improved ties despite threats
Trump, Xi speak by phone, vow improved ties despite threats
by  AFP

Donald Trump and Chinese President Xi Jinping spoke by phone on Friday, days before the incoming US president returns to the White House, with both leaders vowing to take a positive approach to improving ties between the rival countries.

US Supreme Court upholds law banning TikTok
US Supreme Court upholds law banning TikTok
by  AFP

The US Supreme Court on Friday upheld a law that will ban TikTok in the United States, potentially denying the video-sharing app to 170 million users in two days. The Supreme Court last week heard arguments from the company, ByteDance, that the law should be stopped because it was a violation of free speech.

IMF raises global growth outlook and flags rising economic divergence
IMF raises global growth outlook and flags rising economic divergence
by  AFP

Global growth is expected to increase slightly this year while remaining stuck below its pre-pandemic average, the IMF said Friday, flagging the growing economic divide between the United States and European countries. The Fund left its outlook for growth in Japan unchanged this year and next, and slightly increased its outlook for the United Kingdom in 2025.