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China on Monday warned other countries against making trade deals with the United States to China’s detriment.Governments including those of Taiwan, Japan and South Korea have begun negotiations with Washington after President Donald Trump announced sweeping tariffs against almost all of America’s trading partners on April 2. The import taxes were quickly paused against most countries after markets panicked, but he increased his already steep tariffs against China.“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement. “If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner. China is determined and capable of safeguarding its own rights and interests.”U.S. Treasury Secretary Scott Bessent said earlier this month the countries currently negotiating trade deals with the U.S. should “approach China as a group” together with Washington.The U.S. tariffs against other countries are economic bullying, the ministry said in the statement attributed to an unnamed spokesperson.“Appeasement cannot bring peace, and compromise cannot win respect,” it added. “For one’s own temporary selfish interests, sacrificing the interests of others in exchange for so-called exemptions is like seeking the skin from a tiger. It will ultimately only fail on both ends and harm others without benefiting themselves.”China said it’s open to talks with Washington but no meetings have been announced.Trump made China the target of his steepest tariffs, imposing several rounds of tariffs totaling 145% duties on Chinese imports. Beijing has retaliated with tariffs of 125% on U.S. imports.The tariffs have spooked exporters and stalled shipments, while threatening to drag on the global economy. Associated Press
Category:
E-Commerce
Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees. The Geneva-based WEF made the announcement on Monday after revealing earlier this month that the 87-year-old Schwab, who for decades has been the face of the Davos get-together, would be stepping down, without giving a firm timeline. “Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said in a statement released by the WEF. The forum did not say why he was quitting. The WEF board said in the statement it had accepted Schwab’s resignation at an extraordinary meeting on April 20, with Vice Chairman Peter Brabeck-Letmathe serving as interim chairman while the search for a new chair began. The German-born Schwab established the WEF in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues. The village of Davos gradually became a fixture on the international calendar in January when political leaders, CEOs and celebrities got together in discreet, neutral Switzerland to discuss the agenda for the coming year. CRITICISM Widely regarded as a cheerleader for globalisation, the WEF’s Davos gathering has in recent years drawn criticism from opponents on both left and right as an elitist talking shop detached from lives of ordinary people. Headquartered above Lake Geneva at the other end of Switzerland from Davos, the WEF has also had to cope with negative reports about its internal culture. The Wall Street Journal last year said the WEF’s board was working with a law firm to investigate its workplace culture, after the newspaper reported allegations of harassment and discrimination at the forum. The WEF denied the allegations. Shaken by the 2007-2009 global financial crisis, the WEF has also been buffeted by geopolitical tensions since the 2022 Russian invasion of Ukraine and more protectionist U.S. trade policies. Some analysts see it as an institution in decline. Schwab anticipated globalisation would come under fire long before Donald Trump first won the U.S. presidency and Britain voted to leave the European Union in 2016, events which analysts attributed to discontent with the prevailing economic order. “A mounting backlash against (globalisation’s) effects, especially in the industrial democracies, is threatening a very disruptive impact on economic activity and social stability in many countries,” Schwab and his colleague Claude Smadja jointly wrote in an opinion piece in 1996. “The mood in these democracies is one of helplessness and anxiety, which helps explain the rise of a new brand of populist politicians.” Dave Graham, Reuters
Category:
E-Commerce
Google will confront an existential threat Monday as the U.S. government tries to break up the company as punishment for turning its revolutionary search engine into a ruthless monopoly.The drama will unfold in a Washington courtroom during the next three weeks during hearings that will determine how the company should be penalized for operating an illegal monopoly in search. The proceedings, known in legal parlance as a “remedy hearing,” feature a parade of witnesses that includes Google CEO Sundar Pichai.The U.S. Department of Justice is asking a federal judge to order a radical shake-up that would ban Google from striking the multibillion dollar deals with Apple and other tech companies that shield its search engine from competition, share its repository of valuable user data with rivals and force a sale of its popular Chrome browser.The moment of reckoning comes four-and-half-years after the Justice Department filed a landmark lawsuit alleging Google’s search engine had been abusing its power as the internet’s main gateway to stifle competition and innovation for more than a decade.After the case finally went to trial in 2023, a federal judge last year ruled Google had been making anti-competitive deals to lock in its search engine as the go-to place for digital information on the iPhone, personal computers and other widely used devices, including those running on its own Android software.That landmark ruling by U.S. District Judge Amit Mehta sets up a high-stakes drama that will determine the penalties for Google’s misconduct in a search market that it has defined since Larry Page and Sergey Brin founded the company in a Silicon Valley garage in 1998.Since that austere start, Google has expanded far beyond search to become a powerhouse in email, digital mapping, online video, web browsing, smartphone software and data centers.Seizing upon its victory in the search case, the Justice Department is now setting out to prove that radical steps must be taken to rein in Google and its corporate parent, Alphabet Inc.“Google’s illegal conduct has created an economic goliath, one that wreaks havoc over the marketplace to ensure that no matter what occurs Google always wins,” the Justice Department argued in documents outlining its proposed penalties. “The American people thus are forced to accept the unbridled demands and shifting, ideological preferences of an economic leviathan in return for a search engine the public may enjoy.”Although the proposed penalties were originally made under President Joe Biden’s term, they are still being embraced by the Justice Department under President Donald Trump, whose first administration filed the case against Google. Since the change in administrations, the Justice Department has also attempted to cast Google’s immense power as a threat to freedom, too.“The American dream is about higher values than just cheap goods and ‘free’ online services,” the Justice Department wrote in a March 7 filing with Mehta. “These values include freedom of speech, freedom of association, freedom to innovate, and freedom to compete in a market undistorted by the controlling hand of a monopolist.”Google is arguing the government’s proposed changes are unwarranted under a ruling that its search engine popularity among consumers is one of the main reasons it has become so dominant.The “unprecedented array of proposed remedies would harm consumers and innovation, as well as future competition in search and search ads in addition to numerous other adjacent markets,” Google lawyers said in a filing leading up to hearings. “They bear little or no relationship to the conduct found anticompetitive, and are contrary to the law.”Google also is sounding alarms about the proposed requirements to share online search data with rivals and the proposed sale of Chrome posing privacy and security risks. “The breadth and depth of the proposed remedies risks doing significant damage to a complex ecosystem. Some of the proposed remedies would imperil browser developers and jeopardize the digital security of millions of consumers.”The showdown over Google’s fate marks the climax of the biggest antitrust case in the U.S. since the Justice Department sued Microsoft in the late 1990s for leveraging its Windows software for personal computers to crush potential rivals.The Microsoft battle culminated in a federal judge declaring the company an illegal monopoly and ordering a partial breakup a remedy that was eventually overturned by an appeals court.Google intends to file an appeal of Mehta’s ruling from last year that branded its search engine as an illegal monopoly but can’t do so until the remedy hearings are completed. After closing arguments are presented in late May, Mehta intends to make his decision on the remedies before Labor Day.The search case marked the first in a succession of antitrust cases that have been brought against a litany of tech giants that include Facebook and Instagram parent Meta Platforms, which is currently fighting allegations of running an illegal monopoly in social media in another Washington D.C. trial. Other antitrust cases have been brought against both Apple and Amazon, too.The Justice Department also targeted Google’s digital advertising network in a separate antitrust case that resulted last week in another federal judge’s decision that found the company was abusing its power in that market, too. That ruling means Google will be heading into another remedy hearing that could once again raise the specter of a breakup later this year or early next year. Michael Liedtke, AP Technology Writer
Category:
E-Commerce
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