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Business live
China warns US there are no winners in trade wars
Live  
China warns US there are no winners in trade wars
Rolling coverage of the latest economic and financial news
Headlines
US  
Fed chair says he will not resign even if pressured by Trump as interest rate cut
Fed chair says he will not resign even if pressured by Trump as interest rate cut
Artificial intelligence  
AI may displace 3m jobs but long-term losses ‘relatively modest’, says Tony Blair’s thinktank
Tariffs, tech and Taiwan  
How China hopes to Trump-proof its economy
‘Used like taxis’  
Soaring private jet flights drive up climate-heating emissions
Explainer  
Does the Bank of England’s interest rate cut mean lower mortgages?
Health  
Tax unhealthy foods to tackle obesity, say campaigners
Nissan  
Carmaker to cut 9,000 jobs globally after sinking to a loss
Automotive industry  
Bentley delays its switch to electric-only cars from 2030 to 2035
Nestlé  
‘It’s just not right’: consumers decry changes to Quality Street chocolates
Rail  
Cost of ‘bat shed’ to protect colony near HS2 has topped £100m, chair says
Today's agenda
Two days after the US election result, countries around the world are digesting what impact Trump 2.0 will have on their economies – especially if the president-elect kicks off a trade war.

China would obviously be in the firing line, given Donald Trump’s suggestion he could slap a 60% tariff on Chinese imports at the US border.

With that in mind, presumably, China’s ambassador to the US has warned that there are no winners in tariff or trade wars.

Xie Feng also warned against wars over science, technology or industry, in a speech at a US-China Business Council dinner on Thursday seen by Reuters.

Xie encouraged US companies to invest and operate in China, and said he was looking forward to strengthening dialogue and cooperation on global challenges such as climate change and artificial intelligence.

Striking a conciliatory pose, Xie argued for the merits of partnership: "China and the United States can achieve many great and good things through cooperation, and the list of cooperation should be stretched longer and longer.

“The more success stories of mutually beneficial cooperation, the better."

Cooperation, though, wasn’t top of the agenda during Trump 1.0; in 2018, Washington imposed trade sanctions on China, including restrictions on investment and tariffs, prompting tit-for-tat retaliation from Beijing.

This time round, China’s president, Xi Jinping, is presiding over a far worse domestic economy; if Trump imposes new tariffs, analysts reckon it could affect $500bn worth of Chinese goods.

The agenda
• 9am GMT: UN’s monthly food price index
• 1.30pm GMT: Canadian non-farm payroll report for October
• 3pm GMT: University of Michigan US consumer confidence index

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
Finally BT has a plan: rein in foreign adventures and concentrate on UK
Finally BT has a plan: rein in foreign adventures and concentrate on UK
Opinion
Analysis  
Bank of England’s rate caution overshadowed by Trump victory
Bank of England’s rate caution overshadowed by Trump victory
Advertisement
Media
US  
Musk says Trump’s podcast appearances made ‘big difference’ in election
Musk says Trump’s podcast appearances made ‘big difference’ in election
Canada  
Country orders TikTok to close offices over ‘security risks’
Spotlight
Odour of oil and return of Trump hang heavy over Cop29 in Baku
Environment  
Odour of oil and return of Trump hang heavy over Cop29 in Baku
Prospects of strong outcome appear dim but there is hope the talks will address pressing issue of climate finance
Popular on business
Qantas flight makes emergency landing at Sydney airport after engine failure, sparking grass fire near runway
Qantas flight makes emergency landing at Sydney airport after engine failure, sparking grass fire near runway
Trump’s victory adds record $64bn to wealth of richest top 10
Bank of England cuts interest rates by 0.25 points to 4.75%
National Grid may speed up two cable projects to meet clean energy goal by 2030
BT says budget is set to cost it £100m as it reveals 2,000 more jobs have gone
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