Daily Buzz: 27-28 September 2025

Trump unleashes renewed tariff turmoil with a wave of product import duties

US President Donald Trump announced a new round of import tariffs on foreign goods, with 100 percent duties on branded drugs, a 50 percent levy on kitchen cabinets and bathroom vanities, a 30 percent tariff on upholstered furniture, and a 25 percent levy on heavy-duty trucks. All the new tariffs take effect on October 1. Trump's strategy of using tariffs as a hammer to force more production on US soil apparently is far from over. Pending are threatened duties on imports of wind turbines, airplanes, semiconductors, polysilicon, copper, lumber, robots and medical equipment.

The newest round of tariffs sent Asian shares in affected sectors plummeting on Friday. In biotech, Japan's Sumitomo Pharma and South Korea's SK Bio Pharma each fell 3.5 percent, and Australia's CSL dropped 1.7 percent. The Hang Seng biotech index fell 2.4 percent. Among Chinese stocks in the pharmaceutical sector, Fosun Pharma lost 3.43 percent, Akeso was down 1.25 percent and Innovent lost 3.89 percent. In China's home furnishings and fixtures sector, Ningbo Deye dropped 2.49 percent, and Entive Smart Kitchen Appliance declined 4.86 percent. An index on furniture shares, compiled by the Asset Management Association of China, fell 0.7 percent.

Chinese premier rebukes "law of the jungle" in UN speech

Chinese Premier Li Qiang, in a speech on Friday to the UN General Assembly, urged nations to embrace multilateralism and a stable global order in a veiled rebuke of US policies. "Solidarity lifts everyone up," Li said. "History keeps reminding us that when might dictate right, the world risks division and regression. Should the era of the law of the Jungle return and the weak be left as a prey to the strong, human society would face even more bloodshed and brutality." He blamed the world's economic problems on the rise of tariffs and trade barriers, saying nations need to collaborate more closely for the benefit of all.

Netanyahu says recognition of Palestinian state signals 'murdering Jews pays off'

Israeli Prime Minister Benjamin Netanyahu, in a fiery two-hour speech to a UN General Assembly almost emptied by a protest walkout of almost 100 diplomats from 50 nations, accused countries that have recognized a Palestinian state of sending the message that "murdering Jews pays off." He said Israel will never allow a Palestinian state to exist and denied allegations that Israel has committed genocide in Gaza or deliberately restricted humanitarian aid to the territory. Israeli opposition leader Yair Lapid rebuked the speech, saying, "Today saw a weary and whining Israeli prime minister, in a speech overloaded with overused gimmicks. Netanyahu today worsened the state of the state of Israel."

Ahead of Netanyahu's speech. US President Donald Trump, Israel's strongest remaining ally, vowed that he won't let Israel annex territory in the occupied West Bank, a move right-wing politicians have been actively promoting since the UK, France and other countries recognized a Palestinian state. Trump, who has been circulating a new postwar plan for Gaza, told journalists a ceasefire is near, without giving details.

Top Business

Chinese automakers accelerate their push into Europe

Amid US tariffs on foreign autos and continuing trade tensions between Washington and Beijing, Chinese carmakers are driving deeper into Europe. In the past week, Guangzhou-based Xpeng Motors said it will launch new models in Switzerland, Austria, Hungary, Slovenia, and Croatia as Chinese, with new G6 and G9 vehicles scheduled to begin production in Europe this quarter. And electric carmaker Xiaomi said it is scouting for locations in Europe to open showrooms when it expands sales of its electric vehicles to the continent in 2027.

Wuhan-based Dongfeng Motor announced it is targeting a tripling of sales in Europe next year to 80,000 units in a mix of 10 models across a range of styles and power sources. By the end of this year, Dongfeng is expected to have 280 dealerships in Europe, with a focus on Italy, France and Germany, and the company said it is considering expanding into production on the continent in the future.

The rush to embrace European consumers is paying off. In August, electric carmaker BYD outsold Tesla in Europe for a second month running, and Shanghai-based SAIC Motor sales in the month jumped 59 percent, ranking it 10th in the EU market.

Momenta mulls IPO switch to Hong Kong from New York

Momenta, a leading Chinese supplier of autonomous driving systems, is considering shifting its planned initial public offering to Hong Kong from New York, Reuters reported, amid continuing tensions between the US and China. The company, based in Suzhou and Beijing, was founded by former Microsoft employee Cao Xudong in 2016 and has a research center in Germany. The company this week said will co-develop a smart driving assistance system with Mercedes-Benz.

Hong Kong has benefited from Chinese companies preferring to do IPOs in the safety of Chinese territory as bilateral trade tensions persist and US requirements on Chinese listings tighten. IPOs by Chinese companies in the city this year have raised US$20 billion, compared with just US$776 million raised in US markets.

Economy & Markets

Global debt threefold larger than world GDP

Global debt hit a record US$337.7 trillion at end of the second quarter, Reuters reported, citing data from the Institute of International Finance. The figure is three times the World Bank's estimate of total world gross domestic product (GDP) last year. The largest increases in debt were recorded in China, the US, the UK, Japan and Germany. In terms of debt-to-GDP ratio – a measure of ability to repay debt -- Canada, China, Saudi Arabia and Poland showed the biggest increases in ratios.

China opens digital yuan center

The People's Bank of China opened a digital yuan international operations center in Shanghai, signaling an acceleration of cross-border digital payments, blockchain services and digital asset management for its cyber currency. The move is aimed at hastening use of the yuan globally in trade and investment. Central bank Vice Governor Lu Lei said the launch reflects the "inevitable" evolution of currencies and payment systems in the digital era.

Moore Threads gets green light on Shanghai listing

Moore Threads Technology, a Chinese developer of graphics processing units, received approval on Friday for an 8 billion yuan (US$1 billion) initial public offering on Shanghai's Nasdaq-style STAR Market. The company is a rival to companies like Advanced Micro Devices and Nvidia. Its founder Zhang Jianzong formerly served as general manager of Nvidia's China business.

China launches anti-dumping probe into US, Mexican pecans

China's commerce ministry said it has begun an anti-dumping investigation into pecans imported from the US and Mexico on Thursday. The probe will take up to a year, the ministry said, citing preliminary findings that showed the imported nuts were being sold at below normal value.

US consumers spend more despite stalled jobs market

US consumers spent more than expected in August despite an uptick in inflation, but if they were looking for work, the job hunt got harder. A Commerce Department on Friday showed consumer spending, which contributes to two-thirds of the economy, rose 0.6 percent from 0.5 percent in July, as more people ate out and went on holidays. Jobs growth, however, has stalled.

US hedge fund manager warns of risks in AI investment splurge

US hedge fund manager David Einhorn, founder of Greenlight Capital, said the spending splurge on artificial intelligence has become so extreme that the returns may not be what companies and investors expect, even if the technology indeed becomes transformational, Bloomberg News reported. He also told a panel discussion at the New York Stock Exchange that a recession may be looming in the US. "Jobs aren't growing, the workweek is shrinking and productivity is not that great," he said.

Corporate

China's DJI fails in legal bid to get its name off US blacklist

Shenzhen-based DJI, the world's biggest drone maker, will remain on the US Defense Department's blacklist of companies allegedly linked to China's military after a US district court denied a DJI petition to remove its name. The company accounts for more than half of US commercial drones. The Pentagon list does not ban the drones from sale in the US but merely warns buyers of risks.

Unitree to unveil taller, more agile humanoid robot

Chinese robotics firm Unitree is preparing to launch a 1.8-meter-tall humanoid robot later this year, Chief Executive Wang Xingxing told a digital trade expo on Friday. The model will feature 31 joints for improved agility and precision, powered by upgraded algorithms capable of handling complex movements such as dancing and martial arts. The announcement comes amid a rapid rise in China's development of robotics. In July, Unitree won a 460.5 million yuan (US$65 million) contract with China Mobile for humanoid robot production, part of the largest disclosed procuremenst to date in the domestic industry.

Ganfeng Lithium's loss-making unit to get new investment

Ganfeng Lithium Group said potential new investors will invest 2.5 billion yuan (US$350 million) in a loss-making lithium battery subsidiary, Yicai Global reported. The investment aims to reduce the debt ratio of subsidiary LiEnergy, which lost 62.7 million yuan in the first half. Parent Ganfeng Lithium holds 82 percent of the loss-making unit but didn't disclose how much that stake will drop with the new investment.

Qianli Technology stake to be bought by Mercedes

Autonomous driving company Qianli Technology said its Lifan Holdings unit will sell a 3 percent stake in Qianli to Germany's Mercedes-Benz for 1.3 billion yuan (US$182 million.). The money will be used to repay debt. The deal, which would make Mercedes the fifth-largest shareholder in Qianli, is subject to regulatory approval.

Separately, Mercedes signed a deal to deepen its partnership with technology company ByteDance to tap into growing demand for intelligent cars, Yicai Global also reported. The two companies started working together in 2023, when Mercedes partnered with Beijing-based ByteDance's Volcano Engine cloud service unit to install cars with an app that combines various platforms, including TikTok and news portal Toutiao.

OMH Science unit to undertake Malaysia warehouse project

Taiyuan-based OMH Science Group, a provider of smart logistics equipment, said one of its units has agreed to undertake a US$470 million intelligent warehousing project in Malaysia. The unit, OMH Shandong, will be responsible for engineering, procurement, supply and construction of the project for property developer PTT Synergy Group.

Porsche rebalances strategy on car power systems

Porsche is pivoting away from all-electric vehicles to feature more hybrids and combustion engine vehicles amid slowing demand for electric vehicles and rising trade barriers. Its pending new SUV model, called the K1, will come in versions using all three power systems. Chief Executive Oliver Blume said popular models like the Panamera and Cayenne will remain available with conventional engines and plug-in options well into the 2030s. Porsche has experienced weakening demand in China, one of its largest markets.