Trump tariffs

What's in today's papers?

Today's papers

The Financial Times leads with yesterday's Huawei story with the headline: "Huawei tees up its own phone software after Google ban".

Jaguar Land Rover's record losses are featured on the front pages of the business sections of the Guardian and Times, while the latter also goes with: "Silicon Valley hit by fears of technology cold war".

Intriguing headline, but what's the story? In short, the value of technology firms is being hit by the US-China trade war. Chipmakers Qualcomm and Broadcom have been hit, along with Apple and Alphabet.

Meanwhile the FT's Companies & Markets section leads with the news that Ford is cutting 7,000 jobs.

Nike and Adidas call tariffs 'catastrophic'

Nike shoes
Getty Images

A group of footwear firms, including Nike and Adidas, have urged President Donald Trump to take footwear off a proposed list of tariffs to be imposed on shoes imported from China.

"The proposed additional tariff of 25% on footwear would be catastrophic for our consumers, our companies, and the American economy as a whole," the group of 173 companies wrote in a letter to President Trump.

It comes after the US hiked tariffs on $200bn (£157.1bn) worth of Chinese imports to 25% from 10% earlier this month. The US has also threatened to impose 25% tariffs on another $300bn worth of goods from China, including footwear.

Who really pays for tariffs?

"Strong possibility" that Trump and Xi will meet at G20-Kudlow

Director of the National Economic Council Larry Kudlow speaks during after a TV interview with Fox Business Network on the ground of the White House November 20, 2018 in Washington, DC.
Getty Images

Larry Kudlow, one of US President Donald Trump's top economic advisers, said there was a "strong possibility" that Trump would meet with China's President Xi Jinping at a G20 summit in Japan in late June.

Speaking to Fox News Sunday, he also said the Chinese had invited US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin to go to Beijing but there were no concrete plans yet.