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Why You Are Getting So Many Fake Job Offers By Text

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom.jpg" alt="" class="wp-image-612780" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1DsPom-160x84.jpg 160w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">Selim Korkutata | Anadolu Agency | Getty Images</figcaption></figure>



Bitcoin rose for a third day in a broad relief rally after President Donald Trump softened his tone on China tariffs and ratcheted down his rhetoric against Federal Reserve Chair Jerome Powell.



The price of the flagship cryptocurrency was last higher by 2.4% at $93,660, according to Coin Metrics. Earlier, it rose as high as $94,499.86, its highest level since March 3. Bitcoin has now given back more than half of its losses since Inauguration Day and is hovering just under the flat line for the year.



“This recent surge primarily reflects a market seizing the opportunity to capitalize on a dip in an asset that consistently proves its value as a compelling option for portfolio diversification and hedge against macroeconomic uncertainty and U.S. dollar volatility,” Joel Kruger, market strategist at LMAX, told CNBC.



On Tuesday, exchange-traded funds tracking the price of bitcoin saw a spike in inflows as interest in the cryptocurrency’s potential as a hedge strengthened amid continued stock market turbulence and a diving dollar. Bitcoin ETFs logged $936.43 million in daily inflows, their biggest day since Jan. 17, according to data from SoSoValue.



Bitcoin’s rally this week has forced short sellers to buy bitcoin back from the market to close their positions, thereby pushing the price even higher. In the past 24 hours, bitcoin has seen more than $300 million in short liquidations across exchanges, according to CoinGlass.



Demand for spot bitcoin has been contracting on a monthly basis, although that contraction has slowed in recent days, taking downward pressure off the price, Julio Moreno, head of research at crypto data provider CryptoQuant, told CNBC. However, he warned, the demand growth indicators have a ways to go before getting to late 2024 levels, which is what bitcoin would need to sustain its rally and see new all-time highs.

AA1DsPom

Bitcoin heads toward $95,000, rising for a third day and turning positive on the year

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108134615-1745320819888-gettyimages-2209959602-UK_INFLATION-820x461.jpeg" alt="" class="wp-image-612440" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108134615-1745320819888-gettyimages-2209959602-UK_INFLATION-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108134615-1745320819888-gettyimages-2209959602-UK_INFLATION-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108134615-1745320819888-gettyimages-2209959602-UK_INFLATION-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108134615-1745320819888-gettyimages-2209959602-UK_INFLATION-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108134615-1745320819888-gettyimages-2209959602-UK_INFLATION-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108134615-1745320819888-gettyimages-2209959602-UK_INFLATION.jpeg 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Shoppers pass along the high street in Maidstone, UK, on Wednesday, April 16, 2025. Bloomberg | Bloomberg | Getty Images</figcaption></figure>



The International Monetary Fund downgraded the U.K.’s 2025 growth forecast in its latest economic outlook released on Tuesday, warning that U.S. President Donald Trump’s trade tariffs, higher borrowing costs and increased energy prices will dent output this year.



In its reference forecast, the IMF predicted the British economy will grow 1.1%, down by 0.5 percentage points from its previous forecast issued in January. The fund now also expects the U.K. to grow by 1.4% in 2026, 0.1 percentage points lower than its previous estimate.



The figures were part of the IMF’s reference outlook, which does not include the tariff announcements made after April 4,&nbsp;such as the 90-day pause on the higher duties that Trump initially announced.



The downgrade for 2025 “reflects a smaller carryover from 2024, the impact of recent tariff announcements, an increase in gilt yields, and weaker private consumption amid higher inflation as a result of regulated prices and energy costs,” the IMF wrote in its World Economic Outlook report.



The downgrade pours more cold water on the U.K.’s Labour government which has made a main priority of growing the economy and is already contending with the uncertainty posed by trade tariffs from one of its largest trading partners, the U.S.



Trump announced a baseline 10% tariff on U.K. imports to the U.S. on April 2, despite Britain and the U.S. having almost balanced trade when it comes to the exchange of goods.



While the U.K. is hopeful it can strike a trade deal with the U.S., the White House leader’s mercurial stance on trade and tariffs has put financial institutions on edge.



The latest IMF downgrade for Britain echoes a similar downturn in domestic forecasts. In February, the Bank of England halved the U.K.’s growth projection for 2025 from 1.5% to 0.75%, warning of an uncertain global economic outlook and a sharp uptick in inflation later this year on the back of higher energy and water bills.



The U.K.’s Office for Budget Responsibility in March also halved its growth forecast for the U.K., slashing its outlook from 2% to 1% growth in 2025.



Despite the recent downgrades, the U.K. economy has shown some signs of life recently. The latest monthly growth data released earlier in April showed the economy grew by a larger-than-expected 0.5% month-on-month in February, from zero growth in January. National inflation, meanwhile, cooled to a lower-than-expected 2.6% in March.



The Bank of England appears sanguine on interest rate cuts as it looks to balance boosting growth with its predicted uptick in the inflation rate. Economists widely expect the BOE to cut its key interest rate from 4.5% to 4.25% at its next monetary policy meeting in May.



<h2 class="wp-block-heading" id="h-bright-spots-in-the-euro-zone"><a></a>Bright spots in the euro zone</h2>



Looking at the U.K.’s continental neighbors in the euro zone, the IMF predicted a slight decline in 2025 output, forecasting that growth in the euro area’s GDP will hit 0.8% in 2025, before picking up modestly to 1.2% in 2026.



“Rising uncertainty and tariffs are key drivers of the subdued growth in 2025,” the fund said. It noted that offsetting forces that support the modest uptick in 2026 include stronger consumption on the back of rising real wages, along with a projected fiscal easing in Germany following major changes to its fiscal rule, known as the “debt brake.”



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108086018-1736840423739-gettyimages-1090698142-amf06159.jpeg?v=1736840447&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="Spain, holiday homes, tax"/><figcaption class="wp-element-caption">Spain, holiday homes, tax Westend61 | Westend61 | Getty Images</figcaption></figure>



The IMF singled out Spain as a bright spot in the euro zone, stating its growth momentum “contrasts with the sluggish dynamics elsewhere,” with the Mediterranean nation expected to expand its economy by 2.5% this year following an upward revision of 0.2 percentage points from the forecast made in January.



“This reflects a large carryover from better-than-expected outturns in 2024 and reconstruction activity following floods,” the IMF said.



Trump’s tariffs cast a shadow over the wider EU, however. The U.S. president initially imposed a 20% “reciprocal” tariff on all goods coming from the European Union but paused the measures for 90 days until early July, lowering the duty to 10% until that time.



As it looks to sign its own trade deal with the States in the interim, the EU paused its retaliatory duty targeting 21 billion euros ($24.1 billion) worth of U.S. goods “to allow time and space for EU-U.S. negotiations,” the European Commission said.

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IMF slashes UK’s growth forecast, points to U.S. tariffs and borrowing costs

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108133583-17449153292025-04-17t183309z_182229855_rc2uzdaji827_rtrmadp_0_usa-italy-820x461.jpeg" alt="" class="wp-image-612340" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108133583-17449153292025-04-17t183309z_182229855_rc2uzdaji827_rtrmadp_0_usa-italy-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108133583-17449153292025-04-17t183309z_182229855_rc2uzdaji827_rtrmadp_0_usa-italy-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108133583-17449153292025-04-17t183309z_182229855_rc2uzdaji827_rtrmadp_0_usa-italy-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108133583-17449153292025-04-17t183309z_182229855_rc2uzdaji827_rtrmadp_0_usa-italy-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108133583-17449153292025-04-17t183309z_182229855_rc2uzdaji827_rtrmadp_0_usa-italy-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108133583-17449153292025-04-17t183309z_182229855_rc2uzdaji827_rtrmadp_0_usa-italy.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">U.S. President Donald Trump speaks as he meets with Italian Prime Minister Giorgia Meloni (not pictured) in the Oval Office at the White House in Washington, D.C., U.S., April 17, 2025. Evelyn Hockstein | Reuters</figcaption></figure>



Yesterday’s edition of this newsletter cautioned that U.S. President Donald Trump’s desire to intervene in the Federal Reserve, as he expressed to reporters on Friday, could result in upheaval in the markets. That didn’t happen because markets were closed for the Good Friday holiday.



On Monday, trading resumed. So have Trump’s attacks on the central bank — and, more pointedly, on Fed Chair Powell, describing him as “Mr. Too Late” and “a major loser” for not cutting interest rates. Trump appointed Powell to the Federal Reserve’s highest seat in his first presidential term during 2017.



With no market closure to shield shares from Trump’s threats, investors unloaded their stocks. All major U.S. indexes fell, weighed down by steep declines in the “Magnificent Seven” group of shares. The U.S. dollar weakened to a three-year low while gold prices hit a new high, suggesting, in combination, that global investors are losing confidence in the U.S. economy and reallocating their capital to safer assets shielded from Trump.



<h2 class="wp-block-heading" id="h-what-you-need-to-know-today"><a></a>What you need to know today</h2>



Trump escalates attacks on Powell U.S. President Donald Trump on Monday renewed and escalated his attacks on Federal Reserve Chair Jerome Powell. ″‘Preemptive Cuts’ in Interest Rates are being called for by many,” Trump said on Truth Social. “There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote, referring to Powell. On Friday, Trump also called for Powell to cut rates.



Stocks and U.S. dollar fall as gold hits high Stocks in the U.S. fell Monday. The S&amp;P 500 lost 2.36%, the Dow Jones Industrial Average tumbled 2.48% and the Nasdaq Composite was down 2.55%. The ICE U.S. Dollar Index fell as low as 97.92 on Monday, the lowest level since March 2022, according to FactSet. Gold prices jumped to $3,452.30 per ounce, a fresh record. Asia-Pacific markets traded mixed Tuesday. Hong Kong’s Hang Seng Index climbed nearly 0.5% but Japan’s Nikkei 225 declined roughly 0.2%. The Bank of Japan will likely pause rate hikes in its May meeting, said Moody’s Analytics.



Shares of Tesla drop before earnings Tesla shares fell almost 6% on Monday, a day ahead of its first-quarter earnings report. The stock is now down 44% for the year after wrapping up their worst quarter since 2022 in March. In the online forum that Tesla solicits investor inquiries before its earnings calls, one investor, referring to CEO Elon Musk, asked, “What steps has the board of directors taken to mitigate the brand damage caused by Elon’s political activities?”



Vance and Modi optimistic on deal India’s Prime Minister Narendra Modi met U.S. Vice President JD Vance, who was in India for a mostly personal trip, in the nation’s capital on Monday. A statement from Modi’s office said the two leaders “welcomed the significant progress in the negotiations for a mutually beneficial India-U.S. Bilateral Trade Agreement.” On Monday, U.S. Trade Representative Jamieson Greer said both countries have “finalized the terms of reference to lay down a roadmap for the negotiations on reciprocal trade.”



Nomura to buy parts of Macquarie Japanese investment bank and brokerage group Nomura said Tuesday it will buy the U.S. and European public asset management businesses of Macquarie, an Australian investment banking company, for $1.8 billion. The all-cash deal is expected to close by the end of this year, subject to regulatory approvals.



[PRO] Markets could have ‘severe’ reaction to Trump Stocks and bonds would likely have a “severe reaction” and sell off sharply if Trump makes a move to get rid of Federal Reserve Chair Jerome Powell, Evercore ISI’s vice chairman, Krishna Guha, told CNBC’s “Squawk Box” Monday. While Powell has said he doesn’t believe the president can legally remove the Fed Chair, Guha highlighted one way that Trump can pressure Powell without firing him.



<h2 class="wp-block-heading" id="h-and-finally"><a></a>And finally&#8230;</h2>



<figure class="wp-block-image"><img decoding="async" src="https://image.cnbcfm.com/api/v1/image/108131827-1744683718571-gettyimages-2203962201-baglietto-notitle250310_np76O.jpeg?v=1745301518&amp;w=1858&amp;h=1045&amp;vtcrop=y" alt="U.S. one hundred dollar bills."/><figcaption class="wp-element-caption">Nurphoto | Nurphoto | Getty Images</figcaption></figure>



As the dollar falters, the world’s central banks tread a tightrope — devalue their currency or not



Uncertainty about U.S. policymaking has led to a flight from the greenback and Treasurys in recent weeks, with the dollar index weakening more than 9% so far this year. The drop in the U.S. dollar has led other currencies to appreciate against it, especially safe havens such as the Japanese yen, the Swiss franc and the euro.



While a stronger local currency might help tame inflation through cheaper imports, it complicates export competitiveness particularly under renewed U.S. tariffs, said Thomas Rupf, VP Bank’s co-head for Singapore and Asia chief investment officer.



Currency devaluation is likely to be more of an active consideration across emerging markets, particularly in Asia, said Nick Rees, head of macro research at Monex Europe. However, those countries and Asian central banks will need to tread a fine line to avoid capital flight and other risks.

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Investors grow wary of U.S. assets as Trump intensifies attacks on Powell

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="768" height="402" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1Dm0ee.jpg" alt="" class="wp-image-612268" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1Dm0ee.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1Dm0ee-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AA1Dm0ee-160x84.jpg 160w" sizes="auto, (max-width: 768px) 100vw, 768px" /><figcaption class="wp-element-caption">Nurphoto | Nurphoto | Getty Images</figcaption></figure>



The dollar has been sliding and the ripple effect on other currencies has brought a mix of relief and headache to central banks around the world.



Uncertainty about U.S. policymaking has led to a flight out of the U.S. dollar and Treasurys in recent weeks, with the dollar index weakening more than 9% so far this year. Market watchers see further declines.&nbsp;



According to Bank of America’s most recent Global Fund Manager Survey, a net 61% of participants anticipate a decline in the dollar’s value over the next 12 months — the most pessimistic outlook of major investors in almost 20 years.



The exodus from U.S. assets may reflect a broader crisis of confidence, with potential spillovers such as higher imported inflation as the dollar weakens.



The drop in the greenback has led other currencies to appreciate against it, especially safe havens such as the Japanese yen, the Swiss franc as well as the euro.



Since the start of the year, the Japanese yen has strengthened over 10% against the greenback, while the Swiss franc and the euro has appreciated about 11%, according to LSEG data.



Aside from the safe havens, other currencies that have strengthened against the dollar this year include the Mexican peso, up 5.5% against the dollar, and the Canadian dollar which has appreciated over 4%. The Polish zloty has strengthened more than 9% while and Russian rouble has appreciated over 22% against the greenback.



Some emerging market currencies, however, have depreciated despite the weakness in the greenback.



The Vietnamese dong and Indonesian rupiah weakened to a record low per U.S. dollar earlier this month. The Turkish lira also hit an all-time low last week. China’s yuan hit a record low against the dollar nearly two weeks back but has since strengthened.&nbsp;



<h2 class="wp-block-heading" id="h-breathing-room-to-cut-rates"><a></a>Breathing room to cut rates?</h2>



Barring a few exceptions like the Swiss National Bank, a weakening U.S. dollar is a relief to governments and central banks around the world, analysts told CNBC.



“Most central banks would be happy to see 10%-20% declines in the U.S. dollar,” said Adam Button, chief currency analyst at ForexLive. He added that the dollar strength has been a persistent problem for years and poses a difficulty for countries with hard and soft dollar pegs.



With many emerging market countries having large dollar-denominated debt, a weaker dollar lowers real debt burden. Additionally, a softer greenback and stronger local currency tend to make imports relatively cheaper, lowering inflation and hence allowing central banks the room to cut rates to boost growth.



The recent U.S. dollar sell-off offers more “breathing room” for central banks to cut rates, said Button.&nbsp;



While a stronger local currency might help tame inflation via cheaper imports, it complicates export competitiveness particularly under renewed U.S. tariffs where Asia is exposed as the world’s largest goods producer, said Thomas Rupf, VP Bank’s co-head for Singapore and Asia chief investment officer.



Currency devaluation is likely to be more of an active consideration across emerging markets, particularly in Asia, said Nick Rees, head of macro research at Monex Europe.



However, these emerging markets and Asian central banks will need to tread a fine line, to avoid capital flight and other risks.



“Emerging markets face high inflation, debt, and capital flight risks, making devaluation dangerous,” said Wael Makarem, financial markets strategists lead at Exness.



Additionally, devaluation could be seen by the U.S. administration as a trade measure which could attract retaliation, he added.



Emerging market economies may be reluctant to cut rates as it can affect the debt burden of domestic households and firms that have borrowed in U.S. dollars, said Fitch Ratings’ director of economics, Alex Muscatelli. A weaker domestic currency can also lead to capital outflows in response to lower interest differentials with the U.S., he added.



For example, Muscatelli does not see Indonesia’s central bank cutting rates too much given the recent currency volatility, but cited that Korea and India may have space for cutting rates.



The European Central Bank took the opportunity offered by declining inflation to cut rates by another 25 basis point at its April meeting. The ECB on Thursday said that “Most measures of underlying inflation suggest that inflation will settle at around the Governing Council’s 2% medium-term target on a sustained basis.”



Another example is the Swiss National Bank, which has grappled with a strong franc for much of the past 15 years, observed Button. Exports of goods and services make up over 75% of Switzerland’s GDP and a strong franc makes Swiss goods more expensive abroad.



“If capital continues to flow in, they may have to take drastic measures to devalue,” he said. Investors flood into the franc during times of uncertainties, such as in recent weeks, strengthening the franc.



<h2 class="wp-block-heading"><a></a>Central banks are avoiding devaluation — for now</h2>



Devaluing the currency poses the risk of stoking price growth and monetary authorities will be wary of inflation staying above their targets.



The risk of higher inflation arising from currency depreciation as well as tariffs — as countries respond to U.S. levies — are likely to make central banks reluctant to pursue a path of voluntary devaluation, said Wells Fargo’s international economist and FX strategist, Brendan McKenna.



On top of that, while most foreign central banks do theoretically have the bandwidth to weaken their own currency, the likelihood is still low in the current environment, the strategist added.



Whether a country can devalue its currency is influenced by several factors: the size of its FX reserves, exposure to foreign debt, its trade balance, and sensitivity to imported inflation.&nbsp;



“Export-oriented countries with sufficient reserves and lower reliance on foreign debt would have more room to devalue – but even those are likely to tread carefully,” said McKenna.&nbsp;



The broader direction of trade negotiations will be key to how countries choose to act. Aside from China, several countries have displayed a willingness to engage in trade negotiations, and if these talks lead to lower tariffs, then central banks will not be as likely to pursue weaker currencies, he added.



In the current geopolitical climate, devaluation could also invite retaliation and risks of accusations of currency manipulation, said VP Bank’s Rupf.



Though there is still the possibility that trade tensions could lead to more protectionist outcomes, which will drive central banks toward devaluing their currencies.



“But for now, it seems the preferred action is avoiding a currency war that would only add more instability to the local and global economy,” McKenna said.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="410" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-820x410.jpeg" alt="" class="wp-image-610430" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-820x410.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-300x150.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-160x80.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828-768x384.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/108130007-1744293710285-gettyimages-2208850679-AA_10042025_2168828.jpeg 884w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Dilara Irem Sancar | Anadolu | Getty Images</figcaption></figure>



China last week announced it was done retaliating against U.S. President Donald Trump’s tariffs, saying any further increases by the U.S. would be a “joke,” and Beijing would “ignore” them.



Instead of continuing to focus on tariffing goods, however, China has chosen to resort to other measures, including steps targeting the American services sector.



Trump has jacked up U.S. levies on select goods from China by up to 245% after several rounds of tit-for-tat measures with Beijing in recent weeks. Before calling it a “meaningless numbers game,” China last week imposed additional duties on imports from the U.S. of up to 125%.



While the Trump administration has largely focused on pressing ahead with tariff plans, Beijing has rolled out a series of non-tariff restrictive measures including widening export controls of rare-earth minerals and opening antitrust probes into American companies, such as pharmaceutical giant DuPont and IT major Google.



Before the latest escalation, in February Beijing had put dozens of U.S. businesses on a so-called “unreliable entity” list, which would restrict or ban firms from trading with or investing in China. American firms such as PVH, the parent company of Tommy Hilfiger, and Illumina, a gene-sequencing equipment provider, were among those added to the list.



Its tightening of exports of critical mineral elements will require Chinese companies to secure special licenses for exporting these resources, effectively restricting U.S. access to the key minerals needed for semiconductors, missile-defense systems and solar cells.



In its latest move on Tuesday, Beijing went after Boeing — America’s largest exporter — by ordering Chinese airlines not to take any further deliveries for its jets and requested carriers to halt any purchases of aircraft-related equipment and parts from U.S. companies, according to Bloomberg.



Having deliveries to China cut off will add to the cash-strapped plane maker’s troubles, as it struggles with a lingering quality-control crisis.



In another sign of growing hostilities, Chinese police issued notices for apprehending three people they claimed to have engaged in cyberattacks against China on behalf of the U.S. National Security Agency.



Chinese state media, which published the notice, urged domestic users and companies to avoid using American technology and replace them with domestic alternatives.



“Beijing is clearly signaling to Washington that two can play in this retaliation game and that it has many levers to pull, all creating different levels of pain for U.S. companies,” said Wendy Cutler, vice president at Asia Society Policy Institute.



“With high tariffs and other restrictions in place, the decoupling of the two economies is at full steam,” Cutler said.



<h2 class="wp-block-heading" id="h-targeting-trade-in-services"><a></a>Targeting trade in services</h2>



China is seen by some as seeking to broaden the trade war to encompass services trade — which covers travel, legal, consulting and financial services — where the U.S. has been running a significant surplus with China for years.



Earlier this month, a social media account affiliated with Chinese state media Xinhua News Agency, suggested Beijing could impose curbs on U.S. legal consultancy firms and consider a probe into U.S. companies’ China operations for the huge “monopoly benefits” they have gained from intellectual-property rights.



China’s imports of U.S. services surged more than 10-fold to $55 billion in 2024 over the past two decades, according to Nomura estimates, driving U.S. services trade surplus with China to $32 billion last year.



Last week, China said it would reduce imports of U.S. films and warned its citizens against traveling or studying in the U.S., in a sign of Beijing’s intent to put pressure on the U.S. entertainment, tourism and education sectors.



“These measures target high-visibility sectors — aviation, media, and education — that resonate politically in the U.S.,” said Jing Qian, managing director at Center for China Analysis.



While they might be low on actual dollar impact given the smaller scale of these sectors, “reputational effects — such as fewer Chinese students or more cautious Chinese employees — could ripple through academia and the tech talent ecosystem,” he added.



Nomura estimates $24 billion could be at stake if Beijing significantly step up restrictions on travel to the U.S.

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China targets U.S. services and other areas as it decries ‘meaningless’ tariff hikes on goods

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China targets U.S. services and other areas as it decries ‘meaningless’ tariff hikes on goods

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