In today’s newsletter:

• Beijing arms itself for a potential Trump trade war

• An interview with the head of India’s Jio Star

• Inside Goldman’s China misadventure

Good morning. Our top story today looks at China’s efforts to ready itself for a renewed trade war with the US, as president-elect Donald Trump signals an even tougher stance towards Beijing in his second term.

President Xi Jinping’s government was caught off guard by Trump’s 2016 election victory and the subsequent imposition of higher tariffs, tighter controls over investments and sanctions on Chinese companies.

But this time around, China is prepared with powerful countermeasures if Trump reignites smouldering trade tensions between the countries. Beijing has introduced sweeping new laws over the past eight years that allow it to blacklist foreign companies, impose its own sanctions and cut American access to crucial supply chains.

Some analysts, including Andrew Gilholm of consultancy Control Risks, believe many have underestimated the damage China could inflict on US interests. However, others said Beijing’s planned countermeasures risk backfiring against Chinese companies and its own economy.

Here’s more on the moves at Beijing’s disposal — and read more China coverage below:

• More trade news: To avoid “catastrophic” tariffs when Trump takes office, the UK should offer the incoming president concessions that address his concerns about China, a senior MP has argued.

• Dollar bond market: China has borrowed almost as cheaply as the US after returning to the global dollar bond market for the first time in three years.

• Canada-China relations: Canada’s indigenous communities are seeking deals with China that could give Beijing access to the country’s natural resources, despite warnings from Canadian security services over doing business with the Chinese government. 

• Rachman Review 🎧: Former Australian prime minister Kevin Rudd talks to Gideon Rachman about how Marxist-Leninist theory still shapes Xi Jinping’s policy.

Here’s what else we’re keeping tabs on today and over the weekend:

• Economic data: China’s October industrial production and retail sales figures are due. Japan, Hong Kong and Malaysia announce GDP readings.

• Results: Alibaba and Lenovo report earnings.

• Xi Jinping: The Chinese leader travels to Brazil on Sunday for a state visit and to attend the G20 summit.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. Trump has nominated vocal vaccine sceptic Robert F Kennedy Jr as head of the US Department of Health and Human Services, the latest in a series of controversial picks for top cabinet jobs. Kennedy, who sowed doubts about Covid-19 vaccines, would be in charge of a department with a $1.8tn budget with wide-ranging influence over drug regulation and public health.

2. The head of Disney and Reliance Industries’ newly merged $8.5bn Indian entertainment titan plans to invest and “revitalise” television in the world’s most populous country even as western media organisations increasingly see it as a dying medium. “Television in this country for sure is not dead,” Jio Star’s Uday Shankar told the FT. Here’s why he believes TV is still important in India during the streaming era.

3. The head of Mitsubishi UFJ Financial Group has said the Japanese lender could return to the ranks of the global top 10 banks by market value. MUFG chief Hironori Kamezawa told the FT that Japan’s normalisation of monetary policy is expected to benefit lenders after two decades of ultra-low interest rates. Read the full interview.

4. Donald Trump’s criticism of electric vehicles looks likely to lead to the end of government subsidies for consumers who buy them, dealing a blow to the EV industry. But analysts see the incoming president’s shake-up of the rules as a “huge positive” for Elon Musk’s Tesla.

5. Argentina said yesterday it would “re-evaluate” its role in global climate talks after walking out of the COP29 summit. Libertarian President Javier Milei has fuelled concerns that the South American country could become the first to follow Donald Trump’s threatened exit from the landmark Paris agreement.

The Big Read

Goldman Sachs’ years-long struggle to gain control of its Chinese business is a cautionary tale for other western financial institutions. The FT has pieced together a full account of a misadventure on which the group itself has rarely commented and which barely features in its investor communications.

We’re also reading . . . 

• GIFT City: Narendra Modi’s business-friendly pet project in Gujarat has already lured JPMorgan and HSBC. But the social scene has been slow to catch up, writes Chris Kay.

• AstraZeneca’s China crisis: The UK pharmaceutical company needs to make amends with Beijing after becoming enmeshed in Xi’s anti-corruption crackdown, writes John Gapper.

• Trump’s Pentagon pick: The president-elect’s choice of TV host Pete Hegseth to lead the defence department has brought a backlash from Washington military circles.

Chart of the day

Global diabetes rates have doubled over the past 30 years, with many middle- and low-income countries failing to provide sufferers with sufficient access to treatment, according to a new report published in The Lancet. 

Take a break from the news

Padel, billed as tennis’s rebellious younger sibling with its relaxed dress code and emphasis on socialising, has exploded in popularity in recent years, with fans including the Princess of Wales and Stormzy. Igor Ramírez García-Peralta has a go at the racquet sport that has taken over the world.

SHOPPERS have been left devastated after a supermarket chain with 2,500 sites across the UK prepares to shut a beloved town centre store.

Locals have described the shock decision to shut the doors of the popular branch as “a huge loss” for the town centre.

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The local Co-op store in the Meadows, Nottingham is set to finally pull down the shutters for the final time tomorrow.

The well-known shop was a mainstay in the Bridgeway Shopping Centre for over 50 years.

Co-op haven’t given a reason for the closure but said it was a “difficult decision”.

The store’s final day of trading will be Saturday, November 16.

A spokesperson for Co-op confirmed the closure saying: “Co-op regularly reviews its stores. In addition to opening new stores we sometimes, and only after careful consideration, have to take the difficult decision to close a store.

“With the expiry of the lease our store in the Bridgeway Centre will close.

“Colleagues, who have been informed, are being fully supported with every effort being taken to offer alternative positions in the area.

“We would like to thank the community for its support of this store.”

Local David Cooksy previously told how he was left “disappointed” when he heard the store was closing down.

David, 85, and his wife Heidi, 82, have been regular Co-op customers since the 50s in the Meadows.

He told the BBC: “It’s convenient. It’s a convenience store, that’s what it’s called and now it’s not going to be here.

“It’s always been here. I go back to the 50s in the Meadows and there’s always been a Co-op.”

Laney Neilson, 24, said the branch was a favourite for older locals including her grandparents due to its prime location in the town centre.

She said the closure has made many pensioners “quite upset” with the nearest store no longer being in walking distance.

The next closest Co-op stores for shoppers in the area are on Station Street and Trent Bridge in Nottingham or Trent Boulevard in West Bridgford.

Meadows resident Aparna Valsala, 33, added: “You see so many people come here in the morning – it’s a loss to the community.”

It comes after news that Central Co-op would be offloading almost 20 food stores in various locations across middle England.

However, in a boost for shoppers the same branches are being sold to two retailers and will reopen under their brand names.

Three of the food stores will reopen as B&M branches, while the remaining 16 are being sold to Samy Limited.

The independent convenience chain currently runs 32 Budgens, Spar, Londis and Premier stores across the UK.

Central Co-op said the 19 branches had been “financially unsustainable for some time”.

HIGH STREET CLOSURES

Several high-street retailers have been struggling to get by over the past few years.

The pandemic was a tough blow as many stores had to close during lockdown.

Since then energy costs have risen and more shoppers than ever are choosing to order online rather than head into stores.

This has left some remaining retailers grappling with budgets and having no choice but to close stores to cut costs.

For the most part, supermarkets have braved the storm as they provide essential items like food and drink.

But other retailers have been less fortunate The Body Shop is currently going through administration and announced plans to close half of its 198 stores.

Boots announced it would be closing 300 stores over the next year as part of plans to evolve its brand.

M&S has also confirmed store closure and openings with plans to ensure it has the best store locations.

A MAJOR supermarket is set to sell tubs of Christmas chocolates for a shockingly low £2.

Morrisons is dropping the price of four of its tubs from November 15 until November 21.

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However, shoppers can only pick up the cut price choccies if they are signed up to the retailer’s More Card scheme and spend a minimum of £45 in-store.

Savvy savers can only get a maximum of one of each tub too.

The tubs up for grabs include 550g-600g Quality Street, Cadbury Heroes, Celebrations and Roses.

The offer is running nationwide for just six days, with shoppers able to save 66% on the tubs.

All four tubs currently cost up to £6 for shoppers.

The new offer from Morrisons means it is offering the cheapest price for all four Christmas tubs out of the major supermarkets.

Aldi is the next cheapest option for 550g boxes of Celebrations, which is selling them for £4.49.

Meanwhile, Sainsbury’s is selling 550g tubs of Roses for £4.50 to Nectar Card customers – £2.50 more expensive than Morrisons.

The 550g tubs of Cadbury Heroes are two for £9 at Asda, or £4.50 individually, but that’s £2.50 more expensive than Morrisons.

Aldi has the 600g tubs of Quality Street in stock for £4.49 which is the least costly after Morrisons.

Morrisons is not the first supermarket chain to dramatically slash the price of its Christmas chocs in recent weeks.

For two days only last month, Asda dropped the cost of its Quality Street, Cadbury Heroes, Roses and Celebrations.

While Morrisons’ Christmas chocs deal is the best on the market at the minute, it’s always worth comparing prices to be sure.

You can use websites like Trolley, Price Spy and Price Runner which let you compare prices on thousands of products.

A quick search with the Google Shopping/Product tab can bring up what some retailers are selling items for too.

It’s worth going direct to discounter’s websites like B&M and Home Bargains too as they often have cheap chocs on sale.

How does the Morrisons More Card work?

The Morrisons More Card is free to sign up to as an app that’s downloadable from the Apple App Store and Google Play.

You can also get a physical card which you can add to your wallet or purse.

It works like the Clubcard or Nectar Card in that you can earn points on purchases. You get one point for every £1 spent in-store or online.

Once you’ve got to 5,000 points you can either keep saving them or convert them into a voucher worth £5, known as a Fiver.

If you don’t have the app, you can get your Fiver printed in-store.

As a loyalty card member, you can also get lower prices on selected products, known as More Card Prices.

You have to scan your app or physical card at the till and the discounts are applied.

How to save money on chocolate

Advertisement

We all love a bit of chocolate from now and then, but you don’t have to break the bank buying your favourite bar.

Consumer reporter Sam Walker reveals how to cut costs…

Go own brand – if you’re not too fussed about flavour and just want to supplant your chocolate cravings, you’ll save by going for the supermarket’s own brand bars.

Shop around – if you’ve spotted your favourite variety at the supermarket, make sure you check if it’s cheaper elsewhere.

Websites like Trolley.co.uk let you compare prices on products across all the major chains to see if you’re getting the best deal.

Advertisement

Look out for yellow stickers – supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they’ve been reduced.

They usually do this if the product is coming to the end of its best-before date or the packaging is slightly damaged.

Buy bigger bars – most of the time, but not always, chocolate is cheaper per 100g the larger the bar.

So if you’ve got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger.

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Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

A CADBURY chocolate bar which has been labelled as “yummy” has returned to B&M stores across the UK, to the delight of shoppers.

The retailer has recently been stocking the shelves full of different chocolate treats – including the classic Cherry Ripe from down under.

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One eagle-eyed shopper got their hands on one at their local store before spreading the word on social media.

They took to the Facebook group Dansway Gifts and Bargains UK to let others know, writing: “Cadbury Cherry Ripe Bars BACK at B&M.”

One person commented: “Omg haven’t had them since I was last in Australia, thought it was great finding TimTams in Tesco’s but this is even better!!”

Another said: “Ohhh I have never seen these before love cherry chocolate.”

Someone else wrote: “Omg , love these , used to buy them everyday on way to school when I lived in Oz …”

Another person commented: “You can’t beat them best chocolate ever.”

One person added: “My guilty pleasure at the moment absolutely to die for.”

Cadbury’s Cherry Ripe is a popular chocolate bar in Australia which features rich dark chocolate, ripe juicy cherries and moist coconut.

The Sun has reached out to B&M to check the price of the chocolate bar.

You can also buy a pack of two Cherry Ripe on Amazon for £4.99.

The chocolate brand also has plenty of other exciting ranges which prop up shelves every once in a while.

Just last month Cadbury’s Coated Fruit & Nuts were spotted on B&M shelves.

The discounter often imports stock from Down Under to customer fanfare including Dairy Milk Raspberry bars.

These chocolates aren’t usually found in UK shops and so are especially appealing for shoppers – plus for Aussies, they offer a taste of home.

This year a Cadbury’s mint-flavoured twirl also appeared on shelves in B&M, which originally launched in Australia, and only £1 for four.

What other Cadbury’s chocolates are available?

There’s also loads of classic fan-favourites making a comeback in time for Christmas, such as the Dairy Milk Chocolate Puds.

For individual pud it costs 75p in Sainsbury’s and just 70p in Waitrose.

You can also buy bags of mini puds for £1.65 in Tesco, Sainsbury’s and Poundland.

And the rare 360g Dairy Milk mint crisp bar has returned to some shelves this year – selling cheapest in Asda for £4.

Other Cadbury Christmas bars which are available in supermarkets this year also include the Dairy Milk Classic Wonderland and Mini Snow Balls edition.

Remember to always compare prices when shopping so you know you’re paying the right amount for what you’re getting.

A great way to do this is via the comparison site Trolley which will show the prices for every store.

You can also visit the Cadbury website to browse all their latest products and launches.

It comes as B&M shoppers also went wild for a new twist on the Dream bar.

Meanwhile, chocolate lovers raved about a new type of M&M – the Candy Popcorn M&M Minis.

Nestle also added a new chocolate to its Quality Street “Favourites Golden Selection” pouch: the Toffee Penny.

How to save money on chocolate

We all love a bit of chocolate from now and then, but you don’t have to break the bank buying your favourite bar.

Consumer reporter Sam Walker reveals how to cut costs…

Go own brand – if you’re not too fussed about flavour and just want to supplant your chocolate cravings, you’ll save by going for the supermarket’s own brand bars.

Advertisement

Shop around – if you’ve spotted your favourite variety at the supermarket, make sure you check if it’s cheaper elsewhere.

Websites like Trolley.co.uk let you compare prices on products across all the major chains to see if you’re getting the best deal.

Look out for yellow stickers – supermarket staff put yellow, and sometimes orange and red, stickers on to products to show they’ve been reduced.

They usually do this if the product is coming to the end of its best-before date or the packaging is slightly damaged.

Advertisement

Buy bigger bars – most of the time, but not always, chocolate is cheaper per 100g the larger the bar.

So if you’ve got the appetite, and you were going to buy a hefty amount of chocolate anyway, you might as well go bigger.