Shipping giant CMA CGM and tech startup Mistral AI expect rapid productivity gains from a 100 million euro partnership unveiled on Sunday, which the French firms also touted as a commitment to their home country amid the global trade tensions.
Reuters
The five-year partnership, which will bring CMA CGM’s AI-related spending to 500 million euros ($550 million), will focus on customer service in shipping and logistics and fact-checking at its French media businesses that include news channel BFM TV.
In a joint interview with Mistral’s co-founder and CEO Arthur Mensch, CMA CGM’s Chairman and CEO Rodolphe Saade declined to give financial targets for return on investment.
But Saade said “the implementation of initiatives should not exceed 6 to 12 months” and would slash response times for customer advisers receiving 1 million emails a week, including requests on routing of vessels.
After drawing massive funding, the AI sector is under pressure to deliver gains, with the emergence of low-cost Chinese AI model DeepSeek unsettling investors.
Mistral gained huge exposure at an international AI gathering in Paris in February, feted by President Emmanuel Macron as a European champion to compete with American giants such as OpenAI, which produces ChatGPT.
It has this year notched up partnerships with leading French groups including car maker Stellantis. Mistral, which counts CMA CGM among its investors, expects a 10-fold increase in sales between December 2024 and December 2025, Mensch said.
But AI regulation has been among subjects of discord between the U.S. administration and Europe, and relations soured further after President Donald Trump announced his sweeping tariffs.
“In this period of uncertainty, I think it’s a good thing for two French groups to announce this partnership,” Saade said, while adding he believed in investing worldwide in open markets.
CMA CGM, the world’s third-biggest container shipping line, was hailed by Trump last month for pledging to invest $20 billion in the United States.
The group has also teamed up with U.S. tech names, including Alphabet’s Google, with which CMA CGM last July announced a five-year AI partnership worth $150 million.
China on Monday accused Washington of abusing tariffs and warned countries against striking a broader economic deal with the United States at its expense, ratcheting up its rhetoric in a spiralling trade war between the world’s two biggest economies.
White House
Beijing will firmly oppose any party striking a deal at China’s expense and “will take countermeasures in a resolute and reciprocal manner,” its Commerce Ministry said.
The ministry was responding to a Bloomberg report, citing sources familiar with the matter, that the Trump administration is preparing to pressure nations seeking tariff reductions or exemptions from the U.S. to curb trade with China, including imposing monetary sanctions.
President Donald Trump paused the sweeping tariffs he announced on dozens of countries on April 2 except those on China, singling out the world’s second largest economy for the biggest levies. In a series of moves, Washington has raised tariffs on Chinese imports to 145%, prompting Beijing to slap retaliatory duties of 125% on U.S. goods. Last week, China signalled that its own across-the-board rates would not rise further.
“The United States has abused tariffs on all trading partners under the banner of so-called ‘equivalence’, while also forcing all parties to start so-called ‘reciprocal tariffs’ negotiations with them,” the ministry spokesperson said.
China is determined and capable of safeguarding its own rights and interests, and is willing to strengthen solidarity with all parties, the ministry said.
“The fact is, nobody wants to pick a side,” said Bo Zhengyuan, partner at China-based policy consultancy Plenum.
“If countries have high reliance on China in terms of investment, industrial infrastructure, technology know-how and consumption, I don’t think they’ll be buying into U.S. demands. Many Southeast Asian countries belong to this category.”
Pursuing a hardline stance, Beijing will this week convene an informal United Nations Security Council meeting to accuse Washington of bullying and “casting a shadow over the global efforts for peace and development” by weaponizing tariffs.
Earlier this month, U.S. Trade Representative Jamieson Greer said nearly 50 countries have approached him to discuss the steep additional tariffs imposed by President Donald Trump. Several bilateral talks on tariffs have taken place since, with Japan considering raising soybean and rice imports as part of its talks with the U.S. while Indonesia is planning to increase U.S. food and commodities imports and reduce orders from other nations.
Trump’s tariff policies have rattled financial markets as investors fear a severe disruption in world trade could tip the global economy into recession.
On Monday, Chinese stocks inched higher, showing little reaction to the commerce ministry comments, though investors have generally remained cautious on Chinese assets due to the rising growth risks.
The Trump administration also has been trying to curb Beijing’s progress in developing advanced semiconductor chips which it says could be used for military purposes, and last week imposed port fees on China-built vessels to limit China’s dominance in shipbuilding.
AI chip giant Nvidia said last week it would take $5.5 billion in charges due to the administration’s curbs on AI chip exports.
China’s President Xi Jinping visited three Southeast Asian countries last week in a move to bolster regional ties, calling on trade partners to oppose unilateral bullying.
Beijing has said it is “tearing down walls” and expanding its circle of trading partners amid the trade row.
The stakes are high for Southeast Asian nations caught in the crossfire of the Sino-U.S. tariff war, particularly given the regional ASEAN bloc’s huge two-way trade with both China and the United States.
ASEAN is China’s largest trading partner, with total trade value reaching $234 billion in the first quarter of 2025 and accounting for over 16% of China’s overall foreign trade, China’s customs agency said last week.
Trade between ASEAN and the U.S. totalled around $476.8 billion in 2024, according to U.S. figures, making Washington the regional bloc’s fourth-largest trading partner.
“There are no winners in trade wars and tariff wars,” Xi said in an article published in Vietnamese media, without mentioning the United States.
Vera Wang has launched a new fragrance marking the brand’s entrance into the luxury fragrance category.
Vera Wang launches new fragrance, Vera Wang Love. – Vera Wang
Dubbed “Vera Wang Love”, the fragrance is now exclusively available on Ulta‘s online store and is set to launch in more than 830 Ulta Beauty stores nationwide on May 18.
At the heart of the scent is the Queen of the Night flower, an elusive bloom symbolizing beauty and mystery. The floral note is enriched by warm amber woods and vanilla, as well as jasmine sambac and a burst of mandarin.
“I’m thrilled to share Vera Wang Love with the world,” said Vera Wang. “The Queen of the Night flower has always fascinated me with its rare, radiant beauty. This fragrance captures that same magical essence—bold yet refined, mysterious yet inviting. It embodies my vision of romanticism with a modern edge.”
The fragrance is housed in a diamond ring-inspired bottle, an homage to love and commitment in all its forms. It comes in two sizes, priced at $65 for 1.0 oz and $85 for 1.6 oz.
“We at Coty are proud to expand Vera Wang into the luxury fragrance space with this innovative launch,” said Coty chief brands officer, consumer beauty, Stefano Curti.
“Vera Wang Love combines high-concentration oils with unexpected ingredients for a long-lasting, uniquely unforgettable scent. It’s a beautiful expression of the romance and sophistication that define the Vera Wang brand.”
Linda Suliafu, vice president of merchandising at Ulta Beauty, added: “Our guests are highly engaged with the fragrance category and use scent to relive life’s memorable moments. Vera Wang Love captures those special feelings all year-round.”
U.S. President Donald Trump met with major retailers, including Walmart, Home Depot, Lowe’s, and Target on Monday to discuss broad-based tariffs likely to raise the cost of everyday goods that they import.
Reuters
Big U.S. chains, like Walmart and Target, rely heavily on imported goods, and tariffs — including 145% levies on China — are expected to add strain on Americans already burdened by prolonged inflation.
“We had a productive meeting with President Trump and his team and appreciated the opportunity to share our insights,” a Walmart spokesperson said in a statement, without elaborating. The retailer previously said its CEO, Doug McMillon, would be in attendance.
This marks McMillon’s first meeting with Trump since the introduction of the president’s “Liberation Day” tariffs. Earlier in April, McMillon said the two had not personally discussed tariffs, although other members of Walmart’s leadership had been in regular contact with his administration.
Trump’s erratic tariff policies have sent ripples across numerous industries and roiled U.S. stock markets for weeks. More recently he has expressed anger at remarks from Federal Reserve Chairman Jerome Powell, who said last week the economy was at risk from both lower growth and higher inflation.
U.S. markets sold off on Monday, while the benchmark 10-year Treasury note and the U.S. dollar also came under pressure.
He announced sweeping tariffs on dozens of countries on April 2, before pausing the duties for a 90-day period – except those on China, singling out the world’s second-largest economy for the biggest levies.
A Home Depot spokesperson characterized the meeting as “informative and constructive.” A Target representative said its CEO Brian Cornell was in attendance at the “productive meeting…to discuss the path forward on trade.”
Lowe’s did not immediately respond to a request for comment.
More than half of Walmart and Target’s imports are from China, according to company figures, while both Home Depot and Lowe’s also import from that nation.
Analysts are concerned that these retailers would see a substantial hit to their profit margins as a result of tariffs.
Walmart shares are up less than 2% in 2025, while the others have all posted double-digit losses. Target has been hit hardest, down 32% so far this year.
Bloomberg first reported on the details of the meeting on Monday.
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