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The National
2 days ago
- The National
Trump says he has reached a deal with China on trade and rare earth minerals
President Donald Trump said he and Chinese leader Xi Jinping held a "very positive" phone call on Thursday, with the two agreeing to a trade deal and further talks to break an impasse over tariffs and global supplies of rare earth minerals. In a post on his Truth Social platform, Mr Trump said the call lasted about 90 minutes and said he and Mr Xi invited each other to their respective countries. "There should no longer be any questions respecting the complexity of Rare Earth products," Mr Trump wrote. "Our respective teams will be meeting shortly at a location to be determined." "We have a deal with China," Mr Trump later said from the Oval Office during a meeting with the German Chancellor Friedrich Merz. "We were straightening out some of the points, having to do mostly with rare earth, magnets and some other things." The keenly awaited call comes amid a dispute over rare earth minerals, which are vital for use in batteries and other tech products. The problem has threatened the already fragile trade truce reached last month. "The US side should take a realistic view of the progress made and withdraw the negative measures imposed on China," the Chinese government said in its own readout of the call. "The two sides should make good use of the established trade and economic consultation mechanism, uphold an attitude of equality, respect each other's concerns, and strive for a win-win outcome." On May 12, Washington and Beijing reached a 90-day deal that rolled back some of the tit-for-tat tariffs that the world's two largest economies had placed on each other, threatening to disrupt global trade. Though the move stabilised the stock market, it did not address the issue of the rare earth minerals. In April, China suspended exports of a wide range of critical minerals and magnets in a move that disrupted supplies used for the manufacture of vehicles, computer chips and other vital commodities. During the Oval meeting on Thursday, Mr Trump also appeared to go back on a State Department announcement last week that the US would begin to revoke the visas of Chinese students. "Chinese students are coming, no problem, no problem," Mr Trump said. "It's our honour to have them. Frankly we want to have foreign students, but we want them to be checked." The measure came amid an intense stand-off between the Trump administration and private universities over how institutions of higher education are to handle curriculums, faculty hiring, free speech and on-campus protests. China has the second highest number of international students in the US.
Khaleej Times
2 days ago
- Khaleej Times
Procter & Gamble to cut 7,000 jobs to rein in costs as tariff uncertainty looms
Procter Gamble said on Thursday it would cut 7,000 jobs, or about 6%, of its total workforce over the next two years, as part of a new restructuring plan to counter uneven consumer demand and higher costs due to tariff uncertainty. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, executives said at a Deutsche Bank Consumer Conference in Paris, adding the program could likely include some divestitures without giving detail. The Pampers maker's two-year restructuring plan comes when consumer spending is expected to remain pressured this year, and global consumer goods makers including PG and Unilever brace for a further hit to demand from even higher prices. "This is not a new approach, rather an intentional acceleration of the current win in the increasingly challenging environment in which we compete," executives said. President Donald Trump's sweeping tariffs on trading partners have roiled global markets and led to fears of a recession in the U.S., the biggest market for PG. The company imports raw ingredients, packaging materials and some finished products into the U.S. from China. Trump's trade war has cost companies more than $34 billion in lost sales and higher costs, a Reuters analysis showed, a toll that is expected to rise. In April, the Tide detergent maker said it would raise prices on some products and that it was prepared to pull every lever in its arsenal to mitigate the impact of tariffs. Pricing and cost cuts were the main levers, CFO Andre Schulten had said then. On Thursday, Schulten and PG's operations head Shailesh Jejurikar acknowledged that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." The company had about 108,000 employees as of June 30, 2024, and said the job cuts would account for roughly 15% of its non-manufacturing workforce. PG added that the restructuring plan would help simplify the organizational structure by "making roles broader" and "teams smaller". The plans to divest certain brands will also help adjust its supply chain in order to reduce costs, PG said. (Reporting by Rishabh Jaiswal and Aishwarya Venugopal in Bengaluru; Editing by Janane Venkatraman, Rashmi Aich and Sriraj Kalluvila)
The National
2 days ago
- The National
Switch 2: The best games available on launch day, ranked
The much-anticipated Nintendo Switch 2 launched worldwide today. Following the immense success of the first Switch console, which sold 152.12 million units since 2017, gaming enthusiasts are looking forward to getting their hands on the new and improved version. What's a console without games, though? And Switch 2 has an impressive selection of new games to play. Here, we list some of the most significant game releases, and what fans can expect from each experience. 1. Mario Kart World The biggest game release alongside the launch of the Switch 2 is Mario Kart World, the first new mainline entry in the Mario Kart series in over a decade. This instalment introduces open-world tracks, off-road mechanics, elimination modes and supports up to 24-player races. It also features unlockable costumes, which offer a fresh take on the beloved racing series. 2. The Legend of Zelda: Breath of the Wild and Tears of the Kingdom Remastered Both beloved titles from Switch return with enhanced graphics and performance, taking full advantage of Switch 2's upgraded hardware. These remasters provide an opportunity for players to revisit the game's kingdom of Hyrule with improved visuals and smoother gameplay. 3. Metroid Prime 4: Beyond This game marks protagonist Samus Aran's most ambitious adventure yet. Set in the alien world of Viewros, the game adds psychic abilities to her arsenal, allowing for new puzzle mechanics and combat strategies. The storytelling adopts a darker tone, with cinematic cutscenes and dialogue-driven encounters. The visuals are powered by Unreal Engine 5, showcasing realistic environments, particle effects and fluid character animations. 4. Donkey Kong Bananza In Donkey Kong Bananza, players are treated to vibrant worlds with levels that include jungles, volcanoes and futuristic cities. Each level is fully destructible, offering multiple paths and secrets depending on how the player interacts with the environment. The game supports two-player co-op, with other characters joining the adventure. Kong's new abilities such as wall-climbing and explosive stomps, allow for exploration opportunities. 5. Super Mario Party Jamboree With more than 200 mini-games and 10 new boards, Super Mario Party Jamboree renews the party game genre. The boards are now interactive with dynamic weather and events that can change the outcome. There's also a 100-player online tournament mode, which adds a competitive experience. Characters in the game now have personal items that allow them the option of strategic plays. The custom mini-game playlists, meanwhile, will let players create their own party experience. 6. Hades II Hades II is a roguelike action game that follows Melinoe, the immortal Princess of the Underworld and sister to Zagreus, as she embarks on a quest to defeat Chronos, the Titan of Time, who has imprisoned her family. Building on the success of the first game, Hades II introduces new weapons, abilities, and a deeper narrative rooted in Greek mythology. Players can explore expanded realms, engage with diverse characters, and experience dynamic combat infused with dark sorcery and Olympian boons.
