US-China trade talks to begin this weekend
The US Treasury Secretary, Scott Bessent, will meet China's Vice Premier, He Lifeng, in Switzerland on Saturday.
The US introduced a one- hundred and forty-five percent tariff on Chinese imports last month, while China placed retaliatory one hundred and twenty five percent import taxes on American goods. Will hears from Chinese exporters and trade experts.
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The Independent
10 minutes ago
- The Independent
‘More to do' on US steel tariffs than Trump and PM can resolve, minister signals
There is unlikely to be a 'resolution' in talks over US tariffs on UK steel when Donald Trump and Sir Keir Starmer meet on Monday, Jonathan Reynolds indicated, saying there was 'more to do' in negotiations. The Prime Minister will attempt to hammer out a deal on steel import levies when he meets the US president at Turnberry, Mr Trump's Ayrshire golf course. Sir Keir and Scotland's First Minister John Swinney also plan to urge the US president to apply pressure on Israel to allow more humanitarian aid into Gaza, where the population is facing starvation. When the UK and US signed a trade deal in June, it reduced tariffs on car and aerospace imports to the US. But agreement on a similar arrangement for Britain's steel imports was not reached, leaving tariffs on steel at 25%. American concerns over steel products made elsewhere in the world, then finished in the UK, are said to be among the sticking points. Sir Keir is expected to spend most of the day with President Trump on Monday, when he will have a chance to press the president on a steel deal. But Business Secretary Mr Reynolds suggested it may take more than a meeting between the two leaders to resolve the matter, telling BBC Breakfast: 'We were very happy to announce the breakthrough that we had a few months ago in relation to sectors like automotive, aerospace, which are really important to the UK economy. 'But we always said it was job saved, but it wasn't job done. There's more to do. 'The negotiations have been going on on a daily basis since then. There's a few issues to push a little bit further today. 'We won't perhaps have anything to announce a resolution of those talks, but there's some sectors that we still need to resolve, particularly around steel and aluminium, and there's the wider conversation about what the US calls its reciprocal tariffs.' It comes after Mr Trump announced he had agreed 'the biggest deal ever made' between the US and the European Union after meeting Ursula von der Leyen for high-stakes talks at Turnberry on Sunday. After a day playing golf, the US leader met the president of the EU Commission to discuss the broad terms of an agreement that will subject the bloc to 15% tariffs on most of its goods entering America. This is lower than a 30% levy previously threatened by the US president. Sir Keir is also likely to use his time with Mr Trump to raise the starvation faced by the population of Gaza. The Prime Minister has condemned Israel for restricting the flow of aid into the territory, alongside the leaders of France and Germany. The UK will take part in efforts led by Jordan to airdrop aid into Gaza, Sir Keir said over the weekend. Elsewhere, he is facing pressure from more than 220 MPs to immediately recognise the state of Palestine, something which French president Emmanuel Macron has promised to do. The US is the country 'with the leverage' to make a difference in the conflict in Gaza, the Business Secretary suggested. Mr Reynolds told BBC Breakfast that Gaza would 'of course' be on the agenda for the meeting of the two leaders, adding: 'The intolerable scenes that we're seeing, the world is seeing, are the backdrop to that. 'And of course, the US has itself secured on two occasions ceasefires in the conflict, so they have been actively engaged in it, working with Egypt, the Qataris, and other key partners in the region.' Mr Swinney also promised to raise Gaza with Mr Trump, as it was 'causing deep unease and concern and heartbreak within Scotland'.
Daily Mail
10 minutes ago
- Daily Mail
Keir Starmer to meet with Donald Trump TODAY as PM hopes to strike steel tariffs deal and sway US President over Gaza
Sir Keir Starmer will meet Donald Trump in Scotland today as he hopes to strike a deal on steel tariffs and sway the US President over Gaza. The Prime Minister will travel to Ayrshire, where Mr Trump is staying at his Turnberry golf resort, for face-to-face talks on Monday. The two leaders will discuss how to continue putting into place the US-UK trade deal they signed earlier this year, as well as the Middle East crisis. Sir Keir and the US President struck a trade agreement to reduce tariffs on car and aerospace imports. Yet questions remain over whether UK steel imports into America will face 50 per cent tariffs. Speaking to reporters as he left the White House on Friday, Mr Trump said he and Sir Keir would be 'fine-tuning' the US-UK trade deal when they meet in Scotland. But he downplayed the prospect on an agreement on steel, warning there was 'not a lot' of wiggle room on steel tariffs. The PM's meeting with Mr Trump also comes amid growing global outrage at the humanitarian crisis in Gaza, while peace talks between Hamas and Israel came to a standstill last week. White House special envoy Steve Witkoff blamed Hamas for a 'lack of desire' to reach an agreement. Since then, Israel has promised military pauses in three populated areas of Gaza to allow designated UN convoys of aid to reach desperate Palestinians. But the UK, which is joining efforts to airdrop aid into the enclave and evacuate children in need of medical assistance, has said that access to supplies must be 'urgently' widened. Sir Keir is under increasing pressure from MPs and even his own ministers to recognise Palestinian statehood. It comes after French President Emmanuel Macron said his country will do so in September. Some 221 MPs from Labour, the Conservatives, Liberal Democrats, SNP, Greens, Plaid Cymru, SDLP and independents have signed a letter pressuring the Government to follow suit at a UN meeting next week. The majority of those who have signed, 131, are Labour MPs. The US is the country 'with the leverage' to make a difference in the conflict in Gaza, the Business Secretary suggested this morning. Speaking to BBC Breakfast ahead of Sir Keir's meeting with Mr Trump, Jonathan Reynolds said: 'Of course, Gaza will be on the agenda today. 'The intolerable scenes that we're seeing, the world is seeing, are the backdrop to that. 'And of course, the US has itself secured on two occasions ceasefires in the conflict, so they have been actively engaged in it, working with Egypt, the Qataris, and other key partners in the region. 'The US is the country I think we'd all recognise with the leverage here to really make a difference on both sides. So their role is fundamentally important.' Mr Reynolds also admitted there is 'more to do' on the US-UK trade deal, but played down the prospect of a fresh announcement later. He said: 'We were very happy to announce the breakthrough that we had a few months ago in relation to sectors like automotive, aerospace, which are really important to the UK economy. 'But we always said it was job saved, but it wasn't job done. There's more to do. 'The negotiations have been going on on a daily basis since then. There's a few issues to push a little bit further today. 'We won't perhaps have anything to announce a resolution of those talks. 'But there's some sectors that we still need to resolve, particularly around steel and aluminium, and there's the wider conversation about what the US calls its reciprocal tariffs.' The US-UK agreement signed at the G7 summit last month slashed trade barriers on goods from both countries. But tariffs for the steel industry, which is of key economic importance to the UK, were left to stand at 25 per cent rather than falling to zero as originally agreed. Concerns had previously been raised that the sector could face a levy of up to 50 per cent - the US's global rate - unless a further agreement was made by July 9, when Mr Trump said he would start implementing import taxes on America's trading partners. But that deadline has been and gone without any concrete update on the status of UK steel. Sir Keir and Mr Trump are also expected to discuss the war in Ukraine, which Downign Street said would include 'applying pressure' on Vladimir Putin to end the invasion. Speaking to journalists on Sunday about his meeting with Sir Keir, Mr Trump said: 'We're meeting about a lot of things. We have our trade deal and it's been a great deal. 'It's good for us. It's good for them and good for us. I think the UK is very happy, they've been trying for 12 years to get it and they got it, and it's a great trade deal for both, works out very well. 'We'll be discussing that. I think we're going to be discussing a lot about Israel. They're very much involved in terms of wanting something to happen. 'He's doing a very good job, by the way.' Mr Trump's private trip to the UK comes ahead of a planned state visit in September.
Reuters
10 minutes ago
- Reuters
Live Updates: Trump to meet Starmer in Scotland as EU trade deal boosts markets
a few seconds ago 03:50 EDT Rocky Swift The euro edged higher on Monday after news of a framework trade pact stuck between the U.S. and the EU. The euro stood at $1.1753 , up 0.1% after initially rising 0.3%. The common currency strengthened 0.2% to 173.64 yen, climbing for a fifth straight session to a fresh one-year high. As concerns subside about the economic fallout from punishing tariffs, investor attention is shifting to corporate earnings and central bank meetings in the United States and Japan in the next few days. 'The biggest deal ever made' 18 minutes ago 03:32 EDT Andrew Gray and Andrea Shalal The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods. The two allies that account for almost a third of global trade. 'THE BEST WE COULD GET' VS 'THE BIGGEST DEAL EVER MADE' Von der Leyen, describing Trump as a tough negotiator, said the 15% tariff applied "across the board," later telling reporters it was "the best we could get." "We have a trade deal between the two largest economies in the world, and it's a big deal. It's a huge deal. It will bring stability. It will bring predictability," the European commission president said. Trump said the deal, which tops a $550 billion deal signed with Japan last week, would expand ties between the trans-Atlantic powers after years of what he called unfair treatment of U.S. exporters. "I think this is the biggest deal ever made," Trump told reporters, lauding EU plans to invest some $600 billion in the United States and dramatically increase its purchases of U.S. energy and military equipment. The agreement mirrors key parts of the framework accord reached by the U.S. with Japan, but like that deal, it leaves many questions open, including tariff rates on spirits, a highly charged topic for many on both sides of the Atlantic. The deal, which Trump said calls for $750 billion of EU purchases of U.S. energy in coming years and "hundreds of billions of dollars" of arms purchases, likely spells good news for a host of EU companies, including Airbus, Mercedes-Benz and Novo Nordisk, if all the details hold. The baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal. Trump to meet Starmer in Scotland after US-EU tariff deal 03:30 EDT U.S. President Donald Trump will host British Prime Minister Keir Starmer at his golf resort in western Scotland on Monday. The talks between the two leaders are expected to range from their recent bilateral trade deal to the worsening hunger crisis in Gaza, the two governments said. Trump, riding high after announcing a huge trade agreement with the European Union late on Sunday, said he expected Starmer would also be pleased. "The prime minister of the UK, while he's not involved in this, will be very happy because you know, there's a certain unity that's been brought there, too," Trump said. Starmer had hoped to negotiate a drop in U.S. steel and aluminum tariffs as part of the discussions, but Trump on Sunday ruled out any changes in the 50% duties for the EU and has said the trade deal with Britain has been "concluded." Trump and European Commission President Ursula von der Leyen announced the deal at Trump's luxury golf course in western Scotland after an hour-long meeting that pushed the hard-fought deal over the line, following months of negotiations. The euro edged higher on Monday after news of the deal. Global stocks and oil prices also rose this morning relieving concerns that higher levies could have hurt economic activity and limited fuel demand. Join us for the latest updates as we get them.
