China says hopes U.S. will strive for ‘positive' trade outcomes
China on Monday said it hoped the United States will strive for 'positive' trade outcomes, a day before a trade truce reached between the two countries last month is due to expire.
'We hope that the U.S. will work with China to follow the important consensus reached during the phone call between the two heads of state... and strive for positive outcomes on the basis of equality, respect and mutual benefit,' foreign ministry spokesman Lin Jian said in a statement.
The economic superpowers are working to reach a deal to lower trade tensions, after U.S. President Donald Trump imposed blistering tariffs on dozens of countries.
The two hammered out a 90-day truce in May, and last month in Stockholm agreed to hold further talks on extending the ceasefire past an August 12 deadline.
That pact has temporarily set fresh US duties on Chinese goods at 30 percent, while Beijing's levies on U.S. products stand at 10 percent.
U.S. Trade Representative Jamieson Greer said following the Stockholm talks that Trump would have the 'final say' on any extension of a tariffs truce.
Higher tariffs on dozens of trading partners -- including a blistering 35 percent on Canada -- came into force Thursday as Trump seeks to reshape global trade to benefit the US economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
22 minutes ago
- Globe and Mail
Trump extends China tariff deadline by another 90 days
U.S. President Donald Trump has signed an executive order extending a tariff truce with China by another 90 days, a White House official said on Monday with only hours to go before U.S. tariffs on Chinese goods were due to snap back to triple-digit rates. The order followed a noncommittal answer by Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of U.S. soybeans. A tariff truce between Beijing and Washington was set to expire on Tuesday at 00:01 ET. The order prevents U.S. tariffs on Chinese goods from shooting up to 145 per cent, with Chinese tariffs on U.S. goods set to hit 125 per cent, rates that would have resulted in a virtual trade embargo. 'We'll see what happens,' Trump told a press conference, when asked how he planned to extend the deadline. 'They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.' Imports from China are currently subject to 30 per cent tariffs, including a 10 per cent base rate and 20 per cent in fentanyl-related tariffs imposed by Washington in February and March. China had matched the de-escalation, lowering its rate on U.S. imports to 10 per cent. Global investors see few winners as tariff storm lashes global markets The two sides in May announced a truce in their trade dispute after talks in Geneva, Switzerland, agreeing to a 90-day period to allow further talks. They met again in Stockholm, Sweden in late July, but did not announce an agreement to further extend the deadline. Kelly Ann Shaw, a senior White House trade official during Trump's first term and now with Akin Gump Strauss Hauer & Feld, said she expected Trump to extend the 90-day 'tariff détente' for another 90 days later on Monday. 'It wouldn't be a Trump-style negotiation if it didn't go right down to the wire,' she said, adding Trump could also announce progress in other aspects of the economic relationship as a backdrop for granting the extension. 'The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations and there's been a lot of noise about everything from soybeans to export controls to excess capacity over the weekend,' she said. Ryan Majerus, a former U.S. trade official now with the King & Spalding law firm, welcomed the news. 'This will undoubtedly lower anxiety on both sides as talks continue, and as the U.S. and China work toward a framework deal in the fall. I'm certain investment commitments will factor into any potential deal, and the extension gives them more time to try and work through some of the longstanding trade concerns,' he said. The White House declined to comment beyond Trump's remarks. The Treasury Department and U.S. Trade Representative's Office did not respond to requests for comment. U.S. Treasury Secretary Scott Bessent has said Washington has the makings of a deal with China and he was 'optimistic' about the path forward. Trump pushed for additional concessions on Sunday, urging China to quadruple its soybean purchases, although analysts questioned the feasibility of any such deal. Trump did not repeat the demand on Monday. But Washington has also been pressing Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China.
Globe and Mail
an hour ago
- Globe and Mail
Trump says tariffs will not be placed on gold, bringing relief to bullion markets
U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat. 'Gold will not be Tariffed!' Trump said in a statement posted on his social media account. He gave no details. The U.S. Customs and Border Protection had posted a ruling on its website on Friday saying that Washington might place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would have rocked the metal's global supply chains. In response, a White House official told Reuters on Friday that the Trump administration was preparing an executive order 'clarifying misinformation' about tariffs on gold bars and other specialty products. A U.S. gold tariff would have been especially harmful for Switzerland, a major refining and transit hub for gold. Trump's Monday post removes that concern. Analysis: Gold and Trump's chaos are key to the TSX's stellar performance this year 'Delighted to hear the crisis has been averted,' said Ross Norman, an independent gold market analyst. 'It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.' U.S. gold futures dropped 2.4 per cent to $3,407 per ounce after Trump's post on Monday, reducing a premium over spot gold, the global benchmark, which fell 1.2 per cent to $3,357. Shares of Barrick Mining ABX-T fell 2.8 per cent on Monday afternoon after the company posted quarterly results, while shares of Newmont NGT-T – the world's largest gold miner – were down slightly to $68.87. Both companies are major U.S. gold producers.
CTV News
an hour ago
- CTV News
Bullion markets breath sigh of relief after Trump says gold will not face tariffs
U.S. President Donald Trump on Monday said he would not impose tariffs on gold. (AP Photo/Newmont Mining) U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat. 'Gold will not be Tariffed!' Trump said in a statement posted on his social media account. He gave no details. The U.S. Customs and Border Protection had posted a ruling on its website on Friday saying that Washington might place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would have rocked the metal's global supply chains. In response, a White House official told Reuters on Friday that the Trump administration was preparing an executive order 'clarifying misinformation' about tariffs on gold bars and other specialty products. A U.S. gold tariff would have been especially harmful for Switzerland, a major refining and transit hub for gold. Trump's Monday post removes that concern. 'Delighted to hear the crisis has been averted,' said Ross Norman, an independent gold market analyst. 'It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.' U.S. gold futures dropped 2.4 per cent to US$3,407 per ounce after Trump's post on Monday, reducing a premium over spot gold, the global benchmark, which fell 1.2 per cent to $3,357. Shares of Barrick Mining fell 2.8 per cent on Monday afternoon after the company posted quarterly results, while shares of Newmont - the world's largest gold miner - were down slightly to $68.87. Both companies are major U.S. gold producers. (Reporting by Pratima Desai, Ernest Scheyder and Jasper Ward; writing by Susan Heavey; Editing by Leslie Adler)
