logo
Bessent to Attend US-China Talks in Stockholm Next Week

Bessent to Attend US-China Talks in Stockholm Next Week

Bloomberg2 days ago
Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks.
'That deal expires on August 12,' Bessent said on Fox Business of the latest trade truce between the world's two largest economies. 'I'm going to be in Stockholm on Monday and Tuesday with my Chinese counterparts and we'll be working out what is likely an extension then.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Philippines goods to face 19% tariff, Trump says
Philippines goods to face 19% tariff, Trump says

Yahoo

time24 minutes ago

  • Yahoo

Philippines goods to face 19% tariff, Trump says

The US will levy a 19% tax on imports from the Philippines, US President Donald Trump has announced after meeting with the country's president at the White House. Trump wrote on social media on Tuesday that the new tariff was part of a wider pact, in which the Philippines would remove duties on US goods and the two countries would cooperate militarily. "It was a beautiful visit, and we concluded our Trade Deal," he wrote on social media, offering no further details about the apparent agreement. The plan, which was not confirmed by the Philippines, would leave the country facing a tax even higher than what Trump had threatened when he first announced sweeping global tariffs in April. At the time, Trump said his goal with instituting tariffs was to push countries to drop policies he saw as unfair to the US. His plans set off a flurry of trade talks with countries around the world. He has since announced a handful of deals, including with the UK, China and Indonesia. But the agreements so far have kept in place high tariffs, with key issues unresolved or unconfirmed by both parties. With Trump now threatening a new round of higher duties to go into effect 1 August, some of America's biggest and most important trade partners, including the European Union and Canada, remain in limbo. As hopes for a deal dim, officials in Europe are increasingly rallying around plans for potential retaliation. In Canada on Tuesday, Prime Minister Mark Carney said that "complex negotiations" were continuing but was noncommittal on the prospect of reaching a deal by Trump deadline next week. "We'll see," he told reporters after meeting with premiers in Ontario. "The Americans objectives are multiple, they change over time ... but what is clear is that the Canadian government will not accept a bad agreement. The objective is not to have an agreement at any cost." Trump's tariff plans sparked widespread financial turmoil when he announced them originally in April, putting forward a plan that would leave the US with its highest duties since the early 1900s. He subsequently suspended some of the plan's most aggressive measures, while leaving in place a universal 10% tariff on most goods and separately hitting certain items, such as cars, copper, steel and aluminium, with higher duties. But in recent weeks, as markets have calmed and the US economy held steady, Trump has returned to plans for higher duties, sending letters to countries outlining plans for new tariffs that he says will go into force on 1 August. In a letter to leaders in the Philippines this month, he had said he would charge a 20% tariff on the country's goods. That was up from 17% rate he had threatened in April. In a statement on Wednesday, the Embassy of the Republic of the Philippines said the reduction in the tariff from the most recent rate threatened was "encouraging". "We will continue to find other ways to enhance and deepen our economic partnership," it said. The Philippines is a relatively small trade partner with the US, sending about $14.2bn worth of goods to the America last year. That included car parts, electric machinery, textiles and coconut oil. Meanwhile for companies, the cost of the new tariffs is increasing. General Motors on Tuesday said tariffs had cost it more than $1bn over three months. That followed an earlier disclosure from rival Stellantis, maker of Jeep, which said the measures had cost it €300m (£259.6m, $349.2m). Error while retrieving data Sign in to access your portfolio Error while retrieving data

Chinese and European Leaders Meet Amid Grievances on Trade
Chinese and European Leaders Meet Amid Grievances on Trade

New York Times

time24 minutes ago

  • New York Times

Chinese and European Leaders Meet Amid Grievances on Trade

The European Union has sent the president of the European Commission, Ursula von der Leyen, and other top officials to Beijing for a high-profile, high-stakes summit on Thursday with their Chinese counterparts, complete with nods to the 50-year anniversary of their diplomatic ties. Both sides came with long lists of grievances over trade. The Europeans want an end to the flood of Chinese exports that they insist is unfairly bolstered by government financial support. The Chinese angrily deny the allegations and want the European Union to lift tariffs and embrace trade with China. Neither European Union leaders nor Chinese officials said they expected the summit to resolve their many differences, which also include an intense disagreement over China's support for Russia and its war in Ukraine. Beijing wants the European Union to rescind its tariffs on electric cars from China and take other measures to allow more Chinese exports into the continent. But European leaders have made clear that they want to address many serious concerns about China's recent policies. They are upset that China's state-owned banks are lending at low interest rates to the country's manufacturers. The resulting overflow of inexpensive goods has pushed up China's trade surplus with the European Union to more than $350 billion. Want all of The Times? Subscribe.

Big Q2 Earnings Afternoon After Strong Day on the Markets
Big Q2 Earnings Afternoon After Strong Day on the Markets

Yahoo

time34 minutes ago

  • Yahoo

Big Q2 Earnings Afternoon After Strong Day on the Markets

Wednesday, July 23, 2025Markets put up a fairly emphatic trading session on the markets this Hump Day, making the most of the new trade deal announcement with the Japanese auto industry, among other things. The Dow gained +507 points, +1.14%, while the S&P 500 notched a new all-time closing high to 6358, +49 points and +0.78%. The Nasdaq gained 'only' +127 points, +0.61%, while the small-cap Russell 2000 was up 33 points, +1.48%.Existing Home Sales came in the coolest they've been since September of last year, sub-4.0 million as expected to 3.93 million. The average sale price, however, climbed to its highest June level ever: $435,300. By region, Existing Home Sales reversed the trend: now down in the South, Midwest and Northeast, where they were up last month, and up in the West, where they had been down. Q2 Earnings Deluge After-Hours: GOOGL, TSLA, IBM & More Google and YouTube parent Alphabet GOOGL outperformed estimates on both top and bottom lines for its Q2 results, with earnings of $2.31 per share surpassing the $2.15 expected on $81.7 billion in revenues (minus traffic acquisition costs [TAC]), up +14% year over year on the top line, This makes the 10th quarter in a row Alphabet has beaten ad revenue grew almost +13% in the quarter to $9.8 billion, while its Services margin was above +40%, with Search and Cloud both up double digits in Q2. Yet Q2 spending has also gone up: $22 billion in Q2, to an estimated $85 billion for the full year. Late trading has been a bit erratic this afternoon; the stock is currently up +1%, adding to the very slight gains year to TSLA quarter, on the other hand, turned out to be a bit more dismal: earnings of 33 cents per share missed the Zacks consensus of 39 cents (and the year-ago tally of 52 cents per share) on $22.5 billion in revenues, which actually came out slightly ahead of estimates. Free cash flow of $146 million is -89% down from a year ago (it had been estimated at $760 million), while Global Vehicle Inventory has grown almost a full week to 24 days. But Robotaxis are still looking at a 2026 launch, so shares are up slightly on this IBM shares are shifting lower, by -5%, even after Big Blue outpaced on earnings — $2.80 per share versus estimates for $2.64 per share — on $16.98 billion in revenues, which bolted ahead of the expectations for $16.58 billion. The company, which also acquired AI consulting firm Hakkoda in the quarter, has been trading up +28% year to date, and so this good news is being met with a -5% haircut in after-hours CMG shares are down -10% after its earnings results after today's close were flat to mixed: earnings of 33 cents per share beat by a penny, while revenues came in even with estimates at $3.10 billion. Comps were down -4.0% and traffic dropped -4.9%, and comps for the full year are now expected to be flat — not a good sign for any restauranteur, let alone one trading at 44x forward earnings. ServiceNow NOW brought its A-game to Q2 results, with earnings of $4.09 per share surging beyond the projected $3.54 per share (and $3.13 reported in the year-ago quarter). Revenues of $3.22 billion were well past the $3.12 billion analysts had expected, +22.5% year over year. Subscriber revenues also grew +22.5% in the quarter, and shares are up +7% in late trading, almost making up the company's losses year to date. What to Expect from the Stock Market Tomorrow Thursday morning brings us Weekly Jobless Claims and flash S&P Services and Manufacturing PMI for July. Also New Home Sales for June, which completes today's Existing Home Sales numbers from today. For earnings reports, we'll look for American Airlines AAL, Honeywell HON and Union Pacific UNP in the morning and Intel INTC and Deckers Outdoor DECK in the or comments about this article and/or author? Click here>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intel Corporation (INTC) : Free Stock Analysis Report International Business Machines Corporation (IBM) : Free Stock Analysis Report Honeywell International Inc. (HON) : Free Stock Analysis Report Union Pacific Corporation (UNP) : Free Stock Analysis Report Chipotle Mexican Grill, Inc. (CMG) : Free Stock Analysis Report Deckers Outdoor Corporation (DECK) : Free Stock Analysis Report Tesla, Inc. (TSLA) : Free Stock Analysis Report American Airlines Group Inc. (AAL) : Free Stock Analysis Report ServiceNow, Inc. (NOW) : Free Stock Analysis Report Alphabet Inc. (GOOGL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store