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Yahoo
11 minutes ago
- Yahoo
China trade talks have stalled, US treasury secretary says
Trade talks between the US and China are "a bit stalled", the US Treasury Secretary Scott Bessent has said. His comment comes less than three weeks after a temporary trade truce was agreed between the world's two largest economies, with both agreeing to reduce tit-for-tat tariffs. Bessent told Fox News on Thursday: "I think that given the magnitude of the talks, given the complexity, that this is going to require [leaders of both the countries] to weigh in with each other". Donald Trump's global tariff regime was dealt a blow on Wednesday following a ruling that he had exceeded his authority. His plans have been temporarily reinstated after the White House appealed the decision. Both the US and China confirmed they would reduce tariffs imposed on each other's imports earlier this month, following talks in Switzerland. The deal involved both nations cancelling some tariffs altogether and suspending others for 90 days by 14 May. Bessent said talks on a further deal had lost momentum, but stressed that they were continuing. "I believe that we will be having more talks with [China] in the next few weeks and I believe we may at some point have a call between the president and [Chinese President Xi Jinping]," Bessent said on Thursday. He added that the pair had "a very good relationship" and he was "confident that the Chinese will come to the table when President Trump makes his preferences known". Under the deal struck earlier this month, the US lowered tariffs imposed on goods from China from 145% to 30%. China's retaliatory tariffs on US goods dropped from 125% to 10%. The US President has argued imposing tariffs on foreign goods would encourage US consumers to buy more American-made goods, bringing back manufacturing jobs while increase the amount of tax revenue raised. They have been used by the Trump administration as leverage in negotiations as it seeks to reduce trade deficits with other nations. A delegation from Japan are continuing trade talks with their US counterparts in Washington on Friday. Bessent said "a couple" of US trade deals were "very close", but "a couple of them are more complicated". Trump's tariff regime remains in the balance following the decision by the US Court of International Trade, which ruled that Trump had overstepped his power by imposing the duties. Some analysts believe it will mean countries will be less likely to rush to secure trade deals with the US. A federal appeals court has granted a bid from the White House to temporarily suspend the lower court's order, which Trump described as "horrific". "Hopefully, the Supreme Court will reverse this horrible, Country [sic] threatening decision, QUICKLY and DECISIVELY," he wrote on his Truth Social platform. Trump tariffs can stay in place for now, appeals court rules Markets rise as US and China agree to slash tariffs Tariffs court fight threatens Trump's power to wield his favourite economic weapon
Axios
18 minutes ago
- Axios
Indy readies for dual WNBA All-Star, Indiana Black Expo celebration
Regardless of the forecast, mid-July is poised to be the hottest stretch of summer in Indianapolis. Why it matters: Indiana Black Expo's Summer Celebration and WNBA All-Star 2025 sharing calendar and venue space means the city will need to accommodate two marquee events and countless community-focused initiatives all at once. What they're saying: Mel Raines, CEO of Pacers Sports & Entertainment, said the first call she made after being contacted by the league about All-Star hosting duties was IBE president and CEO Alice Watson. "We wanted to be sure that that was something that Alice and the organization thought would be complementary to what they were doing, and that we could sort of coexist in downtown together. And she quickly got back to me and said, 'I think this is a great opportunity and I think we could work together in a really cool way.' And so we've been off to the races since then," Raines said. "This is really the most exciting time not only for Indiana Black Expo or PS&E, but for the city of Indianapolis," Watson said. "None of us will be sleeping. We'll just keep going and going and going." Catch up quick: Summer Celebration starts July 11 with the Ecumenical Service at New Direction Church and ends July 20 with the IBE's Gospel Explosion at the Indiana Convention Center. All proceeds generated by the event support IBE's year-round initiatives related to education, business development, community learning, performing arts, college scholarships and more. WNBA All-Star tips off July 18, featuring the inaugural Fever Fest concert at White River State Park and culminating in the sold-out game the next day. A skills challenge and three-point shootout are among the on-court highlights, while off-court action includes the return of "Indy's Home Court," a downtown takeover of arts and culture events first seen during last year's NBA All-Star game. State of play: Four Indiana nonprofits have received $1 million in grants to create a lasting legacy around the All-Star event. Here's what they're working on. Fletcher Place Community Center: Enhancements to early learning facilities and community spaces. The Parks Alliance of Indianapolis: Renovation of the basketball court at Al E. Polin Park. Marion County Commission on Youth: Facility renovations and the launch of a student ambassador program for 25 female high school students. Marvella Foundation: Development of a "Championship Arena" at its Fair Oaks Farms campus in Newton County. Zoom in: Other community engagement plans include an effort to help women entrepreneurs obtain women-owned business enterprise certification and free Zumba sessions held across Indy in partnership with Centers of Wellness for Urban Women. Meanwhile, donors and volunteers are still needed for All-Star Cure on July 12-13. The event is a partnership between the host committee and the Susan G. Komen Tissue Bank that invites up to 500 women to donate healthy breast tissue in support of cancer research. What's next: More announcements, including celebrity guests to be added to Summer Celebration's guest list for the education conference on July 17, and the Style Zone July 18-20.
Associated Press
18 minutes ago
- Associated Press
Real Madrid confirms signing of Alexander-Arnold ahead of Club World Cup
MADRID (AP) — Real Madrid confirmed the signing of Trent Alexander-Arnold on Friday in time for the Club World Cup after paying a reported fee of 10 million euros ($11 million) to Liverpool. The 26-year-old England right back has agreed to a six-year deal through June 2031, the Spanish club said. Madrid said Alexander-Arnold will play for Xabi Alonso's team at the Club World Cup to be held in the United States starting in mid-June. Alexander-Arnold had been criticized by some Liverpool fans for having let his contract run down — meaning he could leave as a free agent. But the deal announced Friday means Liverpool will get at least something. ___ AP soccer:
