'Everything In Flames...': Devastating Visuals From Ukraine After Russian Non-Stop Assault
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First Post
13 minutes ago
- First Post
US and China in Stockholm talks agree to seek extension of 90-day tariff truce
US officials said it was up to President Donald Trump to decide whether to extend a trade truce that expires on August 12 or potentially let tariffs shoot back up to triple-digit figures read more Advertisement Representational image. AP US and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth. No major breakthroughs were announced, and US officials said it was up to President Donald Trump to decide whether to extend a trade truce that expires on August 12 or potentially let tariffs shoot back up to triple-digit figures. STORY CONTINUES BELOW THIS AD After months of threatening high tariffs on trading partners, Trump has secured trade deals with the European Union, Japan, and others, but China's powerhouse economy and grip on global rare earth flows make these talks particularly complex. Both sides in May walked back from imposing triple-digit tariffs on each other in what would have amounted to a bilateral trade embargo. But global supply chains and financial markets could face renewed turmoil without an agreement. Trump will have the final say on whether to prolong a truce, U.S. Treasury Secretary Scott Bessent told reporters. Another 90-day extension is one option, US Trade Representative Jamieson Greer added. 'We'll report back to him the process we had here. We had constructive meetings for sure, to go back with the positive report. But the extension of the pause, he'll decide,' Greer said after talks at Rosenbad, the Swedish prime minister's office in central Stockholm. Bessent said there would likely be another meeting between US and Chinese officials in about 90 days, and the agreements on the flow of Chinese rare earths were becoming more refined after previous talks in Geneva and London. 'There was good personal interaction being built up, good, mutual respect. I think we understand their agenda much better,' he said. STORY CONTINUES BELOW THIS AD Underlining the stakes, the International Monetary Fund on Tuesday raised its global growth forecast but flagged a potential rebound in tariff rates as a major risk. China's top trade negotiator Li Chenggang said both sides fully recognized the importance of maintaining a stable and sound economic and trade relationship. 'The Chinese and U.S. economic and trade teams will maintain active communication, exchange views on economic and trade issues in a timely manner, and continue to promote the stable and healthy development of bilateral economic and trade relations,' said Li. The talks could pave the way for a meeting between Trump and Chinese President Xi Jinping later in the year, though Trump denied going out of his way to seek one and U.S. officials said the topic was not discussed. The Stockholm meetings also included a lengthy discussion on the U.S. and Chinese economies, with Greer and Bessent emphasizing the need for China to shift away from a state-led, export-driven manufacturing economy to one powered by increased consumer demand, which would help U.S. exports. STORY CONTINUES BELOW THIS AD China vs. EU talks The Stockholm talks follow Trump's biggest trade deal yet with the European Union on Sunday for a 15% tariff on most EU goods exports to the United States, and a deal with Japan. That agreement has brought a measure of relief to the EU but also frustration and anger, with France denouncing the deal as a 'submission' and Germany, Europe's largest economy, warning of 'significant' damage. China can exercise a degree of leverage with its grip on the global market for rare earths and magnets, used in everything from military hardware to car windshield wiper motors, analysts say. Unlike the EU, it does not rely on the United States for security ties and can let trade talks play out for several more months, Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, told Reuters. 'China is well aware of its strong negotiating position, as could clearly be seen in the temporary escalation observed in April,' he said. 'But over Europe always hangs the Damocles sword of the U.S. withdrawing its security guarantee, and that is why the EU did not escalate the situation like China did.' Previous U.S.-China trade talks in Geneva and London in May and June focused on bringing U.S. and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips, and other goods halted by the United States. STORY CONTINUES BELOW THIS AD Among broader economic issues, Washington complains that China's state-led, export-driven model is flooding world markets with cheap goods, while Beijing says U.S. national security export controls on tech goods seek to stunt Chinese growth. Separately, China's industry minister on Tuesday met with a delegation of U.S. businesses, including Apple, in Beijing, and pledged to uphold fair and open market competition and provide support and services for foreign enterprises.
Time of India
25 minutes ago
- Time of India
$5.5 billion wiped in one day: How a Mexican billionaire lost billions in online scam fooled by an 'illustrious family name'
"I feel like an Idiot," told Ricardo Salinas Pliego , a Mexican billionaire and owner of Grupo Salinas, to Wall Street Journal. The owner of the telecommunications conglomerate Grupo Salinas lost nearly a quarter of his $16 billion fortune in a sophisticated "loan-to-own" scam orchestrated by con artists posing as descendants of John Jacob Astor, the German-born fur trader who was America's richest man when he died in 1848, according to The Wall Street Journal. Astor's family, known for dominating Gilded-Age society and inspiring the Waldorf Astoria hotels, was falsely linked to the fraudulent Astor Capital Fund . How the scam started In 2021, Salinas Pliego sought to finance a Bitcoin investment by borrowing $400 million against his shares in Grupo Elektra, a retail and banking empire founded by his father in 1950. He connected with Astor Capital Fund through a Swiss financial adviser, believing it was a prestigious firm tied to the Astor legacy. The company, led by a man claiming to be 'Thomas Astor Mellon,' offered a 1.15% interest loan and presented polished materials, including a website with a lion seal and a promotional video showcasing branded offices. 'Thomas Astor Mellon' was actually Alexey Skachkov, a Ukrainian with a criminal record However, the operation was a facade. 'Thomas Astor Mellon' was Alexey Skachkov , a Georgian resident with a criminal record for prescription forgery and jewelry theft, while the mastermind, Ukrainian-born American Vladimir Sklarov , posed as 'Gregory Mitchell.' Sklarov, who also used aliases like 'Mark Simon Bentley,' had a history of fraud, including a 1990s $18 million Medicare scam. The Journal reports that Sklarov's group sold off Salinas Pliego's $400 million in Grupo Elektra shares , triggering a 71% stock plunge in July 2024, erasing $5.5 billion from his wealth and $4 billion from Elektra's market value. 'I feel like an absolute idiot. How could I fall for this?' Salinas Pliego, 69, told the Journal. The scheme funneled funds into luxury real estate, including a $6.45 million New York penthouse, a $2.67 million Virginia mansion, a $6 million French château, and Greek villas, according to property records cited by Currency. Warning signs emerged in 2021 when Salinas Pliego's team noticed unusual trading in Elektra shares, but assurances from Astor Capital, including visits to seemingly legitimate New York offices, delayed action. When Salinas Pliego attempted to prepay the loan in July 2024, Astor Capital issued a default notice, citing violations like a verification request and a Mexican government probe into his companies. Salinas Pliego is not the only victim The Journal notes that Salinas Pliego was one of many victims in a broader operation, with Sklarov allegedly controlling $750 million in stock from borrowers across the U.S., U.K., and Asia, using names like Cornelius Vanderbilt Capital Management. The fraud exploited securities-based lending, a $4.3 trillion market, per Deloitte, where lax regulation allows predatory schemes. Salinas Pliego's legal team has frozen $400 million in a London court and is tracing funds, some of which moved through Sklarov's New York attorney to offshore accounts. Sklarov, now living in Greece with a yacht named 'Enchantment,' denies wrongdoing, claiming borrowers knew their stock could be lent to third parties, per the Journal.
Hindustan Times
28 minutes ago
- Hindustan Times
Did Secret Service agent protecting Trump try to smuggle wife to Scotland? Here's the shocking truth
The US Secret Service has launched an investigation after one of its agent attempted to get his wife onto a support jet flying to Scotland with President Donald Trump. President Donald Trump visited Scotland on a five-day trip.(AP) The wife of an agent from a Dallas facility was found at Joint facility Andrews' prestigious visitor lounge, where Air Force One and other military planes take off. She went with her husband to Maryland and attended an official Secret Service country briefing at a hotel. She the boarded a bus with her husband to Joint Base Andrews, where she was found and told to leave.. The agent 'can wash out if held to proper standards, according to two sources in the Secret Service community,' Secret Service sources told Crabtree. Also Read: Trump breaks silence on reports he's seeking 'Summit' with Chinese President Xi Jinping; 'I may go to China, but…' Secret Service launches personnel investigation The Secret Service later issued a statement saying that it was investigating the incident. 'The U.S. Secret Service is conducting a personnel investigation after an employee attempted to invite his spouse — a member of the United States Air Force — aboard a mission support flight,' the agency said. 'The aircraft, operated by the U.S. Air Force, was being used by the Secret Service to transport personnel and equipment. Prior to the overseas departure, the employee was advised by supervisors that such action was prohibited, and the spouse was subsequently prevented from taking the flight. No Secret Service protectees were aboard and there was no impact to our overseas protective operations.' Trump, who left for Scotland on Friday, will return to Joint Base Andrews on Tuesday. The POTUS always travels with a number of support planes on Air Force One in a bid to get staff and agents on the ground and to arrange for the presidential limos and helicopters. Did Trump react over 'weird' incident? Speaking to reporters on his way back to Washington, Trump reacted to the news saying, 'Wouldn't you think it might be a little dangerous?' Calling it a 'weird deal,' the President acknowledged that he was made aware of the situation and said he was confident that agency director Sean M. Curran would 'take care of it.'
