US and China ‘back to square one' after two days of trade talks
US commerce secretary Howard Lutnick said the two sides had agreed on a 'framework' to put their trading relations back on track and repair the truce initially agreed in Geneva last month.
There was little market reaction to the announcement at Lancaster House shortly after midnight, with the dollar strengthening a little and stock markets opening marginally higher.
The two sides have until August 10 to negotiate a more comprehensive agreement to ease trade tensions, or US tariffs on China will snap back from about 30pc to 145pc, with China's levies on America increasing from 10pc to 125pc.
Josh Lipsky, of the Atlantic Council's GeoEconomics Center in Washington, said: 'They are back to square one but that's much better than square zero.'
Deutsche Bank analyst Jim Reid added: 'While the mood music has stayed positive, investors may be wary of the pattern that emerged during the previous US-China trade talks in 2018-19, when apparently constructive in-person meetings seemed to take a step back as the negotiating teams returned to their capitals.
'So there's perhaps a little disappointment this morning that we haven't yet got a bigger announcement, even though there's time to hear the full conclusions of the meeting.'
Top officials from Washington and Beijing had gathered in London after accusations from both sides that they had violated the terms of the deal made in Switzerland.
Donald Trump and Xi Jinping held a call last week which Mr Lutnick said 'gave the fundamental foundation on which we were able to reach agreement'.
Mr Lutnick said: 'We have reached a framework to implement the Geneva consensus and the call between the two presidents.
'The idea is we're going to go back and speak to President Trump and make sure he approves it.
'They're going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework.'
In a separate briefing, China's vice commerce minister Li Chenggang also said a trade framework had been reached in principle that would be taken back to US and Chinese leaders.
Mr Lutnick said China's restrictions on exports of rare earth minerals and magnets to the US would be resolved as a 'fundamental' part of the framework agreement.
He also said the agreement would remove some of the recent US export restrictions, but did not provide details.
Kathleen Brooks, research director at XTB, said: 'Overall, the US-China trade agreement is taking its time, and it could test the market's patience.'
Meanwhile, the European Union reportedly believes it could extend its trade negotiations with the US beyond the initial deadline next month.
The EU thinks there could be scope for further talks if it agrees a deal in principle by July 9, which is considered its best-case scenario, according to Bloomberg.
The Trump administration is scheduled to enforce 50pc tariffs on EU goods beyond that date unless a deal is reached.
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The Independent
27 minutes ago
- The Independent
MTG cashed in on ICE contractor's big win but Trump goes after ‘disgusting degenerate' Nancy Pelosi over stocks
Donald Trump's decision to wade into the debate over a congressional stock-trading ban could end up making things awkward for some of his closest allies in the House and Senate. While stock trades by members of Congress and their families have long been controversial, the sustained push for new restrictions on lawmakers is new. Supported by members of both parties, the effort to push back against an image of corruption and decadence in the chamber is growing in popularity particularly among younger members. But the prospect of making it to the president's desk with legislation that would ban congressional stock trading has now caused Trump to weigh in. The issue was glaring as he went on a late-night rant on Truth Social Saturday night against Democratic former House Speaker Nancy Pelosi — after reports about one of his own MAGA faithful, Marjorie Taylor Greene cashing in on a stock deal tied to an ICE contractor. 'Crooked Nancy Pelosi, and her very 'interesting' husband, beat every Hedge Fund in 2024. In other words, these two very average 'minds' beat ALL of the Super Geniuses on Wall Street, thousands of them. It's all INSIDE iNFORMATION! Is anybody looking into this??? She is a disgusting degenerate, who Impeached me twice, on NO GROUNDS, and LOST! How are you feeling now, Nancy???' he raged in his posting. Pelosi's office hadn't responded publicly as of Sunday morning. Taylor Greene has drawn criticism after she purchased stock in Peter Thiel-owned Palantir in April, three days before the company won an ICE contract. The company's stock has since surged. That's not even the first time this year Greene, who maintains that all of her trades are managed without her input by a financial adviser, has been called out by stock-trading watchdogs for highly-lucrative trading activity. 'After many successful years of running my own business, I ran for Congress to bring that mindset to Washington. Now that I'm proudly serving the people of Northwest Georgia, I have signed a fiduciary agreement to allow my financial advisor to control my investments,' Greene told the fact-checker site Snopes in May. 'All of my investments are reported with full transparency. I refuse to hide my stock trades in a blind trust like many others do,' she added. 'I learned about my Palantir trades when I saw it in the media.' The California Democrat Pelosi, once her party's leader in the House of Representatives, is one of a few senior members of the chamber who has come out publicly against restrictions on congressional stock trading. 'We're a free market economy,' Pelosi said in 2021. 'They should be able to participate in that.' But her stance shifted over time and earlier in 2025 she came out in favor of legislation that would restrict such activity. The HONEST Act, a bill sponsored by Republican Sen. Josh Hawley, advanced through a Senate committee in late July. 'While I appreciate the creativity of my Republican colleagues in drafting legislative acronyms, I welcome any serious effort to raise ethical standards in public service. The HONEST Act, as amended, rightly applies its stock trading ban not only to Members of Congress, but now to the President and Vice President as well. I strongly support this legislation and look forward to voting for it on the Floor of the House.' Pelosi supports the bill, despite it previously bearing her name: Hawley originally dubbed it the the 'PELOSI Act', a reference to the trading activity primarily conducted by Pelosi's husband Paul. She is one of the wealthier members of Congress; her family controls more than $127m in publicly-traded assets watched by stock-trading analysts. Its advancement drew opposition from Trump, which Hawley characterized in a rare public shot at his own colleagues as the result of Republican senators supposedly having called up the president and lied to him about what was in the bill. 'I wonder why Hawley would pass a Bill that Nancy Pelosi is in absolute love with — He is playing right into the dirty hands of the Democrats,' Trump wrote on Truth Social in late July. Hawley responded, telling reporters: 'He said, senators, I don't know who, had called and told him yesterday afternoon that the bill had been changed at the last minute and would force him to sell all of his assets, sell Mar-a-Lago, sell his properties. So, I said, 'Well, that's just false. I mean, it explicitly exempts you and all your assets.'' The senator's response referred to a provision stuck in aimed explicitly at winning Trump over. The ban affects future presidents and vice presidents, but not Trump or his no. 2, JD Vance. It's unclear whether Hawley will succeed in winning over the president, but the ban at least has the potential to make it through both chambers of Congress with bipartisan support. Members of Congress on key committees are often scrutinized for their trading activity as in some cases lawmakers are privy to information that is not yet public or widely known, but could still affect markets. Some members of Congress were caught up in a scandal over such activity in 2020, at the onset of the Covid pandemic, when they triggered selloffs of their own stock shares ahead of a market collapse. One former North Carolina senator, a Republican, sold more than $1 million in stock one week before the market crashed.
The Sun
27 minutes ago
- The Sun
I'm 27 with £120k in savings – but I don't work 9-5 and I'll even retire at 40… anyone can do it
WE'VE all fantasized about retiring from work early - but for most of us it's more of a dream than a possibility. But you don't need a high-flying job or rich parents to make it happen. Maria Psarkis, 27, explains how she has built up £120,000 in saving and plans to retire at just 40. 6 6 6 Maria is just one of a new breed of SHINERs - Side Hustlers Habitually Investing - nurturing income and retiring early. It might not sound catchy - but this group of savvy savers use side hustles and multiple income streams to build their wealth - and avoid the traditional nine to five. In their case, it's their forties when they plan to stop working, or cut their workload to just a few hours a week. Maria explains: "I've upcycled, grafted, and used SEVEN side hustles to build £150k in savings, businesses and investments. "I don't and won't do nine to five. I'm creating my own 'side hustle retirement fund' and building investments by multitasking. "It's not about quitting forever. It's about freedom and being able to choose how and when I work." Maria is not alone. Around 14% of Gen Z - those born after 1996 - want to soft retire in their 40s and stop full-time work before they hit 50, according to a 2024 YouGov survey. But rather than dreaming of sitting on the beach or enjoying a round of golf, many younger people like Maria see soft retiring as a flexible lifestyle shift – not a full stop. They want to be their own bosses and do fewer hours, work remotely and use side hustles to give them financial freedom. Psychic's path to manifesting money and getting rich | Talking Money For Maria this means being a landlord, running a fashion business and working in hospitality, consultancy and content creation. Side hustle empire Maria started to build up her side hustle empire while she was in school and still lived with her parents. "I don't come from a rich family," she said. "When I was 17, I started working on Saturdays doing admin tasks. I tried to save 60% of my wages." When she turned 18, her gran also gave her £2,000, which, when added to her Saturday job and holiday work, brought her savings up to £7,000. After leaving school, Maria worked for twelve months as a waitress, doing event management, part-time modelling and social media marketing. "I am not the typical blonde-haired model," Maria explains. "Agents liked my dark hair, nose and what they called 'Arabic looks'. "I was living at home, so I could save almost 70% of what I earned. I used that year to develop multiple skills at entry-level positions." In 2017, Maria began her hospitality management and marketing degree at the University of Chester. On top of her classes, she also worked four or five shifts a week as a waitress or at hospitality events. "I budgeted £100 a week for travel and food and saved what I could," she said. "I was modelling for fashion students, did catalogue modelling, swimwear and clubwear for fashion companies, and was helping people market themselves on social media." As part of her degree, Maria won the Entrepreneurship in action competition with her business plan for a sustainable clubwear and Gen Z fashion brand. "The judges told me my idea could be launched on a budget and would work," she said. "It was the first time anyone had really praised my business nous and money-making ideas." During that time, Maria became obsessed with side hustles, spreading investment risk and saving. She explains: "I did go out, but limited my spending. "I had fun, but on a budget. I moved in with relatives in the second year to save even more money and cut my student loan liability." By this point, Maria's savings had reached £40,000, so she decided to start investing. But she ended up learning the hard way that investments can go wrong. 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"I keep an eye on costs daily, develop only ranges I know will sell out using social media algorithms and client feedback. "I also make customised outfits which can earn me more than £500 per outfit." Property portfolio Maria also realised that the way to really put her money to work was to develop a property portfolio. Two years ago, she bought a two-bedroom house in Manchester for £89,000 and rented it out. She put down a deposit of £29,000 and took out a £60,000 mortgage over 20 years at a five-year fixed rate of 2.2%. Her monthly repayments were £309.25 and she earns £850 a month in rent. "I put that rent money into the mortgage each month and was always paying extra," she said. "I added a spare tenner or fiver weekly and it's cutting years and interest repayments off my mortgage." In total, Maria is able to overpay her mortgage by £61 a month. "This means I can pay off the mortgage four years early, save £3,789 in interest, and gain 48 months of financial freedom," she explains. "Each month, I try to add even more money. The snowball effect of doing this will have a real impact on soft retirement." Maria is also looking to buy a two-bedroom flat in Manchester this year, and plans to live in one of the bedrooms and rent out the other. She plans to put down a £30,000 deposit and take out a £40,000 mortgage. She explains: "Property is a solid investment, and not buying in London means I can get into the property market early, especially as my credit rating is excellent." Clutter into cash She also sells at least £3,000 of old clothes on Vinted or eBay each year, maximises club card points and swaps credit cards or utility suppliers when there's cash to be made or a cashback incentive. "I've made £2,000 doing that. I love charity shop buying and decorating. "I have a budget and stick to it, but if I can make money, even selling old books to a book-buying site, I'll do it. 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Meanwhile, she makes £400 a month from a photo studio that she leases and uses for photo shoots, makeovers and social media marketing. Maria saves a minimum of £1,000 or more a month. "I learnt to do my own accounting at university and have an accountant sign off on it," she said. "I also pay £200 a month into a self invested personal pension and top it up when I can." Maria's now on track to build an investment portfolio, including multiple side hustle businesses, Isas and her fashion brand, and expects to be worth more than half a million within five years. "I have fun. I go out. But I never miss an opportunity or let an idea slip away," she said. "Many people want to be different. They want a side hustle but are scared because the last generation told them nine to five jobs. 'I don't want a rocking chair in my forties. I plan to be soft retired, bossing it on a beach with a laptop." 6 6 Do you have a money problem that needs sorting? Get in touch by emailing money-sm@
Daily Mail
27 minutes ago
- Daily Mail
The most suspect stock trades by politicians revealed including the Republican who can't STOP flipping shares
Members of Congress aren't technically allowed to use insider knowledge to trade stocks while in office, but a couple of well-timed trades have raised eyebrows among eagle-eyed critics. Momentum to ban members of Congress from trading stocks is swelling even as lawmakers make major profits from the turbulent stock market. Right now, existing law allows legislators sitting on military committees buy defense stocks while financial regulators can snap up crypto and bank shares. Though trading on inside information is forbidden, there's little enforcement - and the practice appears rampant on Capitol Hill. Senate proposals would bar even the president and vice president from trading, but wealthy lawmakers claim restrictions would strip incentives and force unfair divestment of their holdings. Others complain they can't survive on their $174,000 salaries alone, fueling a trading bonanza that's generating handsome profits just as ban proposals gain steam. Here the Daily Mail highlights the top most suspect stock trades of the year: Rep. Rob Bresnahan, R-Pa., a 34-year-old freshman legislator has been one of the most scrutinized traders. He was the former CEO of Kuharchik Construction, Bresnahan's family company, where he is credited with expanding the family business. The Pennsylvania Republican campaigned on banning members from trading, but he has reported more transactions than practically every other lawmaker. 'Bresnahan has filed more stock trades than almost any other member of Congress since entering office this year,' Quiver Quantitative's co-founder Christopher Kardatzke told the Daily Mail. Since being sworn in this January and August 8, the Republican has made at least 617 trades, according to federal disclosures data compiled by Quiver Quantitative. The Republican has repeatedly claimed his financial advisors manager his trades, but when pressed recently by a local radio station on why he doesn't instruct them to halt the transactions he deflected. 'And then do what with it?' the lawmaker told WVIA. 'Just leave it all in the accounts and just leave it there and lose money and go broke?' Bresnahan introduced a bill earlier this year to ban members and their spouses from stock trading, even as he's continued to make transactions. According to federal data retrieved by Quiver Quantitative, Bresnahan has traded a total volume of over $7 million since January. He has sold $4 million in stock and purchased $3 million in the past eight months Right before Trump's signature domestic agenda the 'One Big, Beautiful Bill' passed Congress, Bresnahan reported sale in Centene, a healthcare company that later lost over half of its share price because of Medicaid cuts contained within the legislation. Democratic attack ads have shredded him for voting for the cuts. 'Honestly I found out about it in real time but the key takeaway is I follow the STOCK Act and I follow the rules,' Bresnahan said when pressed on the stock sale by WNEP. Bresnahan has been widely criticized for being hypocritical about his stock trading. He's claimed his advisors are forbidden from trading in companies held by foreign adversaries, however his disclosures show that he has bought and sold shares in Alibaba, a Chinese e-commerce company. Bresnahan has also indicated he will put his money in a blind trust, where it is managed by someone else and he has no clue about the individual transactions. But setting up such an account takes time, he has claimed. 'The whole process has been excruciating,' he told the Washington Examiner recently. Nearly 170 of the Pennsylvanian's trades occurred just after Trump's early April tariff announcement, dubbed 'Liberation Day' by the White House. In one instance in February, the lawmaker even disclosed a day trade, showing the purchase and sale of Palantir stock on the same day. 'Even if the portfolio is managed by a financial advisor, as Bresnahan has claimed, we're left to wonder why an advisor is day-trading Palantir stock in a U.S. Congressman's account,' Kardatzke said. Firebrand Marjorie Taylor Greene has also gained attention for trading the same stock around the same time - a transaction that has netted her thousands. The Georgia Republican made a flurry of stock purchases around the exact time that Trump instructed the nation that it was 'a great time to get rich, richer than ever before,' on Truth Social. After the market dipped around Liberation Day, Green heeded the president's warning and loaded up on discounted stocks. She purchased tech stock Impinj on April 4, which has since rocketed up over 100 percent in the last few months. And after buying Palantir on April 8, the Georgia Republican has doubled her investment, locking in a return over 115 percent. The tech company provides AI solutions and software to the federal government, including the Pentagon and more recently the Department of Homeland Security. Greene currently sits on the House Homeland Security Committee, the congressional panel that approves funding for DHS and ICE. She also claims her portfolio is managed by a financial advisor. 'Prior to this year, we had only seen one member of Congress ever buy Palantir stock. In the first two months of 2025, we saw six different members buy in,' Kardatzke noted. 'Maybe they all share the same financial advisor. The stock is up 148 percent so far this year.' Legislation to ban trading among members has even received backing from former Speaker Nancy Pelosi, D-Calif., who has become notorious for scoring winning trades during her decades in Congress. When she led Congress in 2021 she famously brushed off questions about implementing a stock trading ban for members, citing 'a free market economy.' Though her disclosures show that these trades are done by her husband, Paul Pelosi, it does raise questions as to how he can so frequently beat the market, and by such massive margins. 'Speaker Pelosi does not own any stocks and has no knowledge or subsequent involvement in any transactions,' her spokesperson told the Daily Mail. Between 2023 and early July 2025, over 70 percent of Pelosi's trades were profitable, according to Capitol Trades. The Bay Area couple has also reported call options on AI-focused companies like Nvidia, Alphabet and others. 'I think it's a little bit sketchy just because of how high-risk high-reward option contracts are,' Christopher Josephs, co-founder of Autopilot, a congressional investing app, told the Daily Mail. 'No average everyday person trading does that.' The 85-year-old Democrat got defensive recently when asked by CNN's Jake Tapper to respond to Trump's attacks on her trading practices. 'Why do you have to read that?' Pelosi interrupted when Tapper began asking about members' trading.
