Thaw in levy land: Donald Trump, Xi Jinping clear air over rare earths
Live Events
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
WASHINGTON: US President Donald Trump and Chinese President Xi Jinping agreed to further trade talks and the American leader said they cleared up disputes surrounding rare earth exports at the heart of tensions between the world's two largest economies.Trump acknowledged on Thursday the trade relationship with China had gotten "a little off track" but said now "we're in very good shape with China and the trade deal." He posted earlier on social media that there "should no longer be any questions respecting the complexity of Rare Earth products.""We're straightening out some of the points, having to do mostly with rare earth magnets and some other things," the President later told reporters in the Oval Office.Stocks rose as investors hoped the discussion would calm the dispute. The S&P 500 erased losses as Trump posted that the call was "very good" and "resulted in a very positive conclusion for both Countries." The Bloomberg dollar spot index pared its earlier declines.But the US President did not specify whether Beijing had agreed to speed export licenses on magnets crucial to a wide range of critical American products. Questions also remained about what, if anything, Trump conceded to Xi.The Chinese leader said Beijing had complied with the terms of tariff truce struck by the two nations last month in Geneva, according to a readout from China's Foreign Ministry, even as US officials have complained that export controls on rare earths have not been lifted quickly enough.China's statement said that Trump told Xi Chinese students are welcome to study in the US. The President's administration has taken steps to block foreigners from obtaining visas to study at US universities."Chinese students are coming. No problem. No problem. It's our honor to have them," Trump told reporters.The additional negotiations, Trump said, would occur "shortly" and include US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer.Trump said the one-and-a-half hour conversation was focused almost entirely on trade, though the Chinese readout suggested Xi had cautioned Trump on Taiwan after reports the US was stepping up arms shipments there.China also struck a more combative tone on trade, with its readout saying Xi urged Trump to remove "negative" measures that have roiled ties.Xi also said the countries should work to reduce misunderstandings and that Trump was welcome to visit China, according to the readout. Trump posted he "reciprocated" with an invitation for Xi to visit the US and later said he would travel to China with first lady Melania Trump, but did not say when.Relations between the two rivals have soured in recent weeks, with both sides accusing the other of violating a trade truce that brought down tariffs from massive highs.The Chinese foreign ministry said earlier the call was initiated at Trump's request. With the fresh conflict threatening the fragile detente, market analysts were hopeful the conversation would pave the way to a trade off-ramp.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
22 minutes ago
- Time of India
Trump's Attorney General Pam Bondi now in the line of fire - here's what happened and why it matters
It has been a tumultuous week for American politics, memory, and conscience. Another battle rages within the justice system. Pam Bondi , President Trump's Attorney General, has come under fire for what critics call serious ethical misconduct. The incident highlights broader tensions in Washington regarding justice, power, and political accountability. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now What exactly is Pam Bondi being accused of? In a 70-person ethics complaint submitted to the Florida Bar , US Attorney General Pam Bondi is charged with " serious professional misconduct ." Law professors, lawyers, and former chief justices of the Florida Supreme Court who lean liberal or moderate are among the signatories. They charged Bondi with misbehavior that "threatens the rule of law and the administration of justice,' as per a report by the Miami Herald. Live Events According to the Herald, the group's complaint claims that Bondi has violated her ethical obligations in her current position. Critics claim she is pressuring DOJ lawyers to act unethically. The complaint also claims that Bondi "sought to compel Department of Justice lawyers to violate their ethical obligations under the guise of 'zealous advocacy,'" as reported by the Herald. Why was the complaint dismissed so quickly? The petition was swiftly dismissed by the Florida Bar on jurisdictional grounds, but in Washington, one of the young punks who now work for the federal government, particularly at the Department of Justice (DOJ), sneered at it. In a statement given to the Miami Herald, Chad Mizelle, chief of staff for the Justice Department, stated that the Florida Bar has twice turned down performative attempts by these out-of-state attorneys to use the bar complaint procedure against AG Bondi. The signatories' lack of intelligence and independent thought will be the only outcome of this third futile attempt. ALSO READ: Alexandria Ocasio-Cortez just entered the Trump–Musk fight, and the Internet can't get enough Pam Bondi, a native of Florida, was the first female attorney general of the Sunshine State. According to the Florida Bar, "Pamela Jo Bondi" is a member "in Good Standing,' as per a report by The Hill. During her confirmation hearing a few months ago, Bondi was questioned by Democrats about her capacity to oppose Trump, who had repeatedly declared that he would come for his enemies and that he had the "absolute right" to do as he pleased with her department. FAQs Why is Pam Bondi facing criticism right now? She is accused by dozens of legal experts of pressuring DOJ lawyers to violate ethical standards, particularly in a contentious Feb. 5 memo encouraging aggressive tactics. Has the Florida Bar taken action against Bondi? No, it dismissed the complaint due to a lack of jurisdiction, though the criticism sparked a national debate.
New Indian Express
25 minutes ago
- New Indian Express
'Epstein bomb' tweet defused by Musk as Republicans stress need to revive bromance with Trump
Hours after Republican party faithfuls, fearing aftershocks from the Donald Trump-Elon Musk clash, urged the duo to smoke the peace pipe, the world's richest man has deleted the 'Epstein bomb' tweet that targeted the US President. "Time to drop the really big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!" Musk had said in the deleted X post. It had been his biggest blow on a Thursday night (IST) that had seen the duo going after each other's jugular. Many in the Republican party had expressed apprehensions after the faceoff that, at a minimum, it could come in the way of the passage of the "One big, beautiful bill" -- the Republicans' massive tax and border spending legislation -- championed by Trump and slammed by Musk. "I hope it doesn't distract us from getting the job done that we need to," Representative Dan Newhouse, a Republican from Washington state, had been quoted as saying by the Associated Press. "I think that it will boil over and they'll mend fences," Newhouse had hoped. Musk began by holding his fire, posting about his various companies on social media rather than torching the president, and later pressed delete to consign the most contentious of his tweets against the US President. Trump, for his part, departed the White House for his golf club in Bedminster, New Jersey, without stopping to talk to reporters who shouted questions about his battle with Musk. Senator Ted Cruz, a Texas Republican, was another who had expressed the hope to Fox News host Sean Hannity on Thursday night "that both of them come back together because when the two of them are working together, we'll get a lot more done for America than when they're at cross purposes." Senator Mike Lee, a Republican from Utah, also lent his support to a compromise formula. Lee sounded almost pained on social media as Trump and Musk hurled insults at each other, sharing a photo composite of the two men and stressing, "But … I really like both of them." "Who else really wants @elonmusk and @realDonaldTrump to reconcile?" Lee posted, later adding: "Repost if you agree that the world is a better place with the Trump-Musk bromance fully intact." The signs now are that Musk at least may be paying heed to such a call. But whether the bromance will revive with the intensity it originally had or be a much colder acknowledgment by two superegos of each other remains to be seen.
Fibre2Fashion
27 minutes ago
- Fibre2Fashion
US' G-III Apparel holds FY26 sales forecast, posts higher Q1 earnings
American clothing company G-III Apparel Group has reaffirmed its net sales outlook for fiscal 2026 (FY26) at approximately $3.14 billion, slightly below the $3.18 billion recorded in fiscal 2025. However, it has withdrawn its net income, non-GAAP income, and adjusted EBITDA guidance issued in March due to uncertainty surrounding tariffs and broader macroeconomic conditions. As of June 5, 2025, current tariff rates are expected to add around $135 million in unmitigated costs, largely in the second half of the year. The company aims to offset these impacts through diversified sourcing, selective pricing adjustments, and cost-saving measures, it said in its financial statement. G-III Apparel Group has reaffirmed its FY26 net sales outlook at $3.14 billion but withdrawn earnings guidance due to tariff-related uncertainty, which may add $135 million in costs. Q1 FY26 sales dipped 4 per cent, but net income rose to $7.8 million. Q2 sales are projected to decline year-on-year. The company cut debt by 96 per cent and repurchased $19.7 million in shares. For the second quarter (Q2) ending July 31, 2025, net sales are projected at $570 million, down from $644.8 million year-on-year, impacted by supply chain disruptions and timing shifts in key programmes. Gross margin is expected to remain stable. Net income is forecast between $1 million and $6 million, or $0.02–$0.12 per diluted share, sharply down from $24.2 million, or $0.53 per diluted share, in Q2 FY25. For the first quarter (Q1) ended April 30, 2025, G-III Apparel Group has reported a 4 per cent year-on-year decline in net sales to $583.6 million, down from $609.7 million in the same period last year. Despite the revenue drop, net income rose to $7.8 million, or $0.17 per diluted share, compared to $5.8 million, or $0.12 per diluted share, in Q1 FY25. On a non-GAAP basis, net income per diluted share came in at $0.19, excluding $1.0 million in one-time severance expenses related to a closed warehouse. This adjustment accounted for a $0.02 per share impact. There were no non-GAAP adjustments in the prior year's first quarter. As of the end of the quarter, inventories declined 5 per cent to $456.5 million, while total debt was slashed by 96 per cent to $18.7 million from $426.4 million. The sharp reduction followed the company's voluntary redemption in August 2024 of its $400 million senior secured notes, financed through cash reserves and borrowings from its revolving credit facility, the statement added. Additionally, the company repurchased 807,437 shares for $19.7 million during the quarter, underscoring its continued commitment to shareholder returns. Morris Goldfarb, G-III's chairman and chief executive officer , said, 'G-III delivered solid first quarter results, marked by earnings that exceeded the high end of guidance. Our performance was fuelled by double-digit growth of our key owned brands, DKNY, Karl Lagerfeld and Donna Karan, which largely offset the exit of the Calvin Klein jeans and sportswear businesses. These results underscore the strong demand and desirability of our brand portfolio and are a testament to our team's outstanding execution.' Goldfarb concluded, 'We are reaffirming our net sales guidance for fiscal 2026 and working diligently to mitigate the impact of tariffs. Our experienced management team has a proven track record of successfully navigating periods of uncertainty, and we view the ongoing disruptions as an opportunity to strengthen our competitive position and capture incremental market share. As we advance our strategic priorities, we have never been more confident in the global resonance of our brands and the significant growth potential ahead to drive long-term profitability and shareholder value.' Fibre2Fashion News Desk (KD)
