Bessent dismisses China investing in US as part of a trade deal
When asked if China could make pledges worth billions of US dollars such as Japan, South Korea and the EU have as part of their trade agreements, Bessent said: 'My sense is no because a lot of the buyout or the funds from the buyout are going to go to critical industries that we need to reshore and a lot of those need to be reshored away from China'.
Whether the industry was semiconductors, rare-earth magnets, pharmaceuticals or steel, 'my sense is that isn't what will happen', Bessent said in an interview with Fox Business on Tuesday (Aug 12) in the US.
Bessent's comments point to the competition between the US and China over a range of issues, with tech and artificial intelligence among the most high-profile.
US President Donald Trump has extended a pause of higher tariffs on Chinese goods for another 90 days into early November, a move that stabilised trade ties between the world's two largest economies while they try to forge an agreement.
Chinese companies in sectors such as electric vehicles have opened factories abroad to access new markets, a move that could also help them skirt US tariffs.
In the interview, Bessent said that he'd be meeting again with his Chinese counterparts 'within the next two or three months'.
He also indicated that Washington wanted to see measures from China over an extended period to stem the flow of chemicals used to make fentanyl before lowering the duties that Trump put in place over the issue.
'We will need to see months, if not quarters, if not a year, of progress on that before I could imagine those tariffs coming down,' he said. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
27 minutes ago
- Straits Times
Japan govt to use AI to help teach Japanese to kids with foreign roots
Sign up now: Get ST's newsletters delivered to your inbox Around 10 per cent of the students are not receiving Japanese language support in-class or after school. TOKYO - The Japanese government plans to promote the use of generative artificial intelligence and other digital technologies to support the teaching of the Japanese language to children with foreign roots, sources close to the matter said on Aug 14. Guidelines are expected to be drawn up to utilise generative AI for effective teaching methods for other subjects in addition to Japanese, amid a shortage of staff who can accommodate the native tongues of varying languages such as Portuguese, Chinese and Spanish. The education ministry plans to include related expenses in its budget request for fiscal 2026 starting next April to complete the guidelines within the year at the earliest, the sources said. There were around 69,000 students who required Japanese language instruction enrolled in public elementary, junior high and high schools and special needs schools as of May 2023, the highest number since the survey began in fiscal 1991, according to the ministry. But around 10 per cent of the students are not receiving Japanese language support in-class or after school. The education ministry plans to develop a system that incorporates translation apps powered by generative AI and online teaching into schools, aiming to provide high-quality education regardless of the students' background. The guidelines will not only outline teaching methods for Japanese and other subjects, but also the measures necessary for schools to smoothly accept students with foreign roots into schools. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Business More seniors remain employed after retirement and re-employment ages raised in 2022: MOM study Singapore To Vers or not to Vers: How will this scheme affect HDB prices? Asia Malaysia's ex-economy minister says his son was jabbed with syringe in planned attack Singapore askST: Will assets seized in $3b money laundering case be sold at public auctions? Singapore Woman, 68, charged over assaulting maid with scissors and nail clipper Business StarHub first-half profit falls 41.7% to $47.9m; telco eyes 'more aggressive stance' amid competition Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength The Ministry of Education, Culture, Sports, Science and Technology will also conduct research on effective collaboration between teachers, Japanese language instructors, and native language support staff. KYODO NEWS
Business Times
27 minutes ago
- Business Times
Evergrande liquidators target founder's assets in pivotal stage
[HONG KONG] More than a year after China Evergrande Group's liquidators began pursing the wealth of seven key defendants, the high-profile case is now entering a critical phase. So far Hui Ka Yan, the founder of Guangzhou-based Evergrande, has refused to disclose his assets, escalating tensions between him and creditors. That's adding to the challenges for liquidators who are preparing to hone in on the billionaire during a hearing scheduled on Sep 2. Liquidators are sifting through files and looking at some 3,000 entities related to Evergrande, just as the firm announced plans to delist in August. At the heart of the matter is US$6 billion worth of assets in the form of mostly dividends and remuneration that were paid to people, including Hui and other defendants. The property mogul was known for his lavish lifestyle and exemplified the country's real estate boom and bust. The court's decision could influence how other wealthy founders and executives behind troubled Chinese developers disclose their assets. The country's developers have defaulted on about US$150 billion of debt since the property crisis began, according to data compiled by Bloomberg. So far, much of the trial has focused on Hui's ex-wife Ding Yumei and former chief executive officer Xia Haijun. Both managed to delay, but not avoid, disclosure of their assets, despite hiring some of the most expensive lawyers in town. If liquidators manage to convince the high court to have Hui reveal his holdings, it could help them locate wealth that amounts to about an eighth of the firm's preliminary estimated US$45 billion debt load. It would also be a victory for creditors who have yet to pocket a penny nearly 19 months after Evergrande was wound up. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Hui's network Clarity on Evergrande's assets tied to Hui is crucial for liquidation, as filings show he controls nearly 60 per cent of the company. Hui has pocketed more than US$7 billion over the past decade thanks to the firm's generous payouts, according to data compiled by Bloomberg. Getting Hui to detail his wealth is just the first step in a long process of recuperating funds. The liquidators also have to contend with complexities onshore. It's been challenging for offshore investors to get their hands on assets that sit in the mainland, which has a separate jurisdiction from Hong Kong. Last year, a mainland court accepted a liquidation application filed against one of Evergrande's major onshore units, Guangzhou Kailong Real Estate. Kailong is fully owned by Evergrande and has a stake of around 60 per cent in Hengda Real Estate, the developer's main property operation onshore. Last March, Chinese regulators accused Hengda Real Estate of inflating more than 560 billion yuan (S$100 billion) of revenue by recognising sales in advance, an alleged fraud that dwarfs that of Luckin Coffee and Enron. Evergrande was fined 4.2 billion yuan, leaving even less money for offshore creditors. The liquidators said that they have been made aware of hundreds of credit actions, including the onshore bankruptcy proceedings of Guangzhou Kailong. Evergrande will be removed from the Hong Kong stock exchange on Aug 25, a year and a half after the shares were suspended and almost 16 years after it was listed. Information on Hui's latest status and whereabouts have been scarce. In late 2023, Bloomberg reported Hui was taken away by Chinese police, and was being monitored at a designated location under so-called residential surveillance, a type of police action that falls short of formal detention or arrest. Apart from a company filing confirming Hui being put under control, the Chinese authorities have remained tight-lipped about his status since then. That's why creditors are trying to unearth more information about people within Hui's personal network. They include Hui's two sons. One of them, Peter Xu, who once ran Evergrande's wealth management unit, was taken into custody after the developer allegedly failed to pay people who invested in its investment products, local media reported in 2023. The Guangdong police did not respond to a query for comment. Ex-wife properties Hui also has underage children and two grandchildren, who are being looked after by Hui's ex-wife in London, a March court filing shows. Ding holds real estate globally worth as much as US$350 million, including 33 luxury properties in Carnation Way in Nine Elms, south of the River Thames in London; a condominium on the 47th floor in One Wall Centre in the heart of downtown Vancouver, according to public records. An 'astonishing' amount of art collections were found in the 'humid' apartment in Guangzhou where Ding's mother resides, the liquidators' lawyer said in a previous court hearing. As for former CEO Xia, his whereabouts are unknown as he refused to provide his current address to the court. Xia has almost US$500 million in assets at stake from his previous salary, shares and investments in Evergrande, according to data compiled by Bloomberg. Xia managed to hold off disclosing his assets for about a year until around mid-year. Liquidators still have doubts about what he's shared so far, according to a court filing. He is still seeking relief from sanctions. Hui could deploy the same strategy used by his ex-wife and Xia, including asking for court adjournments, appealing and refusing to comply with disclosure rulings. 'The stakes couldn't be higher,' for Hui and his family, said Daniel Margulies, a partner at Simpson Thacher & Bartlett. BLOOMBERG
Business Times
an hour ago
- Business Times
Sasseur Reit posts 3.1% lower H1 DPU of S$0.03055
[SINGAPORE] The manager of Sasseur Real Estate Investment Trust (Reit) on Thursday (Aug 14) said that its distribution per unit (DPU) for the first half of FY2025 fell 3.1 per cent to S$0.03055, from S$0.03153 in the same period a year prior. Rental income under the Reit's entrusted management agreement (EMA) model stood at 336.2 million yuan (S$59.9 million) in H1 2025, up 2.2 per cent year on year from 329 million yuan, underpinned by a solid rebound in second-quarter sales. The fixed component increased 3 per cent year on year, while the variable component rose marginally by 0.3 per cent, supported by 0.8 per cent year-on-year growth in portfolio outlet sales. In Singapore dollar terms, EMA rental income declined 1.6 per cent year on year to S$61.3 million from S$62.3 million, primarily due to the 3.7 per cent year-on-year depreciation of the yuan. Distributable income stood at S$42.4 million for the period, down 0.6 per cent from S$42.7 million in H1 2024. The distribution will be paid on Sep 26, with a record date of Sep 12. The initial portfolio of the Reit consists of four retail outlet mall assets located in Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area (NLA) of 310,241 square metres. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The Reit's portfolio occupancy in the second quarter stood at 98.5 per cent. Its Chongqing Liangjiang outlet remained fully occupied, while its Kunming outlet recorded a 99.9 per cent occupancy level following asset enhancement works completed in 2024. The manager said on Thursday that this is due to active asset management initiatives, including tenant mix optimisation, strategic collaborations with leading brands, and enhanced loyalty engagement through tailored VIP services and promotions. Aggregate leverage stood at 25.8 per cent, with an interest coverage ratio of 4.7 times as at Jun 30. Its weighted average cost of borrowings for the period ended Jun 30 was 4.8 per cent. The Reit's weighted average lease expiry by NLA is 1.7 years as at Jun 30. On Feb 19 and Jun 6, Sasseur Reit obtained two tranches of five-year unsecured interest-bearing loans from a wholly owned subsidiary of the sponsor. The first offshore sponsor loan tranche was valued at 430 million yuan, and the second at 508 million yuan. Additionally, on May 14, the manager of the Reit said its wholly owned subsidiary Kunming Sasseur Commercial Management secured its maiden onshore green loan of 308 million yuan from OCBC China for a tenure of 10 years from the first utilisation date. Vito Xu, chairman of Sasseur Asset Management, the manager of Sasseur Reit, said that he remains 'cautiously optimistic' about the second half of 2025, even though China's gross domestic product expanded 5.3 per cent year on year in H1 2025, closely tracking the government's full-year growth target of around 5 per cent. 'While macroeconomic uncertainties remain, China's stable growth and policy support provide a favourable backdrop (for the Reit),' he added. Units of Sasseur Reit ended Wednesday 0.7 per cent or S$0.005 higher at S$0.695.
