US and China agree to slash tariffs on each other
The US and China have agreed to slash tariffs on each other as they seek to end their trade war.
Speaking after talks with Chinese officials in Geneva, US treasury secretary Scott Bessent told reporters the two sides
had reached a deal for a 90-day pause on measures.
US trade representative Jamieson Greer said reciprocal tariffs were now at 10% each.
Please refresh the page for the fullest version.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
10 minutes ago
- The Independent
Shaquille O'Neal to pay $1.8 million to settle FTX class action lawsuit
Former NBA player Shaquille O'Neal will pay $1.8 million to settle a class action lawsuit related to the demise of cryptocurrency exchange FTX. O'Neal, and other celebrities like Tom Brady and Stephen Curry, were named in the lawsuit in 2022. They had been accused of touting FTX as a reputable and trustworthy investment option via paid endorsements. The proposed settlement only pertains to O'Neal. Three years ago FTX was the third-largest cryptocurrency exchange, but it ended up with billions of dollars worth of losses and had to seek bankruptcy protection. The Bahamas-based company and its founder, Sam Bankman-Fried, came under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval. Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products. It had the naming rights to a Formula One racing team as well as a sports arena in Miami. Its commercials featured 'Seinfeld' creator Larry David, as well as Brady, the former quarterback of the Tampa Bay Buccaneers and New England Patriots, basketball players O'Neal and Curry, and tennis star Naomi Osaka. Bankman-Fried was sentenced to 25 years in prison in March 2024. A little more than a month after that, FTX said in a court filing that nearly all of its customers would receive the money back that they were owed. While the proposed settlement with O'Neal had been agreed to in April, the payment amount and other terms were disclosed in a filing with the U.S. District Court, Southern District of Florida, Miami Division, earlier this week. The settlement class includes anyone who deposited funds into FTX or bought its FTT token between May 2019 and late 2022. The agreement, which still needs court approval, would provide O'Neal with a broad release from future claims and also includes a stipulation that he can't seek reimbursement from the FTX estate. The payment will be made within 30 days of the settlement being finalized, according to the filing.
The Independent
13 minutes ago
- The Independent
Consumer sentiment rose in June for 1st time this year as inflation remains stayed tame
Consumer sentiment increased in June for the first time in six months, the latest sign that Americans' views of the economy have improved as inflation has stayed tame and the Trump administration has reached a truce in its trade fight with China. The preliminary reading of the University of Michigan's closely watched consumer sentiment index, released Friday, jumped 16% to 60.5. The large increase followed steady drops that left the preliminary number last month at the second-lowest level in the nearly 75-year history of the survey. Consumer sentiment is still down 20% compared with December 2024. ' Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed,' Joanne Hsu, director of the survey, said in a written statement. 'However, consumers still perceive wide-ranging downside risks to the economy.' Americans have largely taken a darker view of the economy's future after President Donald Trump unleashed a wide-ranging trade war, imposing steep tariffs on China, the European Union, and dozens of other countries. Yet in April Trump postponed a set of sweeping tariffs on about 60 nations and last month reached a temporary truce with China, after both sides had sharply ratcheted up tariffs on each other. U.S. duties remain elevated compared with historical levels, but so far they have not worsened overall inflation.
Reuters
24 minutes ago
- Reuters
US EPA to propose renewable fuel credits generated through imported feedstocks to receive lesser value
NEW YORK, June 12 - The Trump administration on Friday will propose that renewable fuel trading credits generated through producing fuel via imported feedstocks will receive a lesser value, as part of a proposal on U.S. biofuel blending requirements, two sources told Reuters. Under the U.S. Renewable Fuel Standard, refiners are required to blend massive volumes of biofuels into the nation's fuel supply or purchase credits, called RINs, from those that do.
