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LeMonde
30 minutes ago
- LeMonde
US and China agree to work on extending the deadline for new tariffs in trade talks
The United States and China have agreed to work on extending a deadline for new tariffs on each other after two days of trade talks in Stockholm concluded on Tuesday, July 29, according to Beijing's top trade official. China's international trade representative Li Chenggang said the two sides had "in-depth, candid and constructive" discussions and agreed to work on extending a pause in tariffs beyond an August 12 deadline for a trade deal. "Both sides are fully aware the importance of maintaining a stable, healthy China-US economic and trade relations," Li said, without elaborating how the extension would work. US Treasury Secretary Scott Bessent described the talks as a "very fulsome two days with the Chinese delegation." He said they touched on US concerns over China's purchase of Iranian oil, supplying Russia with dual-use tech that could be used on the battlefield, and manufacturing goods at a rate beyond what is sustained by global demand. "We just need to de-risk with certain, strategic industries, whether it's the rare earths, semiconductors, medicines, and we talked about what we could do together to get into balance within the relationship," Bessent said. He stressed that the US seeks to restore domestic manufacturing, secure purchase agreements of US agricultural and energy products, and reduce trade deficits. The latest round of talks opened Monday in Stockholm to try to break a logjam over tariffs that have skewed the pivotal commercial ties between the world's two largest economies. The two sides previously met in Geneva and London to address specific issues – triple-digit tariffs that amounted to a trade embargo and export controls on critical products – China's chokehold on rare earth magnets, and US restrictions on semiconductors. A possible Trump-Xi meeting Monday's discussions lasted nearly five hours behind closed doors at the office of Swedish Prime Minister Ulf Kristersson. Before the talks resumed Tuesday, Kristersson met with Bessent and US Trade Representative Jamieson Greer over breakfast. The talks in Stockholm unfolded as President Donald Trump is mulling plans to meet Chinese President Xi Jinping, a summit that could be a crucial step toward locking in any major agreements between their two countries. "I would say before the end of the year," Trump told reporters aboard Air Force One on Tuesday. On his Truth Social media platform, Trump insisted late Monday that he was not "seeking" a summit with Xi, but may go to China at the Chinese leader's invitation, "which has been extended. Otherwise, no interest!" Help us improve Le Monde in English Dear reader, We'd love to hear your thoughts on Le Monde in English! Take this quick survey to help us improve it for you. Take the survey Bessent told reporters the summit was not discussed in Stockholm but that they did talk about "the desire of the two presidents for the trade team and the Treasury team to have trade negotiations with our Chinese counterparts." Greer said the American team would head back to Washington and "talk to the president about" the extension of the August deadline and see "whether that's something that he wants to do." Striking tariff deals The US has struck deals over tariffs with some of its key trading partners – including Britain , Japan and the European Union – since Trump announced earlier in July elevated tariff rates against dozens of countries. China remains perhaps the biggest challenge. "The Chinese have been very pragmatic," Greer said in comments posted on social media by his office late Monday. "We have tensions now, but the fact that we are regularly meeting with them to address these issues gives us a good footing for these negotiations." Since China vaulted into the global trading system more than two decades ago, Washington has sought to press Beijing to encourage more consumption at home and offer greater market access to foreign, including American-made goods. Bessent said the "overall tone of the meetings was very constructive" while Li said the two sides agreed in Stockholm to keep close contact and to "communicate with each other in a timely manner on trade and economic issues." Flagpoles at the prime minister's office were festooned with the American and Chinese flags.
France 24
an hour ago
- France 24
Trump says Epstein 'stole' Mar-a-Lago spa staff, causing fallout
Donald Trump said Tuesday that he fell out with Jeffrey Epstein because the convicted sex offender had poached staff from his club's spa, including the woman at the center of an underage sex scandal involving Prince Andrew. The White House has said previously that Trump threw Epstein out of his Mar-a-Lago club two decades ago "for being a creep" and US media has reported that they became estranged over a Florida real estate deal. Speaking to reporters on Air Force One while flying home from Scotland, Trump gave some of his most expansive public comments yet about his falling out with Epstein, the wealthy and well-connected financier who died in a New York jail in 2019 while awaiting trial for sex trafficking underage girls. "People were taken out of the (Mar-a-Lago) spa, hired by him, in other words gone," Trump said. "When I heard about it, I told him, I said, 'Listen, we don't want you taking our people.' "And then not too long after that, he did it again. And I said, 'Out of here.'" Trump also confirmed that one of the Mar-a-Lago spa attendants taken by his longtime friend Epstein was Virginia Giuffre, who brought a civil case against Epstein friend Prince Andrew, accusing him of sexually assaulting her when she was 17. Giuffre, who accused Epstein of using her as a sex slave, committed suicide at her home in Australia in April. "I think she worked at the spa," Trump said. "I think that was one of the people. He stole her." Before taking office in January, Trump promised to release more information about Epstein, who right-wing conspiracy theorists allege trafficked young girls for VIPs. Trump infuriated some of supporters, however, when the FBI and Justice Department announced in early July that they had not discovered any new elements warranting the release of additional information about Epstein. Scrutiny has been intensifying ever since on Trump's own relationship with Epstein. 'Clemency' Seeking to tamp down the furor, the Justice Department has sought the release of grand jury transcripts from the investigation into Epstein and interviewed Ghislaine Maxwell, Epstein's imprisoned accomplice, last week. Deputy Attorney General Todd Blanche -- who is also Trump's former personal attorney -- met with Maxwell over two days but declined to say what was discussed in the highly unusual meetings between a convicted felon and a top Justice Department official. 02:17 Maxwell, 63, who is serving a 20-year prison sentence after being convicted in 2021 of recruiting underage girls for Epstein, offered meanwhile to testify before a House of Representatives committee but only if granted immunity. Maxwell's lawyers, in a letter to the House committee which has subpoenaed her to testify next month, said she would be prepared to do so "if a fair and safe path forward can be established." "If Ms Maxwell were to receive clemency, she would be willing -- and eager -- to testify openly and honestly, in public," they said. Without clemency, the former British socialite would only testify if granted immunity. "Ms Maxwell cannot risk further criminal exposure in a politically charged environment without formal immunity," her lawyers said. Maxwell would also need to see potential questions in advance and would not agree to be interviewed at the Florida prison where she is being held, they said. Finally, her lawyers said, any testimony could only come after the Supreme Court decides whether or not to hear Maxwell's appeal seeking to have her conviction overturned. They said that if the conditions could not be met Maxwell would invoke her Fifth Amendment rights against self-incrimination.
France 24
5 hours ago
- France 24
US says Trump has 'final call' on China trade truce
The world's top two economies met for a second day of negotiations in Stockholm, with both sides seeking to avert tariffs from returning to sky-high levels that had ground trade between the rivals to an effective standstill. The meeting in a Swedish government building, led on the Chinese side by Vice Premier He Lifeng and Treasury Secretary Scott Bessent for the Americans, ended without a resolution but with the US side voicing optimism. Neither government has made public any details from the talks, which started on Monday, although US Trade Representative Jamieson Greer said Trump would have the "final call" on any extension in the truce. "Nothing has been agreed until we speak with President Trump," added Bessent, calling the tone of the talks "very constructive". The negotiations are taking place in the wake of a trade deal struck over the weekend that set US tariffs on most European Union imports at 15 percent, but none on American goods going to the EU. The truce between China and the United States has temporarily set fresh US duties on Chinese goods at 30 percent, while Chinese levies on trade in the other direction stand at 10 percent. That accord, reached in Geneva in May, brought down triple-digit tariffs each side had levelled at the other after a trade war sparked by Trump spiralled into a tit-for-tat bilateral escalation. The 90-day truce is meant to end on August 12. But there are indications both delegations want to use the Stockholm talks to push the date back further. The South China Morning Post, citing sources on both sides, reported on Sunday that Washington and Beijing are expected to extend their tariff pause by a further 90 days. Trump said he would be briefed again by Bessent on Wednesday. "We'll either approve it or not," he told reporters aboard Air Force One as he returned from Scotland. Trump's threats Separately, Trump has threatened to hit dozens of other countries with stiffer tariffs from Friday this week unless they reach trade deals with Washington. Among them are Brazil and India, with the South American giant facing a threat of 50 percent tariffs. Asked about Friday's deadline, Bessent told CNBC: "It's not the end of the world if these snapback tariffs are on for anywhere from a few days to a few weeks, as long as the countries are moving forward and trying to negotiate in good faith." Trump has already announced deal outlines with five countries -- Britain, Vietnam, Japan, Indonesia and the Philippines -- as well as the one with the 27-nation EU. Beijing says it wants to see "reciprocity" in its trade with the United States. Foreign ministry spokesman Guo Jiakun said dialogue was needed "to reduce misunderstandings". The previous round of China-US talks was held in London. Analysts said many of the trade deals Trump has been publicising were leaning more on optics than on details. Stephen Innes, managing partner at SPI Asset Management, a firm that advises on currency exchange and commodities, said an extension of the 90-day truce between China and the United States could reinforce that view. "That truce could set the stage for a Trump – (President) Xi (Jinping) handshake later this year -- another risk-on carrot for markets to chew," he said. © 2025 AFP
