2025 Qatar Economic Forum Day Two Highlights
Highlights from day two of the 2025 Qatar Economic Forum, Powered by Bloomberg. International CEOs share unique perspectives on how the global economy is transforming in Doha, Qatar. (Source: Bloomberg)
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Axios
43 minutes ago
- Axios
U.S., China reach "framework" to activate Geneva trade deal
The U.S. and China have agreed on a "framework" to implement a trade deal struck last month, pending approval from both countries' leaders, Commerce Secretary Howard Lutnick said on Tuesday. Why it matters: Progress on trade peace with China, particularly if it resolves the issue of crucial Chinese rare earth minerals exports, would be a boon to an economy and markets that have struggled for months with the impact of President Trump's tariff program. Catch up quick: After a series of tit-for-tat retaliations in April, the world's two largest economies effectively had a trade embargo in place, with 145% U.S. tariffs crushing imports from China. The sides announced a trade deal that included a 90-day pause on most of those tariffs on May 12 after a weekend of high-level talks in Geneva. Only days later, the U.S. issued global restrictions on the use of certain Chinese chips from Huawei Ascend, saying they were developed in violation of U.S. export controls. The Chinese reacted furiously, and soon there were reports the government was restricting exports of the rare earth materials needed for hundreds of the world's most important high-tech products. The U.S. subsequently retaliated with a move to restrict and withdraw visas for Chinese students. Where it stands: Trump and Chinese leader Xi Jinping spoke for 90 minutes last Thursday about trade issues, and agreed to high-level talks immediately. That led to this week's meeting in London. "We have reached a framework to implement the Geneva consensus," Lutnick told reporters in London Tuesday night after marathon trade talks, Bloomberg reported. The Wall Street Journal reported that Tuesday's deal would essentially get the May 12 deal back on track, including the lowered tariffs and the loosened Chinese restrictions on rare earths. Between the lines: The trade war is squeezing both economies.
Yahoo
an hour ago
- Yahoo
Trump tariffs may remain in effect while appeals proceed, U.S. Appeals court decides
By Dietrich Knauth (Reuters) -A federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them on grounds that Trump had exceeded his authority by imposing them. The decision by the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. means Trump may continue to enforce, for now, his "Liberation Day" tariffs on imports from most U.S. trading partners, as well as a separate set of tariffs levied on Canada, China and Mexico. The appeals court has yet to rule on whether the tariffs are permissible under an emergency economic powers act that Trump cited to justify them, but it allowed the tariffs to remain in place while the appeals play out. The tariffs, used by Trump as negotiating leverage with U.S. trading partners, and their on-again, off-again nature have shocked markets and whipsawed companies of all sizes as they seek to manage supply chains, production, staffing and prices. The ruling has no impact on other tariffs levied under more traditional legal authority, such as tariffs on steel and aluminum imports. A three-judge panel of the U.S. Court of International Trade ruled on May 28 that the U.S. Constitution gave Congress, not the president, the power to levy taxes and tariffs, and that the president had exceeded his authority by invoking the International Emergency Economic Powers Act, a law intended to address "unusual and extraordinary" threats during national emergencies. The Trump administration quickly appealed the ruling, and the Federal Circuit in Washington put the lower court decision on hold the next day while it considered whether to impose a longer-term pause. The ruling came in a pair of lawsuits, one filed by the nonpartisan Liberty Justice Center on behalf of five small U.S. businesses that import goods from countries targeted by the duties and the other by 12 U.S. states. Trump has claimed broad authority to set tariffs under IEEPA. The 1977 law has historically been used to impose sanctions on enemies of the U.S. or freeze their assets. Trump is the first U.S. president to use it to impose tariffs. Trump has said that the tariffs imposed in February on Canada, China and Mexico were to fight illegal fentanyl trafficking at U.S. borders, denied by the three countries, and that the across-the-board tariffs on all U.S. trading partners imposed in April were a response to the U.S. trade deficit. The states and small businesses had argued the tariffs were not a legal or appropriate way to address those matters, and the small businesses argued that the decades-long U.S. practice of buying more goods than it exports does not qualify as an emergency that would trigger IEEPA. At least five other court cases have challenged the tariffs justified under the emergency economic powers act, including other small businesses and the state of California. One of those cases, in federal court in Washington, D.C., also resulted in an initial ruling against the tariffs, and no court has yet backed the unlimited emergency tariff authority Trump has claimed. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
an hour ago
- Yahoo
Bessent Returns to Washington as US-China Talks Stretch On
(Bloomberg) — SUS Treasury Secretary Scott Bessent departed trade talks with China late Tuesday in London, as delegations continued to negotiate over key tech and industrial exports and deescalating their trade war. Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NY Long Island Rail Service Resumes After Grand Central Fire NYC Mayoral Candidates All Agree on Building More Housing. But Where? Senator Calls for Closing Troubled ICE Detention Facility in New Mexico California Pitches Emergency Loans for LA, Local Transit Systems Bessent told reporters he had to return to Washington in order to testify before Congress. US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer planned to continue discussions with their Chinese counterparts 'as needed,' Bessent said. 'We have had two days of productive talks, they are ongoing,' the Treasury secretary said before leaving Lancaster House, a Georgian-era mansion near Buckingham Palace serving as the meeting site. Financial markets were closely watching Tuesday as the world's largest economies continued talks over the terms of their tariff truce brokered last month. US stocks rose to session highs after Lutnick said earlier the talks were 'going really, really well.' The teams, which had been led by Bessent and Chinese Vice Premier He Lifeng, were still holding discussions Tuesday night in order to iron out technical details, according to a Treasury official. The key issue this week is re-establishing terms of an agreement reached in Geneva last month, in which the US understood that China would allow more rare earth shipments to reach American customers. The Trump administration accused Beijing of moving too slowly, which threatened shortages in domestic manufacturing sectors. In return, the Trump administration is prepared to remove a recent spate of measures targeting chip design software, jet engine parts, chemicals and nuclear materials, people familiar with the matter said. Many of those actions were taken in the past few weeks as tensions flared between the US and China. 'Win by China' 'A US decision to roll back some portion of the technology controls would very much be viewed as a win by China,' said Dexter Roberts, nonresident senior fellow at the Atlantic Council's Global China Hub, adding that the possibility of unwinding 'any controls' seemed 'pretty much unthinkable' until recently. A month ago Beijing and Washington agreed to a 90-day truce through mid-August in their crippling tariffs to allow time to resolve many of their trade disagreements — from tariffs to export controls. Lancaster House carries historical significance. It has hosted major addresses by UK prime ministers, speeches by central bank governors and parties for Britain's royal family. At the same time, Trump's trade team is scrambling to secure bilateral deals with India, Japan, South Korea and several other countries that are racing to do so before July 9, when the US president's so-called reciprocal tariffs rise from the current 10% baseline to much higher levels customized for each trading partner. Meanwhile, Chinese President Xi Jinping on Tuesday held his first phone conversation with South Korea's newly elected President Lee Jae-myung and called for cooperation to safeguard multilateralism and free trade. 'We should strengthen bilateral cooperation and multilateral coordination, jointly safeguard multilateralism and free trade, and ensure the stability and smoothness of global and regional industrial chains and supply chains,' Xi said, according to the CCTV report. —With assistance from Colum Murphy and Stephanie Lai. New Grads Join Worst Entry-Level Job Market in Years American Mid: Hampton Inn's Good-Enough Formula for World Domination The Spying Scandal Rocking the World of HR Software Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P.
