logo
Trump, Xi might meet ahead of or during October APEC summit in South Korea: Report

Trump, Xi might meet ahead of or during October APEC summit in South Korea: Report

CNA3 days ago
US President Donald Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between Oct 30 and Nov 1, or he could meet Chinese leader Xi Jinping on the sidelines of the APEC event in South Korea, the South China Morning Post reported on Sunday (Jul 20) citing multiple sources.
The two countries have been trying to negotiate an end to an escalating tit-for-tat tariff war that has upended global trade and supply chains.
The two sides have discussed a potential meeting between the leaders in the region this year, but they have not confirmed a date or location yet, according to a person familiar with the matter.
Trump has sought to impose tariffs on US importers for virtually all foreign goods, which he says will stimulate domestic manufacturing and which critics say will make many consumer goods more expensive for Americans.
He has called for a universal base tariff rate of 10 percent on goods imported from all countries, with higher rates for imports from the most "problematic" ones, including China: imports from there now have the highest tariff rate of 55 percent.
Trump has set a deadline of Aug 12 for the US and China to reach a durable tariffs agreement.
A spokesperson for Trump did not respond to a request for comment about the reported plans for a meeting with Xi in the autumn.
The two countries' most recent high-level meeting was on Jul 11, when US Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi had what both described as a productive and positive meeting in Malaysia about how trade negotiations should proceed.
Rubio said then that Trump had been invited to China to meet with Xi, and said that both leaders "want it to happen."
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump administration to supercharge AI sales to allies, loosen environmental rules
Trump administration to supercharge AI sales to allies, loosen environmental rules

Straits Times

time22 minutes ago

  • Straits Times

Trump administration to supercharge AI sales to allies, loosen environmental rules

The plan, which includes some 90 recommendations, calls for the export of US AI software and hardware abroad. The Trump administration released a new artificial intelligence blueprint on July 23 that aims to loosen environmental rules and vastly expand AI exports to allies, in a bid to maintain the American edge over China in the critical technology. US President Donald Trump marked the plan's release with a speech where he laid out the stakes of the technological arms race with China, calling it a fight that will define the 21st century. 'America is the country that started the AI race. And as President of the United States, I'm here today to declare that America is going to win it,' Mr Trump said. The plan, which includes some 90 recommendations, calls for the export of US AI software and hardware abroad as well as a crackdown on state laws deemed too restrictive to let it flourish, a marked departure from predecessor Joe Biden's 'high fence' approach that limited global access to coveted AI chips. 'We also have to have a single federal standard, not 50 different states regulating this industry in the future,' Mr Trump said. Mr Michael Kratsios, head of the Office of Science and Technology Policy, told reporters on July 23 the departments of Commerce and State will partner with the industry to 'deliver secure full-stack AI export packages, including hardware models, software applications and standards to America's friends and allies around the world.' An expansion in exports of a full suite of AI products could benefit AI chip juggernauts Nvidia and AMD, as well as AI model giants Alphabet's Google, Microsoft, OpenAI and Facebook parent Meta. Top stories Swipe. Select. Stay informed. World Trump was told he is in Epstein files, Wall Street Journal reports Opinion The US dollar is down, but it has a lot going for it Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu Asia Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal Asia Thailand recalls ambassador, expels Cambodian envoy in border row Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Mr Trump signed three executive orders on July 23 that incorporated elements of the action plan, including the loosening of environmental rules, establishing rules for chip exports and seeking to limit political bias in AI technology. Mr Biden feared US adversaries like China could harness AI chips produced by companies like Nvidia and AMD to supercharge their militaries and harm allies. The former president, who left office in January, imposed a raft of restrictions on US exports of AI chips to China and other countries that it feared could divert the semiconductors to America's top global rival. Mr Trump rescinded Mr Biden's executive order aimed at promoting competition, protecting consumers and ensuring AI was not used for misinformation. He also rescinded Mr Biden's so-called AI diffusion rule, which capped the amount of American AI computing capacity some countries were allowed to obtain via US AI chip imports. 'Our edge (in AI) is not something that we can sort of rest on our laurels,' Vice-President J.D. Vance said in a separate appearance at the event, which was organised by White House AI and crypto czar David Sacks and his co-hosts on the 'All-In' podcast. 'If we're regulating ourselves to death and allowing the Chinese to catch up to us, that's not something ... we should blame the Chinese for..., that is something we should blame our own leaders for, for having stupid policies that allow other countries to catch up with America,' Mr Vance said. The AI plan, according to a senior administration official, does not address national security concerns around Nvidia's H20 chip, which powers AI models and was designed to walk right up to the line of prior restrictions on Chinese AI chip access. Mr Trump blocked the export of the H20 to China in April but allowed the company to resume sales earlier in July, sparking rare public criticism from fellow Republicans. Fast-tracking data centres The plan also calls for fast-tracking the construction of data centres by loosening environmental regulations and utilising federal land to expedite development of the projects, including any power supplies. The administration will seek to establish new exclusions for data centres under the National Environmental Policy Act and streamline permits under the Clean Water Act. Mr Trump directed his administration in January to develop the plan. Mr Trump is expected to take additional actions in the upcoming weeks that will help Big Tech secure the vast amounts of electricity it needs to power the energy-guzzling data centres needed for the rapid expansion of AI, Reuters previously reported. US power demand is hitting record highs in 2025 after nearly two decades of stagnation as AI and cloud computing data centres balloon in number and size across the country. The export expansion plans take a page from deals unveiled in May that gave the United Arab Emirates expanded access to advanced artificial intelligence chips from the United States after previously facing restrictions over Washington's concerns that China could access the technology. REUTERS

Oil prices steady with trade talks in focus
Oil prices steady with trade talks in focus

Business Times

time22 minutes ago

  • Business Times

Oil prices steady with trade talks in focus

[NEW YORK] Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the US after President Donald Trump reached a tariff deal with Japan. Brent crude futures settled 8 cents, or 0.12 per cent, lower at US$68.51 a barrel, while US West Texas Intermediate crude futures were down 6 cents, or 0.09 per cent, at US$65.25 per barrel. On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15 per cent tariff on EU goods imported into the US, avoiding a harsher 30 per cent levy slated to be implemented from Aug 1. Just hours earlier, Trump said the US and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a US$550 billion package of US-bound investment and loans. 'The trade deal with Japan might be a template for trade deals with other countries,' said Andrew Lipow, president of Lipow Oil Associates. 'On the other hand, the market is still concerned about the US coming to an agreement with the European Union and China.' The European Commission planned to submit counter-tariffs on 93 billion euros (S$139.1 billion) of US goods for approval to EU members. A vote is expected on Thursday, though no measures would be imposed until Aug 7. 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 Both benchmarks lost about 1 per cent on Tuesday after the EU said it was considering countermeasures against US tariffs. 'The slide (in prices) of the past three sessions appears to have abated, but I don't expect much of an upward impetus from news of the US-Japan trade deal as the hurdles and delays being reported in talks with the EU and China will remain a drag on sentiment,' said Vandana Hari, founder of oil market analysis provider Vanda Insights. On the supply side, US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. 'That's a bullish swing,' said Bob Yawger, director of energy futures at Mizuho. 'It was largely a function of import-export dynamics.' US crude exports were up by 337,000 barrels per day (bpd) to 3.86 million bpd, while net US crude imports fell last week by 740,000 barrels per day, the EIA said. In another bullish sign for the crude market, the US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. The EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. REUTERS

Mattel cuts 2025 forecast after two-month pause, hurt by tariff uncertainties
Mattel cuts 2025 forecast after two-month pause, hurt by tariff uncertainties

Business Times

time22 minutes ago

  • Business Times

Mattel cuts 2025 forecast after two-month pause, hurt by tariff uncertainties

TOYMAKER Mattel cut its annual forecast, reinstating it after two months, and posted a sharp drop in second-quarter revenue on Wednesday, as weak Barbie sales in North America and global trade uncertainties weighed on demand. The Hot Wheels parent had pulled its sales and profit forecasts in May, when US President Donald Trump's shifting trade policy upended global supply chains and cast uncertainty over consumer spending trends. CEO Ynon Kreiz told Reuters that timing shifts in retailer ordering patterns had an outsized impact on Mattel's US business during the second quarter. He expects that the company will recover most of its sales in the back half of the year. Shares of Mattel were down about 3.5 per cent in trading after the bell, as it also forecast lower 2025 gross margin compared to last year. Mattel now expects a rise in 2025 net sales of 1 per cent to 3 per cent, compared to its February target of a 2 per cent to 3 per cent increase. It forecast adjusted per-share profit between US$1.54 and US$1.66, below its prior estimate of US$1.66 to US$1.72 apiece. Adjusted gross margin is expected to be 50 per cent, compared to 50.9 per cent in 2024. 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 'We believe the slowdown is being impacted by the current trade environment and the company's full-year margin guidance shows a larger-than-expected impact from tariffs,' CFRA analyst Zachary Warring said. Analysts have warned that retailers such as Walmart, Target and were limiting building up inventory going into the key holiday season to minimise exposure to higher tariffs. Earlier in the day, rival Hasbro raised its annual revenue outlook but warned that its US customers had postponed their orders to later this year owing to tariff uncertainty. In May, Mattel outlined plans to fully mitigate tariff costs in 2025 through a combination of price hikes and diversifying its supply chain. 'We estimate the tariffs exposure this year, based on current tariff levels, and before any mitigation actions, is less than US$100 million,' Kreiz said on Wednesday. Mattel reported a quarterly 6 per cent drop in net sales to US$1.02 billion, missing analysts' estimate of a 2.7 per cent decline to US$1.05 billion, according to data compiled by LSEG. The weakness was driven by a 16 per cent fall in North America sales, primarily due to fewer new product launches for Barbie and delayed inventory decisions by retailers. Adjusted profit came in at 19 cents per share, compared with the estimate of 15 cents apiece. REUTERS

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store