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France 24
25 minutes ago
- France 24
Asian equities rally after China-US framework on trade
After two days of high-profile, closely watched talks in London, the two sides said they had set up a framework to move towards a pact, following negotiations in Geneva last month that saw them slash tit-for-tat levies. The news provided some much-needed relief to markets after US President Donald Trump accused Beijing of violating that deal. The latest round of talks followed a phone call between Trump and his Chinese counterpart Xi Jinping on Thursday. As well as tariffs, a key issue in the discussions was China's export of earth minerals and magnets used in a range of things including smartphones and electric vehicle batteries, while Beijing was keen to see an easing of restrictions on its access to tech goods. US Commerce Secretary Howard Lutnick said he was upbeat that concerns over rare earths "will be resolved" eventually, as the agreement is implemented. Xi and Trump must approve the framework first. "We're moving as quickly as we can," US Trade Representative Jamieson Greer told reporters. "We would very much like to find an agreement that makes sense for both countries," he added. "We feel positive about engaging with the Chinese." Speaking separately to reporters, China International Trade Representative Li Chenggang expressed hope that progress made in London would help to boost trust on both sides. The deal, which was reached late Tuesday, boosted Asian markets with Hong Kong and Shanghai among the best performers, while Tokyo, Sydney, Seoul, Wellington, Taipei and Manila were also up. However, analysts said investors would be keen to get a closer look at the details of the agreement. "The US-China trade circus wrapped with what can only be described as a diplomatic tautology," said Stephen Innes at SPI Asset Management. He called it "a late-night announcement that both sides have 'agreed in principle on a framework to implement the Geneva consensus' -- a consensus that was... already agreed upon weeks ago". And he warned that markets could run out of steam if nothing concrete came through. "If the next headline doesn't come with something tangible, such as cargo ships loaded with rare earths or an actual rollback of tariffs, expect risk assets to start demanding more photo opportunities," he wrote. "Until then, this rally relies on faith." And Saxo chief investment strategist Charu Chanana said before the deal was announced that while there was some hope for the talks "the era of easy wins -- tariff pauses and minor concessions -- is over". "What's left are deeper, more entrenched challenges: tech restrictions, rare earth supply chains, student visas, and national security-linked concerns. These are strategic disputes, unlikely to be resolved in a few rounds of meetings." Still, she did say that "trade uncertainty has clearly faded since the peak chaos of early April", when Trump unleashed a tariff blitz that hammered worldwide stock and bond markets. Tuesday's news also overshadowed the World Bank's slashing of its 2025 forecast for global economic growth to 2.3 percent, from the 2.7 percent predicted in January, citing trade tensions and policy uncertainty. It also said the US economy would expand 1.4 percent this year, half of its 2024 expansion. Key figures at around 0230 GMT Tokyo - Nikkei 225: UP 0.5 percent at 38,385.37 (break) Hong Kong - Hang Seng Index: UP 0.7 percent at 24,327.51 Shanghai - Composite: UP 0.6 percent at 3,403.56 Euro/dollar: DOWN at $1.1413 from $1.1426 on Tuesday Pound/dollar: DOWN at $1.3481 from $1.3501 Dollar/yen: UP at 145.03 yen 144.88 yen Euro/pound: UP 84.66 pence from 84.61 pence
LeMonde
an hour ago
- LeMonde
The US and China have agreed on a framework to resolve their trade disputes
Senior US and Chinese negotiators have agreed on a framework to move forward on trade talks after a series of disputes had threatened to derail them, Chinese state media said on Wednesday, June 11. The announcement followed two days of talks in the British capital that ended late Tuesday. The disputes had shaken a fragile truce reached in Geneva last month, leading to a phone call last week between President Donald Trump and Chinese leader Xi Jinping to try to calm the waters. Li Chenggang, a vice minister of commerce and China's international trade representative, said the two sides had agreed in principle on a framework for implementing the consensus reached between the two leaders and at the talks on Geneva, the official Xinhua News Agency said. Li and Wang Wentao, China's commerce minister, were part of the delegation led by Vice Premier He Lifeng. They met with US Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer at Lancaster House, a 200-year-old mansion near Buckingham Palace. Wendy Cutler, a former US trade negotiator, said the disputes had frittered away 30 of the 90 days the two sides have to try to resolve their disputes. They had agreed in Geneva to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other in an escalating trade war that had sparked fears of recession. "The US and China lost valuable time in restoring their Geneva agreements," said Cutler, now vice president at the Asia Society Policy Institute. "Now, only 60 days remain to address issues of concern, including unfair trade practices, excess capacity, transshipment and fentanyl." Since the Geneva talks, the US and China have exchanged angry words over advanced semiconductors that power artificial intelligence, visas for Chinese students at American universities and rare earth minerals that are vital to carmakers and other industries. China, the world's biggest producer of rare earths, has signaled it may ease export restrictions it placed on the elements in April. The restrictions alarmed automakers around the world who rely on them. Beijing, in turn, wants the US to lift restrictions on Chinese access to the technology used to make advanced semiconductors. Cutler said it would be unprecedented for the US to negotiate on its export controls, which she described as an irritant that China has been raising for nearly 20 years. "By doing so, the US has opened a door for China to insist on adding export controls to future negotiating agendas," she said. Trump said earlier that he wants to "open up China," the world's dominant manufacturer, to US products. "If we don't open up China, maybe we won't do anything," Trump said at the White House. "But we want to open up China."
Euronews
an hour ago
- Euronews
Court rules to keep Trump tariffs active during appeals procedure
A federal appeals court agreed on Tuesday to allow the White House to continue collecting the extensive import taxes imposed by US President Donald Trump, as challenges to his prominent trade policy remain under appeal. The ruling by the US Court of Appeals for the Federal Circuit builds upon a comparable decision it issued following another federal court's annulment of the tariffs on 28 May, which indicated that Trump had exceeded his presidential authority. Acknowledging that the disputes regarding Trump's tariffs present "issues of exceptional importance," the appeals court announced it would accelerate the proceedings and conduct hearings on 31 July. The case involves the 10% tariffs which Trump imposed in April on nearly all nations, as well as the bigger tariffs that he implemented and subsequently paused on countries with which the United States has trade deficits with. It also includes tariffs that Trump levied on imports from China, Canada, and Mexico in an effort to compel these nations to take further action against the unlawful influx of immigrants and synthetic opioids across the US border. In implementing the tariffs, Trump had invoked emergency powers under a 1977 law. But a three-judge panel at the US Court of International Trade ruled he had exceeded his power. The tariffs upended global trade, paralysed businesses and spooked financial markets. The United States and China have agreed in principle on a framework to implement a deal they reached to resolve their trade disputes last month, according to Chinese state media. The announcement came after the conclusion of two days of discussions in London on Tuesday. The agreement was disrupted by a number of disputes in the weeks that followed, leading to a phone call last week between US President Donald Trump and his Chinese counterpart Xi Jinping, aimed at easing tensions. Li Chenggang, who serves as a vice minister of commerce and represents China in international trade, stated that both parties have reached a preliminary agreement on a framework to execute the deal established between the two leaders, as well as during discussions held in May in Geneva. Further details, including plans for a potential next round of talks, were not immediately available. Li and Wang Wentao, China's commerce minister, were part of the delegation led by Vice Premier He Lifeng. They met with US Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer at Lancaster House, a 200-year-old mansion near Buckingham Palace. Lutnick said as he arrived on Tuesday morning that the talks were "going well," and he expected them to continue all day. The two parties aimed to capitalise on discussions held in Geneva last month, which resulted in a 90-day pause on the majority of tariffs levied against one another which exceeded 100% during a growing trade conflict that had raised concerns about a potential recession. Since the Geneva talks, Washington and Beijing have engaged in heated exchanges regarding advanced semiconductors that power artificial intelligence, the issuance of visas for Chinese students attending US universities, and rare earth minerals vital for carmakers and various other sectors. Last week, Trump and Jinping held a lengthy phone call in a bid to restore relations. The call was later followed by an announcement that trade discussions would resume in London. China, the largest producer of rare earths globally, has indicated a potential relaxation of the export restrictions imposed on these materials in April, causing concern among automakers worldwide who depend on them. In response, Beijing urged Washington to lift restrictions on China's access to the technology necessary for the production of advanced semiconductors. Trump said that he wants to 'open up China,' the world's largest producer of goods, to US products. 'If we don't open up China, maybe we won't do anything,' Trump said at the White House. 'But we want to open up China.'
