US-China Trade Talks; LA Immigration Clashes Escalate
The US and China are ready to resume trade talks in London today... with the flow of rare earth minerals set to be a key focus; clashes between law enforcement and demonstrators in Los Angeles over anti-deportation protests escalate. President Trump's deployment of the National Guard inflames residents... California's Governor says he will file a law suit to block the federal government's intervention; and Bloomberg learns Meta is in talks to invest in startup Scale AI. The financing may exceed $10 billion, making it one of the largest-ever private company funding deals. (Source: Bloomberg)
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Yahoo
21 minutes ago
- Yahoo
US and China ‘back to square one' after two days of trade talks
Talks between the US and China are 'back to square one' after two days of trade negotiations in London failed to secure a major deal. Howard Lutnick, Donald Trump's commerce secretary, said the two sides had agreed on a 'framework' to put their trading relations back on track and repair the truce initially agreed in Geneva last month. There was little market reaction to the announcement at Lancaster House shortly after midnight, with the dollar strengthening a little and stock markets opening marginally higher. The two sides have until Aug 10 to negotiate a more comprehensive agreement to ease trade tensions, or US tariffs on China will snap back from about 30pc to 145pc, with China's levies on America increasing from 10pc to 125pc. Josh Lipsky, of the Atlantic Council's GeoEconomics Center in Washington, said: 'They are back to square one but that's much better than square zero.' Jim Reid, a Deutsche Bank analyst, added: 'While the mood music has stayed positive, investors may be wary of the pattern that emerged during the previous US-China trade talks in 2018-19, when apparently constructive in-person meetings seemed to take a step back as the negotiating teams returned to their capitals. 'So there's perhaps a little disappointment this morning that we haven't yet got a bigger announcement, even though there's time to hear the full conclusions of the meeting.' Senior officials from Washington and Beijing had gathered in London after accusations from both sides that they had violated the terms of the deal made in Switzerland. Mr Trump and Xi Jinping held a call last week that Mr Lutnick said 'gave the fundamental foundation on which we were able to reach agreement'. Mr Lutnick said: 'We have reached a framework to implement the Geneva consensus and the call between the two presidents. 'The idea is we're going to go back and speak to President Trump and make sure he approves it. 'They're going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework.' In a separate briefing, Li Chenggang, China's vice commerce minister, said a trade framework had been reached in principle that would be taken back to US and Chinese leaders. Mr Lutnick said China's restrictions on exports of rare earth minerals and magnets to the US would be resolved as a 'fundamental' part of the framework agreement. He also said the agreement would remove some of the recent US export restrictions, but did not provide details. Kathleen Brooks, the research director at XTB, a trading platform, said: 'Overall, the US-China trade agreement is taking its time, and it could test the market's patience.' Meanwhile, the European Union reportedly believes it could extend its trade negotiations with the US beyond the initial deadline next month. The EU thinks there could be scope for further talks if it agrees a deal in principle by July 9, which is considered its best-case scenario, according to Bloomberg. The Trump administration is scheduled to enforce 50pc tariffs on EU goods beyond that date unless a deal is reached. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
23 minutes ago
- Yahoo
Inflation holds steady as data shows how prices are faring after Trump's ‘Liberation Day' tariffs
Inflation held steady last month, according to data that gives the first glimpse of how prices are faring since President Donald Trump's sweeping 'Liberation Day' tariffs. Consumer prices rose 0.1 percent on a monthly basis in May, while annual inflation stood at 2.4 percent, according to the Department of Labor's consumer price index. The report captures the period after Trump unveiled his global reciprocal tariffs in April and provides some insight as to whether businesses are bearing the brunt of the duties themselves or passing them on to customers. Analysts predicted to see a bigger increase, but some still warn the future is uncertain because tariffs keep changing. 'So far, inflation risks from higher tariffs are subdued,' Win Thin, global head of markets strategy at Brown Brothers Harriman, told Bloomberg. 'Nonetheless, US protectionist trade policy and uncertainty about the ultimate level of tariffs are downside risks to growth and upside risk to inflation. Bottom line: the fundamental USD downtrend is intact.' Since Trump announced his global reciprocal tariffs and the stock market was spooked, many of the duties were paused. However, 10 percent tariffs for most countries remain. Inflation has been slow to respond to the tariffs as most retailers are selling merchandise accumulated before the import duties took effect. Economists said that the reduction in the scale of some trade tariffs may have 'helped to restrain cost increases thus far,' Wells Fargo's Sarah House and Nicole Cervi said. 'That said, as the higher tariff regime persists, shielding consumers from the costs is likely to become more challenging,' the economists added. 'Only a few goods prices likely rose as a result of the new tariffs in May,' Pantheon Macroeconomics economists Samuel Tombs and Oliver Allen said in a note, Bloomberg reports. 'June will be a different story — while some providers of discretionary services probably cut prices or kept them low to sustain demand.' Walmart warned customers last month that they could see price rises because of the trade tariffs. The retailer's chief financial officer John David Rainey said that the tariffs are 'still too high.' 'It's more than any supplier can absorb. And so I'm concerned that consumer is going to start seeing higher prices,' he said. 'You'll begin to see that, likely towards the tail end of this month, and then certainly much more in June.' Reuters contributed reporting
Business Upturn
23 minutes ago
- Business Upturn
Donald Trump confirms US-China deal done, says rare earth deal and 55% tariffs finalised
Donald Trump touts 55% tariffs and rare earth supply in pending China deal By News Desk Published on June 11, 2025, 17:56 IST Last updated June 11, 2025, 17:57 IST Former U.S. President Donald J. Trump on Tuesday announced via social media that a new deal with China has been reached, pending final approval from both himself and Chinese President Xi Jinping. According to Trump, the agreement includes upfront Chinese supply of 'full magnets' and 'any necessary rare earths' to the U.S. In return, the U.S. will uphold previously agreed terms, which Trump said include allowing Chinese students to continue studying at American colleges and universities — a relationship he described as 'always been good with me!' Trump emphasized that under the new deal, the U.S. will receive a combined total of 55% in tariffs, while China will get 10%. 'Relationship is excellent!' Trump declared in the post, adding thanks for attention to the matter. The post, shared on June 11, 2025, at 8:04 AM, comes amid ongoing geopolitical and trade tensions between the world's two largest economies. No official confirmation has yet been released by Chinese authorities or the U.S. State Department. News desk at
