European companies seem to be 'shifting to China': Analyst
Deborah Weinswig, CEO and founder of Coresight Research, talks about how Chinese e-commerce giants Shein & Temu may have 'leg up' in mitigating the end of de minimis exemptions, especially due to their more localized inventory. She expects China may fare better longer term than she initially believed.
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21 minutes ago
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Lee Jae-myung, Trump speak on phone, reaffirm U.S.-South Korea alliance
June 7 (UPI) -- South Korea's President Lee Jae-myung spoke for the first time with U.S. President Donald Trump late Friday as both leaders agreed to further strengthen their nations' alliance. Lee, who took office Wednesday, talked with Trump in a 20-minute phone call, according to the presidential office of South Korea. The White House has not confirmed the conversation, and the president, who is in New Jersey this weekend, hasn't posted about the call on Truth Social. The two presidents agreed to strive toward reaching a mutually acceptable trade agreement, including on tariffs. Trump has imposed 10% baseline tariffs on most trading partners. On April 2, Trump said the Republic of Korea would face a 49% duty but one week later he paused it for three months along with the other worst offenders in the trade imbalance. South Korea's tariffs on imported agricultural goods average 54%. Trump congratulated Lee on his election victory, and the new leader expressed his gratitude, according to the office. Lee noted the importance of the alliance, which forms the foundation of Seoul's diplomacy. The phone call was "conducted in a friendly and candid atmosphere," as they shared anecdotes and experiences from their election campaigns, according to South Korea's presidential office. They exchanged views on their assassination attempts last year and political challenges, in addition to discussing their their golf skills and agreed to play a round together. Trump invited Lee to the White House and the Group of Seven summit in Alberta, Canada, from June 15-17. South Korea is not a G7 member state, but the nation attended them group's meetings in 2021 and 2023. Korea's neighbor, Japan, is a member of the G7. Yonhap reported the South Korea government is in consultations for Japanese Prime Minister Shigeru Ishiba and Chinese President Xi Jinping to speak to their leader. It has not been decided whether Lee will attend the North Atlantic Treaty Organization leaders' summit in the Netherlands on June 24 and 25, according to the presidential office. Lee, the Democratic Party liberal candidate, won in a landslide over Kim Moon-soo of the conservative People Power Party. He was inaugurated the next day on Wednesday. South Koreans turned out in record numbers in a snap election triggered by the impeachment and removal of Yoon Suk Yeol in April after a botched martial law decree. Some 35.24 million voters cast a ballot, representing a turnout of 79.4% -- the highest mark since an 80.7% turnout in 1997.
UPI
an hour ago
- UPI
Lee Jae-myung, Trump speak on phone, reaffirm U.S.-South Korea alliance
New South Korean President Lee Jae Myung appears at a news conference at the presidential office in Seoul, South Korea, on Wednesday, his first remarks after being inaugurated earlier in the day. Photo by Ahn Young-joon/EPA-EFE/pool June 7 (UPI) -- South Korea's President Lee Jae-myung spoke for the first time with U.S. President Donald Trump late Friday as both leaders agreed to further strengthen their nations' alliance. Lee, who took office Wednesday, talked with Trump in a 20-minute phone call, according to the presidential office of South Korea. The White House has not confirmed the conversation, and the president, who is in New Jersey this weekend, hasn't posted about the call on Truth Social. The two presidents agreed to strive toward reaching a mutually acceptable trade agreement, including on tariffs. Trump has imposed 10% baseline tariffs on most trading partners. On April 2, Trump said the Republic of Korea would face a 49% duty but one week later he paused it for three months along with the other worst offenders in the trade imbalance. South Korea's tariffs on imported agricultural goods average 54%. Trump congratulated Lee on his election victory, and the new leader expressed his gratitude, according to the office. Lee noted the importance of the alliance, which forms the foundation of Seoul's diplomacy. The phone call was "conducted in a friendly and candid atmosphere," as they shared anecdotes and experiences from their election campaigns, according to South Korea's presidential office. They exchanged views on their assassination attempts last year and political challenges, in addition to discussing their their golf skills and agreed to play a round together. Trump invited Lee to the White House and the Group of Seven summit in Alberta, Canada, from June 15-17. South Korea is not a G7 member state, but the nation attended them group's meetings in 2021 and 2023. Korea's neighbor, Japan, is a member of the G7. Yonhap reported the South Korea government is in consultations for Japanese Prime Minister Shigeru Ishiba and Chinese President Xi Jinping to speak to their leader. It has not been decided whether Lee will attend the North Atlantic Treaty Organization leaders' summit in the Netherlands on June 24 and 25, according to the presidential office. Lee, the Democratic Party liberal candidate, won in a landslide over Kim Moon-soo of the conservative People Power Party. He was inaugurated the next day on Wednesday. South Koreans turned out in record numbers in a snap election triggered by the impeachment and removal of Yoon Suk Yeol in April after a botched martial law decree. Some 35.24 million voters cast a ballot, representing a turnout of 79.4% -- the highest mark since an 80.7% turnout in 1997.
Yahoo
2 hours ago
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Xi Has 'Bowed To Reality,' Says China Analyst, Urges More Engagement Between Leaders To Resolve Trade Issues: 'No Substitute For Direct Negotiations With Trump'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. As U.S. President Donald Trump and Chinese President Xi Jinping break the ice with a phone call after months of silence, analysts weigh in on what's in store for the U.S.-China trade. What Happened: The U.S. and China have been at odds over trade for a considerable period. The call signifies some advancement in establishing ground rules for a potential meeting. Jeremy Chan, Senior China Analyst at the Eurasia Group consultancy, stated that this communication suggests a level of respect from President Trump towards President Xi, reported The South China Morning Post. Trending: Start investing with eToro's CopyTrader — . However, analysts have noted that more than optimistic statements are required to resolve the deeply rooted trade differences between the two nations. Chan further noted that Xi typically consents to meetings with foreign leaders only after substantial groundwork has been laid through lower-level diplomatic efforts. "Xi has bowed to reality, like so many other foreign leaders before him, that there is no substitute for direct negotiations with Trump," stated Chan, who is also a former U.S. diplomat. On the other hand, ASPI's Wendy Cutler highlighted the complexity of the upcoming trade talks and the challenges. "The likelihood of further misunderstandings, coupled with a fundamental lack of trust, will present enormous challenges for the negotiators as they try to hammer out a deal," cautioned It Matters: This phone call comes in the wake of escalating trade tensions between the two countries. On Thursday, U.S. stocks dipped following reports of a phone call between Presidents Donald Trump and Xi Jinping, signaling a possible thaw in China trade tensions. The outreach was said to have come from the U.S. side, as per CNBC, citing Chinese state media. Earlier in May, President Trump had expressed his willingness to travel to China to meet with President Xi Jinping, emphasizing the importance of the U.S.-China relationship. In early May, the South China Morning Post reported that the U.S. and China are struggling to resume trade talks. China suggested using special envoys, but the U.S. prefers direct talks between Trump and Xi—a move China considers 'risky and uncertain.' This latest phone call could be seen as a step towards that potential meeting, and a move towards resolving the trade disputes. Baidu Inc (NASDAQ:BIDU) and Alibaba Group Holding Ltd – ADR (NYSE:BABA) climbed 1.13% and 0.43%, respectively, on Thursday. Meanwhile, Inc. (NASDAQ:JD) declined 0.72% Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Image via Shutterstock This article Xi Has 'Bowed To Reality,' Says China Analyst, Urges More Engagement Between Leaders To Resolve Trade Issues: 'No Substitute For Direct Negotiations With Trump' originally appeared on
