Chinese Firm Pulls Press Release Announcing New Nvidia AI Chip
A Chinese company has retracted a press release that announced a new Nvidia AI processor for the China market.
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Yahoo
19 minutes ago
- Yahoo
Trump announces China will restart rare earth mineral shipments to US after productive call
President Donald Trump told reporters on Air Force One Friday that Chinese President Xi Jinping had agreed to start sending rare earth minerals to the U.S. after halting the shipments in April. Trump held a gaggle on the presidential jet Friday evening, and one reporter asked him just before landing if Xi had agreed to restart the flow of rare earth minerals and magnets to the U.S. "Yes, he did," Trump replied. "We're very far advanced on the China deal." The news comes about a month and a half after China effectively halted exports of seven precious minerals, vital for assembling cars, robotics and defense systems, to the U.S. in a direct strike on America's manufacturing and defense supply chain. Liz Peek: Trump Must Stay Strong, Us Reliance On Chinese Minerals And Drugs Puts Americans At Risk Overseas deliveries of magnets stopped April 4, when new licensing rules took effect, according to The New York Times. Companies are only allowed to export rare earth materials if they obtain special export licenses, which take 45 days to receive. Read On The Fox News App The halt also threatened to undercut Trump's tariff strategy because China produces about 60% of the world's critical mineral supply and processes even more, up to 90%. Putin Says Russia Is Open To Economic Cooperation With Us On Rare Earth Minerals China's mineral halt to the U.S. Defense Department came after Beijing had already imposed sanctions on multiple U.S. military contractors late last year, according to Reuters. Chinese entities were prohibited from engaging or cooperating with them in response to an arms sale to Taiwan, the outlet reported. Trump and Xi had a lengthy call Thursday amid economic and national security friction regarding trade between the U.S. and China. Trump's 'Rare' Price For Us Military Aid To Ukraine Called 'Fair' By Zelenskyy "I just concluded a very good phone call with President Xi, of China, discussing some of the intricacies of our recently made, and agreed to, Trade Deal," Trump said Thursday in a Truth Social post. "The call lasted approximately one and a half hours and resulted in a very positive conclusion for both Countries." Trump said the conversation focused mostly on trade. The call came nearly a week after Trump condemned China for violating an initial trade agreement that the U.S. and China hashed out in May and a day after Trump said Xi was "extremely hard to make a deal with" in a Truth Social post. Fox News' Diana Stancy, Bonny Chu, Danielle Wallace, Morgan Phillips and Reuters contributed to this article source: Trump announces China will restart rare earth mineral shipments to US after productive call
Yahoo
2 hours ago
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Trump's trade talk delegation is set to face off with China's negotiators in London. Here is what's at stake.
Top Trump officials are meeting Chinese negotiators in London on Monday. This would be the first official US-China talk since a temporary tariff truce on May 12. International trade experts have said that Trump could be under pressure to strike a deal. Three top Trump administration economic officials will face off against Chinese negotiators in a renewed effort to break the US-China trade deadlock. Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and Trade Representative Jamieson Greer will be meeting China's delegation in London on Monday. "The meeting should go very well," President Donald Trump wrote in a social media post announcing the talks. This coming meeting will be the first official talk between the two countries since they mutually lowered tariffs in a temporary truce on May 12, after talks in Geneva. The renewed talks follow a 90-minute phone call between Trump and China's leader Xi Jinping on Thursday, a rare direct conversation that Trump later described as "very good." According to Trump, the two leaders also agreed to visit each other in person, without providing more details in terms of a timeline. The Chinese Embassy of Washington did not respond to a request for who would be attending this negotiation from its side. The team they sent to Geneva consisted of Vice Premier He Lifeng, Vice Commerce Minister Li Chenggang, and Vice Finance Minister Liao Min. Notably, Li has a Master of Laws from the University of Hamburg in Germany and has been part of China's delegation to the World Trade Organization since 2021. International trade experts previously told Business Insider that much is at stake for both China and the US to strike a deal, or at the very least, continue the truce beyond August 12 when the 90-day tariff pause will expire. "The Trump administration made their job harder because the tariff policies they've implemented are costly to Americans and American companies, and therefore, the market doesn't like it," said Philip Luck, director of the CSIS Economics Program. "They are under a lot of pressure to do things fast." Meanwhile, a lawsuit that threatens to undo all of Trump's tariffs enacted under the IEEPA also looms over negotiations with China. Drew DeLong, lead in geopolitical dynamics practice at Kearney, a global strategy and management consulting firm, told BI that if the court strikes down tariffs before trade deals could come to pass, other routes of imposing tariffs could be more complicated and time-consuming. The White House did not provide Business Insider with any additional comment beyond Trump's Truth Social post. Read the original article on Business Insider
2 hours ago
US, Chinese officials to meet in London next week for new round of trade talks
WASHINGTON -- Senior U.S. administration officials will meet with a Chinese delegation on Monday in London for the next round of trade negotiations between Washington and Beijing, President Donald Trump said Friday. The meeting comes after a phone call between Trump and Chinese leader Xi Jinping on Thursday, which the U.S. president described as a 'very positive' conversation as the two countries attempt to break an impasse over tariffs and global supplies of rare earth minerals. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer will represent the U.S. side in the trade talks. 'The meeting should go very well,' Trump wrote on his social media platform Friday afternoon. Speaking to reporters on Air Force One Friday, Trump said Xi had agreed to restart exports of rare earth minerals and magnets to the U.S. which China had slowed, threatening a range of U.S. manufacturers that relied on the critical materials. The was no immediate confirmation from China. The Thursday conversation between Trump and Xi, who lead the world's two biggest economies, lasted about an hour and a half, according to the U.S. president. The Chinese foreign ministry has said Trump initiated the call. The ministry said Xi asked Trump to 'remove the negative measures' that the U.S. has taken against China. It also said that Trump said 'the U.S. loves to have Chinese students coming to study in America,' although his administration has vowed to revoke some of their visas.
