Pete Hegseth signal messages and President Trump spooks the markets again
Sarah Firth, Foreign Correspondent based in Washington; and Stephen Carroll, host of Daybreak Europe on Bloomberg
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Irish Examiner
3 days ago
- Irish Examiner
Trump says trade framework deal 'done' with China
US President Donald Trump said a trade framework with China was completed that included an agreement for Beijing to supply rare earths 'UP FRONT' as well as access for Chinese students at American universities. 'OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,' Mr Trump posted on social media on Wedneday, referring to Chinese leader Xi Jinping. Mr Trump's comments come a day after the US and China reached an agreement in London on implementing the terms of their tariff truce. His remarks, however, included terms negotiators did not lay out, such as the immediate supply of critical minerals by China. He also said the US tariff rate would be a 'total' of 55% — though the precise rate was not clear. That figure includes a 10% baseline duty, a 20% charge tied to fentanyl trafficking, and roughly 25% from preexisting levies from Mr Trump's first term as well as most favoured nation rates, according to a White House official. Markets reacted with uncertainty to the president's post. US futures briefly erased losses before moving lower again. 'FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA,' Trump said in his post. 'LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!' China's Ministry of Commerce did not immediately respond to requests for comment. American and Chinese officials concluded marathon negotiations on Tuesday, agreeing to revive the flow of sensitive goods, such as critical minerals, and implement the terms of last month's deal in Geneva, which saw both sides lower tariffs. That deal included a 90-day pause on very high tariffs both nations implemented on each others' imports that amounted to a de facto trade embargo. It's unclear whether that deadline, which expires in August, remains in effect. Bloomberg
Irish Examiner
4 days ago
- Irish Examiner
US signals willingness to remove tech export restrictions with China
Trade talks between the US and China kicked off in London on Monday, with the US signalling a willingness to remove restrictions on some tech exports in exchange for assurances that China is easing limits on rare earth shipments. Kevin Hassett, the director of the White House's national economic council, told CNBC that the Trump administration expects that 'after the handshake' in London, 'any export controls from the US will be eased and the rare earths will be released in volume' by China. Mr Hassett's comments from Washington were the clearest signal yet that the US is willing to offer such a concession, although he added that the US would stop short of including the most sophisticated US chips made by Nvidia used to power artificial intelligence. 'The very, very high-end Nvidia stuff is not what I'm talking about,' Mr Hassett said, adding that restrictions would not be lifted on the Nvidia H2O chips that are used to train AI services. 'I'm talking about possible export controls on other semiconductors, which are also very important to them [China],' he said. US stocks flipped between small gains and losses, and Chinese shares trading in Hong Kong entered a bull market as investors expressed hope the talks signalled a cooling of trade tensions. Bloomberg Read More Car makers 'in full panic' over rare-earths shortage amid China's export controls
Irish Independent
5 days ago
- Irish Independent
‘Window of opportunity' to give euro global role, top ECB official believes
Isabel Schnabel describes moves by investors towards Europe amid US uncertainty as 'great news' ©Bloomberg Today at 21:30 European Central Bank (ECB) executive board member Isabel Schnabel sees a favourable moment now to strengthen the euro's global role as investors turn to Europe. There's a 'window of opportunity' to increase the international role of the euro, she said in a question to a panel at the 31st Dubrovnik Economic Conference on Saturday.
