US and China are holding trade talks in London after Trump-Xi phone call
Shipping containers are stacked at the Port of Authority Savannah in Savannah, Georgia, U.S. May 6, 2025. (Reuters)
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South China Morning Post
36 minutes ago
- South China Morning Post
US vows reprieve on some tech export restrictions as talks with China begin in London
Top economic officials from Washington and Beijing have launched a high-stakes round of trade talks in London, with a senior White House official signalling soon after the start that the US will ease some tech export restrictions on China, adding that he expected the Chinese government to ramp up rare earth mineral exports to American markets. Advertisement The Chinese and American delegations – led by China's vice-premier, He Lifeng, alongside US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer – met Monday afternoon, local time, according to Xinhua. In an interview with American outlet CNBC, Kevin Hassett, director of the National Economic Council at the White House, on Monday said that the US expectation was that 'immediately after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters.' Any agreement on rolling back their controls over critical minerals and advanced technologies would mark a turning point in the tense economic and tech competition between the world's two global powers. In recent years, Washington has tightly restricted China's access to cutting-edge US technology in semiconductors, artificial intelligence and manufacturing, citing concerns over the potential use of these innovations in bolstering China's military capabilities. Advertisement When asked about the concerns over China using US technology for military advancement, Hassett added: 'It depends, like the very, very high end Nvidia stuff is not what I'm talking about. I'm talking about possible export controls on other semiconductors, which are also very important to them'.
South China Morning Post
3 hours ago
- South China Morning Post
Tariff war ‘not the end of the world' for Hong Kong companies: trade council chief
The US-China tariff war is 'not the end of the world' for Hong Kong businesses, the new head of the city's Trade Development Council has said, as he outlined strategies to help them capitalise on geopolitical uncertainties. Chairman Frederick Ma Si-hang, who took office on June 1, also said on Monday the council would explore setting up more offices in new markets and rebranding the Asian Financial Forum to include more industry elements. The council has 51 offices around the world, including three in the United States and 13 in mainland China. 'We need to reposition our global presence based on the latest geopolitical situation and the need to explore business opportunities in new markets,' Ma, a former commerce chief, said. 'Our global network will be put under review, some new offices might be opened and some existing ones might get more resources … for example, we might consider Peru after a free-trade agreement was signed recently.' Ma said the tariff war had brought uncertainties to businesses and impacted investors' confidence, but he remained optimistic.
RTHK
3 hours ago
- RTHK
China-US trade talks under way in London
China-US trade talks under way in London China and US trade officials meet in Lancaster House in London. Photo: Reuters The first meeting of the China-US economic and trade consultation mechanism opened in London on Monday Vice Premier He Lifeng attended the meeting with the US delegation including Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer at Lancaster House. The meeting is aimed at shoring up a fragile truce in a trade dispute sparked by US tariffs that has roiled the global economy. The talks are expected to last at least a day and followed negotiations in Geneva last month that brought a temporary respite in the trade war. Lutnick did not attend the Geneva talks at which the countries struck a 90-day deal to roll back some of the triple-digit tariffs they had placed on each other. President Xi Jinping and his US counterpart Donald Trump spoke by phone last Thursday in an attempt to put relations back on track. The meeting in London was helped by news that Beijing on Saturday approved some applications for rare-earth exports, while US aviation giant Boeing is to start sending commercial jets to China for the first time since April. (Agencies)
