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Yahoo
21 hours ago
- Business
- Yahoo
Trump's Late-Night Lament Over Xi Deepens Impasse in Trade Fight
(Bloomberg) -- ICE Moves to DNA-Test Families Targeted for Deportation with New Contract The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access NYC Residents Want Safer Streets, Cheaper Housing, Survey Says The Buffalo Architect Fighting for Women in Design President Donald Trump is positioning a personal discussion with his Chinese counterpart as the key to preventing the world's largest economies from spiraling deeper into their trade and technology fight. But Chinese leader Xi Jinping is making clear that a phone call doesn't come without a price — a resolute stand so far that's apparently keeping Trump up late into the night. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' Trump posted on Truth Social at around 2:17 a.m. Washington time. His complaint came after a flurry of US officials claimed this week the two men were set to speak. Exactly what the Chinese are asking the White House to relinquish in order to secure the one-on-one remains unclear. But the US president's unanswered pleas are looking more like a standoff without an off ramp. Beijing, meanwhile, is making overtures in the direction of Europe, which is engaged in its own tariff dispute with Trump. 'If China doesn't want a call, it could be that they don't intend to comply or are intentionally holding their cards for the time being,' said Kelly Ann Shaw, a partner at Akin Gump and former senior adviser to Trump during his first term. 'If there isn't a call, I would expect further escalation in the bilateral relationship before things de-escalate again.' At the heart of the stalemate is a mismatch in negotiating styles that, if it continues, threatens to derail the bilateral relationship. While Trump wants to hash things out with his counterpart, Chinese officials are reluctant to commit before working out deliverables at lower levels. Oval Office showdowns with the leaders of South Africa and Ukraine in recent weeks have likely offered little reassurance to Beijing to accept Trump's terms. A 'Disconnect' 'There's a fundamental disconnect here,' former acting White House Chief of Staff Mick Mulvaney told Bloomberg Television on Tuesday. 'Trump wants to talk at the very highest levels. That's not always how the Chinese want to do business.' While it isn't impossible for the US and China to strike a deal, expectations for what it would entail look out of sync. Policymakers in Beijing want to have broader access to high-end US chips, essentially for AI and military advancement, as well as the opportunity for more Chinese investment in the US. Beijing could be open to buying more US agricultural products, too. Rolling back sweeping controls on cutting-edge technology expanded under Joe Biden would be politically toxic in Washington, where there's rare consensus among Democrats and Republicans that China poses a national security threat. Officials in Washington also believe Beijing has been dumping goods on the US for decades, threatening American jobs and industry, and are seeking major concessions. That both sides are talking past each other has become evident in the confusion over China's position on rare earths — metals that are core to America's national-security supply chains and automakers in particular. Trump and his team have accused Beijing of breaking the trade agreement announced in mid-May, where both countries significantly lowered tariffs and China agreed to remove other retaliatory measures it imposed in response to earlier duty hikes. In Washington's view, that meant China would immediately grant licenses to export rare earths to American companies that had been cut off. Stalling for Time US Trade Representative Jamieson Greer said China has slow-walked the process. Companies that are reliant on the inputs are feeling the supply squeeze, with some temporarily shuttering production. From Beijing's perspective, it's following procedure on a license system that exports to all nations must follow. As tensions over such shipments grow, the Trump administration has continued to impose restrictions on chip technology and exports of jet engine parts to China. Beijing publicly criticized the moves and, according to the Trump team, continued choking off critical minerals supplies to American companies. While giving Trump the cold shoulder, China is tilting its attention toward Europe, where it sees an opening for deeper trade ties after Trump hit the European Union with tariffs and threatened steeper ones. In anticipation of the EU-China summit in late July in Beijing, Europe's trade chief Maros Sefcovic on Tuesday met Chinese Commerce Minister Wang Wentao in Paris. Ahead of next month's summit, China is considering placing an order for hundreds of Airbus SE aircraft as soon as next month to celebrate the economies' long-term ties, Bloomberg News reported. That represents another blow to Boeing Co., which hasn't won a major order from China since at least 2017 due to the trade tensions and other issues. It all stands in contrast to Trump's first term, when it took just 10 weeks for China to announce Xi would fly to Mar-a-Lago for talks with the US. Less than three years later Trump and Xi had reached the so-called phase one trade deal aimed at boosting Chinese purchases of American products — an agreement that went dormant during the Biden administration. This time around, ties have derailed much more quickly — despite Chinese efforts to steady things. January Call Just before Trump's most recent inauguration, Xi called Trump and told the incoming leader he was hoping for a good start to US-China ties, with both sides agreeing to stay in touch. Days later, Trump began targeting fentanyl cooperation, attacking a relatively bright spot in bilateral ties where Beijing has said the US owes it a 'big thank you' for efforts to curtail smuggling. China has repeatedly pointed to demand from Americans as the root cause of fentanyl abuse. Trump followed up with a 20% tariff, setting off tit-for-tat rounds of levies that essentially imposed a trade embargo on the two nations. A US federal court ruled Trump's duties were illegal, sapping the president of leverage, but the order was put on hold as a higher court considers an appeal. Also playing into Xi's reluctance is the fact China is in a stronger position now than in the last trade war to weather Trump's unpredictability. The world's No. 2 economy has been diversifying beyond the US market, its people are relatively united in the face of Trump's threats, and the US is alienating friends and foes alike with its overhaul of economic and defense policy. 'One problem is that Trump is trying to use deal-making to normalize trade aggression,' said Josef Gregory Mahoney, a professor of international relations at Shanghai's East China Normal University. 'Another issue is that he remains an opportunist, and even when deals are struck you can't count on him to keep them, or the next administration.' (Updates with details of first trade war.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. 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Bloomberg
7 days ago
- Business
- Bloomberg
QVC Bondholders Hire Centerview, Akin as TV Network Struggles
With a wall of debt facing QVC Group Inc., a group of bondholders has hired Centerview Partners as well as Akin Gump Strauss Hauer & Feld as advisers, according to people familiar with the situation. The set of ad hoc creditors has holdings in the television shopping network's Liberty Interactive unit, or Linta, said the people who asked not to be identified discussing a private matter.
The Hindu
13-05-2025
- Business
- The Hindu
Trump's tariff blitz yields deals but misses global trade fix
The weekend U.S.-China tariff truce unleashed a surge in global stock prices and may stave off damage from price spikes and critical minerals shortages until August, but does nothing to address longstanding U.S. complaints about China's state-dominated, export-driven economic model. Instead, it sets a tight new deadline for complex negotiations with Beijing that will take place alongside talks with dozens of other countries facing an earlier, July 8 deadline to avoid higher tariffs - stretching the Trump administration's limited negotiating resources. Some other early Trump trade deals are expected in the coming weeks, with Switzerland, India and Japan likely to lead the pack. But like the British deal, these are expected to be agreements in principle, with more work to finalize them, and durably shifting supply chains and trade flows can take years to accomplish. "The jury's still out, and we won't be able for some time to look back and say this was a successful strategy," said Greta Peisch, a former senior trade official under President Joe Biden who is now a partner in the Wiley Rein law firm. "This is round one." Kelly Ann Shaw, a senior U.S. official during Trump's first term who is now with the Akin Gump law firm, said Trump deserved credit for bringing China, the UK and other countries to the negotiating table after years of concerns about U.S. trade deficits. "Whether you agree or disagree with the tactic, at least Trump is thinking outside the box," Shaw said. "They're negotiating some of the deals at record speed, and that is not something that has ever happened before." Waiting for talks Diplomats with the European Union, a top U.S. trade partner that has drawn Trump's ire, are still waiting for in-depth negotiations to begin. And it's unclear how quickly a substantive agreement with China could be reached. U.S. and Chinese negotiators issued a rare joint statement after two days of meetings in Switzerland, but did not set dates or a venue to meet again. The negotiations will also include measures to curb trafficking of fentanyl, the source of Trump's 20% duties on Chinese goods. Democrats and Republicans alike have criticized China for producing too much steel, too many solar panels and other goods and then dumping them in Western markets, but those policies haven't changed despite repeated entreaties. China had long proven resistant to changing its economy and allowing more U.S. companies to compete for orders, Peisch said. "You're up against China's whole theory of its economic policy and how it is operating in the world," she said. Robert Kuttner, co-founder of liberal magazine The American Prospect, said Beijing was not about to jettison its mercantilist system, which benefits from state-led capitalism to create or capture technology and product advantages, "and certainly not in 90 days." Even if agreements were eventually reached in which Beijing pledged to reform its intellectual property laws or lower barriers to entry by U.S. firms, assessing compliance would be extremely difficult, Peisch added. Beijing's failure to fulfill its commitments to vastly increase purchases of U.S. manufactured and farm goods, energy and services in Trump's first-term "Phase 1" agreement also remains a sore point, said Ryan Majerus, a trade lawyer who worked under both the Trump and Biden administrations and is now a partner at King & Spalding. "This is a positive development, but the devil is in the details on where the talks go from here," Majerus said. "We have a lot of longstanding trade concerns with China where the administration will want to see meaningful commitments." Uncertainty reigns Miriam Sapiro, a nonresident fellow at the Center for Strategic and International Studies and former acting USTR chief under then-President Barack Obama, said long-term solutions were needed to resolve deep U.S.-China trade differences, but it would be nearly "nearly impossible" to address non-tariff barriers on the compressed 90-day time line. "What we really need is more consistency. U.S. companies need to be able to plan instead of scramble to reroute supply chains, which can be difficult to do quickly. And American families are quite spooked by the impact these and other tariffs are going to have on their pocketbook," she said. Matt Priest, President and CEO of the Footwear Distributors and Retailers of America, agreed the deal marked a good step toward easing tensions, but said high tariffs remained in place on some Chinese imports, including some shoes facing duties approaching 90%. "We're not across the finish line yet."
Time of India
13-05-2025
- Business
- Time of India
Trump's tariff blitz yields deals but misses global trade fix
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Donald Trump's tariff blitz is yielding some initial deals, including a 90-day pause in sky-high U.S. and Chinese duties and a limited trade pact with Britain, but the U.S. president is far from rebalancing global commerce flows, trade experts and analysts weekend U.S.-China tariff truce unleashed a surge in global stock prices and may stave off damage from price spikes and critical minerals shortages until August, but does nothing to address longstanding U.S. complaints about China's state-dominated, export-driven economic it sets a tight new deadline for complex negotiations with Beijing that will take place alongside talks with dozens of other countries facing an earlier, July 8 deadline to avoid higher tariffs - stretching the Trump administration's limited negotiating other early Trump trade deals are expected in the coming weeks, with Switzerland, India and Japan likely to lead the pack. But like the British deal, these are expected to be agreements in principle, with more work to finalize them, and durably shifting supply chains and trade flows can take years to accomplish."The jury's still out, and we won't be able for some time to look back and say this was a successful strategy," said Greta Peisch, a former senior trade official under President Joe Biden who is now a partner in the Wiley Rein law firm. "This is round one."Kelly Ann Shaw, a senior U.S. official during Trump's first term who is now with the Akin Gump law firm, said Trump deserved credit for bringing China, the UK and other countries to the negotiating table after years of concerns about U.S. trade deficits."Whether you agree or disagree with the tactic, at least Trump is thinking outside the box," Shaw said. "They're negotiating some of the deals at record speed, and that is not something that has ever happened before."Diplomats with the European Union, a top U.S. trade partner that has drawn Trump's ire, are still waiting for in-depth negotiations to it's unclear how quickly a substantive agreement with China could be reached.U.S. and Chinese negotiators issued a rare joint statement after two days of meetings in Switzerland, but did not set dates or a venue to meet again. The negotiations will also include measures to curb trafficking of fentanyl, the source of Trump's 20% duties on Chinese and Republicans alike have criticized China for producing too much steel, too many solar panels and other goods and then dumping them in Western markets, but those policies haven't changed despite repeated had long proven resistant to changing its economy and allowing more U.S. companies to compete for orders, Peisch said. "You're up against China's whole theory of its economic policy and how it is operating in the world," she Kuttner, co-founder of liberal magazine The American Prospect, said Beijing was not about to jettison its mercantilist system, which benefits from state-led capitalism to create or capture technology and product advantages, "and certainly not in 90 days."Even if agreements were eventually reached in which Beijing pledged to reform its intellectual property laws or lower barriers to entry by U.S. firms, assessing compliance would be extremely difficult, Peisch failure to fulfill its commitments to vastly increase purchases of U.S. manufactured and farm goods, energy and services in Trump's first-term "Phase 1" agreement also remains a sore point, said Ryan Majerus, a trade lawyer who worked under both the Trump and Biden administrations and is now a partner at King & Spalding."This is a positive development, but the devil is in the details on where the talks go from here," Majerus said. "We have a lot of longstanding trade concerns with China where the administration will want to see meaningful commitments."Miriam Sapiro, a nonresident fellow at the Center for Strategic and International Studies and former acting USTR chief under then-President Barack Obama, said long-term solutions were needed to resolve deep U.S.-China trade differences, but it would be nearly "nearly impossible" to address non-tariff barriers on the compressed 90-day time line."What we really need is more consistency. U.S. companies need to be able to plan instead of scramble to reroute supply chains, which can be difficult to do quickly. And American families are quite spooked by the impact these and other tariffs are going to have on their pocketbook," she Priest, President and CEO of the Footwear Distributors and Retailers of America, agreed the deal marked a good step toward easing tensions, but said high tariffs remained in place on some Chinese imports, including some shoes facing duties approaching 90%."We're not across the finish line yet."
Yahoo
13-05-2025
- Business
- Yahoo
Analysis-Trump's tariff blitz yields deals but misses global trade fix
By Andrea Shalal WASHINGTON (Reuters) -Donald Trump's tariff blitz is yielding some initial deals, including a 90-day pause in sky-high U.S. and Chinese duties and a limited trade pact with Britain, but the U.S. president is far from rebalancing global commerce flows, trade experts and analysts said. The weekend U.S.-China tariff truce unleashed a surge in global stock prices and may stave off damage from price spikes and critical minerals shortages until August, but does nothing to address longstanding U.S. complaints about China's state-dominated, export-driven economic model. Instead, it sets a tight new deadline for complex negotiations with Beijing that will take place alongside talks with dozens of other countries facing an earlier, July 8 deadline to avoid higher tariffs - stretching the Trump administration's limited negotiating resources. Some other early Trump trade deals are expected in the coming weeks, with Switzerland, India and Japan likely to lead the pack. But like the British deal, these are expected to be agreements in principle, with more work to finalize them, and durably shifting supply chains and trade flows can take years to accomplish. "The jury's still out, and we won't be able for some time to look back and say this was a successful strategy," said Greta Peisch, a former senior trade official under President Joe Biden who is now a partner in the Wiley Rein law firm. "This is round one." Kelly Ann Shaw, a senior U.S. official during Trump's first term who is now with the Akin Gump law firm, said Trump deserved credit for bringing China, the UK and other countries to the negotiating table after years of concerns about U.S. trade deficits. "Whether you agree or disagree with the tactic, at least Trump is thinking outside the box," Shaw said. "They're negotiating some of the deals at record speed, and that is not something that has ever happened before." WAITING FOR TALKS Diplomats with the European Union, a top U.S. trade partner that has drawn Trump's ire, are still waiting for in-depth negotiations to begin. And it's unclear how quickly a substantive agreement with China could be reached. U.S. and Chinese negotiators issued a rare joint statement after two days of meetings in Switzerland, but did not set dates or a venue to meet again. The negotiations will also include measures to curb trafficking of fentanyl, the source of Trump's 20% duties on Chinese goods. Democrats and Republicans alike have criticized China for producing too much steel, too many solar panels and other goods and then dumping them in Western markets, but those policies haven't changed despite repeated entreaties. China had long proven resistant to changing its economy and allowing more U.S. companies to compete for orders, Peisch said. "You're up against China's whole theory of its economic policy and how it is operating in the world," she said. Robert Kuttner, co-founder of liberal magazine The American Prospect, said Beijing was not about to jettison its mercantilist system, which benefits from state-led capitalism to create or capture technology and product advantages, "and certainly not in 90 days." Even if agreements were eventually reached in which Beijing pledged to reform its intellectual property laws or lower barriers to entry by U.S. firms, assessing compliance would be extremely difficult, Peisch added. Beijing's failure to fulfill its commitments to vastly increase purchases of U.S. manufactured and farm goods, energy and services in Trump's first-term "Phase 1" agreement also remains a sore point, said Ryan Majerus, a trade lawyer who worked under both the Trump and Biden administrations and is now a partner at King & Spalding. "This is a positive development, but the devil is in the details on where the talks go from here," Majerus said. "We have a lot of longstanding trade concerns with China where the administration will want to see meaningful commitments." UNCERTAINTY REIGNS Miriam Sapiro, a nonresident fellow at the Center for Strategic and International Studies and former acting USTR chief under then-President Barack Obama, said long-term solutions were needed to resolve deep U.S.-China trade differences, but it would be nearly "nearly impossible" to address non-tariff barriers on the compressed 90-day time line. "What we really need is more consistency. U.S. companies need to be able to plan instead of scramble to reroute supply chains, which can be difficult to do quickly. And American families are quite spooked by the impact these and other tariffs are going to have on their pocketbook," she said. Matt Priest, President and CEO of the Footwear Distributors and Retailers of America, agreed the deal marked a good step toward easing tensions, but said high tariffs remained in place on some Chinese imports, including some shoes facing duties approaching 90%. "We're not across the finish line yet." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
