Latest news with #Besant
Saba Yemen
02-06-2025
- Business
- Saba Yemen
United States Does Not Seek to Decouple Its Economy from China
Washington - (Saba): US Treasury Secretary Scott Besant announced that the United States does not seek to decouple its economy from China, but rather intends to mitigate the alleged risks emanating from it. CBS News quoted Besant as saying, commenting on the economic and trade relations between Washington and Beijing: "What we are seeking is to mitigate the risks. We don't want decoupling, but we need to mitigate them." Besant confirmed that this includes semiconductors, pharmaceuticals, and other commodities, as well as rare earth and base metals. The US Treasury Secretary added that he expects a quick conversation between US President Donald Trump and Chinese President Xi Jinping to discuss relations between the two countries. US President Donald Trump said last Friday that China had "totally violated" the tariff agreement signed with Washington. Trump wrote on his social media platform, Truth Social: "I made a quick deal with China to bail them out of what I thought would be a very bad situation, and I didn't want to see that happen. Thanks to this deal, things settled down quickly, and China went back to business as usual. Everyone was happy! That's the good news!!!" He continued: "The bad news is that China, which may not be surprising to some, completely violated their agreement with us. That's all there is to it," Trump said, without providing further details. Whatsapp Telegram Email Print
Saba Yemen
14-05-2025
- Business
- Saba Yemen
Customs duty reductions take effect
Beijing - (Saba): An agreement between China and the United States to lift a portion of the additional tariffs imposed between the two countries took effect on Wednesday. China's Xinhua News Agency reported that the United States and China announced on Monday the suspension of a portion of their tariffs for 90 days, according to a joint statement. US Treasury Secretary Scott Besant said, "We will continue to work with China on trade relations, and the agreement with China is historic and unmatched by any previous US president." Besant announced the reduction of US tariffs on Chinese goods to 30 percent for 90 days. China, meanwhile, announced the reduction of tariffs on the US from 125 percent to 10 percent for 90 days. Whatsapp Telegram Email Print
See - Sada Elbalad
11-05-2025
- Business
- See - Sada Elbalad
US, China Talks Make "Substantial Progress" toward Defusing Trade War
Taarek Refaat US Treasury Secretary Scott Besant said on Sunday that talks in Geneva between the US and Chinese Vice Premier He Lifeng had made "substantial progress" toward defusing the trade war between the world's two largest economies. Besant added that he would provide more details on Monday, while US Trade Representative Jameson Greer, who also attended the talks, said that the differences between the two sides were not as significant as previously thought. "I am pleased to report that we have made substantive progress between the United States and China in these very important trade talks," Besant told reporters. He added that he had informed President Donald Trump of the progress made in the talks and that a full briefing on the details would be issued on Monday. The talks continued for a second day on Sunday, as the two sides discussed how to de-escalate the trade war, which threatens to significantly damage the global economy. US Trade Representative Jameson Greer said, "The talks were very constructive. It is important to recognize how quickly we reached an agreement, which reflects that the differences may not have been as significant as we had thought." He added, "However, we have made great efforts over these two days. Just remember the reason we are here in the first place: the United States has a massive trade deficit of $1.2 trillion. That is why the President declared a national emergency and imposed tariffs. We are confident that the agreement we have reached with our Chinese partners will help us work toward resolving this national emergency." On his part, the Vice Chairman of the Chinese International Council confirmed that the trade talks with the United States were constructive and had made progress. He said, "China's position on the trade war is clear and consistent." He noted that an agreement was reached to establish a consultation mechanism on trade and economic issues. He stressed that "we will work to enhance certainty and stability in the global economy." In an effort to defuse the trade war that threatens to severely damage the global economy, senior officials from the United States and China met again in Geneva on Sunday to resume talks that began on Saturday. Senior U.S. and Chinese officials concluded the first day of talks in Geneva aimed at defusing a trade war that threatens to deal a severe blow to the global economy. Chinese Vice Premier He Lifeng held a nearly eight-hour meeting with US Treasury Secretary Scott Besant and US Trade Representative Jameson Greer, the first face-to-face meeting between the two sides since the world's two largest economies imposed tariffs exceeding 100% on each other's imports, according to Reuters. Besant and Greer met with He in Geneva after weeks of escalating tensions following President Trump's February tariffs, which Beijing responded with retaliatory measures, bringing annual bilateral trade of nearly $600 billion to a near standstill. This trade standoff, along with Trump's decision last month to impose tariffs on dozens of other countries, has disrupted supply chains, rattled financial markets, and increased fears of a severe global economic recession. Beijing, for its part, rejects what it sees as foreign interference and demands that Washington lower tariffs, clarify which goods it wants China to purchase in greater quantities, and be treated as an equal on the international stage. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Iraqi News
10-04-2025
- Business
- Iraqi News
US Treasury Secretary: More than 75 countries have requested trade agreements
Follow-up - INA US Treasury Secretary Scott Besant confirmed that more than 75 countries have contacted the United States to negotiate new trade agreements following President Donald Trump's decision to suspend tariff increases for 90 days for most countries, while raising tariffs on Chinese imports to 125%. Speaking at the American Bankers Association conference, Besant noted that "many countries, including Japan, South Korea, and Vietnam, have expressed interest in negotiating trade agreements with the United States." He added that "this move aims to build a united front to address trade issues with China." In addition, Besant confirmed that "the US administration has approximately 70 negotiations pending with foreign governments," noting that "these tariffs represent a negotiating ceiling that could be lowered if the countries involved do not take retaliatory measures." These developments come amid escalating trade tensions between the United States and China, with the US raising tariffs on Chinese imports to 125%, escalating the trade dispute between the two countries.
