Latest news with #ChinaUS
Reuters
5 hours ago
- Business
- Reuters
China tells US envoy Washington must get ties back on 'right track'
BEIJING, June 3 (Reuters) - The U.S. should create the necessary conditions for bilateral relations to get back onto "the right track," China's Foreign Minister Wang Yi told the U.S. ambassador to Beijing on Tuesday, according to a ministry statement. After trade talks last month in Geneva, China has "conscientiously and strictly" implemented the consensus reached by both sides, but it is "regrettable that the U.S. recently introduced a series of 'negative' measures", which China firmly opposes, Wang told Ambassador David Perdue. Bilateral relations are at a critical juncture, and dialogue and cooperation are "the only correct choice," Wang said. Perdue said in an X post after the meeting that he had emphasized U.S. President Donald Trump's priorities on trade, fentanyl, and illegal immigration, adding that "communication is vital" to U.S.-China relations. Trump on Friday accused China of violating a bilateral deal to roll back tariffs and trade restrictions，and the U.S. has ordered curbs on chip design software and other shipments to China. The Geneva truce to dial back triple-digit tariffs for 90 days prompted a massive relief rally in global stocks. But it did nothing to address the underlying reasons for Trump's tariffs on Chinese goods, mainly longstanding U.S. complaints about China's state-dominated, export-driven economic model. Senior U.S. officials have said this week that Trump and Chinese President Xi Jinping would speak soon to iron out trade issues, including a dispute over critical minerals and China's restrictions on exports of certain minerals. White House Press Secretary Karoline Leavitt told a regular news briefing on Tuesday the Trump administration "is actively monitoring China's compliance with the Geneva trade agreement," and added that "there will be a leader to leader talk very soon."
Free Malaysia Today
19 hours ago
- Business
- Free Malaysia Today
China factory activity hits lowest since 2022
China and the US agreed to temporarily halt most tit-for-tat tariffs on each other's goods, providing some much-needed relief to global markets. (AP pic) BEIJING : Chinese factory activity hit a more than two-year low in May, a closely watched survey showed today, as a detente in Beijing's trade war with Washington was offset by ongoing domestic problems in the world's number two economy. China and the US agreed last month to temporarily halt most tit-for-tat tariffs on each other's goods, providing some much-needed relief to global markets. However, the standoff has still piled further pressure on China's economy, which already faced a long-running real-estate crisis, sluggish consumption and high levels of local government debt. The Caixin purchasing managers' index, independently calculated by S&P Global and Chinese business outlet Caixin, fell to 48.3 in May, well below the 50-point threshold separating expansion from contraction. The figure was the lowest since September 2022 and well below the 50.4 seen in April. It was also sharply off the 50.7 forecast in a Bloomberg survey of economists. 'The surprisingly sharp fall… means that the survey data now point to a loss of economic momentum last month,' said Zichun Huang, China economist at Capital Economics. 'Domestic headwinds (are) more than offsetting the boost from the US-China trade truce,' she said. Wang Zhe, senior economist at Caixin Insight Group, said the slowdown was linked to 'sluggish external demand, which fell for a second straight month'. The country should target effective measures to boost domestic demand by improving household incomes, Wang added. Official data from the National Bureau of Statistics (NBS) on Saturday showed a less severe contraction in the factory sector last month. While the NBS figure focuses on large state-owned industrial groups, the Caixin index primarily surveys small and medium-sized enterprises. However, in a positive sign, a business sentiment survey by S&P Global and Caixin showed a slight improvement in May after a record drop in April, thanks to expectations of stronger foreign trade through the rest of the year.
Malay Mail
21 hours ago
- Business
- Malay Mail
Asian markets rise as traders eye possible Trump-Xi talks
HONG KONG, June 3 — Asian stocks rallied Tuesday as investors kept tabs on developments in the China-US trade war amid speculation the countries' leaders will hold talks soon. After a period of relative calm on the tariff front, Donald Trump at the weekend accused Beijing of violating last month's deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium. The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping — possibly this week — has given investors some hope for a positive outcome. Meanwhile, oil prices extended Monday's surge on a weak dollar and Ukraine's strike on Russian bombers parked deep inside the country that stoked geopolitical concerns as well as stuttering US-Iran nuclear talks. Trump has expressed confidence that a talk with Xi could ease trade tensions, even after his latest volley against the Asian superpower threatened their weeks-old tariff truce. 'They violated a big part of the agreement we made,' he said Friday. 'But I'm sure that I'll speak to President Xi, and hopefully we'll work that out.' It is unclear if Xi is keen on a conversation — the last known call between them was in the days before Trump's inauguration in January — but the US president's economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week. US Treasury Secretary Scott Bessent — who last week warned negotiations with China were 'a bit stalled' — said at the weekend the leaders could speak 'very soon'. Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development (OECD) ministerial meeting in Paris on Wednesday. While there has been no movement on the issue, investors took the opportunity on Tuesday to pick up recently sold shares. Hong Kong gained more than one per cent while Shanghai returned from a long weekend on the front foot. There were also gains in Tokyo, Sydney, Wellington, Singapore, Taipei and Manila. Seoul was closed for a presidential election. Deals queued up? The advances followed a positive day on Wall Street led by tech giants in the wake of a forecast-beating earnings report from chip titan Nvidia. Still, National Australia Bank's Rodrigo Catril remained nervous after Trump's latest salvos. 'The lift in tariffs is creating another layer of uncertainty and tension,' he wrote in a commentary. 'European articles suggest the lift in tariffs doesn't bode well for negotiations with the region (and) UK steelmakers call Trump doubling tariffs 'another body blow',' he added. 'The steel and aluminium tariffs also apply to Canada, so they will likely elicit some form of retaliation from there and while US-China trade negotiations are deteriorating due to rare earth, student visas and tech restrictions, steel tariffs will also affect China.' Separately, US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India 'in the not too distant future', adding that he was 'very optimistic'. And Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations amid speculation of a deal as early as this month. Also in focus is Trump's signature 'big, beautiful bill' that is headlined by tax cuts slated to add up to US$3 trillion (RM12.7 trillion) to the nation's debt. Senators have started weeks of what is certain to be fierce debate over the mammoth policy package, which partially covers an extension of Trump's 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans. Oil prices extended Monday's surge that saw West Texas Intermediate briefly jump five per cent on concerns about an escalation of the Russia-Ukraine conflict and suggestions Washington could hit Moscow with stricter sanctions. That compounded news that the Opec+ producers' grouping had agreed a smaller-than-expected increase in crude production. Traders were also monitoring tensions over Iran's nuclear programme after Tehran said it would not accept an agreement that deprives it of what it calls 'peaceful activities'. — AFP
Yahoo
21 hours ago
- Business
- Yahoo
Asian markets rise as traders eye possible Trump-Xi talks
Asian stocks rallied Tuesday as investors kept tabs on developments in the China-US trade war amid speculation the countries' leaders will hold talks soon. After a period of relative calm on the tariff front, Donald Trump at the weekend accused Beijing of violating last month's deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium. The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping -- possibly this week -- has given investors some hope for a positive outcome. Meanwhile, oil prices extended Monday's surge on a weak dollar and Ukraine's strike on Russian bombers parked deep inside the country that stoked geopolitical concerns as well as stuttering US-Iran nuclear talks. Trump has expressed confidence that a talk with Xi could ease trade tensions, even after his latest volley against the Asian superpower threatened their weeks-old tariff truce. "They violated a big part of the agreement we made," he said Friday. "But I'm sure that I'll speak to President Xi, and hopefully we'll work that out." It is unclear if Xi is keen on a conversation -- the last known call between them was in the days before Trump's inauguration in January -- but the US president's economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week. US Treasury Secretary Scott Bessent -- who last week warned negotiations with China were "a bit stalled" -- said at the weekend the leaders could speak "very soon". Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development (OECD) ministerial meeting in Paris on Wednesday. While there has been no movement on the issue, investors took the opportunity on Tuesday to pick up recently sold shares. Hong Kong gained more than one percent while Shanghai returned from a long weekend on the front foot. There were also gains in Tokyo, Sydney, Wellington, Singapore, Taipei and Manila. Seoul was closed for a presidential election. - Deals queued up? - The advances followed a positive day on Wall Street led by tech giants in the wake of a forecast-beating earnings report from chip titan Nvidia. Still, National Australia Bank's Rodrigo Catril remained nervous after Trump's latest salvos. "The lift in tariffs is creating another layer of uncertainty and tension," he wrote in a commentary. "European articles suggest the lift in tariffs doesn't bode well for negotiations with the region (and) UK steelmakers call Trump doubling tariffs 'another body blow'," he added. "The steel and aluminium tariffs also apply to Canada, so they will likely elicit some form of retaliation from there and while US-China trade negotiations are deteriorating due to rare earth, student visas and tech restrictions, steel tariffs will also affect China." Separately, US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India "in the not too distant future", adding that he was "very optimistic". And Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations amid speculation of a deal as early as this month. Also in focus is Trump's signature "big, beautiful bill" that is headlined by tax cuts slated to add up to $3 trillion to the nation's debt. Senators have started weeks of what is certain to be fierce debate over the mammoth policy package, which partially covers an extension of Trump's 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans. Oil prices extended Monday's surge that saw West Texas Intermediate briefly jump five percent on concerns about an escalation of the Russia-Ukraine conflict and suggestions Washington could hit Moscow with stricter sanctions. That compounded news that the OPEC+ producers' grouping had agreed a smaller-than-expected increase in crude production. Traders were also monitoring tensions over Iran's nuclear programme after Tehran said it would not accept an agreement that deprives it of what it calls "peaceful activities". - Key figures at around 0230 GMT - Tokyo - Nikkei 225: UP 0.2 percent at 37,546.85 (break) Hong Kong - Hang Seng Index: UP 1.2 percent at 23,425.37 Shanghai - Composite: UP 0.2 percent at 3,352.06 Euro/dollar: DOWN at $1.1431 from $1.1443 on Monday Pound/dollar: DOWN at $1.3532 from $1.3548 Dollar/yen: UP at 143.05 yen from 142.71 yen Euro/pound: UP at 84.48 pence from 84.46 pence West Texas Intermediate: UP 1.0 percent at $63.16 per barrel Brent North Sea Crude: UP 0.9 percent at $65.22 per barrel New York - Dow: UP 0.1 percent at 42,305.48 points (close) London - FTSE 100: FLAT at 8,774.26 (close) dan/sco
CNA
a day ago
- Business
- CNA
Asian markets rise as traders eye possible Trump-Xi talks
HONG KONG: Asian stocks rallied on Tuesday (Jun 3) as investors kept tabs on developments in the China-US trade war amid speculation the countries' leaders will hold talks soon. After a period of relative calm on the tariff front, Donald Trump at the weekend accused Beijing of violating last month's deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium. The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping - possibly this week - has given investors some hope for a positive outcome. Meanwhile, oil prices extended Monday's surge on a weak dollar and Ukraine's strike on Russian bombers parked deep inside the country that stoked geopolitical concerns as well as stuttering US-Iran nuclear talks. Trump has expressed confidence that a talk with Xi could ease trade tensions, even after his latest volley against the Asian superpower threatened their weeks-old tariff truce. "They violated a big part of the agreement we made," he said Friday. "But I'm sure that I'll speak to President Xi, and hopefully we'll work that out." It is unclear if Xi is keen on a conversation - the last known call between them was in the days before Trump's inauguration in January - but the US president's economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week. US Treasury Secretary Scott Bessent - who last week warned negotiations with China were "a bit stalled" - said at the weekend the leaders could speak "very soon". Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development (OECD) ministerial meeting in Paris on Wednesday. While there has been no movement on the issue, investors took the opportunity on Tuesday to pick up recently sold shares. Hong Kong gained more than 1 per cent while Shanghai returned from a long weekend on the front foot. There were also gains in Tokyo, Sydney, Wellington, Singapore, Taipei and Manila. DEALS QUEUED UP? The advances followed a positive day on Wall Street led by tech giants in the wake of a forecast-beating earnings report from chip titan Nvidia. Still, National Australia Bank's Rodrigo Catril remained nervous after Trump's latest salvos. "The lift in tariffs is creating another layer of uncertainty and tension," he wrote in a commentary. "European articles suggest the lift in tariffs doesn't bode well for negotiations with the region (and) UK steelmakers call Trump doubling tariffs 'another body blow'," he added. "The steel and aluminium tariffs also apply to Canada, so they will likely elicit some form of retaliation from there and while US-China trade negotiations are deteriorating due to rare earth, student visas and tech restrictions, steel tariffs will also affect China." Separately, US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India"in the not too distant future", adding that he was "very optimistic". And Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations amid speculation of a deal as early as this month. Also in focus is Trump's signature "big, beautiful bill" that is headlined by tax cuts slated to add up to US$3 trillion to the nation's debt. Senators have started weeks of what is certain to be fierce debate over the mammoth policy package, which partially covers an extension of Trump's 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans. Oil prices extended Monday's surge that saw West Texas Intermediate briefly jump 5 per cent on concerns about an escalation of the Russia-Ukraine conflict and suggestions Washington could hit Moscow with stricter sanctions. That compounded news that the OPEC+ producers' grouping had agreed a smaller-than-expected increase in crude production. Traders were also monitoring tensions over Iran's nuclear programme after Tehran said it would not accept an agreement that deprives it of what it calls "peaceful activities".
