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The Independent
an hour ago
- Business
- The Independent
China promises to help companies slammed by tariffs, as talks with the US left in limbo
China's top leaders have pledged to help companies slammed by higher U.S. tariffs but held back on major moves after trade talks with the U.S. this week kept businesses and planners in limbo. At their summer economic planning meeting, the powerful Politburo of the ruling Communist Party pledged to stabilize foreign trade and investment. 'We must assist foreign trade enterprises that have been severely impacted, strengthen financing support, and promote the integrated development of domestic and foreign trade,' the official Xinhua News Agency said in reporting the closed door meeting. It mentioned export tax rebates and free trade pilot zones but gave no other specifics. The inconclusive outcome of two days of trade talks in Stockholm, Sweden, leaves open the question of higher tariffs on Chinese exports to the United States. Chinese Vice Premier He Lifeng said the two sides had agreed to work on extending a deadline for higher tariffs. The U.S. side said the extension was discussed, but not decided. U.S. Treasury Secretary Scott Bessent told reporters after the talks that President Donald Trump would decide whether to extend the Aug. 12 deadline for reaching an agreement or to let tariffs that have been paused for 90 days to 'boomerang' back to a higher level. 'We haven't given the sign-off,' Bessent said, though he emphasized that the talks had been 'very constructive.' China remains one of the biggest challenges for the Trump administration after it has struck deals over elevated tariff rates with other key trading partners — including Britain, Japan and the European Union. Many analysts had expected that the Stockholm talks would result in an extension of current tariff levels, which currently stand at a U.S. tariff of 30% on Chinese goods and a Chinese tariff of 10% on U.S. products, far lower than the triple-digit percentage rates raised in April. The truce in the tariffs war to allow time for talks, agreed on in early May to allow time for negotiations, allowed exporters and other traders to ramp up shipments in hopes of beating any higher tariffs that might follow. The meeting headed by Chinese leader Xi Jinping mostly reiterated Beijing's priorities for the year, including a need to 'unleash domestic demand' which has lagged, leading to a surge of exports by industries unable to find growth at home. It also stressed the need to promote jobs and prevent a 'large scale relapse into poverty.' The economy 'has demonstrated strong vitality and resilience,' the Xinhua report said. But it acknowledged many risks and challenges. That includes reining in brutal competition that has led to damaging price wars among automakers and some other manufacturers and managing excess capacity in some industries, it said. China's economy expanded at a 5.2% annual pace in April-July, slowing slightly from the previous quarter. But analysts have said actual growth may have been significantly slower. Even with the hiatus in higher tariffs, companies are feeling a pinch. Industrial profits in China fell 1.8% in the first half of the year and 4.3% in June, according to data released earlier this week. It's unclear what level of tariffs might eventually be imposed on Chinese exports to the United States. Chinese Foreign Ministry spokesman Guo Jiakun said Thursday that Beijing hopes the U.S. side would follow through on the 'important consensus' reached between Trump and Xi in a phone call to promote stable relations between the world's two largest economies. But Guo reiterated China's stance on its U.S. objections to its purchases of oil and gas from Russia, which Bessent raised during the talks in Stockholm, threatening more tariffs. 'China will take reasonable measures to ensure energy security in accordance with its national interests,' Guo said. 'There are no winners in a tariff war. Coercion and pressure will not solve the problem. China will resolutely safeguard its sovereignty, security and development interests.'
Khaleej Times
a day ago
- Business
- Khaleej Times
Chinese, US officials meet for 2nd day of trade talks in Stockholm
Chinese and US delegations met for their second day of trade negotiations in Stockholm, with both sides said to be aiming to extend a truce due to end in two weeks' time. AFP journalists saw officials from both sides, led respectively by Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent, enter the Swedish government building serving as the talks venue. Neither side has so far made public any information about what has gone on in the talks, which started on Monday. The negotiations are happening in the wake of a US-EU trade deal struck over the weekend that set US tariffs on most EU imports at 15 per cent, but none on US goods going to the EU. The truce between China and the United States, the countries with the worlds two top economies, has temporarily set US duties on Chinese goods at 30 per cent, and Chinese levies on US ones at 10 percent. That accord, reached in Geneva in May, brought down triple-digit tariffs each side had levelled at the other after a trade war sparked by US President Donald Trump spiralled into a tit-for-tat bilateral escalation. The 90-day truce is meant to end on August 12. But there are indications both delegations want to use the Stockholm talks to push the date back further. The South China Morning Post, citing sources on both sides, reported on Sunday that Washington and Beijing are expected to extend their tariff pause by a further 90 days. Trump has threatened to hit dozens of other countries with stiffer tariffs from Friday this week unless they agree to trade deals with Washington. Among them are Brazil and India, which he has warned could be targeted for 50-per cent tariffs. The US leader has already announced deal outlines with five countries —Britain, Vietnam, Japan, Indonesia and the Philippines — as well as the one with the 27-nation EU. Beijing says it wants to see "reciprocity" in its trade with the United States. Foreign ministry spokesman Guo Jiakun said dialogue was need "to reduce misunderstandings". The previous round of of China-US talks was held in London. Analysts said many of the trade deals Trump has been publicising were leaning more on optics than on details. Stephen Innes, managing partner at SPI Asset Management, a firm that advises on currency exchange and commodities, said an extension of the 90-day truce between China and the United States could reinforce that view. "That truce could set the stage for a Trump – (President) Xi (Jinping) handshake later this year — another risk-on carrot for markets to chew," he said.
Bloomberg
a day ago
- Business
- Bloomberg
US, China Start Second Day of Talks for Tariff Truce Extension
US and Chinese officials started a second day of talks aimed at extending their tariff truce beyond a 90-day period that expires in two weeks and discussing ways to maintain trade ties while safeguarding economic security. Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent arrived before 10:30 a.m. in Stockholm for their third round of meetings in less than three months. The agenda includes giving more time for negotiations on issues including export controls and US levies tied to fentanyl trafficking, as well as Chinese purchases of sanctioned oil from Russia and Iran.
The Standard
a day ago
- Business
- The Standard
Top Chinese, US trade officials huddle in Sweden for second day of thorny talks over tariffs
Swedish prime minister Ulf Kristersson, center left, gestures as he greets Chinese vice prime minister He Lifeng, center, at Rosenbad before trade talks between the US and China in Stockholm, Sweden, Monday, July 28, 2025. (Fredrik Sandberg/TT News Agency via AP)
The Standard
a day ago
- Business
- The Standard
China and US wrap first day of trade talks
Swedish Prime Minister Ulf Kristersson greets Chinese Vice Premier He Lifeng at Rosenbad before trade talks between the U.S. and China in Stockholm, Sweden July 28, 2025. TT News Agency/Fredrik Sandberg via REUTERS
