Latest news with #HeLifeng
South China Morning Post
8 hours ago
- Business
- South China Morning Post
US Treasury chief says trade talks with China to continue next week in Sweden
US Treasury Secretary Scott Bessent said on Tuesday that he would meet his Chinese counterparts in Sweden next week to continue trade talks between the two countries, suggesting the current pause in sky-high tariffs could be extended. Bessent told Fox Business that he would be speaking with Chinese officials on Monday and Tuesday for a third round of high-level talks in Stockholm – following face-to-face discussions he held with Chinese Vice Premier He Lifeng in Geneva and London – to work out a likely extension of the pause beyond mid-August. Beijing has yet to confirm the Stockholm talks, but Swedish Prime Minister Ulf Kristersson confirmed in a post on X on Tuesday that his country would play host to the US-China negotiations next week. After US President Donald Trump's announcement of 'reciprocal' tariffs on April 2, Washington and Beijing raised punitive levies on each other's exports to triple-digit percentage levels. Since then, trade relations have thawed somewhat as the countries have engaged in talks, marked by a June telephone call between Trump and Chinese President Xi Jinping. On Monday Bessent said that the talks were 'in a good place', a sanguine take on negotiations echoed by Beijing's embassy in Washington, which said 'new progress' had been made in resolving each other's economic and trade concerns.
Reuters
10 hours ago
- Business
- Reuters
US, China to discuss tariff deadline extension in Stockholm, Bessent says
WASHINGTON, July 22 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week in Stockholm and discuss what is likely to be an extension of an August 12 deadline for a deal to avert sharply higher tariffs. Bessent told Fox Business Network's Mornings With Maria program that trade with China was in "a very good place" and the meetings in Stockholm would take place next Monday and Tuesday. "I think we've actually moved to a new level with China, where it's very constructive and... we're going to be able to get a lot of things done now that trade has kind of settled in at a good level," Bessent said. Swedish Prime Minister Ulf Kristersson confirmed in a post on X that Sweden will host the U.S.-China trade talks early next week. "It is positive that both countries wish to meet in Sweden to seek mutual understanding," Kristersson said. China's embassy in Washington did not immediately respond to a request for comment to confirm the planned meetings and Chinese participants. Since mid-May, Bessent has met twice with Chinese Vice Premier He Lifeng in Geneva and London to work out and refine a temporary trade truce that dialed back dueling triple-digit retaliatory tariffs that threatened to cut off all trade between the world's two largest economies. U.S. Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick, China's Commerce Minister Wang Wentao and chief trade negotiator Li Chenggang also participated in those talks. In talks so far, China has agreed to end its export ban on rare earth metals and magnets to the U.S., while the U.S. agreed to restart shipments of semiconductor design software and production materials, as well as commercial aircraft engines and other goods to China. But the two sides set a 90-day deadline to resolve deeper issues, including U.S. complaints about China's state-led and subsidized export-driven economic model that has created excess manufacturing capacity in China that is flooding world markets with cheap goods. China denies that it subsidizes its industries and attributes their export success to innovation. Tariffs could snap back to 145% on the U.S. side and 125% on the Chinese side without a deal or negotiating extension. "We'll be working out what is likely an extension" at the Stockholm talks, Bessent said, adding that U.S. officials would discuss other issues, including reducing China's over-reliance on manufacturing and exports. "Hopefully we can see the Chinese pull back on some of this glut of manufacturing that they're doing and concentrate on building a consumer economy," Bessent said. He said he also wants to issue warnings to China about continuing to buy sanctioned Russian and Iranian oil and China's efforts to aid Russia's war against Ukraine. Bessent said that there was bipartisan support in the U.S. Senate for legislation aimed at imposing tariffs of 100% on goods from countries that continue to buy Russian oil, namely China and India. "I'm going to be in touch with my European counterparts. The Europeans that have talked a big game about sanctioning Russia, and it'll be very important for the Europeans to also be willing to put on these high level of secondary tariffs for sanctioned Russian oil." He said that the U.S. was poised to announce "a rash of trade deals" with other countries, and Japan could be among these despite an election setback for Japan's ruling party and difficult negotiations. "I wouldn't be surprised if we aren't able to iron out something with Japan pretty quickly," Bessent said. Nonetheless, he said that for most countries, tariffs would "boomerang" back towards April 2 levels from the current 10%, but negotiations on trade deals could continue.
South China Morning Post
a day ago
- Business
- South China Morning Post
US Treasury chief says trade talks with China could include Russia, Iran oil purchases
US Treasury Secretary Scott Bessent said on Monday that the Trump administration was in no rush to cut a trade deal with China, but that talks were 'in a good place' as both countries engage in discussions ahead of the expiration of a pause in tariffs next month. Advertisement In an interview with CNBC, Bessent also said he intended to include in his discussions China's purchases of Russian and Iranian oil. 'I think trade is in a good place,' Bessent said, adding that the administration was more concerned with the quality of trade agreements rather than their timing. 'And I think now we can start talking about other things,' he added. As the trade war hit a fever pitch in April and May, the world's two largest economies hiked tariffs on each other's goods to triple-digit levels in a quick-fire, tit-for-tat escalation. Advertisement But after talks in Geneva and London led by Bessent and Chinese Vice-Premier He Lifeng, Washington and Beijing temporarily lowered tariff levels until mid-August while discussions continued.
CNA
6 days ago
- Business
- CNA
China International Supply Chain Expo kicks off in Beijing amid US tariff tensions
Chinese Vice-Premier He Lifeng has criticised policies that seek the return of manufacturing back to home countries through tariffs and restrictions, without mentioning the US by name. The top trade negotiator made the remarks at the opening of the third China International Supply Chain Expo in Beijing. The five-day expo — which was also attended by Nvidia CEO Jensen Huang — features more than 650 companies and institutions from 75 countries and regions. According to state media reports, last year's event led to more than 200 cooperation deals worth 152 billion yuan (US$21 billion). Tan Si Hui reports.
Nikkei Asia
7 days ago
- Business
- Nikkei Asia
Nvidia hopes to sell 'more advanced' chips to China: CEO
Nvidia CEO Jensen Huang attended the China International Supply Chain Expo in Beijing and later met with Chinese Vice Premier He Lifeng on July 16. (Photo by Wataru Suzuki) WATARU SUZUKI BEIJING -- Nvidia CEO Jensen Huang on Wednesday said he hopes to sell more advanced chips to China as he praised the country's manufacturing prowess and artificial intelligence technology during a trip to Beijing. "I hope to get more advanced chips into China than the H20," Huang told reporters in Beijing.
