Latest news with #JulianEvansPritchard
CTV News
15 hours ago
- Business
- CTV News
China navigates delicate U.S. truce while affirming trade consensus
BEIJING — The Chinese commerce ministry said on Friday that Beijing and Washington had stepped up efforts to implement what they had agreed during recent trade talks but cautioned the U.S. against destabilizing their 'hard-won' consensus. China hopes the U.S. can continue to meet it half way and maintain the stability of bilateral trade and economic relations, the commerce ministry said, as the two economic super-powers seek a resolution to their trade tensions. 'We hope the U.S. side will deeply understand the mutually beneficial and win-win nature of China-U.S. economic and trade relations,' it said in a statement. In three separate statements released in the past week about U.S. trade talks, the ministry called on Washington to preserve the positive momentum while also warning other countries against 'making a deal at the expanse of China's interests' with the U.S. Thanks to its trade truce with the U.S., China is not at risk of being slammed by higher tariffs when the 90-day pause on Liberation Day tariffs ends next week, but Trump's trade deals with Britain and Vietnam suggest China may remain an indirect target, said Julian Evans-Pritchard, head of China Economics. 'It seems that Trump is keen to crack down on the rerouting of Chinese exports via third countries, which has diminished the effectiveness of U.S. tariffs,' Evans-Pritchard said. As a July 9 trade deadline for countries to negotiate trade deals with the U.S. nears, Beijing is keen to remind Washington that the success of their trade talks in London did not come about easily. Earlier this year, China retaliated against U.S. tariffs by suspending exports of a wide range of critical minerals and magnets. During U.S.-China trade talks in Geneva in May, Beijing committed to removing the measures imposed since April 2, but the U.S. said those critical materials were not moving as fast as agreed. The breakthrough came during the London talks in June, with both sides agreeing for a framework to implement the Geneva agreement that involved expediting rare earth shipments to the U.S. 'China is currently reviewing and approving eligible export license applications for controlled items,' the commerce ministry said in the statement, referring to its own rare earth export curbs. The U.S. has also taken actions 'to lift a series of restrictive measures against China, and has informed China about the relevant situation,' the ministry said, confirming reports that Washington resumed China-bound exports of chip design software, ethane and jet engines. 'Teams on both sides are stepping up efforts to implement relevant outcomes of the London Framework,' the Chinese ministry said, calling the framework 'hard-won.' Earlier this week, the U.S. sent letters to ethane producers to rescind a restrictive licensing requirement on exports to China imposed in late May and June, after its official confirmed concessions from Beijing over rare earths. Some chip design software developers have restored access to their software and technology for customers in China after Washington lifted similar restrictions. GE Aerospace was also cleared to resume jet engine shipments to China. (Reporting by Xiuhao Chen and Ryan Woo; Editing by Jamie Freed, Alexandra Hudson)
Reuters
17 hours ago
- Business
- Reuters
China navigates delicate US truce while affirming trade consensus
BEIJING, July 4 (Reuters) - The Chinese commerce ministry said on Friday that Beijing and Washington had stepped up efforts to implement what they had agreed during recent trade talks but cautioned the U.S. against destabilising their "hard-won" consensus. China hopes the U.S. can continue to meet it half way and maintain the stability of bilateral trade and economic relations, the commerce ministry said, as the two economic super-powers seek a resolution to their trade tensions. "We hope the U.S. side will deeply understand the mutually beneficial and win-win nature of China-U.S. economic and trade relations," it said in a statement. In three separate statements released in the past week about U.S. trade talks, the ministry called on Washington to preserve the positive momentum while also warning other countries against "making a deal at the expanse of China's interests" with the U.S. Thanks to its trade truce with the U.S., China is not at risk of being slammed by higher tariffs when the 90-day pause on Liberation Day tariffs ends next week, but Trump's trade deals with Britain and Vietnam suggest China may remain an indirect target, said Julian Evans-Pritchard, head of China Economics. "It seems that Trump is keen to crack down on the rerouting of Chinese exports via third countries, which has diminished the effectiveness of U.S. tariffs," Evans-Pritchard said. As a July 9 trade deadline for countries to negotiate trade deals with the U.S. nears, Beijing is keen to remind Washington that the success of their trade talks in London did not come about easily. Earlier this year, China retaliated against U.S. tariffs by suspending exports of a wide range of critical minerals and magnets. During U.S.-China trade talks in Geneva in May, Beijing committed to removing the measures imposed since April 2, but the U.S. said those critical materials were not moving as fast as agreed. The breakthrough came during the London talks in June, with both sides agreeing for a framework to implement the Geneva agreement that involved expediting rare earth shipments to the U.S. "China is currently reviewing and approving eligible export licence applications for controlled items," the commerce ministry said in the statement, referring to its own rare earth export curbs. The U.S. has also taken actions "to lift a series of restrictive measures against China, and has informed China about the relevant situation," the ministry said, confirming reports that Washington resumed China-bound exports of chip design software, ethane and jet engines. "Teams on both sides are stepping up efforts to implement relevant outcomes of the London Framework," the Chinese ministry said, calling the framework "hard-won". Earlier this week, the U.S. sent letters to ethane producers to rescind a restrictive licensing requirement on exports to China imposed in late May and June, after its official confirmed concessions from Beijing over rare earths. Some chip design software developers have restored access to their software and technology for customers in China after Washington lifted similar restrictions. GE Aerospace was also cleared to resume jet engine shipments to China.
Yahoo
20 hours ago
- Business
- Yahoo
China navigates delicate US truce while affirming trade consensus
BEIJING (Reuters) -The Chinese commerce ministry said on Friday that Beijing and Washington had stepped up efforts to implement what they had agreed during recent trade talks but cautioned the U.S. against destabilising their "hard-won" consensus. China hopes the U.S. can continue to meet it half way and maintain the stability of bilateral trade and economic relations, the commerce ministry said, as the two economic super-powers seek a resolution to their trade tensions. "We hope the U.S. side will deeply understand the mutually beneficial and win-win nature of China-U.S. economic and trade relations," it said in a statement. In three separate statements released in the past week about U.S. trade talks, the ministry called on Washington to preserve the positive momentum while also warning other countries against "making a deal at the expanse of China's interests" with the U.S. Thanks to its trade truce with the U.S., China is not at risk of being slammed by higher tariffs when the 90-day pause on Liberation Day tariffs ends next week, but Trump's trade deals with Britain and Vietnam suggest China may remain an indirect target, said Julian Evans-Pritchard, head of China Economics. "It seems that Trump is keen to crack down on the rerouting of Chinese exports via third countries, which has diminished the effectiveness of U.S. tariffs," Evans-Pritchard said. As a July 9 trade deadline for countries to negotiate trade deals with the U.S. nears, Beijing is keen to remind Washington that the success of their trade talks in London did not come about easily. Earlier this year, China retaliated against U.S. tariffs by suspending exports of a wide range of critical minerals and magnets. During U.S.-China trade talks in Geneva in May, Beijing committed to removing the measures imposed since April 2, but the U.S. said those critical materials were not moving as fast as agreed. The breakthrough came during the London talks in June, with both sides agreeing for a framework to implement the Geneva agreement that involved expediting rare earth shipments to the U.S. "China is currently reviewing and approving eligible export licence applications for controlled items," the commerce ministry said in the statement, referring to its own rare earth export curbs. The U.S. has also taken actions "to lift a series of restrictive measures against China, and has informed China about the relevant situation," the ministry said, confirming reports that Washington resumed China-bound exports of chip design software, ethane and jet engines. "Teams on both sides are stepping up efforts to implement relevant outcomes of the London Framework," the Chinese ministry said, calling the framework "hard-won". Earlier this week, the U.S. sent letters to ethane producers to rescind a restrictive licensing requirement on exports to China imposed in late May and June, after its official confirmed concessions from Beijing over rare earths. Some chip design software developers have restored access to their software and technology for customers in China after Washington lifted similar restrictions. GE Aerospace was also cleared to resume jet engine shipments to China.
Yahoo
19-05-2025
- Business
- Yahoo
Asian shares slide and US futures and dollar drop after Wall Street's winning week
HONG KONG (AP) — Asian shares fell Monday and U.S. futures and the dollar weakened after Moody'sRatings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt. The future for the S&P 500 lost 0.9% while that for the Dow Jones Industrial Average fell 0.6%. The U.S. dollar slipped to 145.14 Japanese yen from 145.65 yen. The euro was unchanged at $1.1183. Chinese markets fell after the government said retail sales rose 5.1% in April from a year earlier, less than expected. Growth in industrial output slowed to 6.1% year-on-year from 7.7% in March. That could mean rising inventories if production outpaces demand even more than it already does. But it also may reflect some of the shipping boom before some of U.S. President Donald Trump's tariffs on Chinese goods took effect. 'After an improvement in March, China's economy looks to have slowed again last month, with firms and households turning more cautious due to the trade war,' Julian Evans-Pritchard of Capital Economics said in a report. Hong Kong's Hang Seng lost 0.7% to 23,184.74 and the Shanghai Composite Index edged 0.2% lower to 3,361.72. Tokyo's Nikkei 225 gave up 0.4% to 37,605.85 while the Kospi in Seoul dropped 1% to 2,600.57. Australia's S&P/ASX 200 declined 0.1% to 8,333.80. Taiwan's Taiex was 0.8% lower. Wall Street cruised to a strong finish last week as U.S. stocks glided closer to the all-time high they set just a few months earlier, though it may feel like an economic era ago. The S&P 500 rose 0.7% to 5,958.38 for a fifth straight gain. It has rallied to within 3% of its record set in February after it briefly dropped roughly 20% below it last month. Gains have been driven by hopes that Trump will lower his tariffs against other countries after reaching trade deals with them. The Dow industrials added 0.8% to 42,654.74, and the Nasdaq composite climbed 0.5% to 19,211.10. Trump's trade war sent financial markets reeling because they could slow the economy and drive it into a recession, while also pushing inflation higher. This week featured some encouraging news on each of those fronts. The United States and China announced a 90-day stand-down in most of their punishing tariffs against each other, while a couple of reports on inflation in the United States came in better than economists expected. That uncertainty has been hitting U.S. households and businesses, raising worries that they may freeze their spending and long-term plans. The latest reading in a survey of U.S. consumers by the University of Michigan showed sentiment soured again in May, though the pace of decline wasn't as bad as in prior months. Perhaps more worryingly, expectations for coming inflation keep building, and U.S. consumers are now bracing for 7.3% in the next 12 months, according to the University of Michigan's preliminary survey results. That's up from a forecast of 6.5% a month before. Charter Communications rose 1.8% after it said Friday that it has agreed to merge with Cox Communications in a deal that would combine two of the country's largest cable companies. The resulting company will change its name to Cox Communications and keep Charter's headquarters in Stamford, Connecticut. CoreWeave jumped 22.1% after Nvidia disclosed that it had increased its ownership stake in the company, whose cloud platform helps customers running artificial-intelligence workloads. Nvidia now owns 7% of CoreWeave, up from its nearly 6% stake before CoreWeave's initial public offering of stock in March. Novo Nordisk's stock that trades in the United States fell 2.7% after the Danish company behind the Wegovy drug for weight loss said that Lars Fruergaard Jørgensen will step down as CEO and that the board is looking for his successor. The company cited 'recent market challenges' and how the stock has been performing recently. Hope remains that this week's better-than-expected signals on inflation could give the Federal Reserve more leeway to cut interest rates later this year if high tariffs drag down the U.S. economy. In oil trading early Monday, U.S. benchmark crude oil lost 18 cents to $61.79 per barrel. Brent crude, the international standard, gave up 20 cents to $65.21 per barrel.
Yahoo
19-05-2025
- Business
- Yahoo
Asian shares slide and US futures and dollar drop after Wall Street's winning week
HONG KONG (AP) — Asian shares fell Monday and U.S. futures and the dollar weakened after Moody'sRatings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt. The future for the S&P 500 lost 0.9% while that for the Dow Jones Industrial Average fell 0.6%. The U.S. dollar slipped to 145.14 Japanese yen from 145.65 yen. The euro was unchanged at $1.1183. Chinese markets fell after the government said retail sales rose 5.1% in April from a year earlier, less than expected. Growth in industrial output slowed to 6.1% year-on-year from 7.7% in March. That could mean rising inventories if production outpaces demand even more than it already does. But it also may reflect some of the shipping boom before some of U.S. President Donald Trump's tariffs on Chinese goods took effect. 'After an improvement in March, China's economy looks to have slowed again last month, with firms and households turning more cautious due to the trade war,' Julian Evans-Pritchard of Capital Economics said in a report. Hong Kong's Hang Seng lost 0.7% to 23,184.74 and the Shanghai Composite Index edged 0.2% lower to 3,361.72. Tokyo's Nikkei 225 gave up 0.4% to 37,605.85 while the Kospi in Seoul dropped 1% to 2,600.57. Australia's S&P/ASX 200 declined 0.1% to 8,333.80. Taiwan's Taiex was 0.8% lower. Wall Street cruised to a strong finish last week as U.S. stocks glided closer to the all-time high they set just a few months earlier, though it may feel like an economic era ago. The S&P 500 rose 0.7% to 5,958.38 for a fifth straight gain. It has rallied to within 3% of its record set in February after it briefly dropped roughly 20% below it last month. Gains have been driven by hopes that Trump will lower his tariffs against other countries after reaching trade deals with them. The Dow industrials added 0.8% to 42,654.74, and the Nasdaq composite climbed 0.5% to 19,211.10. Trump's trade war sent financial markets reeling because they could slow the economy and drive it into a recession, while also pushing inflation higher. This week featured some encouraging news on each of those fronts. The United States and China announced a 90-day stand-down in most of their punishing tariffs against each other, while a couple of reports on inflation in the United States came in better than economists expected. That uncertainty has been hitting U.S. households and businesses, raising worries that they may freeze their spending and long-term plans. The latest reading in a survey of U.S. consumers by the University of Michigan showed sentiment soured again in May, though the pace of decline wasn't as bad as in prior months. Perhaps more worryingly, expectations for coming inflation keep building, and U.S. consumers are now bracing for 7.3% in the next 12 months, according to the University of Michigan's preliminary survey results. That's up from a forecast of 6.5% a month before. Charter Communications rose 1.8% after it said Friday that it has agreed to merge with Cox Communications in a deal that would combine two of the country's largest cable companies. The resulting company will change its name to Cox Communications and keep Charter's headquarters in Stamford, Connecticut. CoreWeave jumped 22.1% after Nvidia disclosed that it had increased its ownership stake in the company, whose cloud platform helps customers running artificial-intelligence workloads. Nvidia now owns 7% of CoreWeave, up from its nearly 6% stake before CoreWeave's initial public offering of stock in March. Novo Nordisk's stock that trades in the United States fell 2.7% after the Danish company behind the Wegovy drug for weight loss said that Lars Fruergaard Jørgensen will step down as CEO and that the board is looking for his successor. The company cited 'recent market challenges' and how the stock has been performing recently. Hope remains that this week's better-than-expected signals on inflation could give the Federal Reserve more leeway to cut interest rates later this year if high tariffs drag down the U.S. economy. In oil trading early Monday, U.S. benchmark crude oil lost 18 cents to $61.79 per barrel. Brent crude, the international standard, gave up 20 cents to $65.21 per barrel.
