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Straits Times
2 days ago
- Business
- Straits Times
US, China to launch new talks on tariff truce extension, easing path for Trump-Xi meeting
FILE PHOTO: The American and Chinese flags are photographed on the negotiating table, during a bilateral meeting between the United States and China, in Geneva, Switzerland, May 10, 2025. KEYSTONE/EDA/Martial Trezzini/Handout via REUTERS/ File Photo STOCKHOLM - Top U.S. and Chinese economic officials will resume talks in Stockholm on Monday to try to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies, aiming to extend a truce by three months and keeping sharply higher tariffs at bay. China is facing an August 12 deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Without an agreement, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. The Stockholm talks come hot on the heels of Trump's biggest trade deal yet with the European Union on Sunday for a 15% tariff on most EU goods exports to the U.S., including autos. The bloc will also buy $750 billion worth of American energy and make $600 billion worth of U.S. investments in coming years. No similar breakthrough is expected in the U.S.-China talks but trade analysts said that another 90-day extension of a tariff and export control truce struck in mid-May was likely. An extension of that length would prevent further escalation and facilitate planning for a potential meeting between Trump and Chinese President Xi Jinping in late October or early November. A U.S. Treasury spokesperson declined comment on a South China Morning Post report quoting unnamed sources as saying the two sides would refrain from introducing new tariffs or other steps that could escalate the trade war for another 90 days. Top stories Swipe. Select. Stay informed. Singapore Not feasible for S'pore to avoid net‑zero; all options to cut energy emissions on table: Tan See Leng Singapore With regional interest in nuclear energy rising, S'pore must build capabilities too: Tan See Leng Singapore New Mandai North Crematorium, ash-scattering garden to open on Aug 15 Singapore Tanjong Katong Road sinkhole did not happen overnight: Experts Singapore Sewage shaft failure linked to sinkhole; PUB calling safety time-out on similar works islandwide Singapore Science Journals: Lessons from weird fish sold in Singapore's wet markets World US and EU clinch deal with broad 15% tariffs on EU goods to avert trade war Asia Displaced villagers at Thai-Cambodian border hope to go home as leaders set to meet for talks Trump's administration is poised to impose new sectoral tariffs that will impact China within weeks, including on semiconductors, pharmaceuticals, ship-to-shore cranes and other products. "We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes," Trump told reporters on Sunday before European Commission President Ursula von der Leyen struck their tariff deal. DEEPER ISSUES Previous U.S.-China trade talks in Geneva and London in May and June focused on bringing U.S. and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include U.S. complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that U.S. national security export controls on tech goods seek to stunt Chinese growth. "Geneva and London were really just about trying to get the relationship back on track so that they could, at some point, actually negotiate about the issues which animate the disagreement between the countries in the first place," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. "I'd be surprised if there is an early harvest on some of these things but an extension of the ceasefire for another 90 days seems to be the most likely outcome," Kennedy said. U.S. Treasury Secretary Scott Bessent has already flagged a deadline extension and has said he wants China to rebalance its economy away from exports to more domestic consumption -- a decades-long goal for U.S. policymakers. Analysts say the U.S.-China negotiations are far more complex than those with other Asian countries and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on U.S. industries. TRUMP-XI MEETING? In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon on a landmark trip to China, and a new flare-up of tariffs and export controls would likely derail planning. Sun Chenghao, a fellow at Tsinghua University's Center for International Security and Strategy in Beijing, said that a Trump-Xi summit would be an opportunity for the U.S. to lower the 20% tariffs on Chinese goods related to fentanyl. In exchange, he said the Chinese side could make good on its 2020 pledge to increase purchases of U.S. farm products and other goods. "The future prospect of the heads of state summit is very beneficial to the negotiations because everyone wants to reach an agreement or pave the way in advance," Sun said. Still, China will likely request a reduction of multi-layered U.S. tariffs totaling 55% on most goods and further easing of U.S. high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the U.S. trade deficit with China, which reached $295.5 billion in 2024. REUTERS
Japan Today
14-07-2025
- Business
- Japan Today
China steps in as U.S. pulls back from diplomacy, report says
The U.S. and Chinese flags are seen on the day of a bilateral meeting between the U.S. and China, in Geneva, Switzerland, May 11, 2025. KEYSTONE/EDA/Martial Trezzini/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY By Patricia Zengerle China is increasing its diplomatic reach as President Donald Trump's administration pares back America's international presence, Democrats from the U.S. Senate Foreign Relations Committee said in a report released on Monday. The report, the result of months of staff travel and research, was released as the Trump administration makes deep cuts to the State Department, including beginning on Friday to fire more than 1,350 U.S.-based employees, part of a total reduction of nearly 3,000 people for the U.S.-based workforce. The administration has also cut billions of dollars in foreign aid, effectively shutting down the U.S. Agency for International Development, leading to the firing of thousands of its employees and contractors. Critics said the cuts would undermine Washington's ability to defend and promote U.S. interests abroad. Research published in The Lancet medical journal said the cuts to USAID and its dismantling could result in more than 14 million additional deaths by 2030. The Trump administration says its changes help align foreign policy with Trump's "America First" agenda, and are part of a push to shrink the federal bureaucracy and cut what Trump officials say has been wasteful spending. The Democrats' 91-page report listed ways, from broadcasting to health programs and development efforts, that committee researchers said China is expanding its influence. "China is pursuing a clear vision for the international order while the Trump Administration seeks to diminish America's engagement globally," the report said. It lists dozens of cases in which the committee researchers found that China had stepped in as the U.S. eliminated or cut back international programs, from funding vaccines and providing food to infrastructure development. For example, in Africa, as the U.S. terminated food assistance programs, China in March donated $2 million in rice to Uganda. In May, after the U.S. terminated a $37 million HIV/AIDS grant in Zambia, China said it would help the African nation fight HIV/AIDS, including by donating 500,000 rapid HIV testing kits and planning more meetings to discuss its continued partnership on the issue. In Southeast Asia, Chinese President Xi Jinping embarked on a tour to meet with leaders in Vietnam, Cambodia and Malaysia, the report said. The trip yielded an agreement in Vietnam for railroad connections, 37 cooperation agreements in Cambodia in sectors including energy, education and infrastructure and technical and manufacturing exchanges in Malaysia. And in Latin America, China in May hosted the "China-Latin American and the Caribbean Forum" and announced it would provide a $9 billion credit line and additional infrastructure investments for the region. © Thomson Reuters 2025.
DW
18-06-2025
- Politics
- DW
Iran warns of 'irreparable damage' if US joins Israel fight – DW – 06/18/2025
Skip next section Iran's UN ambassador warns of response 'without restraint' to Israeli strikes 06/18/2025 June 18, 2025 Iran's UN ambassador warns of response 'without restraint' to Israeli strikes Iran's UN ambassador Ali Bahreini issued a warning to Israel and the United States Image: Martial Trezzini/KEYSTONE/picture alliance Iran's ambassador to the United Nations, Ali Bahreini, said the country would "respond strongly" to Israel's "aggression" as well as to the United States, should it join the hostilities. "We will not show any reluctance in defending our people, security and land," he told reporters in Geneva. "We will respond seriously and strongly, without restraint." Bahreini accused the United States of being "complicit in what Israel is doing." "We have given a message to the United States that we will respond very firmly and will stop the aggression by anybody — including the United States," he said Bahreini also said Israeli strikes on nuclear sites were an act of "war against humanity." "The deliberate targeting of Iran's nuclear facilities not only constitutes a grave violation of international law and UN Charter but also risks exposition of all people in our neighborhood to possible hazardous leak," he said. "This is not an act of war against our country," he said. "It is war against humanity." Iran maintains that its nuclear program is for civilian purposes. Israel and the United States accuse Iran of working toward a nuclear weapon. The comments come as thousands flee Tehran and other major cities as Israel and Iran continuing launching strikes on one another. US President Donald Trump has called for Tehran's unconditional surrender.
Straits Times
09-06-2025
- Business
- Straits Times
Key US-China trade talks set for Monday in London
FILE PHOTO: The American and Chinese flags are photographed on the negotiating table, during a bilateral meeting between the United States and China, in Geneva, Switzerland, May 10, 2025. KEYSTONE/EDA/Martial Trezzini/Handout via REUTERS/File photo LONDON - Top U.S. and Chinese officials will sit down in London on Monday for talks aimed at defusing the high-stakes trade dispute between the two superpowers that has widened in recent weeks beyond tit-for-tat tariffs to export controls over goods and components critical to global supply chains. At a still-undisclosed venue in London, the two sides will try to get back on track with a preliminary agreement struck last month in Geneva that had briefly lowered the temperature between Washington and Beijing and fostered relief among investors battered for months by U.S. President Donald Trump's cascade of tariff orders since his return to the White House in January. "The next round of trade talks between the U.S. and China will be held in the UK on Monday," a UK government spokesperson said on Sunday. "We are a nation that champions free trade and have always been clear that a trade war is in nobody's interests, so we welcome these talks." Gathering there will be a U.S. delegation led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer, and a Chinese contingent helmed by Vice Premier He Lifeng. The second-round of meetings comes four days after Trump and Chinese leader Xi Jinping spoke by phone, their first direct interaction since Trump's January 20 inauguration. During the more than one-hour-long call, Xi told Trump to back down from trade measures that roiled the global economy and warned him against threatening steps on Taiwan, according to a Chinese government summary. But Trump said on social media the talks focused primarily on trade led to "a very positive conclusion," setting the stage for Monday's meeting in London. The next day, Trump said Xi had agreed to resume shipments to the U.S. of rare earths minerals and magnets. China's decision in April to suspend exports of a wide range of critical minerals and magnets upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. That had become a particular pain point for the U.S. in the weeks after the two sides had struck a preliminary rapprochement in talks held in Switzerland. There, both had agreed to reduce steep import taxes on each other's goods that had had the effect of erecting a trade embargo between the world's No. 1 and 2 economies, but U.S. officials in recent weeks accused China of slow-walking on its commitments, particularly around rare earths shipments. "We want China and the United States to continue moving forward with the agreement that was struck in Geneva," White House spokeswoman Karoline Leavitt told the Fox News program "Sunday Morning Futures' on Sunday. "The administration has been monitoring China's compliance with the deal, and we hope that this will move forward to have more comprehensive trade talks." The inclusion at the London talks of Lutnick, whose agency oversees export controls for the U.S., is one indication of how central the issue has become for both sides. Lutnick did not attend the Geneva talks, at which the countries struck a 90-day deal to roll back some of the triple-digit tariffs they had placed on each other since Trump's inauguration. That preliminary deal sparked a global relief rally in stock markets, and U.S. indexes that had been in or near bear market levels have recouped the lion's share of their losses. The S&P 500 Index, which at its lowest point in early April was down nearly 18% after Trump unveiled his sweeping "Liberation Day" tariffs on goods from across the globe, is now only about 2% below its record high from mid-February. The final third of that rally followed the U.S.-China truce struck in Geneva. Still, that temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and U.S. complaints about China's state-dominated, export-driven economic model. While the UK government will provide a venue for Monday's discussions, it will not be party to them but will have separate talks later in the week with the Chinese delegation. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
DW
03-06-2025
- Climate
- DW
Inside the Swiss valley partially swallowed by a glacier – DW – 06/03/2025
The dramatic collapse of Switzerland's Birch glacier wiped the village of Blatten off the map. DW spoke to locals and experts about what happened and what comes next. Days after a natural disaster strikes, you often find survivors combing through rubble for their belongings or shoveling mud out of their crumbling homes. You might see prime ministers walking around the zone offering condolences, or rescue crews operating big, mechanical diggers to clear the scene. But the Swiss village of Blatten is caught in a kind of post-catastrophe paralysis. Buried under millions of cubic meters of rock and ice debris, it has been all but wiped off the map. And the site is still too unstable for crews to access, almost a week after the Birch glacier collapsed and swallowed the Alpine idyll. Evacuated resident Daniel Ritler describes the moment the glacier destroyed his hometown as being like 'an explosion' Image: Rosie Birchard/DW "It was like an explosion — like an explosion in my heart," evacuee Daniel Ritler told DW as he looked out over his buried hometown. "We knew immediately that everything was destroyed." "For seconds, there was an emptiness. You could really feel it," he added. "There was still a bit of hope, but as soon as the fog cleared, we saw the catastrophe." Evacuated in time Ritler, who kept sheep and ran a tourism business in Blatten, is staying with friends for now. "We lost our house, our stables, and of course, all those memories. We lived in a little paradise," he said. Though the deluge is thought to have claimed one life, Ritler and the other roughly 300 residents were evacuated in time. And many here feel lucky to be alive — aware that a similar event in a less wealthy country could have wrought even more damage. Injured cow 'Loni' was evacuated along with most residents of the Alpine village days before the landslide Image: Peter Klaunzer/KEYSTONE/dpa/picture alliance We meet him in Wiler, 3.5 kilometers (2.1 miles) from Blatten and the closest accessible point to the disaster zone, which is now serving as a crisis coordination hub. Here, the usual Alpine soundtrack of birdsong and the river rushing down the valley is drowned out by helicopters taking off, transporting scientists and geologists to survey the damage aerially, and assess the risk of further fallout. Mountain populations 'more and more threatened' One of those experts is glaciologist Saskia Gindraux. "We had a lot of rock and silt and sediment going onto a glacier, and this mass caused the glacier to really push forward — and everything just went down the valley," she explained. The unstable mountain face and thousands of tonnes of rocky debris has made it impossible for emergency workers to intervene to stabilise the zone Image: Cyril Zingaro/KEYSTONE/dpa The Swiss scientist told DW that a "coincidence of causes" led to the collapse. "It's hard to say this is linked to climate change and this one is not. It's hard to put a label on an event, but we are facing really high temperatures here in the Alps," she told DW. "It's twice the normal increase of other parts of the world," she added. Alpine glaciers have been retreating for decades, which Gindraux said makes the rock less stable. "That's one cause ... The other one is maybe permafrost that is melting, and the other one, the geology." "With climate change, we saw that the oldest natural hazards, so rock fall or glacier collapse or landslides, etc, they increase in frequency." "The population in the mountains are more and more threatened with these types of events." Fears neighbors 'won't come back' Aside from the hum of helicopters, the streets of Wiler are quiet. Local resident Alex Rieder is packing up his car: Two black bin bags full of clothes and other basics for his neighbors who have found themselves suddenly homeless. "Will they be compensated for the belongings they lost?" he wondered. "That has to happen quickly. Now because people need money to live. Because if they're gone for 10 or 20 years, they won't come back," Rieder told DW. Image: Rosie Birchard/DW Rieder fears for the future of life in this part of the Alps. "There's only one school left in the entire valley," he said. Inside his garage, Rieder shows us masks he helped craft for the local carnival — just one of many traditions dating back centuries here. He knows that if more people leave, this cultural heritage will become harder and harder to hold onto. But asked if he thinks it will disappear entirely, Rieder is defiant. "Traditions will never die. That will be the last thing. Because that's what gives people the most strength." No more evacuations planned No further evacuations are planned in nearby towns or villages for now. But they remain on high alert. Some 45 minutes' drive away in Gampel, flood prevention measures are in place, with some smaller bridges deliberately deconstructed to avoid further fallout. "We now have to see how the dangers develop further at the site of the damage. Rock masses could continue to fall from the mountain — and we have to keep monitoring how the danger develops in terms of the course of the river," regional president Christian Rieder told DW on Sunday. Locals face uncertainty after Swiss Alps glacier collapse To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video "Depending on how the danger develops ... we will take further measures," he added. The situation was "stable' on Monday with "no notable changes" at the Birch glacier, according to Swiss broadcaster RTS. But smaller landslides continue, and there has been "no improvement" to allow crews to enter the zone securely. 'We have to find a new purpose' For survivors whose homes and livelihoods are buried in a greyish-brown debris, which authorities say is 100 meters (328 feet) deep in some areas, it's clear there's no going back. From the drivers' seat of his van, with the views of lush mountain landscapes filling the windows and wing mirrors bearing the disaster that unfolded here, evacuee Daniel Ritler told DW it is hard to imagine what life after Blatten might look like. "I built a farm from scratch, always adapting to the challenges of the future," he said, adding: "That was before." "Now we have to find a new place to live and a new purpose. And it will certainly take some time until we can find our way again."
