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Straits Times
3 days ago
- Business
- Straits Times
China rejects Trump's accusation that it breached Geneva trade deal
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 10, 2025. KEYSTONE/EDA/Martial Trezzini/Handout via REUTERS/File Photo U.S. Secretary of the Treasury Scott Bessent speaks with with Liao Min, Deputy Minister of Finance of China, during a bilateral meeting between the U.S. and China, in Geneva, Switzerland, May 11, 2025. KEYSTONE/EDA/Martial Trezzini/Handout via REUTERS/File Photo China said on Monday that U.S. President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva trade talks were "groundless", and promised to take forceful measures to safeguard its interests. The comment by the commerce ministry was in response to Trump's remarks on Friday that China had breached a bilateral deal to roll back tariffs. The ministry said China had implemented and actively upheld the agreement reached last month in Geneva, while the U.S. had introduced multiple "discriminatory restrictive" measures against China. Those measures included issuing guidance on AI chip export controls, halting sales of chip design software to China and revoking visas for Chinese students, the ministry added. "The U.S. government has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations," the ministry said in a statement. It did not elaborate on what forceful measures it might take in response. Beijing and Washington agreed in mid-May in Geneva to pause triple-digit tariffs for 90 days. In addition, China also promised to lift trade countermeasures that restricted its exports of the critical metals needed for U.S. semiconductor, electronics and defence production. Trump on Friday also announced a doubling of import tariffs on steel and aluminium to 50%. While China is the world's largest steel producer and exporter, it ships very little to the United States after a 25% tariff imposed in 2018 shut most Chinese steel out of the market. China ranks third among aluminium suppliers. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Heard on the Street Recap: Trade-Truce Trouble
U.S. officials traveled to Geneva earlier in May for trade talks with China. (Martial Trezzini/Keystone/EDA/Reuters)
Yahoo
23-05-2025
- Sport
- Yahoo
Djokovic advances to Geneva Open final seeking 100th career singles title
Hubert Hurkacz of Poland returns a ball to Sebastian Ofner of Austria, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Cameron Norrie of Britain, in action against Novak Djokovic, of Serbia, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic of Serbia, reacts after winning a game against to Cameron Norrie of Britain, during their semi-final tennis match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, in action against Cameron Norrie of Britain, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, returns a ball to Cameron Norrie of Britain, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, returns a ball to Cameron Norrie of Britain, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Hubert Hurkacz of Poland returns a ball to Sebastian Ofner of Austria, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Cameron Norrie of Britain, in action against Novak Djokovic, of Serbia, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic of Serbia, reacts after winning a game against to Cameron Norrie of Britain, during their semi-final tennis match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, in action against Cameron Norrie of Britain, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, returns a ball to Cameron Norrie of Britain, during their semi-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Friday, May 23, 2025. (Martial Trezzini/Keystone via AP) GENEVA (AP) — Novak Djokovic is one win from a 100th career singles title on the ATP tour after advancing to the final at the Geneva Open on Friday. The 24-time Grand Slam singles champion let a match-point chance slip in the second set before beating British qualifier Cameron Norrie 6-4, 6-7 (6), 6-1 in their semifinal. Advertisement Djokovic will play Hubert Hurkacz in the final on Saturday. The 31st-ranked Pole eased past Austrian qualifier Sebastian Ofner 6-3, 6-4. Djokovic already achieved his main aim in coming to Geneva, gaining match practice on clay before heading to Roland-Garros for the French Open that starts on Sunday. Wins on three straight days at the lakeside park event — including on his 38th birthday on Thursday — followed losing his opening match at both clay-court events last month in Monte Carlo and Madrid. Djokovic trailed 5-2 in the second set, then won three straight games and held a match point in the tiebreaker. He netted a service return and Norrie quickly forced a deciding set. An early service break in the third was backed by dominant serving and Djokovic closed out the semifinal on a rare sun-splashed court this week. ___ AP tennis:
Yahoo
22-05-2025
- Sport
- Yahoo
Djokovic celebrates 38th birthday with win over Arnaldi and smashed racket at Geneva Open
United States' Taylor Fritz hits a return to Poland's Hubert Hurkacz during a quarterfinals match at the Geneva Open tennis tournament, Thursday, May 22, 2025, in Geneva, Switzerland. (Martial Trezzini/Keystone via AP) Italy's Matteo Arnaldi returns the ball to Serbia's Novak Djokovic, during their quarter-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, returns a ball to Matteo Arnaldi of Italy during their quarter-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) Serbia's Novak Djokovic returns a ball to Matteo Arnaldi of Italy during their quarterfinal match at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, reacts after winning a point against Matteo Arnaldi of Italy during their quarter-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, reacts after winning a point against Matteo Arnaldi of Italy during their quarter-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) United States' Taylor Fritz hits a return to Poland's Hubert Hurkacz during a quarterfinals match at the Geneva Open tennis tournament, Thursday, May 22, 2025, in Geneva, Switzerland. (Martial Trezzini/Keystone via AP) Italy's Matteo Arnaldi returns the ball to Serbia's Novak Djokovic, during their quarter-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, returns a ball to Matteo Arnaldi of Italy during their quarter-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) Serbia's Novak Djokovic returns a ball to Matteo Arnaldi of Italy during their quarterfinal match at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) Novak Djokovic, of Serbia, reacts after winning a point against Matteo Arnaldi of Italy during their quarter-final match, at the ATP 250 Geneva Open tournament in Geneva, Switzerland, Thursday, May 22, 2025. (Martial Trezzini/Keystone via AP) GENEVA (AP) — Novak Djokovic advanced to the semifinals at the Geneva Open on his 38th birthday Thursday, beating the opponent who eliminated him at the Madrid Masters last month. Djokovic rallied strongly in the second set for a 6-4, 6-4 win over 39th-ranked Matteo Arnaldi in their quarterfinals match. Advertisement The second-seeded Djokovic had smashed his racket into the ground behind the baseline after his serve was broken to trail 3-1 in the second set, when he sent a backhand long. 'I'm sorry for the racket, it's not a good example particularly for the young ones,' Djokovic told the crowd in French in an on-court interview. 'Thank for your support. I know that with the cold temperatures it's not easy to stay here.' At 4-1 down, and after seeming to strain his right knee stretching for a shot, Djokovic reeled off five straight games for victory. He clinched his first match-point chance when Arnaldi hit a wild forehand from behind the baseline. Advertisement 'It was much closer than maybe the scoring indicates,' Djokovic said. On a chilly and rainy day that was tough for higher-ranked players, top-seeded Taylor Fritz lost to sixth-seeded Hubert Hurkacz 6-3, 7-6 (5), and fourth-seeded Karen Khachanov lost 4-6, 6-4, 6-4 to 128th-ranked Austrian qualifier Sebastian Ofner. Djokovic's semifinal opponent Friday will be the winner of the late match between Alexei Popyrin, the fifth-seeded Australian, and another qualifier, Cameron Norrie. ___ AP tennis:
Toronto Sun
10-05-2025
- Business
- Toronto Sun
Tariff talks begin between U.S. and Chinese officials in Geneva as the world looks for signs of hope
Published May 10, 2025 • Last updated 6 minutes ago • 4 minute read U.S. Secretary of the Treasury Scott Bessent is waiting for the photo during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. Photo by Martial Trezzini / Keystone via AP GENEVA — The U.S. Treasury Secretary and America's top trade negotiator began talks with high-ranking Chinese officials in Switzerland Saturday aiming to de-escalate a dispute that threatens to cut off trade between the world's two biggest economies and damage the global economy. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer have begun meetings in Geneva with a Chinese delegation led by Vice Premier He Lifeng. Diplomats from both sides also confirmed that the talks have begun but spoke anonymously and the exact location of the talks wasn't made public. However, a motorcade of black cars and vans was seen coming and going from the home of the Swiss ambassador to the United Nations delegation in the wealthy city, and a diplomatic source, speaking on condition of anonymity because of the sensitivity of the meeting, said the sides met for about two hours before departing for a previously arranged luncheon. Prospects for a major breakthrough appear dim. But there is hope that the two countries will scale back the massive taxes _ tariffs — they've slapped on each other's goods, a move that would relieve world financial markets and companies on both sides of the Pacific Ocean that depend on U.S.-China trade. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. U.S. President Donald Trump last month raised U.S. tariffs on China to a combined 145%, and China retaliated by hitting American imports with a 125% levy. Tariffs that high essentially amount to the countries' boycotting each other's products, disrupting trade that last year topped $660 billion. Even before the talks began, Trump suggested Friday that the U.S. could lower its tariffs on China, saying in a Truth Social post that ' 80% Tariff seems right! Up to Scott.″ Sun Yun, director of the China program at the Stimson Center, noted it will be the first time He and Bessent have talked. She doubts the Geneva meeting will produce any substantive results. 'The best scenario is for the two sides to agree to de-escalate on the … tariffs at the same time,' she said, adding even a small reduction would send a positive signal. 'It cannot just be words.' This advertisement has not loaded yet, but your article continues below. Since returning to the White House in January, Trump has aggressively used tariffs as his favourite economic weapon. He has, for example, imposed a 10% tax on imports from almost every country in the world. But the fight with China has been the most intense. His tariffs on China include a 20% charge meant to pressure Beijing into doing more to stop the flow of the synthetic opioid fentanyl into the United States. The remaining 125% involve a dispute that dates back to Trump's first term and comes atop tariffs he levied on China back then, which means the total tariffs on some Chinese goods can exceed 145%. During Trump's first term, the U.S. alleged that China uses unfair tactics to give itself an edge in advanced technologies such as quantum computing and driverless cars. These include forcing U.S. and other foreign companies to hand over trade secrets in exchange for access to the Chinese market; using government money to subsidize domestic tech firms; and outright theft of sensitive technologies. This advertisement has not loaded yet, but your article continues below. Those issues were never fully resolved. After nearly two years of negotiation, the United States and China reached a so-called Phase One agreement in January 2020. The U.S. agreed then not to go ahead with even higher tariffs on China, and Beijing agreed to buy more American products. The tough issues — such as China's subsidies — were left for future negotiations. But China didn't come through with the promised purchases, partly because COVID-19 disrupted global commerce just after the Phase One truce was announced. The fight over China's tech policy now resumes. Trump is also agitated by America's massive trade deficit with China, which came to $263 billion last year. In Switzerland Friday, Bessent and Greer also met with Swiss President Karin Keller-Sutter. Trump last month suspended plans to slap hefty 31% tariffs on Swiss goods — more than the 20% levies he plastered on exports from European Union. For now, he's reduced those taxes to 10% but could raise them again. This advertisement has not loaded yet, but your article continues below. The government in Bern is taking a cautious approach. But it has warned of the impact on crucial Swiss industries like watches, coffee capsules, cheese and chocolate. 'An increase in trade tensions is not in Switzerland's interests. Countermeasures against U.S. tariff increases would entail costs for the Swiss economy, in particular by making imports from the USA more expensive,' the government said last week, adding that the executive branch 'is therefore not planning to impose any countermeasures at the present time.' The government said Swiss exports to the United States on Saturday were subject to an additional 10% tariff, and another 21% beginning Wednesday. The United States is Switzerland's second-biggest trading partner after the EU — the 27-member-country bloc that nearly surrounds the wealthy Alpine country of more than 9 million. U.S.-Swiss trade in goods and services has quadrupled over the last two decades, the government said. The Swiss government said Switzerland abolished all industrial tariffs on Jan. 1 last year, meaning that 99% of all goods from the United States can be imported into Switzerland duty-free. — Wiseman and Tang reported from Washington. Sunshine Girls Columnists Toronto & GTA Sunshine Girls Toronto Maple Leafs
