Latest news with #SeanStein
Forbes
13-05-2025
- Business
- Forbes
American Business Group Lauds U.S.-China Trade Agreement; Stocks Soar
A top American group that advances U.S.-China business today lauded a bilateral agreement announced over the weekend to lower tariffs which have wreaked havoc on trade between the world's two biggest economies. 'Today's announcement is a positive step that will allow some trade between the two countries to resume and avoid some of the worst effects of what (U.S. Treasury) Secretary Bessent called a bilateral trade 'embargo,' U.S.-China Business Council President Sean Stein said in a statement today. 'We are eager to see the two sides taking more steps to reduce the remaining tariffs, which hurt both economies and raise prices for businesses and consumers in both countries,' he said. Washington, D.C.-based U.S.-China Business Council members include FedEx, Qualcomm and Visa. Chinese shares traded in the U.S. soared on Monday after the Washington and Beijing announced a 90-day reduction in tariffs imposed by the two sides in the aftermath of 'Liberation Day' increases by the Trump administration earlier this year. E-commerce leaders Alibaba rose by 5%, PDD – owner of popular site Temu – gained 6%, and Baidu climbed by 5%. The White House in a statement on Monday declared a 'historic trade win for the United States.' The U.S. agreed to cut tariffs on Chinese imports from 145% to 30%; China would lower its import duties on U.S. goods from 125% to 10%, reports said. The two countries agreed to set up a 'mechanism' to continue negations. 'We are encouraged that the two sides are now in dialogue,' Stein said. 'We look forward to further steps being taken by China to stop the flow of fentanyl into the United States and to honor its 'phase one' trade deal commitments, including measures to level the playing field for U.S. companies in China,' he said. 'A 90-day suspension, while welcome, still creates significant uncertainty for U.S. companies' business planning and costs, undermining their long-term global competitiveness,' Stein also noted. China's reaction to the talks was also positive. 'The positive outcomes of the latest talks reaffirm that for major countries, equal and constructive dialogue -- not confrontation -- is the only effective way to address differences,' Xinhua News Agency said in a commentary. 'Given the distinct national contexts and priorities, disagreements are to be expected. What matters most is that such differences are managed with mutual respect for each other's core interests and through sustained dialogue,' the agency said. Thousands Line Up In D.C. For Chinese Cultural Tour Despite Tensions Look Out McDonald's And KFC: Here Comes China's Alan Song
Bloomberg
07-05-2025
- Business
- Bloomberg
US-China Tariff Pause Reasonable to Expect, Council Head Says
Expectations are high that trade talks between US and Chinese officials in Switzerland later this week will result in a tariff reprieve between the two nations, US-China Business Council President Sean Stein said. 'The most negative outcome would be the talks break off and there's no announcement of future talks,' Stein said in an interview with Bloomberg TV on Wednesday. A reasonable expectation would be that — similar to other countries — 'tariffs could be paused for 90 days while the two sides negotiate,' he said.
South China Morning Post
30-04-2025
- Business
- South China Morning Post
US-China trade war putting thousands of American jobs at risk, business lobby group warns
The trade war between the United States and China has put more than US$140 billion worth of American exports and thousands of jobs at risk, according to a new report by a US business lobby group. Advertisement It said the tit-for-tat tariffs imposed by the two countries are affecting a wide range of industries that support employment in the US – including agriculture, semiconductors, education, travel and aerospace. The report by the US-China Business Council, released in Washington on Tuesday, said the 'precipitous decline in US exports to China' was evidence that US businesses, farmers, ranchers and workers are 'reeling from the ongoing trade war'. The council represents 270 American companies that do business in China, and its president, Sean Stein, urged leaders from both countries to return to the negotiating table and 'take immediate steps' to remove or reduce tariffs. 'If these tariffs remain in place, trade between the two countries will fall precipitously, sacrificing billions of dollars of exports and hundreds of thousands of American jobs, potentially destabilising the US economy, and significantly weakening America's global competitiveness,' he said. Advertisement Many American and Chinese exporters are already feeling the impact of the trade war, which has seen the US and China impose additional tariffs of more than 120 per cent on each other's goods.
Zawya
29-04-2025
- Business
- Zawya
Export employment to dive if trade war persists -US business group
All American exports to China worth $140.7 billion last year now face a retaliatory Chinese tariff of at least 125%, putting at risk hundreds of thousands of American jobs that support the exports, the US-China Business Council said on Tuesday. China imposed a 125% tariff rate on U.S. exports on April 11 to retaliate against a 145% tariff that the U.S. government levied on Chinese goods, in an unprecedented escalating trade war between the world's two largest economies that threaten to dent global growth. In a report released on Tuesday, the US-China Business Council said U.S. exports to China support 862,467 jobs and warned that a continuation of punitive tariff rates on both sides will lead to a "precipitous" fall in jobs and trade revenues. "No one is spared this time," said Sean Stein, president of the US-China Business Council who said all Americans from consumers to farmers and ranchers are hurt by the tariffs. "We urge leaders from both countries to come to the negotiating table," he said. The Business Council said businesses and communities in the South and Midwestern United States are most exposed to Chinese tariffs on U.S. goods, in part because oilseeds and grains -- which are produced in the Midwest -- form the largest U.S. exports to China. Oil and gas exports are the next largest U.S. exports to China, at $12.3 billion, followed by pharmaceuticals and medicines at $10.9 billion and semiconductors and components at $10.5 billion, the Business Council said. Texas, Louisiana, Alabama, Illinois and California are most vulnerable to the retaliatory Chinese tariffs due to the value of their exports that now face tariff rates beyond 125%, the Business Council said. On the services side, the U.S. education industry is the top service exporter to China, selling $14.4 billion worth of services in 2023, the US-China Business Council said. The top U.S. service exporters to China by state were California, New York, Texas, Illinois and Massachusetts in 2023, the council said. (Reporting by Koh Gui Qing; Editing by Chizu Nomiyama )
Time of India
29-04-2025
- Business
- Time of India
Export employment to dive if trade war persists: US business group
All American exports to China worth $140.7 billion last year now face a retaliatory Chinese tariff of at least 125%, putting at risk hundreds of thousands of American jobs that support the exports, the US-China Business Council said on Tuesday. #Pahalgam Terrorist Attack The groundwork before India mounts a strike at Pakistan India considers closing airspace to Pakistani carriers amid rising tensions Cold Start: India's answer to Pakistan's nuclear threats China imposed a 125% tariff rate on U.S. exports on April 11 to retaliate against a 145% tariff that the U.S. government levied on Chinese goods, in an unprecedented escalating trade war between the world's two largest economies that threaten to dent global growth. In a report released on Tuesday, the US-China Business Council said U.S. exports to China support 862,467 jobs and warned that a continuation of punitive tariff rates on both sides will lead to a "precipitous" fall in jobs and trade revenues. "No one is spared this time," said Sean Stein, president of the US-China Business Council who said all Americans from consumers to farmers and ranchers are hurt by the tariffs. "We urge leaders from both countries to come to the negotiating table," he said. The Business Council said businesses and communities in the South and Midwestern United States are most exposed to Chinese tariffs on U.S. goods, in part because oilseeds and grains -- which are produced in the Midwest -- form the largest U.S. exports to China. Live Events Oil and gas exports are the next largest U.S. exports to China, at $12.3 billion, followed by pharmaceuticals and medicines at $10.9 billion and semiconductors and components at $10.5 billion, the Business Council said. Texas, Louisiana, Alabama, Illinois and California are most vulnerable to the retaliatory Chinese tariffs due to the value of their exports that now face tariff rates beyond 125%, the Business Council said. On the services side, the U.S. education industry is the top service exporter to China, selling $14.4 billion worth of services in 2023, the US-China Business Council said. The top U.S. service exporters to China by state were California, New York, Texas, Illinois and Massachusetts in 2023, the council said.
