Latest news with #USChinaTalks
Reuters
12-05-2025
- Business
- Reuters
'Flawless' host Switzerland glides past EU for next US trade deal, Trump aides say
GENEVA, May 12 (Reuters) - Switzerland has moved to the front of the queue for a trade deal with the United States, U.S. Treasury Secretary Scott Bessent said on Monday, after the Alpine country hosted surprisingly successful U.S.-China trade talks this weekend. Before receiving the two sides, Swiss officials met with Bessent and his team on Friday and with Chinese Vice Premier He Lifeng to discuss its own trade woes with Washington. In April the U.S. hit Switzerland with 31% tariffs, compared with 20% on the European Union and 10% on Britain. The decision stunned Swiss officials, and major Swiss firms have since made pledges to invest heavily in the United States. "The UK and Switzerland have moved to the front of the queue for trade deals but the EU has been much slower," Bessent said. Bessent was responding to a question at a press conference in Geneva about Switzerland's future as an intermediary amid perceptions that its neutrality is shifting and as Gulf countries step up. The EU has suggested it will not be pushed into an unfair U.S. tariffs deal and has proposed potential countermeasures. Britain sealed a quick but limited trade deal with U.S. President Donald Trump's administration last week. Switzerland has long sought to act as a bridge-builder during international crises, but analysts said it put in a special effort this time - pointing to its intimate choice of venue for the talks at the private residence of its U.N. ambassador. U.S. Trade Representative Jamieson Greer said much of the negotiations with the Chinese were spent in the shady gardens of the opulent, 18th-century villa overlooking Lake Geneva. "Everything has gone off flawlessly," Greer said. "This may not seem important to those not involved, but the atmospherics provided by the Swiss government were incredibly conducive to the conclusions we had this weekend." China's He was also complimentary, praising Switzerland's "warm hospitality". That extended to the media: a Swiss official offered croissants and drinks to reporters waiting for hours outside. "Secretary Bessent saw Switzerland's determination to serve global interests but also to defend our own cause," said Vincent Subilia, Director General of the Geneva Chamber of Commerce.
Bloomberg
12-05-2025
- Business
- Bloomberg
Stock Movers: Pfizer, Best Buy, Nike
On this episode of Stock Movers: -Pfizer shares rise after President Donald Trump said he plans to order cuts to prescription drug costs to bring them in line with other countries. White House officials speaking this morning did say weight loss drugs and medicare will be an area of focus for action. -Best Buy shares rise after being a key beneficiary of weekend US-China talks Bloomberg Intelligence analysts estimates that retailers entered the year holding 1% less inventory than they had over the past three years, so the drop off in Chinese shipments would have had significant impact. -Nike shares rise. The company is another key beneficiary of the US-China talks -- half of all Nike brand shoes are made in Vietnam, but overall trade optimism is helping. Last week, the company announced changes to its senior leadership team and divided its Consumer, Product, and Brand leadership will now be divided into three distinct areas.
Bloomberg
12-05-2025
- Business
- Bloomberg
US-China Talks Advance, UK Migrant Rules, Traders Fuel Euro Rally
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) US and China both reported 'substantial progress' after two days of talks in Switzerland aimed at de-escalating a trade war, marking what Chinese Vice Premier He Lifeng called 'an important first step' toward resolving differences. (2) The UK will increase English-speaking requirements for migrants, and make it harder for them to stay in the country as part of efforts to rein in levels of net immigration that have touched records in recent years. (3) Donald Trump's effort to secure peace in Ukraine is reaching a decisive moment with Ukraine's Volodymyr Zelenskiy challenging Vladimir Putin to engage in talks this week. (4) After four days that saw the worst fighting between India and Pakistan in half a century, as well as some nuclear saber-rattling, Donald Trump on Saturday declared that both countries had reached a 'FULL AND IMMEDIATE CEASEFIRE.' (5) As President Trump reconfigures global trade, the euro is riding its biggest rally in two decades and traders including Amundi and Templeton say that's just the beginning (6) President Donald Trump's administration is likely to accept a luxury Boeing 747-8 jumbo jet from Qatar's royal family, in what may be the most valuable gift ever received from a foreign government, ABC News reported Sunday.
The Guardian
12-05-2025
- Business
- The Guardian
Stock markets lifted by ‘productive' US-China trade talks
Show key events only Please turn on JavaScript to use this feature Show key events only Please turn on JavaScript to use this feature Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. A sigh of relief is sweeping global markets today, after the US and China both reported they made progress at a weekend of talks in Switzerland over the trade war. Stocks have risen across Asia-Pacific markets, while safe-haven asset gold has dipped, on hopes of de-escalation in the trade war gripping the global economy. The two sides have promised to release details about what was agreed later today, after both issuing encouraging statements on Sunday after the talks wrapped up. Last night, the White House announced a 'China Trade Deal' had been reached in Geneva. Treasury secretary Scott Bessent described the talks as 'productive', saying yesterday: 'I'm happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we've seen. We will be giving details tomorrow, but I can tell you that the talks were productive. US trade representative ambassador Jamieson Greer said it was a 'very constructive two days' of talks, adding that 'perhaps the differences were not so large as maybe thought'. For Beijing, Vice Premier He Lifeng said the China-U.S. high-level meeting on economic and trade affairs were 'in-depth, candid and constructive'. He explained that the two countries have agreed to a new 'trade consultation mechanism'. That 'mechanism' suggests a warming in relations between the two sides, who ratcheted up tariffs on each other's goods last month, after Donald Trump announced his ''Liberation Day' levies on imports to the US. 🟢Chinese Vice Premier He Lifeng：The #China-#US high-level meeting on economic and trade affairs were in-depth, candid and constructive. 🟢The two sides have reached a series of major consensuses and have also agreed to establish an economic and trade consultation mechanism.… — Chinese Embassy in US (@ChineseEmbinUS) May 12, 2025 Markets have responded positively, even though neither side has yet released any specific details of possible points of agreement. China's CSI300 share index has risen 0.8%, while Hong Kong's Hang Seng index is up 1.2%. Japan's Nikkei has risen a more modest 0.3%. The futures market suggests the US markets will rally later today too. Kyle Rodda, senior financial market analyst at says: It remains the case that there's more style than substance when it comes to the trade policy narrative: not as much as a pledge to lower tariffs has been given, let alone a substantive and comprehensive deal. Nevertheless, what the US is touting as 'productive' talks and Trump has labelled a 'reset' is a clear statement of intent from the US to wind back existing tariffs. The markets and negotiators are on the clock now to reach an agreement before the damage of existing tariffs begin to seriously weaken economic activity, especially in the US. So far, tariffs have had a negative but relatively modest impact on economic growth, with the labour market proving resilient and prices stable. Eventually, if the status quo remains, the levee will break and significant and hard to reverse damage will be done to the global economy. We'll hear from top central bankers in the UK today, as King's College London hosts the annual Bank of England Watchers' conference. The agenda 9:00am BST: Bank of England deputy governor Clare Lombardelli gives keynote speech at the Bank of England Watchers' Conference 2025 11:30am BST: Panel on the Monetary policy outlook including BoE policymaker Megan Greene 17:00pm BST: Fire-side chat with BoE policymaker Alan Taylor Share
Yahoo
12-05-2025
- Business
- Yahoo
Morning Bid: The devil's in the lack of detail
A look at the day ahead in European and global markets from Wayne Cole. Take your pick from "substantial progress", "constructive", "an important first step", "reached important consensus", "good news for the world", and easily the best: "As we say back in China, if the dishes are delicious, the timing doesn't matter". All were uttered by negotiators during the U.S.-China trade talks over the weekend in Geneva, and they do sound like progress compared with the jingoistic war of words that marked the initial announcement of President Trump's 145% tariffs. What was lacking was specifics, and it was notable that neither team mentioned actual tariff levels at all over the weekend. A joint statement is expected later on Monday, which may offer more detail, though markets doubt the White House take that a "deal" is being done. It's an odd world where investors trust the word of a communist one-party state over the United States. Anyway, markets are relieved that weapons weren't drawn during the talks and have pushed S&P 500 futures up 1.4% and Nasdaq futures almost 2%. European stock futures have gained 0.8% or so. The dollar is up modestly on safe havens and Treasuries have suffered knee-jerk selling as the market further trims its expectations on the pace of future Fed rate cuts. The odds for a June easing are now priced at just 17%, with July at 59%. Futures imply 63 basis points of cuts this year, compared with more than 110 bps in mid-April. Helping the mood was the fragile ceasefire holding between India and Pakistan, while Ukrainian President Volodymyr Zelenskiy said he was ready to meet Vladimir Putin in Turkey on Thursday for talks. As for the economic diary, U.S. CPI on Tuesday might hint at price rises to come, although analysts assume the first clear impact of tariffs will show in the May report. Retail sales are forecast to be flat for April, with the risk likely to the downside given the chilling effect that the announcement of import levies had on consumer sentiment. One assumes tariffs won't be applied to the gold-decked 747 Trump plans to accept from the Qatari royal family. Membership has its privileges, it seems. Key developments that could influence markets on Monday: - Eurogroup meeting includes ECB board members Cipollone and Buch; appearances by BoE Deputy Governor Lombardelli and policymakers Greene, Mann and Taylor. - Fed Board Governor Kugler speaks on the economic outlook (By Wayne Cole; Editing by Edmund Klamann) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
