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Yahoo
13 hours ago
- Business
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US-China Trade Talks Start in London to Address Export Curbs
(Bloomberg) -- Trade talks between the US and China kicked off in London, with the US signaling a willingness to remove restrictions on some tech exports in exchange for assurances that China is easing limits on rare earth shipments. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico The meeting, which began Monday just after 1 p.m. local time, is expected to extend into the UK evening and may restart Tuesday if necessary. The Trump administration expects that 'after the handshake' in London, 'any export controls from the US will be eased and the rare earths will be released in volume' by China, Kevin Hassett, head of the White House's National Economic Council, told CNBC. Hassett's comments from Washington were the clearest signal yet that the US is willing to offer such a concession, though he added that the US would stop short of including the most sophisticated US chips made by Nvidia Corp. used to power artificial intelligence. 'The very, very high-end Nvidia stuff is not what I'm talking about,' Hassett said, adding that restrictions would not be lifted on the Nvidia H2O chips that are used to train AI services. 'I'm talking about possible export controls on other semiconductors which are also very important to them.' US stocks flipped between small gains and losses, and Chinese shares trading in Hong Kong entered a bull market, as some investors expressed hope the talks signaled a cooling of trade tensions. The first round of negotiations since the teams met a month ago is aimed at restoring confidence that both are living up to commitments made in Geneva. During those discussions, Washington and Beijing agreed to lower crippling tariffs for 90 days to allow time to hammer out ways to address a trade imbalance that the Trump administration blames on an unfair playing field. GLOBAL PREVIEW: London Calling - US, China Aim to Dodge Clash The confusion after the Geneva meeting about China's rare earth export-permitting process, combined with US limits on tech shipments and Washington's recent crackdown on Chinese student visas, underscore the complexity of deal-making between China and the US. 'They left too many things open to interpretation,' said Josh Lipsky, chair of international economics at the Atlantic Council. The US and China 'just want to get back to where they were in Switzerland with a few more agreements down on paper to actually understand what is gonna be licensed, what gets permitted, what doesn't,' he added. A phone call last week between President Donald Trump and his counterpart Xi Jinping appeared to give fresh momentum to reviving talks and reaching a deal. Delegates Arrive On Monday at London's Lancaster House — where former European Central Bank President Mario Draghi delivered his 'whatever it takes' speech in 2012 — US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. The addition of Lutnick, who's in charge of curbs on the sale of advanced technology, signals Trump may be willing to consider reversing some of the restrictions that threaten to hobble China's long-term growth ambitions, ranging from tech supplies to jet engine parts. US-China trade tensions escalated this year as Trump hiked duties on Chinese goods, prompting retaliation from Beijing. That's led to pain in both economies, including distortions in data and uncertainties for businesses trying to navigate sudden changes in trade policy. Earlier on Monday, Chinese government figures showed exports rose less than expected last month as the worst drop in shipments to the US in more than five years counteracted strong demand from other markets. In the US, job growth moderated in May and the prior months were revised lower, indicating employers are cautious about growth prospects. Trump's tariffs are causing uncertainty and delays for US manufacturers, particularly in the Midwest, which is affecting their investment and production plans. --With assistance from Annmarie Hordern, Kasia Klimasinska and Hadriana Lowenkron. (Adds markets, Hassett comments in fourth to sixth paragraphs) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again What America's Pizza Economy Is Telling Us About the Real One New Grads Join Worst Entry-Level Job Market in Years America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14 hours ago
- Business
- Yahoo
US-China Trade Talks Start in London Aiming to Ease Export Curbs
(Bloomberg) -- Talks between the US and China kicked off in London, with the US signaling a willingness to remove restrictions on exports in exchange for assurances that China is easing limits on rare earth shipments. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico The meeting, set to start Monday just after 1 p.m. local time, is expected to extend into the UK evening and might spill into Tuesday. The Trump administration expects that 'after the handshake' in London, any export controls from the US will be eased and rare earths will be released by China, Kevin Hassett, head of the at the White House's National Economic Council, told CNBC. It was the clearest signal yet that the US is willing to offer such a concession. The first round of negotiations since the teams met a month ago is aimed at restoring confidence that both are living up to commitments made in Geneva. During those discussions, Washington and Beijing agreed to lower crippling tariffs for 90 days to allow time to hammer out ways to address a trade imbalance that the Trump administration blames on an unfair playing field. GLOBAL PREVIEW: London Calling - US, China Aim to Dodge Clash The confusion after the Geneva meeting about China's rare earth export-permitting process, combined with US limits on tech shipments and Washington's recent crackdown on Chinese student visas, underscore the complexity of deal-making between China and the US. 'They left too many things open to interpretation,' said Josh Lipsky, chair of international economics at the Atlantic Council. The US and China 'just want to get back to where they were in Switzerland with a few more agreements down on paper to actually understand what is gonna be licensed, what gets permitted, what doesn't,' he added. A phone call last week between President Donald Trump and his counterpart Xi Jinping appeared to give fresh momentum to reviving talks and reaching a deal. Delegates Arrive On Monday at London's Lancaster House — where former European Central Bank President Mario Draghi delivered his 'whatever it takes' speech in 2012 — US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet a Chinese delegation led by Vice Premier He Lifeng. The addition of Lutnick, who's in charge of curbs on the sale of advanced technology, signals Trump may be willing to consider reversing some of the restrictions that threaten to hobble China's long-term growth ambitions, ranging from tech supplies to jet engine parts. US-China trade tensions escalated this year as Trump hiked duties on Chinese goods, prompting retaliation from Beijing. That's led to pain in both economies, including distortions in data and uncertainties for businesses trying to navigate sudden changes in trade policy. Earlier on Monday, Chinese government figures showed exports rose less than expected last month as the worst drop in shipments to the US in more than five years counteracted strong demand from other markets. In the US, job growth moderated in May and the prior months were revised lower, indicating employers are cautious about growth prospects. Trump's tariffs are causing uncertainty and delays for US manufacturers, particularly in the Midwest, which is affecting their investment and production plans. --With assistance from Annmarie Hordern, Kasia Klimasinska and Hadriana Lowenkron. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P.
Yahoo
15 hours ago
- Business
- Yahoo
Platinum Extends Surge to Highest Since 2021 as Market Tightens
(Bloomberg) -- Platinum extended its surge as the market for the precious metal strains under signs of severe tightness. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico Spot prices jumped as much as 4.6%, following last week's 10% increase, to trade around $1,200 an ounce, the highest level since May 2021. The implied cost of borrowing the precious metal for one month peaked in data going back six years, while holdings in platinum-backed exchange-traded funds reached a 10-month high. The bullish signals come as the market heads for another year of deficit. A dramatic outflow of platinum to the US in the first few months of 2025 — over fears that imports would be subject to President Donald Trump's tariffs — also pushed up the cost of borrowing the metal. While the platinum that flooded into New York Mercantile Exchange warehouses is now emptying back out, lease rates reflecting the return that holders in London and Zurich vaults can get by loaning their metal out on a short-term basis have remained stubbornly high. Normally, the returns sit close to zero, but this year they've surged to historic levels, with one-month lease rates exceeding 13.5% on an annualized basis. 'There's been growing tightness since December,' said Ed Sterck, director of research at the World Platinum Investment Council. 'The outflows from NYMEX should soften that, but fundamentally the market is still headed for a deficit.' The WPIC estimates a supply deficit of almost 1 million ounces this year. The metal is used in catalytic converters and laboratory equipment, in addition to investment demand. Prices are now up 32% this year, outstripping gold's 26% gain. Unusually for a precious metal, spot prices for platinum are also trading well above futures, another sign of tightness. Spot platinum rose 3.0% to $1,203.44 an ounce as of 1:23 p.m. in London. The Bloomberg Dollar Spot Index edged 0.1% lower. Gold, silver and palladium also rose. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P.
Yahoo
15 hours ago
- Business
- Yahoo
Platinum Extends Surge to Highest Since 2021 as Market Tightens
(Bloomberg) -- Platinum extended its surge as the market for the precious metal strains under signs of severe tightness. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico Spot prices jumped as much as 4.6%, following last week's 10% increase, to trade around $1,200 an ounce, the highest level since May 2021. The implied cost of borrowing the precious metal for one month peaked in data going back six years, while holdings in platinum-backed exchange-traded funds reached a 10-month high. The bullish signals come as the market heads for another year of deficit. A dramatic outflow of platinum to the US in the first few months of 2025 — over fears that imports would be subject to President Donald Trump's tariffs — also pushed up the cost of borrowing the metal. While the platinum that flooded into New York Mercantile Exchange warehouses is now emptying back out, lease rates reflecting the return that holders in London and Zurich vaults can get by loaning their metal out on a short-term basis have remained stubbornly high. Normally, the returns sit close to zero, but this year they've surged to historic levels, with one-month lease rates exceeding 13.5% on an annualized basis. 'There's been growing tightness since December,' said Ed Sterck, director of research at the World Platinum Investment Council. 'The outflows from NYMEX should soften that, but fundamentally the market is still headed for a deficit.' The WPIC estimates a supply deficit of almost 1 million ounces this year. The metal is used in catalytic converters and laboratory equipment, in addition to investment demand. Prices are now up 32% this year, outstripping gold's 26% gain. Unusually for a precious metal, spot prices for platinum are also trading well above futures, another sign of tightness. Spot platinum rose 3.0% to $1,203.44 an ounce as of 1:23 p.m. in London. The Bloomberg Dollar Spot Index edged 0.1% lower. Gold, silver and palladium also rose. The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again America Cast Itself as the World's Moral Leader. Not Anymore Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16 hours ago
- Politics
- Yahoo
LA Clashes Escalate as Trump, Newsom Spar Over Troops
(Bloomberg) -- Tensions flared in Los Angeles on the third day of anti-deportation protests, as demonstrators clashed with law enforcement while President Donald Trump and California Governor Gavin Newsom exchanged blame over the unrest and responsibility for restoring order. Next Stop: Rancho Cucamonga! Where Public Transit Systems Are Bouncing Back Around the World Trump Said He Fired the National Portrait Gallery Director. She's Still There. US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Senator Calls for Closing Troubled ICE Detention Facility in New Mexico The arrival of National Guard troops deployed by Trump over the weekend inflamed residents protesting the sweeping deportation policies of the administration, local officials said. The unrest escalated Sunday evening, with some committing vandalism and violence, including burning cars. Subscribe to the Bloomberg Daybreak Podcast on Apple, Spotify and other Podcast Platforms. The heightened federal response over the objections of state and city officials led to growing friction between local leaders and the Trump administration. Newsom said he formally requested the White House rescind the 'unlawful' deployment and return the troops to his command, warning it would only ramp up tensions. The governor also said Sunday that he planned to sue the administration over the action. LA Police Chief Jim McDonnell said Sunday evening many of the earlier protests around the city had been peaceful, but that conditions deteriorated as people committing vandalism and violence replaced daytime demonstrators. 'This violence that I've seen is disgusting,' McDonnell said at a press conference. 'What we saw the first night was was bad. What we've seen subsequent to that is getting increasingly worse and more violent.' The department issued an order telling people to immediately leave the downtown area, declaring it an 'unlawful assembly.' In a series of Truth Social posts late Sunday, Trump described the unrest as an attack on immigration enforcement efforts. 'A once great American City, Los Angeles, has been invaded and occupied by illegal aliens and criminals,' he wrote. Trump called the demonstrations 'migrant riots' and said federal agencies were directed to take 'all such action necessary' to restore order and continue deportation operations. He later urged law enforcement to escalate their response, including arresting people wearing face masks and said McDonnell should bring in the troops 'right now.' Newsom urged protesters to remain peaceful, an admonition some demonstrators ignored as crowds blocked a major roadway through downtown and people set fire to several self-driving ride-hailing vehicles nearby, sending black plumes into the sky. Newsom met Sunday evening with law enforcement leaders in Los Angeles, he posted on X. 'We're here to keep the peace — not play into Trump's political games,' he wrote. According to LAPD officials, nearly 30 people were arrested Saturday. At least 10 arrests were made Sunday and three officers were injured. The California Highway Patrol made 17 arrests and the LAPD said more are likely as the immigration raids continue and the violence that's already taken place is investigated. The San Francisco police also reported that on late Sunday they arrested about 60 people after protests against ICE raids broke out downtown. Federal law enforcement officials clashed briefly with a smaller group of demonstrators earlier on Sunday when a crowd gathered outside a federal building in downtown LA. The LAPD declared the gathering an unlawful assembly, using less than lethal munitions, like tear gas and batons to chase the crowd back. The LAPD said some people in the crowd threw bottles, chunks of concrete and other objects. The ICE raids are sending a sense of fear and chaos into the city, LA Mayor Karen Bass said during a press conference late Sunday afternoon, adding that people who want to protest should do so peacefully. The First Amendment grants a right to peaceful protest 'but it does not give you the right to be violent to create chaos, or to vandalize property, and that will not be tolerated,' she said. National Guard The tense demonstration follows two days of protests sparked by sweeping US immigration raids across the region. Trump directed US Northern Command to assume control of the National Guard and dispatch 2,000 soldiers to the area 'for 60 days or at the discretion of the Secretary of Defense,' the White House said in a statement. About 300 soldiers from the California National Guard's 79th Infantry Brigade Combat Team have been deployed to three locations in greater LA, according to US Northern Command. The Guard is focused on 'safety and protection of federal property and personnel,' the command said in a post on X. The 79th IBCT is primarily a combat unit, though it has previously been called up to support civilian authorities, and a unit most recently responded to the LA-area wildfires earlier this year. Defense Secretary Pete Hegseth said that Marines could be sent next if protests intensify. Newsom called Hegseth's suggestion of deploying the Marines from nearby Camp Pendleton 'deranged.' Hegseth on Sunday countered that Newsom had allowed violence to get out of hand. 'Deranged = allowing your city to burn & law enforcement to be attacked,' Hegseth said in a post on X. 'There is plenty of room for peaceful protest, but ZERO tolerance for attacking federal agents who are doing their job. The National Guard, and Marines if need be, stand with ICE.' Facing mounting pressure from the White House, ICE has ramped up arrests in recent weeks, averaging about 2,000 detentions per day nationwide — still falling short of the administration's goal of at least 3,000 daily arrests. The stepped-up enforcement is part of Trump's vow to carry out the largest deportation campaign in US history. In the LA area, ICE reported 118 arrests this week, though the agency has not released updated figures as of Sunday morning. The protests were triggered in part by federal immigration raids that swept through the city from late Friday. Demonstrators gathered outside the federal building downtown, including outside a detention center. Other protests broke out in Compton and in Paramount, south of the city, where a crowd formed near a Home Depot as raids were reportedly underway. Tensions escalated when some protesters threw objects at officers, prompting the LAPD to declare an unlawful assembly and order the crowd to disperse, according to local media reports. Riot police used tear gas and flash-bang grenades. US Representative Nanette Barragan, a Democrat whose district includes Paramount and other parts of Los Angeles County, accused the Trump administration of using federal troops to suppress dissent. By the time the more violent skirmishes broke out Saturday night, the original protesters had already cleared out and the 'unruly folks' had arrived, she said. 'It's going to escalate the situation,' she said Sunday on CNN's State of the Union. 'People are going to protest because they're angry about the situation. And we have to just reiterate the people to do it peacefully.' Barragan described ICE agents stopping 'anybody at a bus stop that's going to shop' and said she was warned to expect 30 days of stepped-up enforcement. 'Form of Rebellion' Trump has repeatedly threatened to cut off federal funding to cities and states that limit cooperation with federal immigration authorities — so-called 'sanctuary' jurisdictions — including LA. California law bars local law enforcement from using resources to assist in most federal immigration actions. In response to past federal crackdowns, California Attorney General Rob Bonta has defended the state's sanctuary policies and sued the Trump administration over attempts to force local compliance, arguing that California has the right to set its own public safety priorities. In an interview with NBC News, Trump border czar Tom Homan said Newsom and Bass should be thanking the president for helping to restore order. Homan warned the leaders could face arrest if they obstruct immigration enforcement efforts. The White House said the National Guard was being deployed to protect federal personnel and property, including immigration detention centers, citing what Trump described as credible threats of violence that could obstruct enforcement efforts and 'constitute a form of rebellion' against the US government. But the legal basis for the decision could face challenges. Federal law strictly limits the deployment of federal troops within US borders. The 1878 Posse Comitatus Act, along with amendments and supporting regulations, generally bars the use of the active-duty U.S. military — the Army, Navy, Air Force and Marines — from carrying out domestic law enforcement. The law doesn't apply to state-controlled National Guard forces. --With assistance from María Paula Mijares Torres, Catherine Lucey, Isabela Fleischmann, Virginia Van Natta, Kevin Whitelaw and Kara Wetzel. (Updates with LAPD response in fifth paragraph. An earlier version was corrected to remove a video that included an erroneous description of Trump's comments on Marines.) The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again Is Elon Musk's Political Capital Spent? What Does Musk-Trump Split Mean for a 'Big, Beautiful Bill'? America Cast Itself as the World's Moral Leader. Not Anymore ©2025 Bloomberg L.P.
