Latest news with #USOfficials
Bloomberg
5 hours ago
- Business
- Bloomberg
AmCham President Says China Isn't Blocking Rare Earths Exports
China has been slowly loosening the grip on its exports of rare earths over the past week, according to a lobby group for American businesses, after top US officials complained it hadn't been removing barriers as promised. 'We are seeing some approvals come through — certainly slower than industry would like,' said Michael Hart, president of the American Chamber of Commerce in China. 'Some of the delay is related to China working through their new system to approve exports, not that they are not allowing exports.'
Wall Street Journal
15 hours ago
- Business
- Wall Street Journal
Needing Dollars, Iran-Backed Militias Turn to Visa and Mastercard
Iraq was a minor market for Visa and Mastercard a couple of years ago, generating just $50 million a month or less in cross-border transactions at the start of 2023. Then it exploded to around $1.5 billion in April that year, a 2900% increase almost overnight. What changed? Iraqi militia groups figured out how to squeeze dollars on an industrial scale from Visa and Mastercard's payment networks for themselves and for their allies in Iran, according to U.S. and Iraqi officials and documents reviewed by The Wall Street Journal.
Asharq Al-Awsat
3 days ago
- Business
- Asharq Al-Awsat
Cautious Optimism Between Washington and Tehran as Nuclear Talks Inch Forward
Amid renewed diplomatic engagement, cautious optimism is building around the Iranian nuclear file, with sources in Washington and Tehran suggesting that a political understanding may soon be within reach. While a comprehensive agreement has not yet been finalized, both sides appear to be edging closer to a deal that could revive stalled negotiations. US officials have indicated that a broad framework is on the table and could be finalized in the next round of talks. Iranian sources, meanwhile, have signaled conditional readiness to pause uranium enrichment -if two core demands are met: the release of billions in frozen Iranian assets and formal recognition of Iran's right to enrich uranium for civilian purposes. Still, Tehran's tone remains guarded. Iranian Foreign Minister Abbas Araghchi pushed back against speculation of an imminent deal, stating that while Iran is genuinely pursuing a diplomatic resolution, the path to agreement requires the full lifting of sanctions and formal guarantees of its nuclear rights. Araghchi warned against overreliance on media speculation, asserting that real solutions will only emerge through direct negotiation, not public pressure campaigns or political posturing. Iran's semi-official Nour News echoed this message, characterizing recent US optimism as a psychological tactic aimed at pressuring the Iranian delegation ahead of the upcoming, yet unscheduled, sixth round of talks. The outlet reiterated that meaningful outcomes cannot be dictated through media narratives but must be shaped at the negotiating table. US President Donald Trump added to the intrigue this week by confirming he had urged Israeli Prime Minister Benjamin Netanyahu not to launch a military strike against Iran, arguing that such an action would be ill-timed as talks approach a critical juncture. Trump said a resolution appears 'very close' and that aggressive moves would only derail progress. On the Iranian side, nuclear chief Mohammad Eslami said Tehran might consider granting more access to international inspectors if future agreements are framed respectfully and reflect Iran's concerns. However, senior lawmakers pushed back against any suggestion that Iran is prepared to dismantle its nuclear infrastructure, underscoring that uranium enrichment and the removal of sanctions remain non-negotiable pillars of Iran's position. Meanwhile, International Atomic Energy Agency (IAEA) Director-General Rafael Grossi warned that any new nuclear deal must include 'rigorous inspection mechanisms' to ensure compliance. In Moscow, Iran's top security official Ali Akbar Ahmadian met with his Russian counterpart and reaffirmed Tehran's commitment to diplomacy. However, he emphasized that Iran would not compromise on its right to maintain enrichment capabilities for peaceful purposes.
Al Arabiya
3 days ago
- Business
- Al Arabiya
Trump aims to exceed first term's weapons sales to Taiwan: Officials
The United States plans to ramp up weapons sales to Taipei to a level exceeding President Donald Trump's first term as part of an effort to deter China as it intensifies military pressure on the democratic island, according to two US officials. If US arms sales to Taiwan do accelerate, it could ease worries about the extent of Trump's commitment to the island. It would also add new friction to the tense US-China relationship. The US officials, who spoke on condition of anonymity, said they expect US approvals for weapons sales to Taipei over the next four years to surpass those in Trump's first term, with one of the officials saying arms sales notifications to Taiwan could 'easily exceed' that earlier period. They also said the United States is pressing members of Taiwan's opposition parties not to oppose the government's efforts to increase defense spending to 3 percent of the island's economic output. The first Trump administration approved sales of approximately $18.3 billion worth of weapons to Taiwan, compared with around $8.4 billion during Joe Biden's term, according to Reuters calculations. The United States is Taiwan's most important international backer and arms supplier despite the lack of formal diplomatic ties between Washington and Taipei. Even so, many in Taiwan, which China claims as its own, worry that Trump may not be as committed to the island as past US presidents. On the election campaign trail, Trump suggested Taiwan should pay to be protected and also accused the island of stealing American semiconductor business, causing alarm in Taipei. China has vowed to 'reunify' with the separately governed island, by force if necessary. Taiwan's government rejects Beijing's sovereignty claims, saying only the island's people can decide their future. The US officials said administration officials and Trump himself were committed to 'enhancing hard deterrence' for Taiwan. 'That's where the president is. That's where all of us are,' one US official said, adding that they were working closely with Taiwan on an arms procurement package to be rolled out when Taiwan secured domestic funding. Taiwan's Presidential Office told Reuters the government is determined to strengthen its self-defense capabilities and pointed to its proposals to increase defense spending. 'Taiwan aims to enhance military deterrence while continuing to deepen its security cooperation with the United States,' Presidential Office spokesperson Wen Lii said. Taiwan's defense ministry declined to comment on any new arms sales, but reiterated previous remarks by the island's defense minister, Wellington Koo, about the importance of 'solidarity and cooperation of democratic allies.' China's foreign ministry reiterated its opposition to US arms sales to Taiwan on Friday, with spokesperson Lin Jian telling reporters that the United States should stop creating 'new factors' that could lead to tensions in the Taiwan Strait. 'Don't get in the way' Taiwan's President Lai Ching-te and his Democratic Progressive Party (DPP) aim to increase defense spending to 3 percent of GDP this year through a special defense budget. But the island's parliament, controlled by opposition parties the Kuomintang (KMT) and the Taiwan People's Party (TPP), passed budget cuts earlier this year that threatened to hit defense spending. That triggered concerns in Washington, where officials and lawmakers have regularly said the US cannot show more urgency over Taiwan's defense than the island itself. 'We're messaging pretty hard (in Taipei) to the opposition. Don't get in the way of this. This isn't a Taiwanese partisan question. This is a Taiwanese survival question,' one of the US officials told Reuters. Three people in Taiwan with direct knowledge of the situation confirmed that the US government and US congressional visitors have been pressing the opposition parties in Taiwan not to block defense spending, especially the coming special defense budget, which is expected to be proposed to parliament later this year. 'As long as they knew there were people from the opposition in the room, they directly asked them not to cut the defense budget,' one of the people said. Alexander Huang, director of the KMT's international department, told Reuters it was 'beyond question' that the party firmly supports increasing the defense budget and its 'doors are open' to the US government and the ruling DPP for consultations. 'Supporting an increased budget does not mean serving as a rubber stamp, nor does it preclude making adjustments or engaging in negotiations regarding the special budget proposals put forth by the DPP administration,' he added. The much smaller TPP said it has 'always had smooth communication with the US side and has continued to engage in in-depth dialogue on issues such as national defense and regional security.' Reuters reported in February that Taiwan was exploring a multi-billion dollar arms purchase from the US, hoping to win support from the new Trump administration. New weapons packages are expected to focus on missiles, munitions and drones, cost-effective means to help improve Taiwan's chances of rebuffing any military action by China's much larger forces. For years, China has been steadily ramping up its military pressure to assert its sovereignty claims over the island that is home to critical chip manufacturing vital to the global economy. Separately, one of the US officials said the Trump administration would not object to a transit this year through US territory by Lai, whom Beijing labels a 'separatist.' Past visits to the United States by Taiwanese officials have triggered angry objections by China, which sees such trips as inappropriate given that the United States has diplomatic relations with Beijing, not Taipei. Taiwan's presidential office spokesperson Lii said there are currently 'no plans for a presidential transit through the United States at the moment.'
CNN
3 days ago
- Business
- CNN
Trump administration took action against China due to frustration on trade talks, officials say
The flurry of punitive measures taken against China by the Trump administration over the last few days was prompted by a belief among US officials that China has failed to live up to commitments it made in trade talks earlier this month, three administration officials told CNN. This week the administration made moves to revoke visas for Chinese students and suspend the sale of some critical technology to Chinese companies. The officials said they are frustrated that China failed to follow through on the commitments that were meant to deescalate the trade conflict between the two countries, as they seek an overall deal by the middle of August. The dispute underscores the highly fraught relationship between the world's two largest economies. Even as the two sides emerged from the talks in Switzerland having agreed to reduce the withering tariffs introduced by President Donald Trump, the gulf appears to be widening on supply chains that each nation believes are critical to national security. After the talks in Geneva this month — the first substantive meeting on trade since Trump imposed the tariffs — US officials had expected China to ease export restrictions of rare earth minerals, which are an essential part of everything from iPhones and electric vehicles to big-ticket weapons like F-35 fighter jets and missile systems. But the restrictions haven't been lifted, causing intense displeasure inside the Trump administration and prompting the recent series of costs imposed on China, the three administration officials said. The decisions in Washington to limit critical technology sales to China and restrict the number of Chinese students studying in the US reveals just how central the trade war is to the administration's overall foreign policy towards China. It is a 'unified administration strategy,' said one senior administration official in describing the connective tissue. The actions taken in the last week will have a significant impact on Chinese tech companies and students. The Financial Times reported on Wednesday that Trump had effectively cut off some American companies from selling software used to design semiconductors to China. A Siemens spokesperson later told CNN that the US government on Friday informed the industry about new export controls on chip designing software to China and Chinese military end users globally. Just days later Secretary of State Marco Rubio said that the Trump administration will 'aggressively revoke visas for Chinese students,' including those with connections to the Chinese Communist Party or studying in critical fields. 'On day one, the President signed an Executive Order directing the Secretary of State to enhance federal screening and vetting of aliens coming to the United States, including visa holders. The Secretary made this decision in the Administration's ongoing effort to protect our homeland from espionage and other hostile actions,' said White House press secretary Karoline Leavitt. Treasury Secretary Scott Bessent, who Trump tapped to lead the talks and run point on the bilateral relationship, has highlighted the importance of the process the Geneva talks put into place for negotiations to take place in the months ahead. But he has stressed the value of the 'mechanism' established between the US and Chinese sides to prevent future escalations that would derail future talks or any eventual outcome. Bessent, who led the Geneva talks with US Trade Representative Jamieson Greer, has maintained a focus on a functioning relationship and has said a second in-person meeting between the two sides is likely in the future. But Bessent has also calibrated his public comments to make clear the US has no plans to slow or stop a strategic effort to decouple from China on supply chains deemed critical to US national security. 'I would say that they are a bit stalled,' Bessent said of the China talks Thursday on Fox News. 'I believe that we will be having more talks with them in the next few weeks. And I believe we may, at some point, have a call between the president and party chair Xi (Jinping).' 'I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other,' Bessent said. Growing concern within the administration in the leadup to the talks over China's moves to cut off access to rare earth minerals sparked a wide-ranging effort behind the scenes to find potential workarounds, officials said. That effort, which included officials from several agencies and the West Wing, wasn't halted after the trade talks and remains a focus. But there was a view that the immediate pressure would ease as a result of the agreement reflected in the joint statement. When that did not happen, the US began to think about ways to impose costs on China. US officials said they were not concerned about the one-two hit derailing the future of the US-China trade talks. Instead, officials are looking to make clear that not effectively engaging in the ongoing trade talks comes with consequences for the country. 'It is clearly an escalation. But if you look at what Trump does when he thinks he is getting close to securing a deal, and it's not there yet, he tries to elevate the rhetoric. They think that elevated rhetoric and action will move a deal faster,' said one person close to the White House. There were signs that Beijing was initially caught off guard by the visa announcement. For much of Thursday, China's state-controlled media remained largely silent on the news that will significantly impact the fate of hundreds of thousands of Chinese students. Then China's foreign ministry spokesperson came out calling the move 'politically motivated and discriminatory.' Any path towards steadying the relationship across the board remains uncertain. 'The Geneva agreement was a major first step towards securing a final, comprehensive trade deal with China,' White House spokesman Kush Desai said in a statement. 'Discussions continue, and the Administration is monitoring compliance with the agreement.' It isn't clear when the next round of trade talks between the US and China will take place. And despite saying for weeks he would talk soon with President Xi Jinping, Trump and the Chinese leader have not yet spoken amid the trade conflict.
