Latest news with #economic disputes
Yahoo
2 days ago
- Business
- Yahoo
Trump-Xi Meeting On Horizon As US-China Hold Marathon 5-Hour Trade Talks In Stockholm
Top economic officials from the United States and China met in Stockholm on Monday to discuss extending the trade truce between the two nations. This meeting is crucial as it aims to resolve ongoing economic disputes that have been central to the trade war between these global economic powerhouses. What Happened: U.S. Treasury Chief Scott Bessent and China's Vice Premier He Lifeng were among the key figures present at the meeting, which took place at Rosenbad, the Swedish prime minister's office, reported Reuters. The discussions, which lasted over five hours, are part of efforts to extend a trade truce by three months. China faces an August 12 deadline to finalize a durable tariff agreement with President Donald Trump's administration. Negotiators left the venue around 8 p.m. without speaking to reporters, and discussions are set to continue on Tuesday. During a press conference in Scotland, Trump expressed his desire for China to open up its economy. Without an agreement, global supply chains could face disruptions due to potential U.S. duties returning to high levels. U.S. Trade Representative Jamieson Greer told CNBC he did not anticipate a major breakthrough but expected continued monitoring of the agreement's implementation and groundwork for future trade enhancements. S. temporarily paused tech export restrictions to China to support trade talks and Trump's planned meeting with Xi, according to an earlier report. The Commerce Department delayed enforcement actions to avoid disrupting negotiations. The move could boost semiconductor giants like Nvidia and AMD, though national security experts raised concerns about compromising America's AI edge. This meeting in Stockholm marks the third encounter this year between Bessent and Chinese Vice Premier He. The discussions are crucial in maintaining current tariff levels while both nations work towards a potential meeting between their leaders later in the year. Recently, Trump announced a 15% tariff trade agreement with the European Union, ending months of trade uncertainty. This agreement marked a significant drop from the previously threatened 30% tariff. The EU will not impose a tariff on U.S. imports, bringing stability and predictability for businesses on both sides of the Atlantic. Additionally, Trump recently declared a monumental $550 billion trade agreement with Japan, which is expected to create hundreds of thousands of jobs. This deal will see Japan investing heavily in the U.S., with America receiving 90% of the profits. Japan will also open its markets to U.S. products while agreeing to a reciprocal tariff of 15% on U.S. imports. Check This Out: Lawmakers Made Huge Investments This Year. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool Photo Courtesy: Engineer studio on This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Trump-Xi Meeting On Horizon As US-China Hold Marathon 5-Hour Trade Talks In Stockholm originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. 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
News24
2 days ago
- Business
- News24
US-China officials meet in Stockholm to avert trade war as tariff truce expires
US and Chinese officials met in Stockholm on Monday to resume economic talks aimed at extending their trade truce by three months before the 12 August deadline. The talks focused on maintaining critical mineral flows and preventing supply chain disruption rather than seeking major breakthroughs. Deeper structural economic issues remain unaddressed in these negotiations, including US complaints about China's export-driven model flooding markets with cheap goods and China's concerns about US tech export controls. Top US and Chinese economic officials met in Stockholm on Monday to resume talks to resolve longstanding economic disputes at the centre of a trade war between the world's top two economies, aiming to extend a truce by three months. US Treasury Chief Scott Bessent was part of a US negotiating team that entered Rosenbad, the Swedish prime minister's office in central Stockholm in the early afternoon. China's Vice Premier He Lifeng was also seen arriving at the venue on video footage. China is facing a 12 August deadline to reach a durable tariff agreement with President Donald Trump's administration, after Beijing and Washington reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. US trade representative Jamieson Greer said that he did not expect 'some kind of enormous breakthrough today' at the talks in Stockholm that he was attending. 'What I expect is continued monitoring and checking in on the implementation of our agreement thus far, making sure that key critical minerals are flowing between the parties and setting the groundwork for enhanced trade and balanced trade going forward,' he told CNBC. The Stockholm talks come hot on the heels of Trump's biggest trade deal yet with the European Union on Sunday for a 15% tariff on most EU goods exports to the United States, including autos. Trade analysts said that another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely. An extension would facilitate planning for a potential meeting between Trump and Chinese President Xi Jinping in late October or early November. The Financial Times reported on Monday that the US had paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support Trump's efforts to secure a meeting with Xi this year. Deeper issues Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include US complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that US national security export controls on tech goods seek to stunt Chinese growth. 'Geneva and London were really just about trying to get the relationship back on track so that they could, at some point, actually negotiate about the issues which animate the disagreement between the countries in the first place,' said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. Bessent has already flagged a deadline extension and has said he wants China to rebalance its economy away from exports to more domestic consumption - a decades-long goal for US policymakers. Analysts say the US-China negotiations are far more complex than those with other Asian countries and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. In the background of the talks is speculation about a possible meeting between Trump and Xi in late October.
