Latest news with #exportRestrictions
The National
11-06-2025
- Business
- The National
What does the London framework mean for US-China trade?
Having extended a truce between the world's biggest economies, officials will go back to Donald Trump and Xi Jinping for their approval in easing export restrictions
NHK
11-06-2025
- Business
- NHK
US, China trade talks continue into night
World leaders and markets have been closely watching the trade talks between the two largest global economies, which have been taking place in London. US and Chinese officials have been seeking to strike a deal, and it is believed that easing export restrictions is topping the agenda. The meeting stretched into the second day, and went into the night, on Tuesday. The US team is led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. The Chinese delegation is headed by Vice Premier He Lifeng and Commerce Minister Wang Wentao. The negotiators paused for dinner, and reconvened at about 8 p.m. local time. Lutnick spoke to reporters before resuming. He said the discussions were going "really well," but could spill into a third day. Lutnick said: "Everybody's got their head down working closely. I hope they end this evening, but if they need to be, we'll be here tomorrow." Bessent later left the meeting to attend congressional testimony in Washington DC. He said the talks had been "productive," and were "ongoing." In May, the two sides agreed to pause some tariffs for 90 days to allow more time for negotiations. But since then, Washington has accused Beijing of delaying exports of rare earth metals, and has urged China to end the restrictions. It is believed that China has called on the US to scrap its curbs on semiconductor-related exports.
CNA
10-06-2025
- Business
- CNA
Treasury chief returns to US as China trade talks ongoing
LONDON: US Treasury Secretary Scott Bessent on Tuesday (Jun 10) described closely watched trade talks with Chinese officials as productive, as scheduling conflicts prompted his departure from London with negotiations ongoing. Top officials from the world's two biggest economies held a second day of trade talks Tuesday at the UK's historic Lancaster House, with meetings stretching into the night. All eyes are on the outcomes as both sides try to overcome an impasse over export restrictions, with US officials earlier accusing Beijing of slow-walking approvals for shipments of rare earths. Bessent left the meetings early to return to Washington for testimony before Congress, a US official told AFP. But US Commerce Secretary Howard Lutnick and trade envoy Jamieson Greer, who were also part of the delegation, would further talks as needed with Chinese counterparts, the official said. Earlier on Tuesday, Lutnick told Bloomberg Television that the negotiations were "going well". Global stock markets were on edge, although Wall Street's major indexes climbed on hopes for progress. With meetings dragging on, "the lack of positive headlines weighed on stocks," said Kathleen Brooks, research director at XTB trading platform. The London negotiations follow talks in Geneva last month, which saw a temporary agreement to lower tariffs. This time, China's exports of rare earth minerals - used in a range of things including smartphones, electric vehicle batteries and green technology - are expected to dominate the agenda. "In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on Monday. Even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he added. "Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett said. "MIRROR ARSENAL" Both countries "have developed almost a mirror arsenal of trade and investment weapons that they can aim at each other," said Emily Benson, head of strategy at Minerva Technology Futures. As they tap economic tools to try and shift global power structures, she told AFP, it may not be reasonable to expect a typical trade and investment deal from talks. But both sides could find ways to level off a downward spiral. Tensions between Washington and Beijing have heightened since Trump took office in January, with the countries engaging in a tariffs war. The Geneva pact temporarily brought new US tariffs on Chinese goods down from 145 per cent to 30 per cent, and Chinese countermeasures from 125 per cent to 10 per cent. But Trump later said China had "totally violated" the deal. A dialing-down of temperatures could involve Chinese efforts to shore up some export control licenses caught in their system, Benson said. She noted Beijing appeared understaffed given the volume of requests. On the US side, this could look like a relaxation of certain export curbs in the high-tech domain, she added. But observers remain cautious. "We doubt that the US will back off completely. That's likely to restrain any relief rally," said Thomas Mathews, head analyst of Asia Pacific markets for Capital Economics. Since returning to office, Trump has slapped a 10 per cent levy on friend and foe, threatening steeper rates on dozens of economies. His tariffs have dented trade, with Beijing data showing Chinese exports to the United States plunged in May. The World Bank on Tuesday joined other international organisations to slash its 2025 global growth forecast amid trade uncertainty. Meanwhile, China is in talks with partners including Japan and South Korea to try to build a united front countering Trump's tariffs. Chinese Vice Premier He Lifeng is heading the team in London, which includes Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.
Bloomberg
09-06-2025
- Business
- Bloomberg
China and US Continue Trade Talks in London
Trade talks between the US and China got underway this afternoon in London. The Trump administration is signaling a willingness to remove restrictions on exports imposed as part of its global trade war in exchange for assurances that China is easing limits on rare earth shipments. The meeting is expected to extend into the UK evening and might spill into Tuesday. 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, where a temporary truce was reached. That deal was seen as largely benefiting Beijing. Kevin Hassett, head of the White House's National Economic Council, appeared to indicate the US is willing to offer more concessions, though he added it would stop short of including the most sophisticated artificial intelligence chips made by Nvidia as part of any deal.
Bloomberg
09-06-2025
- Business
- Bloomberg
US to Focus on Easing Export Controls From China
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick are leading a US delegation in trade talks with China in London. The US has signaled it's willing to remove export restrictions in exchange for China easing limits on rare earth shipments. Bloomberg's Annmarie Hordern is in London with the latest. (Source: Bloomberg)
