Latest news with #tariff truce
South China Morning Post
11 hours ago
- Business
- South China Morning Post
US-China trade talks signal shift that could reshape global order: analysts
As the dust settles on the latest round of US-China trade talks in Stockholm this week, the world's two biggest economies may be shifting towards 'indirect forms of negotiation' by strengthening partnerships with third countries that could reshape the global economic order, analysts said. The talks concluded on Tuesday with Beijing announcing that both sides had agreed to extend their 'tariff truce' by another 90 days. On Wednesday, US President Donald Trump said the two countries had reached a 'fair' deal on trade, without providing further details. No breakthroughs were announced on specific issues. 'I think confirmation of another 90-day extension is probably the best we can hope for at this point,' said Nick Marro, principal economist for Asia and lead for global trade at the Economist Intelligence Unit. 'The fact that we haven't seen any more substantive announcements after two days of negotiations suggests that the talks may have been a little bit difficult.' Analysts agreed that future US–China negotiations would likely go beyond bilateral tariff levels, as both sides seek to win over other trading partners to align with their interests. Matteo Giovannini, a senior finance manager at the Industrial and Commercial Bank of China, said the outcome of the latest talks 'underscores' how Beijing and Washington were 'recalibrating' their strategies.
Bloomberg
a day ago
- Business
- Bloomberg
Chinese Envoy Praises US for ‘Good Faith' Trade Negotiations
The US is undertaking trade negotiations with Beijing in 'good faith,' China's top diplomat in Singapore said, as President Donald Trump weighs whether to extend a tariff truce between the world's two largest economies past an Aug. 12 deadline. 'The US has shown a lot of good faith and patience in its negotiations with China,' Ambassador Cao Zhongming told reporters Wednesday in the city-state. 'I believe in three months' time, we can do a lot of things together.'
Yahoo
3 days ago
- Business
- Yahoo
U.S. and China Extend Tariff Pause Another 90 Days
Ahead of trade talks in Stockholm that are set to begin today, The South China Morning Post reports that, according to sources close to the matter on both sides, the US and China are set to extend their tariff truced by another three months. China and the United States agreed in May to remove most of the heavy tariffs levied on each other's goods for 90 days while continuing trade negotiations. That suspension is set to expire on August 12. SCMP reports that one source said that, during the expected 90-day extension, the two nations will commit to not impose additional tariffs on each other, nor escalate the trade war by other means. People's Daily, the mouthpiece of China's ruling Communist Party, said in an editorial on Sunday that Beijing was willing to work with Washington to make "substantive progress" in resolving issues during the coming trade talks in the Swedish capital. the newspaper said. "It is willing to work with the US to take the economic and trade talks in Sweden as an opportunity to continuously enhance consensus, accumulate mutual trust, reduce misjudgments and strengthen cooperation." While analysts have welcomed the continuation of discussions, most do not expect any sweeping changes to emerge from the negotiations in Stockholm. Niklas Swanstrom, director of the Institute for Security and Development Policy, a think tank based in Stockholm, said ahead of the talks. By More Top Reads From this article on
Zawya
3 days ago
- Business
- Zawya
Mideast Stocks: UAE tracks global gains on trade optimism; Saudi index flat on earnings, ex-dividends
Gulf equities were mixed on Monday, with UAE markets tracking global gains on trade optimism and signs of a China tariff truce, while Saudi stocks were flat amid mixed earnings and several blue-chip stocks trading ex-dividend. The United States and the European Union on Sunday struck a framework trade agreement, which will impose a 15% import tariff on most EU goods, half the threatened rate. Meanwhile, senior U.S. and Chinese negotiators will meet in Stockholm later in the day in a bid to extend the tariff truce ahead of an August 12 deadline, avoiding an escalation in duties. Saudi Arabia's benchmark index was flat in choppy trade as a mixed earnings season and several blue-chip stocks trading ex-dividend partially offset optimism surrounding global trade outlook. Petrochemical giant Saudi Kayan surged more than 4% as its second-quarter loss halved from a year earlier, while Arabian Cement slid more than 3% as second-quarter profit fell short of expectations. Banque Saudi Fransi and Arab National Bank dropped 4.1% and 2%, respectively, after their shares began trading ex-dividend. Dubai's benchmark index gained 0.5% to a 17-1/2 year high, on course to extend its winning streak for a third consecutive session, supported by a 2.5% jump in Emirates NBD Bank. The Abu Dhabi index was marginally higher. Shares of Americana Restaurants International and marine EPC contractor NMDC climbed more than 1% ahead of earnings. Qatar's benchmark index eased 0.4%, as traders locked in profits following a recent multi-year rally, with all sectors in the red, led by a 1.5% decline in Qatar Islamic Bank.
Bloomberg
4 days ago
- Business
- Bloomberg
US, China Negotiators to Meet in Stockholm to Extend Trade Truce
US and Chinese officials are meeting Monday to extend their tariff detente beyond a mid-August deadline, and haggle over other ways to further defuse trade tensions. Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent will lead the delegations through Tuesday in Stockholm — their third meeting in less than three months. The agenda includes discussions about how long the current tariff truce can be extended, as well as US levies tied to fentanyl trafficking and Chinese purchases of sanctioned Russian and Iranian oil.
