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South China Morning Post
13-06-2025
- Business
- South China Morning Post
‘Elephants trampling on global trade': EU sidelined by US-China showdown
Over two rounds of high-stakes talks on European soil, Europe has watched from the sidelines as the US and China tried to reach a truce that might stabilise the global trading system on which the continent is entirely reliant. Outcomes in Geneva and London that momentarily steadied the ship have been welcomed, even as officials in European capitals frantically parsed statements, posts and tweets for clues as to how the reverberations of US-China engagement would reshape Europe's trade ties, both with the superpowers and beyond. In Brussels and other capitals, the exchanges served as a reminder of the extent to which Europe's fortunes have become hostage to the whims of giants in Beijing and Washington. 'We are not a beneficiary of any of this [conflict]; we are victims of two elephants trampling on global trade,' said Joerg Wuttke, a partner at DGA-Albright Stonebridge Group, who spent decades as Europe's top business lobbyist in China. Joerg Wuttke, president of the European Union Chamber of Commerce in China. Photo: Simon Song On Wednesday evening, European Union officials went to bed after hearing US Treasury Secretary Scott Bessent say it was 'highly likely' that a pause on Trump's 'reciprocal tariffs' of 50 per cent on EU goods would be extended beyond the July 9 deadline.
New York Times
11-06-2025
- Business
- New York Times
New China Trade ‘Deal' Takes U.S. Back to Where It Started
After two days of tense negotiations, the United States and China appear to have walked back from the brink of a devastating economic conflict — maybe. Officials from the two countries reached a handshake agreement in the early hours of Wednesday in London to remove some of the harmful measures they had used to target each others' economies as part of a clash that rapidly intensified in recent months. It remains unclear whether the truce will hold — or crumble like one struck in May did. Even if the agreement does prove durable, its big accomplishment appears to be merely returning the countries to a status quo from several months ago, before Mr. Trump provoked tensions with China in early April by ramping up tariffs on goods it produces. 'It seems like we're negotiating in circles,' said Myron Brilliant, a senior counselor at DGA-Albright Stonebridge Group and former executive vice president of the U.S. Chamber of Commerce. 'You escalate, you de-escalate,' he added. 'At the end of the day we're not really further along.' As a result of this week's negotiations, tariffs will stay where they are. Further details are scant, other than the likely rollback of aggressive policies the two countries adopted since May. China is expected to loosen restrictions on exports of minerals that had threatened to cripple an array of American manufacturers. The United States will in return relax new limits that it placed on its own exports of technology and products, as well as walk back threats to cancel visas for Chinese students in the United States. Want all of The Times? Subscribe.
