US president praises ‘very good’ discussions as top US and Chinese officials meet over trade war triggered by Trump’s tariff blitz
Donald Trump has hailed a “total reset” in US-China trade relations after the first day of talks between top American and Chinese officials in Geneva aimed at defusing a trade war sparked by his tariff rollout.
The US president praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner”.
Continue reading...World Trade Organization hails ‘constructive step’ as senior figures come together to discuss tariffs
Senior US and Chinese officials held talks early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China’s state-owned news agency and people close to the talks.
China’s vice-premier, He Lifeng, and the US treasury secretary, Scott Bessent, met after weeks of growing tensions as duties on imports between the world’s two largest economies have risen above 100%.
Continue reading...Meeting aimed at de-escalating trade war after Chinese exports beat expectations despite slump in trade
Donald Trump has floated cutting tariffs on China from 145% to 80% before a weekend meeting as he looks to de-escalate the trade war.
Top US officials are expected to meet a high-level Chinese delegation this weekend in Switzerland in the first significant talks between the two nations since Trump provoked a trade war with stiff tariffs on imports.
Continue reading...Crowning of country’s first world champion set to give fresh boost to sport that has boomed in popularity in China
Chain smoking under the fluorescent lights of a cavernous billiards hall in Beijing, Brother Yuan can’t stop smiling. The previous day, along with 150 million other people across China, he had been at home watching the snooker world championships final. Now he’s with his fellow cue-heads, celebrating the win of China’s first snooker world champion, Zhao Xintong.
“He’s a great role model for young people in China,” Yuan, 55, says of the generation Z upstart who on Monday claimed snooker’s top prize. “He’s bringing the excitement back.”
Continue reading...Chinese leader calls Russian counterpart his ‘old friend’ on visit for Victory Day commemorations
Xi Jinping and Vladimir Putin exchanged warm words in the Kremlin on Thursday during a grand ceremony welcoming the Chinese leader for his 11th visit to Russia.
Xi said the Sino-Russian relationship was “confident, stable and resilient” in the new era and that China was willing to work with Russia to promote a multipolar world.
Continue reading...Lai Ching-te says ‘message of history is clear’ as Taiwan for first time officially commemorates end of second world war
Taiwan’s president, Lai Ching-te, has compared his nation to the European countries heading for conflict with Nazi Germany in the 1930s, in a punchy speech commemorating the end of the second world war in Europe.
“Eighty years after the end of the European war, the message of history is clear. Today, 80 years later, we share the same values and face similar challenges as many of the democracies that participated in the European war,” Lai said to a group of foreign dignitaries gathered in Taipei.
Continue reading...Half-point cut to be made to banks’ reserve requirement ratio and 1tn yuan released into banking system
China will cut interest rates and inject some much-needed liquidity into the domestic economy, as the country steels itself for a bruising trade war with the US.
The People’s Bank of China said on Wednesday it would make a half-point cut to the banks’ reserve requirement ratio, its benchmark interest rate, and release 1tn yuan (£103.6bn) into the banking system.
Continue reading...Arrests are the first case of the city’s national security law being used to target the relatives of pro-democracy campaigners
Human rights groups have condemned the arrest of relatives of Anna Kwok, an exiled pro-democracy activist who is wanted by the Hong Kong police, in the first example of the city’s national security law being used to target the family members of an activist living overseas.
Kwok, 28, is the executive director of the Washington-based Hong Kong Democracy Council, and is one of 19 overseas activists wanted by the national security police, who are offering bounties of HK$1m (£97,000) for information leading to arrest.
Continue reading...Comments come a week after Trump claimed talks were already taking place
Beijing is “evaluating” an offer from the US to engage in trade negotiations, the Chinese government has said, a week after Donald Trump claimed talks were already under way.
China’s commerce ministry said on Friday: “The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China.”
Continue reading...Goods worth less than $800 will be subject to 120% levy meaning prices on Chinese exports will probably increase
At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam going on against our country”, the US president said on Wednesday. “We put an end to it.”
Continue reading...Temu and Shein among fast-fashion sites affected by drop in first three months of this year but sales in rise to EU
Exports to the US from Chinese online shops such as Temu and Shein have plunged in the face of Donald Trump’s trade war, as shipping from China to the EU has increased.
Official Chinese data showed its total e-commerce shipping to the US dropped 65% by volume in the first three months of the year, but rose by 28% in Europe.
Continue reading...Index of activity drops to lowest reading since December 2023 as a result of ‘sharp changes’ in international trading
China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States.
Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs.
Continue reading...Perth will host huge exhibition of ancient treasures from first emperor’s tomb in June, with 40% of the artefacts leaving China for the first time ever
Two thousand years ago, in a bid to conquer death itself, China’s first emperor Qin Shi Huang commissioned a city of the dead: a 49 sq km mausoleum guarded by an army of clay warriors, built to defend his tomb for eternity.
When farmers near Xi’an unearthed the first clay head in 1974, they cracked open one of humanity’s greatest archaeological mysteries, with more than 8,000 Terracotta Warriors discovered over the last 50 years. Now, fragments of that dream of immortality rise again – this time in Perth, where the largest exhibition of the Terracotta Warriors ever staged in Australia will head later this year
Continue reading...Chinese national, 27, reportedly returned to Japan’s highest mountain days after first rescue to retrieve his phone
A university student has been rescued from the slopes of Mount Fuji twice in the space of a week – the second time during an attempt to retrieve his mobile phone.
The hapless climber, a 27-year-old Chinese national who has not been named, was airlifted from Japan’s highest mountain last week, only to be the subject of a second search four days later.
Continue reading...Exclusive: Force, which had dropped objection to plan, says protests of more than 500 people would impede traffic and require extra resources
China’s proposed “super-embassy” in London would require additional police officers to deal with any large protests involving thousands of people, the Metropolitan police have said before a decision by ministers.
Despite having dropped its official objection to the proposals, the Met “maintains concerns” that large protests of more than 500 people outside the embassy would impede traffic and “require additional police resource”, said the deputy assistant commissioner Jon Savell
Continue reading...Beijing and Manila accuse each other of illegal activities around Sandy Cay near the Spratly Isles, as joint US-Filipino military drills get under way in region
China and the Philippines have displayed their national flags in competing photo opportunities on a disputed sandbank in the South China sea, ratcheting up longstanding regional tensions between the two countries.
The dispute played out at Sandy Cay, which is part of the disputed Spratly Islands, and comes days after the US and the Philippines launched their annual joint military drills called “Balikatan”, or “shoulder to shoulder”, which this year will include an integrated air and missile defence simulation for the first time.
Continue reading...Lenders expected to split into two camps: those focused on domestic customers and those with large operations in the US, China and the EU
UK banks’ earnings reports will be studied this week for signs of turmoil linked to Donald Trump’s tariff drama, with uncertainty over global growth likely to weigh on lenders with heavy exposure to China, including HSBC.
First-quarter profits only reflect the January-to-March period that preceded the US president’s “liberation day” tariff announcements on 2 April. But investors will be concerned about any hints of caution around earnings forecasts, as well as an uptick in money put aside for defaults by tariff-hit borrowers.
Continue reading...‘The Chinese will see this high tariff level is unsustainable for their business,’ says Scott Bessent
The US treasury secretary, Scott Bessent, said “there is a path” to an agreement with China over tariffs after he had interactions with his Chinese counterparts last week in Washington.
“I had interaction with my Chinese counterparts, but it was more on the traditional things like financial stability, global economic early warnings,” Bessent told ABC News’s This Week on Sunday, explaining that he spoke to the Chinese during International Monetary Fund meetings in Washington. “I don’t know if President Trump has spoken with President Xi,” he added.
Continue reading...DoE investigation revives reports that UC Berkeley failed to disclose Chinese funding for a now severed partnership
The Trump administration launched an investigation into the University of California, Berkeley, on Friday centered on foreign funding, making it the latest university to be targeted by the federal government.
The investigation revives criticism from several years ago about the university’s partnership with China’s Tsinghua University. It comes after Donald Trump earlier this week signed a series of executive orders focused on universities that he views as liberal adversaries to his political agenda.
Continue reading...DoE investigation revives reports that UC Berkeley failed to disclose Chinese funding for a now severed partnership
The Trump administration launched an investigation into the University of California, Berkeley, on Friday centered on foreign funding, making it the latest university to be targeted by the federal government.
The investigation revives criticism from several years ago about the university’s partnership with China’s Tsinghua University. It comes after Donald Trump earlier this week signed a series of executive orders focused on universities that he views as liberal adversaries to his political agenda.
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