US and Chinese negotiators have agreed in principle to push back the deadline for escalating tariffs, although America’s representatives said any extension would need Donald Trump’s approval. Officials from both sides said after two days of talks in Stockholm that while had failed to find a resolution across the many areas of dispute they had agreed to extend a pause due to run out on 12 August. Beijing’s top trade negotiator, Li Chenggang, said the extension of a truce struck in mid-May would allow for further talks, without specifying when…
Tag: US news
As Trump’s tariff regime becomes clear, Americans may start to foot the bill
Burying the hatchet with Brussels, Donald Trump – flanked by the leader of the European Commission – hailed a bold new era of transatlantic relations, an ambitious economic pact, and declared: “This was a very big day for free and fair trade.” That was seven years ago. And then on Sunday, the US president – flanked by a different leader of the European Commission – hailed another new era of transatlantic relations, another economic pact and declared: “I think it’s the biggest deal ever made.” Trumpian hyperbole can typically be…
China calls for global AI cooperation days after Trump administration unveils low-regulation strategy
Chinese premier Li Qiang has proposed establishing an organisation to foster global cooperation on artificial intelligence, calling on countries to coordinate on the development and security of the fast-evolving technology, days after the US unveiled plans to deregulate the industry. Speaking at the annual World Artificial Intelligence Conference (WAIC) in Shanghai, Li called AI a new engine for growth, adding that governance is fragmented and emphasising the need for more coordination between countries to form a globally recognised framework for AI. Li warned Saturday that artificial intelligence development must be…
China blocks US federal employee from leaving
The Chinese government has blocked a US federal employee from leaving China, the US state department has confirmed. The federal employee works for the US Patent and Trademark Office, and was visiting China in a personal capacity, according to the state department. “We are tracking this case very closely and are engaged with Chinese officials to resolve the situation as quickly as possible,” a spokesperson said. Chinese authorities confirmed that another American, Wells Fargo banker, Chenyue Mao, had also been blocked from leaving. Both individuals have been subjected to an…
Scott Morrison to testify before US House panel on China
The former Australian prime minister Scott Morrison will testify at a US House panel hearing next week about countering China’s “economic coercion against democracies,” the committee said on Friday. Rahm Emanuel, the former US ambassador to Japan, will also testify before the House select committee on China. Relations with China, already rocky after Australia banned Huawei from its 5G broadband network in 2018, cooled further in 2020 after the Morrison government called for an independent investigation into the origins of the Covid-19 virus. China responded by imposing tariffs on Australian…
Apple inks $500m deal for rare earth magnets with US mining firm
Apple has signed a $500m deal with a US firm for rare earth magnets, essential for manufacturing electronics, after China curbed exports of the scarce, vital materials. The backing from one of the world’s most valuable companies comes after MP Materials, which operates the only US rare earths mine, last week agreed to a multibillion-dollar deal with the US Department of Defense that will see the Pentagon become its largest shareholder. Both deals are aimed at mitigating supply chain risks after China limited the outgoing supply of rare earths earlier…
Trump permits Nvidia to sell advanced chips in China, CEO says
Nvidia’s CEO, Jensen Huang, says the chipmaker has won approval from the Trump administration to sell its advanced computer chips used to develop artificial intelligence to China. “Today, I’m announcing that the US government has approved for us filing licenses to start shipping H20s,” Huang told reporters in Beijing. The news came in a company blog post late on Monday. “The US government has assured Nvidia that licenses will be granted, and Nvidia hopes to start deliveries soon,” the post said. Huang also spoke about the coup on China’s state-run…
Rare earths: how these critical minerals impact Australian industry and global politics – video
What do tariffs, Australian mining, geopolitics and the trade war between China and the US have to do with tiny magnets made from rare earth minerals like yttrium and scandium? Guardian Australia’s Matilda Boseley explains China has a stranglehold on the world’s rare-earths supply chain. Can Australia break it? Commonwealth to invest a further $200m in rare earth mining project backed by Gina Rinehart Continue reading… The Guardian
Trump to start TikTok sale talks with China, he says, with deal ‘pretty much’ reached
Donald Trump has said he will start talking to China on Monday or Tuesday about a possible TikTok deal. The United States president said the US “pretty much” had a deal on the sale of the TikTok short-video app. “I think we’re gonna start Monday or Tuesday … talking to China – perhaps President Xi or one of his representatives – but we would, we pretty much have a deal,” Trump told reporters on Air Force One on Friday. Trump also said he might visit Xi Jinping in China or…
Here we go again: latest Trump tariff deadline looms amid inflation concerns
When Donald Trump unveiled his “liberation day” tariffs in the spring, only to pull the plug days later as panic tore through global markets, his officials scrambled to present the climbdown as temporary. Three months of frenetic talks would enable the Trump administration to strike dozens of trade agreements with countries across the world, they claimed. “We’re going to run,” the White House trade adviser Peter Navarro told Fox Business Network. “Ninety deals in 90 days is possible.” The 90-day pause Trump ordered on his steep tariffs is almost up,…