A trade truce between the US and China was set to expire on Tuesday, threatening an escalation of economic tensions between the world’s two largest economies. Chinese officials said they hoped the United States would strive for “positive” trade outcomes on Monday, as the 90-day detente reached between the two countries last month was due to expire. “We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state … and strive for positive outcomes on the…
Tag: US news
Nvidia and AMD agree to pay 15% of China chip export revenues to US
The chipmakers Nvidia and AMD have agreed to give the US government 15% of their revenue from advanced chips sold to China in return for export licences to the key market. The unprecedented move, an apparent reversal of US national security restrictions on the chip sales, signalled an easing in the US-China trade war. Donald Trump has weaponised trade restrictions and tariffs to bring business to US shores. However, the quid pro quo arrangement, first reported by the Financial Times, is potentially unconstitutional. The arrangement will lead to Nvidia giving…
Panama files lawsuits against owner of ports at centre of US-China struggle
Panama’s comptroller general has lodged two cases with the country’s supreme court against the owners of two ports at the centre of a geopolitical struggle between the US and China, in a move likely to be seen as a victory for Donald Trump in his attempt to rid the Panama canal of Chinese influence. The decision follows a failed attempt to sell the ports to a consortium headed by the US investment fund BlackRock and Swiss shipping firm MSC. The two ports, at each end of the Panama Canal, were…
The Guardian view on Trump’s tariffs: both a political and an economic threat | Editorial
Donald Trump’s 1 August tariffs deadline did what it was always intended to do. It kept the markets and the nations guessing amid last-minute uncertainty. It attempted to reassert the global heft of the United States economy to take on and master all comers. And it placed President Trump at the centre of the media story, where he always insists on being. In the event, there were some last-minute agreements struck this week, few of them fair or rational in trade terms, most of them motivated by the desire to…
Countries failing to act on UN climate pledge to triple renewables, thinktank finds
Most global governments have failed to act on the 2023 UN pledge to triple the world’s renewable energy capacity by the end of the decade, according to climate analysts. The failure to act means that on current forecasts the world will fall far short of its clean energy goals, leading to a continued reliance on fossil fuels that is incompatible with the target of limiting global heating to below 1.5C. A report by the climate thinktank Ember found that only 22 countries, most within the EU, have increased their renewable…
White House to end US tariff exemption for all low-value overseas packages
The United States is suspending a “de minimis” exemption that allowed low-value commercial shipments to be shipped to the United States without facing tariffs, the White House said on Wednesday. Under an executive order signed by Donald Trump on Wednesday, packages valued at or under $800 sent to the US outside of the international postal network will now face “all applicable duties” starting on 29 August, the White House said. The US president earlier targeted packages from China and Hong Kong, and the White House said the recently signed tax…
US and China poised to extend tariff truce after failing to find resolution at talks
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…
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…