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China wants to return US trade ties to a state of healthy development
BEIJING (Reuters) -China wants to bring commercial ties with the United States back to a state of healthy and sustainable development, Commerce Minister Wang Wentao said on Friday, calling on the U.S. to behave in a way that befits its major country status. China's trade has strong resilience and momentum, and the country will expand imports as well as exports in its next five-year plan, Wang said at a press conference. The country's policy support for exports has "bucked the trend" amid a complex external environment, Wang said. He characterised the ups and downs in China-U.S. trade relations as having taught both sides that they need each other. "A forced decoupling and severing of supply chains is impossible, and some trade between the two sides is difficult to replace, at least in the short term," he said. "Having weathered many storms, the two sides remain important economic and trade partners to each other," Wang said, adding that the two countries can manage tensions through "equal dialogue and consultations". U.S. President Donald Trump hiked tariffs on Chinese products to over 100% earlier this year, before walking back much of the hefty duties in a trade truce with Beijing reached in May. China has until August 12 to reach a deal with Washington to avoid Trump's reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May. The current overall tariff level imposed by the U.S. on China is at a "still high" 53.6%, Wang told the press conference. "There are no winners in a trade war. China does not want a trade war, but it is not afraid of one," he reiterated. "Major countries should act like major countries. They must shoulder their responsibilities," he said, adding that China would not change its stance in protecting its national interests. ($1 = 7.1811 Chinese yuan renminbi) Sign in to access your portfolio
Yahoo
16 minutes ago
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House passes Trump's cuts to public broadcasting, foreign aid; next stop president's desk
WASHINGTON − President Donald Trump's push for $9 billion in spending cuts − slicing into public broadcasting stations PBS and NPR, as well as the United States' foreign aid efforts − crossed the Congressional finish line just after midnight on July 18 and soon will hit the Republican's desk for signature into law. The House approved the measure, in response to Trump's official request, in a 216-213 party line vote. Two Republicans voted no on the second-term president's plan, which represents just a fraction of the almost $200 billion that Trump's Department of Government Efficiency claims to have saved the federal government. A bulk of the cuts in the legislation strips away funding authorized by a previous law for foreign aid, including peacekeeping efforts and global health initiatives. More: Elmo and AIDS prevention: What is Congress targeting in their spending cuts? Office of Management and Budget Director Russell Vought said the amounts being slashed represent "wasteful and unnecessary spending," in the White House's formal request to Congress. Around $1 million will be taken from public broadcasting, including PBS and NPR. Local stations, which are much more reliant on federal grants than their national counterparts, are expected to bear the brunt of that lost funding. Congress barely met their July 18 midnight deadline to get the bill approved, otherwise the current funding would remains in place. The Senate passed its version of the spending cut bill earlier in the week after Republicans including Sen. Susan Collins successfully saved funding grants for AIDS prevention . This article originally appeared on USA TODAY: Congress approves Trump's $9 billion cuts to PBS, NPR, foreign aid
Yahoo
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China commerce minister says he met Nvidia CEO in Beijing
By Che Pan and Casey Hall BEIJING (Reuters) -China's Commerce Minister Wang Wentao said on Friday he met with Nvidia CEO Jensen Huang in Beijing on Thursday. Wang said at a press conference that Huang had worked very hard over the past few days during his visit to China, but Wang did not provide any details about what was discussed at their meeting. Nvidia did not respond immediately to a request for comment. During his third China visit this year, Huang, the founder and CEO of the world's most valuable company, also met with Ren Hongbin, chairman of China Council for the Promotion of International Trade and the country's Vice Premier He Lifeng. Chinese officials told Huang they welcomed foreign companies to continue to invest in the country, the Nvidia CEO said at a press conference in Beijing on Wednesday. At the event, Huang described artificial intelligence models from Chinese firms Deepseek, Alibaba and Tencent as "world class" and said AI was "revolutionising" supply chains. Huang also said Chinese customers' demand for its H20 AI chip, which was released from U.S. export controls this week, is high but no purchase orders have been fulfilled yet as it awaits U.S. government approval for export licences. Nvidia has also announced it is developing a new chip for Chinese clients called the RTX Pro GPU, which would be compliant with U.S. export restrictions and designed specifically for smart factories and for robot training purposes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
