US, China extend tariff pause after trade dialogue ends in Stockholm
Both sides held 'constructive and candid discussions' and agreed to keep tariffs at their existing rates—30 per cent (55 per cent overall) on Chinese goods entering the United States, and 10 per cent on US products exported to China, Chinese vice minister of commerce Li Chenggang told reporters.
The US and China have agreed to maintain their current tariffs on each other, following discussions' in Stockholm. Both sides agreed to keep tariffs at their existing ratesâ€'30 per cent on Chinese goods and 10 per cent on US products. They agreed to a 90-day pause in Geneva in May, and that expires on August 12. The discussions didn't offer any clarity regarding a Trump-Xi summit later this year.
Both sides agreed to a 90-day pause in Geneva in May this year, preventing a further escalation. That pause will expire on August 12.
Both countries had 'comprehensive and in-depth discussions on microeconomic issues' and had decided to stay in regular contact to discuss trade and economic matters, Li was cited as saying by global media reports.
Swedish Prime Minister Ulf Kristersson hosted a breakfast meeting with US treasury secretary Scott Bessent and US trade representative Jamieson Greer.
'The Chinese have been very pragmatic," Greer posted on social media. "Obviously we've had a lot of tensions over the years. We have tensions now, but the fact that we are regularly meeting with them to address these issues gives us a good footing for these negotiations," he wrote.
"Whether there will be a deal or not, I can't say. Whether there's room for an extension, I can't say at this point. But the conversations are constructive and they're going in the right direction,' he said in a TV interview clip posted on X.
The Stockholm meetings didn't offer any clarity about the prospects for a summit later this year between Presidents Donald Trump and Xi Jinping, the reports added.
Fibre2Fashion News Desk (DS)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
6 minutes ago
- First Post
Is Harvard training officials from China's Xi Jinping's party?
Harvard University has come under scrutiny for its alleged ties to the Chinese Communist Party (CCP). A US House committee led by Republicans has reportedly shot off a letter to the varsity's president, Alan Garber, accusing Harvard Kennedy School of training high-level Chinese government officials. This comes amid the Trump administration's efforts to bar the Ivy League school from enrolling foreign students read more A view of Harvard campus on John F. Kennedy Street at Harvard University is pictured in Cambridge, Massachusetts, US, December 7, 2023. File Photo/Reuters Harvard University, which is in the crosshairs of the Donald Trump administration in the United States, has come under scrutiny for its ties to the Chinese Communist Party (CCP). A report has revealed that Harvard Kennedy School of the prestigious varsity has been accused of partnering with an organisation associated with Xi Jinping's party. The report comes at a time when Harvard University is embroiled in a dispute with the Trump administration, with the US government freezing billions of dollars in federal funds. The US president has also alleged that universities allowed antisemitism during pro-Palestinian protests on campus last year. STORY CONTINUES BELOW THIS AD But does Harvard really have ties to China's CCP? We will explain. Harvard's ties to CCP A US House of Representatives committee led by Republicans has alleged that Harvard Kennedy School collaborated with an organisation linked to the Chinese Communist Party, as per The Harvard Crimson report. A House Select Committee on the CCP started investigating Harvard University's alleged links to groups affiliated with China's party in May. In a letter to Harvard University President Alan Garber last week, the panel accused Harvard Kennedy School of training high-level Chinese government officials through a 'formal partnership' with the Chinese Executive Leadership Academy Pudong (CELAP). 'Under that partnership, the rising CCP elite who are being prepared for senior Communist Party leadership positions participate in training at Harvard in the United States,' Committee chair John R Moolenaar wrote in the letter. The committee asked the university to submit any documents linking Harvard to the CCP and furnish details of any money or benefits received from the CCP. According to Moolenaar, whistleblowers revealed the alleged tie-up between the school and CELAP, a training institution in Shanghai's Pudong district managed and funded by the Chinese government. Feng Jun, executive vice president of CELAP, attended the Harvard Kennedy School's now-defunct programme for senior Chinese officials known as 'China's Leaders in Development", calling HKS a 'model' for the Chinese school, according to Harvard University's student newspaper. STORY CONTINUES BELOW THIS AD Is Harvard CCP's 'party school'? Many US universities, particularly Harvard, have offered programmes to Chinese officials to study governance. A Wall Street Journal (WSJ) report in June found that thousands of mid-career and senior bureaucrats of the CCP have visited the US for executive training and postgraduate studies for decades. Harvard University has been described by some in China as the top 'party school' outside the country. 'If we were to rank the Chinese Communist Party's 'overseas party schools,' the one deserving top spot has to be Harvard University's Kennedy School of Government in the US,' said a 2014 commentary published by Shanghai Observer. Some key Chinese officials to have graduated from Harvard Kennedy School are an ex-vice president of China and a top trade negotiator. Li Yuanchao, China's vice president from 2013 to 2018, took part in a mid-career training programme at Harvard Kennedy School in 2002. Several top Chinese officials have attended Harvard Kennedy School. File Photo/AFP Liu He, a retired vice premier, has a master's degree in public administration from Harvard Kennedy School. He was Chinese President Xi Jinping's top trade negotiator during talks with the first Trump administration. Li Hongzhong, currently a Politburo member and senior legislator, attended a short-term programme at Harvard in 1999. Syracuse, Stanford, the University of Maryland and Rutgers have also offered executive training to Chinese officials, WSJ reported, citing publicity materials and other disclosures. STORY CONTINUES BELOW THIS AD China began sending officials for mid-career training at Harvard Kennedy School in the 1990s. One such programme, launched in 1998, provided fellowships and executive training courses to around 20 senior officials each year. Harvard launched another programme, 'China's Leaders in Development,' in the early 2000s, under which Chinese officials attended a training course, with their time split between Harvard and Beijing's Tsinghua University. As per Harvard, the now-defunct programme was to 'help prepare senior local and central Chinese government officials to more effectively address the ongoing challenges of China's national reforms." Trump's attempts to ban foreign students at Harvard Amid the ongoing standoff, the Trump administration has tried to bar Harvard from enrolling international students and prevent foreigners from entering the US to study at the elite varsity. However, both efforts were temporarily blocked by a court. Last month, the US State Department said that it launched an investigation into Harvard University's compliance with the government-run visa programme for international students. Secretary of State Marco Rubio said that the State Department would analyse Harvard's sponsorship eligibility under the Exchange Visitor Program certification, or J-1 visa programme, reported NBC News. The secretary of state said in a statement that all sponsors of the programme 'must comply with all regulations, including conducting their programmes in a manner that does not undermine the foreign policy objectives or compromise the national security interests of the United States.' STORY CONTINUES BELOW THIS AD 'The American people have the right to expect their universities to uphold national security, comply with the law, and provide safe environments for all students. The investigation will ensure that State Department programmes do not run contrary to our nation's interests,' Rubio said. A spokesperson for Harvard said that the Ivy League school 'is committed to continuing to comply with the applicable Exchange Visitor Program regulations.' 'This investigation is yet another retaliatory step taken by the Administration in violation of Harvard's First Amendment right. Harvard continues to enrol and sponsor international scholars, researchers, and students, and will protect its international community and support them as they apply for US visas and travel to campus this fall,' the spokesperson added. With inputs from agencies
&w=3840&q=100)
First Post
6 minutes ago
- First Post
‘This happens in a banana republic': Trump's Greece and China-like reaction to job data draws flak
History shows that when political leaders manipulate or interfere with economic statistics, the results are often disastrous. read more US property mogul Donald Trump leads a media event on the sand dunes of the Menie estate, the site for Trump's proposed golf resort, near Aberdeen, north east Scotland, May 27, 2010. File Image/Reuters When President Donald Trump received disappointing jobs numbers on Friday (August 1), his response was swift and alarming: he fired Erika McEntarfer, the Senate-confirmed head of the Bureau of Labor Statistics (BLS). This unprecedented move has raised concerns among economists and experts, who warn that meddling with government data can have far-reaching consequences. History shows that when political leaders manipulate or interfere with economic statistics, the results are often disastrous. Why is Labor Department's independence critical? The BLS, though officially part of the Labor Department, operates independently to produce nonpartisan data on critical metrics like employment, prices, and wages. This impartiality is vital, as reliable statistics help make sound decisions in both the public and private sectors. STORY CONTINUES BELOW THIS AD For instance, the Federal Reserve relies on BLS data on inflation and unemployment to set interest rates, which directly impact the cost of mortgages and car loans for millions of Americans. As Federal Reserve Chair Jerome H. Powell recently stressed at a news conference, 'Good data helps not just the Fed, it helps the government, but it also helps the private sector.' He added, 'The United States has been a leader in that for 100 years, and we really need to continue that in my view.' Trump's decision to dismiss McEntarfer has drawn sharp criticism, with many seeing it as a step toward undermining the integrity of economic data. Former Treasury Secretary and Federal Reserve Chair Janet L. Yellen called the move deeply troubling, stating, 'This is the kind of thing you would only expect to see in a banana republic.' Lessons from history History offers stark warnings about the dangers of manipulating government data. In the early 2000s, Chinese local authorities fudged economic figures to meet Beijing's growth targets, rendering official data unreliable. Analysts and policymakers were forced to turn to alternative measures to understand the true state of China's economy. Similarly, Greece's government falsified deficit numbers for years, a deception that fueled a crippling debt crisis requiring multiple international bailouts. When the head of Greece's statistical agency insisted on reporting accurate figures, he faced criminal prosecution. Perhaps most notoriously, Argentina systematically understated inflation rates during the 2000s and 2010s, leading the international community to dismiss its data entirely. STORY CONTINUES BELOW THIS AD These examples show the chaos that ensues when political pressures compromise data integrity. Economists warn that Trump's firing of McEntarfer risks setting the US on a similar path, eroding trust in the numbers that guide critical economic decisions.
&w=3840&q=100)
Business Standard
6 minutes ago
- Business Standard
Tesla launches first charging station in India at BKC, Mumbai: Details here
Tesla on Monday officially launched its first charging station in India at Mumbai's upscale One BKC in Bandra-Kurla Complex — a significant move that signals the electric automaker's formal entry into the Indian market. The newly operational facility includes four V4 Supercharger stalls (DC fast chargers) and four destination charging stalls (AC chargers). The Superchargers, capable of delivering up to 250 kW, are priced at ₹24 per kWh, while the destination chargers provide 11 kW at ₹14 per kWh. According to Tesla, the Model Y, its debut offering in India, can achieve a range of up to 267 km with just 15 minutes of 'supercharging'. Users can access, monitor, and pay for charging via the Tesla app, which also provides real-time stall availability and charge status notifications. Tesla opens first Indian store in Mumbai The launch follows closely on the heels of Tesla opening its first Indian Experience Centre in Mumbai on July 15. At the facility, the company unveiled the Model Y SUV, which will be sold in two rear-wheel drive variants: a standard model priced at ₹59.89 lakh and a long-range version at ₹67.89 lakh. Both versions are being imported as completely built units (CBUs) from Tesla's Gigafactory in Shanghai. Deliveries are scheduled to begin in the third and fourth quarters of 2025. The US automaker plans to operationalise three more charging locations across Mumbai — in Lower Parel, Thane, and Navi Mumbai — by the end of the September quarter. The expansion is part of a broader strategy to build out EV infrastructure in a market where charging availability remains a critical constraint. Tesla India growth plans While the company's physical presence in India is expanding, its long-term manufacturing strategy remains unclear. Tesla has been in discussions with the Indian government over tax concessions and production incentives, but a definitive commitment to local manufacturing has not been made. In June, ahead of the store opening, Union Minister for Heavy Industries HD Kumaraswamy stated Tesla is currently not inclined to set up manufacturing in India. Import duties continue to be a significant hurdle. India levies up to 70 per cent tax on imported EVs, which inflates the price of Tesla vehicles compared to other markets. For reference, the Model Y starts at $44,990 (approximately ₹37 lakh) in the United States. Nevertheless, Tesla's recent moves indicate a calibrated attempt to tap into India's growing EV ecosystem, driven by increased government focus on green mobility and rising consumer awareness. Tesla sees stiff competition from BYD Globally, the EV major is facing increased pressure, particularly from Chinese competitor BYD, which sold 1.76 million EVs in 2024, just short of Tesla's 1.79 million. India is being seen as a potential growth lever as Tesla looks to diversify amid slowing sales in the US and China. A second Tesla 'Experience Centre' is expected to open in New Delhi later this month.
