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RTHK
an hour ago
- RTHK
US close to reaching several trade deals, says Bessent
US close to reaching several trade deals, says Bessent US Treasury Secretary Scott Bessent says he thinks there will be several big announcements in the coming days. File photo: Reuters The United States is close to reaching agreements on several trade deals ahead of a July 9 deadline when higher tariffs kick in, US Treasury Secretary Scott Bessent said on Sunday, predicting several big announcements in coming days. Bessent told CNN's "State of the Union" programme that the Trump administration would also send out letters to 100 smaller countries with whom the US doesn't have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9. "President Trump's going to be sending letters to some of our trading partners saying that, if you don't move things along, then on August 1, you will boomerang back to your April 2 tariff level," Bessent said. "So I think we're going to see a lot of deals very quickly." (Reuters)
South China Morning Post
an hour ago
- South China Morning Post
Will China's bid to boost domestic demand pay off?
At the World Economic Forum's 'Summer Davos' meeting in Tianjin last month, Premier Li Qiang said that China is evolving into a 'mega-sized consumption powerhouse'. This was more than a rhetorical flourish. It marked a reaffirmation of Beijing's long-standing ambition to change its growth model, placing domestic demand , rather than exports or real estate, at the heart of the economy. This vision is not new. Policymakers have been talking about rebalancing for over a decade. But the timing of Li's message is noteworthy: global demand is faltering, supply chains are shifting and geopolitical tensions are reshaping the global trade landscape. For China – and much of Asia – this consumption pivot could be transformative, provided it is backed by strong structural reform. As for now, China's efforts could go either way. On one hand, retail sales rose 6.4 per cent year on year in May – consumer spending saw the strongest growth in nearly 18 months – buoyed by the 618 shopping festival and a suite of policy incentives. Electric vehicle purchases have surged. reported a double-digit increase in sales of household appliances. These are encouraging signs that Chinese households are cautiously returning to the market. According to the National Bureau of Statistics, retail sales reached 4.1 trillion yuan (US$572 billion) in May. The broader context is more complicated. Imports declined for a second straight month in June, indicating that internal demand – while recovering – is still uneven. As of last year, China's per capita savings stood at 24.5 per cent, lower than the Covid-era peak of 2022 but still quite high. Meanwhile, the purchasing manager's index edged up to 49.7 in June but remained in contraction territory, reinforcing the urgency of domestic demand as a stabilising force. These figures underscore the reality that China faces: a steady return to consumption tempered by structural frictions that inhibit a full economic handoff. Part of the caution stems from structural factors. Chinese households still save at high rates, shaped by a legacy of limited social safety nets and concerns around healthcare, education and retirement. Disposable income rose 5.5 per cent in the first quarter of 2025, but that growth has yet to translate into broad-based confidence.
South China Morning Post
2 hours ago
- South China Morning Post
Chinese Premier Li Qiang hails ‘best in history' Brazil ties as he meets Lula in Rio
Chinese Premier Li Qiang has lauded his country's growing ties with Brazil as at their 'best in history', as both nations brace for a battle with the US over trade and the global order. Advertisement Meeting Brazilian President Luiz Inácio Lula da Silva for talks on Saturday ahead of the Brics summit in Rio de Janeiro, Li said the two sides were 'working together to build a more just world'. 'The two sides are working together to build a China-Brazil community of shared future in a more just world and a more sustainable planet,' the Chinese foreign ministry quoted Li as saying. The Chinese premier is in Rio de Janeiro for the annual two-day summit of the Brics bloc , an emerging economies group of which China and Brazil are founding members. The bloc takes its name from the initials of early members – Brazil, Russia, India, China, and South Africa – and has expanded to include Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran. Li Qiang and Luiz Inácio Lula da Silva pose with Chinese Finance Minister Lan Foan (far left) and Brazil's Economy Minister Fernando Haddad after the signing of a bilateral agreement, in Rio de Janeiro on Friday. Photo: AFP
