Dollar index minimizes losses ahead of US non-farms jobs report
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Indian Express
12 minutes ago
- Indian Express
US, China officials to hold trade talks in Stockholm: What to expect?
Senior officials from the United States and China will meet in Stockholm today to discuss trade and economic issues, in what both sides describe as a step toward easing tensions. US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will be meeting for the third time this year, nearly four months after President Donald Trump proposed sweeping tariffs, including an import tax of up to 145% on Chinese goods. The meeting is also expected to lay the groundwork for a potential meeting between Trump and Chinese President Xi Jinping later this year. The planned meeting in the Swedish capital is part of broader efforts by both countries to stabilise a relationship that has been strained by trade disputes, technology competition, and geopolitical rivalry. While officials have kept the agenda under wraps, it is expected, as per AP, that the discussions will cover: This could be the first real opportunity for the two governments to address structural reform issues including market access in China for US companies, said Sean Stein, president of the US-China Business Council, as per AP. The US imposed a 20% tariff on fentanyl-related products earlier this year. China responded with a 10% tariff on US goods. In July, China placed two fentanyl precursor chemicals under enhanced control. Gabriel Wildau, managing director at the consultancy Teneo, said major relief is unlikely. 'It's possible that Trump would cancel the 20% tariff that he has explicitly linked with fentanyl… but I would expect the final tariff level on China to be at least as high as the 15–20% rate contained in the recent deals with Japan, Indonesia, Vietnam.' A key concern for Washington is China's industrial overcapacity. 'Right now, many companies, especially in manufacturing, feel quite deeply that China's manufacturing capacity is so strong, and the Chinese people are incredibly diligent,' Chinese Premier Li Qiang said on Thursday, as per Bloomberg News. 'Factories run 24 hours a day.' The US is expected to pressure China on reducing oil purchases from Russia and Iran. The Stockholm talks will be 'geared towards building a trade agreement based around Chinese purchase commitments and pledges of investment in the US in exchange for partial relief from US tariffs and export controls,' Wildau said, as per AP. (With inputs from AP)
India Today
12 minutes ago
- India Today
Donald Trump's DOGE AI tool aims to wipe out half of US federal regulations, says report
The US government under Donald Trump is reportedly using an artificial intelligence tool to identify and scrap nearly half of all federal regulations. A new report by The Washington Post reveals that the AI system, known as the DOGE AI Deregulation Decision Tool, is part of a larger plan to cut down thousands of rules by the first anniversary of Trump's return to tool is being operated by the Department of Government Efficiency, or DOGE, and has been trained to review over 200,000 federal rules. Based on early estimates, around 100,000 of these regulations may be marked for removal. The AI tool has already been used at agencies like the Department of Housing and Urban Development (HUD), where it reportedly reviewed and suggested deletions for more than 1,000 regulatory sections within two weeks. At the Consumer Financial Protection Bureau (CFPB), it is said to have been responsible for writing all of the agency's recent officials told The Post that the AI system was created by engineers brought into the administration during Elon Musk's involvement in DOGE. While some agencies have embraced the tool, others remain cautious about depending on an AI model to review sensitive and often complex federal rules. According to a presentation reviewed by The Post, the tool is being positioned as a solution to save both time and money. The Trump administration believes this AI-driven approach could reduce the federal budget, cut red tape, and attract more investment by easing compliance burdens for broader deregulation agenda is not new. In January, he signed an executive order aimed at fast-tracking deregulation efforts, asking agencies to repeal 10 rules for every new one. Since then, departments like Transportation and Labor have publicly announced large-scale cuts to existing rules and regulatory legal experts warn that the process may not be as straightforward. Scrapping a federal rule often requires going through detailed procedures under administrative law. There are also concerns that using AI to make such decisions could lead to mistakes or House spokesperson Harrison Fields said in a statement that the administration is still exploring all options and that nothing has been finalized. But he praised the DOGE team for bringing new ideas into government the tool's full impact remains to be seen, it has already created tension within the federal workforce. Some staff members worry that relying on AI for complex legal decisions may lead to unintended consequences. Others point out that ongoing staff cuts within agencies are slowing down the overall deregulation push, even as pressure builds from the White House to deliver faster results.- Ends
New Indian Express
19 minutes ago
- New Indian Express
Asian shares are mixed after Wall Street sets more records for US stocks
BANGKOK: Stock markets in Asia were mixed on Monday after US stocks rose to more records as they closed out another winning week. US futures and oil prices were higher ahead of trade talks in Stockholm between US and Chinese officials. European futures rose after the European Union forged a deal with the Trump administration calling for 15% tariffs on most exports to the US The agreement announced after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland staves off far higher import duties on both sides that might have sent shock waves through economies around the globe. Tokyo's Nikkei 225 index lost 1% to 41,056.81 after doubts surfaced over what exactly the trade truce between Japan and U.S. President Donald Trump, especially the $550 billion pledge of investment in the U.S. by Japan, will entail. Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official, who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a $550 billion fund to make investments at Trump's direction. Hong Kong's Hang Seng index gained 0.4% to 25,490.45 while the Shanghai Composite index lost 0.2% to 3,587.25. Taiwan's Taiex rose 0.3%. CK Hutchison, a Hong Kong conglomerate that's selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more U.S. scrutiny to a geopolitically fraught deal. CK Hutchison's shares fell 0.6% on Monday in Hong Kong. Elsewhere in Asia, South Korea's Kospi was little changed at 3,195.49, while Australia's S&P/ASX 200 rose 0.3% to 8,688.40. India's Sensex slipped 0.1%. Markets in Thailand were closed for a holiday. On Friday, the S&P 500 rose 0.4% to 6,388.64, setting an all-time for the fifth time in a week. The Dow Jones Industrial Average climbed 0.5% to 44,901.92, while the Nasdaq composite added 0.2%, closing at 21,108.32 to top its own record. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%. But Intell fell 8.5% after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars.
