China warns Trump's tariff war will have ‘no winners' as deadline looms
Addressing the World Peace Forum in Beijing, Mr Han said the multilateral trade system was key to avoiding disruptions in global supply chains.
He made the remarks just days ahead of the 9 July deadline for countries on Mr Trump's tariffs list to negotiate trade deals with the US.
The Chinese commerce ministry said this week that it hoped the US would continue to meet it halfway and maintain the stability of bilateral trade and economic relations, which nosedived earlier this year when Mr Trump imposed punishing import levies on the country.
'We hope the US side will deeply understand the mutually beneficial and win-win nature of China -US economic and trade relations," the ministry said.
It called on Washington to preserve the positive momentum on talks to resolve disputes while warning third countries against "making a deal at the expense of China 's interests' with the US.
China had retaliated against the Trump levies by suspending exports of a wide range of critical minerals and magnets. During a round of trade talks in Geneva in May, Beijing committed to removing the restrictions imposed since 2 April but the US said the critical materials were not moving as fast as agreed.
A breakthrough came during talks in London the following month when the two sides agreed a framework to implement the Geneva agreement.
'China is currently reviewing and approving eligible export licence applications for controlled items," the commerce ministry said, referring to the rare earth export curbs.
In response, the US took actions "to lift a series of restrictive measures against China' and 'informed Beijing about the relevant situation", the ministry said, confirming reports that Washington had resumed exports of chip design software, ethane and jet engines to the Asian giant.
"Teams on both sides are stepping up efforts to implement relevant outcomes of the London framework," the ministry said, calling the framework "hard-won".
US commerce secretary Howard Lutnick told Bloomberg last month that China was 'going to deliver rare earths to us" and, once they did, the US would 'take down our countermeasures".
Thanks to this trade truce, China is not at risk of being hit with higher levies when the 90-day pause on the implementation of Mr Trump's tariffs ends next week.
But Mr Trump's trade deals with the UK and Vietnam suggest China may remain an indirect target, according to China Economics head Julian Evans-Pritchard.
"It seems that Trump is keen to crack down on the rerouting of Chinese exports via third countries, which has diminished the effectiveness of US tariffs," Mr Evans-Pritchard told Reuters.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
43 minutes ago
- The Independent
Israel launches airstrikes targeting Yemen's Houthi-controlled ports
Israel 's military launched airstrikes early on Monday targeting ports and facilities held by Yemen 's Houthi rebels, with the rebels responding with missile fire targeting Israel. The attacks came after an attack on Sunday targeting a Liberian-flagged ship in the Red Sea that caught fire and took on water, later forcing its crew to abandon the vessel. Suspicion for the attack on the Greek-owned bulk carrier Magic Seas immediately fell on the Houthis, particularly as a security firm said it appeared bomb-carrying drone boats hit the ship after it was targeted by small arms and rocket-propelled grenades. The rebels' media reported on the attack but did not claim it. A renewed Houthi campaign against shipping could again draw in US and Western forces to the area, particularly after president Donald Trump targeted the rebels in a major airstrike campaign. The ship attack comes at a sensitive moment in the Middle East, as a possible ceasefire in the Israel-Hamas war hangs in the balance and as Iran weighs whether to restart negotiations over its nuclear program following American airstrikes targeting its most sensitive atomic sites amid an Israeli war against the Islamic Republic. Israeli prime minister Benjamin Netanyahu was also traveling to Washington to meet with Mr Trump. The Israeli military said it struck Houthi-held ports at Hodeida, Ras Isa and Salif, as well as the Ras Kanatib power plant. 'These ports are used by the Houthi terrorist regime to transfer weapons from the Iranian regime, which are employed to carry out terrorist operations against the state of Israel and its allies,' the Israeli military said. The Israeli military also said it struck the Galaxy Leader, a vehicle-carrying vessel that the Houthis seized back in November 2023 when they began their attacks in the Red Sea corridor over the Israel- Hamas war. 'Houthi forces installed a radar system on the ship and have been using it to track vessels in the international maritime arena to facilitate further terrorist activities,' the Israeli military said. The Bahamas-flagged Galaxy Leader was affiliated with an Israeli billionaire. It said no Israelis were on board. The ship had been operated by a Japanese firm NYK Line. The Houthis acknowledged the strikes, but offered no damage assessment from the attack. Their military spokesman, Brig Gen Yahya Saree, claimed its air defense forces 'effectively confronted' the Israelis without offering evidence. The Houthis then responded with an apparent missile attack on Israel. The Israeli military said it attempted to intercept the missile, but it appeared to make impact, though there were no immediate reports of injuries from the attack.
Daily Mail
an hour ago
- Daily Mail
Trump's DOJ issues final verdict on Jeffrey Epstein in attempt to silence swirling conspiracy theories
The FBI and the Department of Justice under Donald Trump have determined Jeffrey Epstein committed suicide and the fabled 'client list' does not exist. Sentiment was widely shared online that Epstein's 2019 death was made to look like a suicide, but was actually a murder meant to prevent him from revealing his client list or co-conspirators in the pedophilic sex trafficking conspiracy. Now, the administration is publishing a memo and plans to release a video showing their findings, backing Epstein's death as ruled by the medical examiner as a suicide by hanging. To prove that, they will put out a 'raw' and 'enhanced' video clip they say shows that nobody entered Epstein's cell at the Metropolitan Detention Center on the night he died. Investigators looked at footage from the night of August 9, 2019 at 10:40pm, when Epstein was locked in his cell until the next morning at around 6:30am, when he was found unconscious. 'The FBI enhanced the relevant footage by increasing its contrast, balancing the color, and improving its sharpness for greater clarity and viewability,' the memo reads. They also saw 'no credible evidence' that the billionaire pedophile had blackmailed 'prominent individuals' and found no 'client list.' Elon Musk had infamously alleged that Trump was 'in the Epstein files' during his wild crash-out feud with the president. No 'further disclosure' of any Epstein information 'would be appropriate or warranted,' according to the memo obtained by Axios. They said they don't want the child sex abuse material and details of Epstein's victims to meet the public. 'Through this review, we found no basis to revisit the disclosure of those materials and will not permit the release of child pornography,' it adds. The memo from the FBI and DOJ announced that no one involved in the Epstein case will follow former right-hand woman Ghislaine Maxwell to prison, as no further charges will be filed. Epstein's death led to several conspiracy theories and a general hunger for knowledge regarding his crimes. Pam Bondi began what she called 'phase one' of releasing the long-awaited, mysterious files related to pedophile financier in February . The first wave of documents have largely been circulating in the public domain for years and so far are yet to include any new bombshells, leading to great disappointment from the public. 'What you're going to see, hopefully tomorrow, is a lot of flight logs, a lot of names, a lot of information,' Bondi previewed on Fox Wednesday. 'But, it's pretty sick what that man did, along with his co-defendant,' referring to Ghislaine Maxwell. The officially declassified material included flight logs, Epstein's infamous contact book, an evidence list and a masseuse list in ten different links posted to the Department of Justice website. The contact list, which has previously circulated in various forms, shows redacted information for dozens of the Hollywood, political and fashion elite and was purportedly compiled by Epstein and his longtime confidante Maxwell. Personal contact information was redacted throughout the list. FBI Director Kash Patel had been a skeptic of the official findings behind Epstein's death, however, he told Joe Rogan that since he'd taken over the bureau, he hadn't found 'what you want,' which he described as 'some guy or gal committing felonies.' 'If I had it, I'd be the first guy to bring this case hard and fast,' Patel claimed. He added that his team at the FBI has viewed everything they have been given lawful access to from the infamous island. Epstein's 'pedo island' aka Little Saint James in the US Virgin Islands was a focal point of his horrific child-sex-trafficking operation. It has long been believed that Epstein hosted a wide array of rich and famous clients at the island. Patel said that the bureau is doing the best that they can and encouraged anyone with information to get in touch. 'I got here 100 days ago. I can't be held to account for 20 years of failures,' he said. Though Patel claimed that his FBI will 'give you everything we can' he does have some boundaries set around Epstein's victims. 'Remember, we're not gonna' re-victimize women. We're not gonna' put that s*** back out there. It's not happening because then, he wins.' Epstein took his own life in jail on August 10, 2019, awaiting trial for sex trafficking and other heinous crimes. The well-connected financier and Maxwell kept a wide circle of friends from fellow billionaires to politicians like Trump and Clinton, and entertainment icons. Maxwell herself is the daughter of the late British media tycoon Robert Maxwell, who once owned the New York Daily News. Epstein flew numerous well-heeled friends to his private Caribbean island, Little Saint James, where some of them sexually abused children. Many Americans have been waiting for the lengthy FBI investigation files to be released publicly after Trump promised to do so. Over the years, thousands of pages of records have been released through lawsuits, Epstein´s criminal dockets, public disclosures and Freedom of Information Act requests. In January 2024, a court unsealed a trove of documents that had been collected as evidence in a lawsuit filed by Epstein victim Virginia Giuffre. The unorthodox move followed other Trump Administration efforts to empower fringe social media figures and highly partisan outlets that enthusiastically support him, at the expense of the more critical mainstream media. President Trump signed an executive order in January calling on agencies to create plans to release and distribute top-secret documents including on Epstein as well as the assassinations of President John F. Kennedy, his brother Robert F. Kennedy and civil rights maverick Martin Luther King Jr. Lawyers for Epstein have disputed the ruling as public skepticism over his death grew in recent years, resulting in numerous conspiracy theories. The possibility of pursuing criminal charges died along with Epstein, so a judge dismissed the case on August 29, 2019 – less than three weeks after he was found hanging in his jail cell. British socialite Maxwell had a decades-long association with Epstein and was convicted in 2021 on federal charges for sex trafficking after she recruited young girls for the pedophilic ring, as well as child sex abuse and prostitution Her procurement for Epstein included bringing into the folds of the conspiracy a 14-year-old girl. Epstein had a private jet that he logged 600 flying hours on each year, usually with guests on board as part of the manifest. The Boeing 727 was nicknamed the Lolita Express by locals in the Virgin Islands because of its frequent arrivals allegedly with young girls on board. Lolita has multiple meanings, including a term for a young girl.
Reuters
an hour ago
- Reuters
India's stock benchmarks to open flat on caution ahead of US tariff deadline
July 7 (Reuters) - India's equity benchmarks are poised to open little changed on Monday, as caution prevailed among investors ahead of the upcoming U.S. tariff deadline. The Gift Nifty futures were trading at 25,535 points as of 7:58 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near its previous close of 25,461. Asian shares opened lower after U.S. officials flagged a delay in upcoming tariffs but offered no clarity or formal documentation, leaving investors uncertain about the scope of the change. The U.S. is close to finalising trade agreements with several countries and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday. The new rates are set to take effect from August 1. Both the Nifty and Sensex fell 0.7% each last week. "Investors have adopted a wait-and-watch approach and have turned cautious ahead of the July 9 tariff deadline," said Vinod Nair, head of research at Geojit Financial Services. Foreign institutional investors (FII) remained net sellers of Indian stocks for the fifth straight session while domestic investors snapped a four-session buying streak on Friday. Analysts say a favourable trade deal and strong June quarter earnings could lift indexes to record highs, while disappointments on either front could pressure markets. Both the Nifty and Sensex remain about 3% below their all-time highs hit on September 27, 2024. ** Consumer firms Dabur India ( opens new tab and Godrej Consumer ( opens new tab flag June quarter profit pressures ** IndusInd Bank ( opens new tab says net advances fell 3.9% year-on-year in June quarter ** Bank of India ( opens new tab says global deposits rose 9.1% year-on-year in the June quarter while gross advances rose 12%
