Latest news with #LondonFramework
See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
US Lifts Export Ban on Jet Engine Components to China
Israa Farhan The United States has lifted its ban on exporting aircraft engine parts and technologies to China, signaling a gradual easing of trade tensions between the world's two largest economies. According to Bloomberg, the US Department of Commerce has informed General Electric that it may resume shipments of jet engines to China's state-owned aerospace manufacturer COMAC, which leads the country's domestic commercial aircraft development program. This move follows recent announcements by American technology firms that Washington has also lifted restrictions on exporting electronic chip design software to China. The decisions are widely seen as efforts by both sides to de-escalate long-standing economic friction. In a further sign of easing, US ethane producers confirmed that authorities have revoked the prior licensing requirement for exporting shipments to Chinese ports. This change allows for streamlined trade in ethane, a key input in the energy and petrochemical sectors, without additional approval processes. These decisions are part of the implementation of the "London Framework,' a roadmap developed after several months of intensive dialogue between American and Chinese officials aimed at stabilizing bilateral economic relations. The framework outlines a step-by-step strategy to restore trust and improve trade cooperation without relying on a single comprehensive deal. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Yahoo
a day ago
- Business
- Yahoo
China navigates delicate US truce while affirming trade consensus
BEIJING (Reuters) -The Chinese commerce ministry said on Friday that Beijing and Washington had stepped up efforts to implement what they had agreed during recent trade talks but cautioned the U.S. against destabilising their "hard-won" consensus. China hopes the U.S. can continue to meet it half way and maintain the stability of bilateral trade and economic relations, the commerce ministry said, as the two economic super-powers seek a resolution to their trade tensions. "We hope the U.S. side will deeply understand the mutually beneficial and win-win nature of China-U.S. economic and trade relations," it said in a statement. In three separate statements released in the past week about U.S. trade talks, the ministry called on Washington to preserve the positive momentum while also warning other countries against "making a deal at the expanse of China's interests" with the U.S. Thanks to its trade truce with the U.S., China is not at risk of being slammed by higher tariffs when the 90-day pause on Liberation Day tariffs ends next week, but Trump's trade deals with Britain and Vietnam suggest China may remain an indirect target, said Julian Evans-Pritchard, head of China Economics. "It seems that Trump is keen to crack down on the rerouting of Chinese exports via third countries, which has diminished the effectiveness of U.S. tariffs," Evans-Pritchard said. As a July 9 trade deadline for countries to negotiate trade deals with the U.S. nears, Beijing is keen to remind Washington that the success of their trade talks in London did not come about easily. Earlier this year, China retaliated against U.S. tariffs by suspending exports of a wide range of critical minerals and magnets. During U.S.-China trade talks in Geneva in May, Beijing committed to removing the measures imposed since April 2, but the U.S. said those critical materials were not moving as fast as agreed. The breakthrough came during the London talks in June, with both sides agreeing for a framework to implement the Geneva agreement that involved expediting rare earth shipments to the U.S. "China is currently reviewing and approving eligible export licence applications for controlled items," the commerce ministry said in the statement, referring to its own rare earth export curbs. The U.S. has also taken actions "to lift a series of restrictive measures against China, and has informed China about the relevant situation," the ministry said, confirming reports that Washington resumed China-bound exports of chip design software, ethane and jet engines. "Teams on both sides are stepping up efforts to implement relevant outcomes of the London Framework," the Chinese ministry said, calling the framework "hard-won". Earlier this week, the U.S. sent letters to ethane producers to rescind a restrictive licensing requirement on exports to China imposed in late May and June, after its official confirmed concessions from Beijing over rare earths. Some chip design software developers have restored access to their software and technology for customers in China after Washington lifted similar restrictions. GE Aerospace was also cleared to resume jet engine shipments to China. 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
Bloomberg
2 days ago
- Business
- Bloomberg
China Says Carrying Out US Trade Framework, Rejects ‘Coercion'
China is reviewing export license applications for restricted items as part of efforts to implement its trade framework with the US, the Commerce Ministry said Friday, responding to recent US moves to ease export controls. Both countries have been acting on the outcomes of the London framework, the ministry said in a statement.
