Latest news with #US-ChinaBusinessCouncil
Bloomberg
14 hours ago
- Business
- Bloomberg
China Minister Meets US Delegation Including Apple in Beijing
A top Chinese official reiterated the country's commitment to 'healthy' development with American businesses during a meeting in Beijing with a delegation of executives from US companies, including Apple Inc. Minister of Industry and Information Technology Li Lecheng discussed equipment machinery, intelligent manufacturing and business operations in China with the delegation led by US-China Business Council chair and FedEx Corp. Chief Executive Officer Rajesh Subramaniam, according to a government statement. In addition to Apple, executives from companies including Thermo Fisher Scientific Inc. and Otis Worldwide Corp. also attended the meeting, the statement said, without identifying the participants.
Indian Express
2 days ago
- Business
- 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)
Calgary Herald
2 days ago
- Business
- Calgary Herald
US, China negotiators meet in Stockholm to extend trade truce
Article content While China has denied its responsibility for the flow of the deadly drug, last month it tightened controls over two chemicals that can be used to make the opioid. Earlier this month, Trump praised those moves. 'China has been helping out,' he told reporters. 'We're talking to them and they're making big steps.' Article content For the US, the recent Chinese actions aren't enough, as such moves were required to comply with United Nations measures, according to a person familiar with the trade talks. Chances of reducing the 20% tariff in this round of talks are very slim, added the person who asked not to be identified discussing sensitive matters, while noting everything could change on Trump's whim. Article content China would be willing to cooperate more on fentanyl, said Sun Chenghao, a professor at Tsinghua University in Beijing. But the US would have to remove the related tariffs, stop blaming Beijing for what it sees as a US domestic problem and provide concrete evidence of crimes, he said. Article content Article content The US business community remains hopeful for progress, with Sean Stein, president of the US-China Business Council, telling Bloomberg TV that movement on fentanyl presents the 'biggest opportunity' in talks. Article content 'That then lowers tariffs on the US side, which then opens the door for China to lower tariffs that lets us sell agriculture, lets us sell airplanes, lets us sell automobiles, that let's us sell energy,' he said. Article content Oil Purchases Article content In his comments announcing the talks, Bessent indicated negotiations can now take on a broader array of topics, potentially including Beijing's continued purchases of sanctioned oil from Russia and Iran. Article content Chinese state media has already pushed back against that idea. 'China won't play along' with such attempts to use China to kill Russia's economy, Lv Xiang, a US expert with the Chinese Academy of Social Sciences last week told the state-run tabloid Global Times. Article content Article content By contrast, China's imports of three major energy products from the US hit almost zero in June, marking the first time in almost three years the Asian nation didn't import any crude oil from its top rival. Deliveries of American crude oil, liquefied natural gas and coal have been subject to Chinese tariffs of 10% to 15% since February. Article content Xi's government has begun rolling back some of its other retaliatory measures since the two sides met last month in London. Crucially, Beijing has boosted shipments of rare earth magnets, while the US relaxed restrictions on sales of less-advanced semiconductors to China. Article content In another potential goodwill gesture, as the Sweden talks were announced this month, China revealed it had suspended an antitrust investigation into the local unit of US chemical manufacturer DuPont de Nemours Inc.
Straits Times
3 days ago
- Business
- Straits Times
US business delegation to visit China, SCMP says
Find out what's new on ST website and app. Both Washington and Beijing are working to secure a visit to China by the US president in 2025 BEIJING – A high-level delegation from the US-China Business Council will visit China this week and is expected to meet senior Chinese officials, the South China Morning Post (SCMP) reported on July 27, citing two sources familiar with the matter. The delegation will be led by FedEx Chief Executive Rajesh Subramaniam, the council's board chair, and is expected to include Boeing executives and USCBC President Sean Stein, the report added. Reuters could not immediately verify the report. 'They are expected to meet with Chinese officials - potentially to revive business discussions,' a source told the SCMP. Both sides are also working to secure a visit to China by the US president in 2025 , the SCMP report said. The council did not respond immediately to a request for comment. The visit coincides with the latest round of US-China trade negotiations in Sweden, where China's Vice-Premier He Lifeng is meeting US officials over July 27 to 30 for a new round of economic and trade talks. Top stories Swipe. Select. Stay informed. Singapore Car that fell into Tanjong Katong Road South sinkhole removed; road remains closed for repairs Singapore Workers used nylon rope to rescue driver of car that fell into Tanjong Katong Road sinkhole Asia Thai-Cambodia border shelling continues despite Trump's ceasefire call Singapore PAP has to retain its position for S'pore to keep doing well: SM Lee Asia S'porean trainee doctor in Melbourne arrested for allegedly filming colleagues in toilets since 2021 Singapore HSA will not trace vape users who throw away e-vaporisers in disposal bins at 23 CCs Singapore Mum at 15: More teens in Singapore gave birth in 2024 Business Already owning 5 properties, woman wanted elderly dad's 4 homes China faces an Aug 12 deadline to reach a durable deal with the White House or risk higher US tariffs. REUTERS
Business Recorder
3 days ago
- Business
- Business Recorder
US business delegation to visit China, SCMP says
A high-level delegation from the US-China Business Council will visit China this week and is expected to meet senior Chinese officials, the South China Morning Post reported on Sunday, citing two sources familiar with the matter. US, China reach deal to ease export curbs Reuters could not immediately verify the report.
