Latest news with #trade ties


Malay Mail
a day ago
- Business
- Malay Mail
Trade war avoidable if US will ‘act like a superpower', China says as Aug 12 deadline looms
China, US talks in Europe show tariff war unnecessary, commerce minister says Wang Wentao urges United States to act like a superpower China facing August 12 tariff deadline BEIJING, July 18 — China wants to bring its trade ties with the US back to a stable footing, its commerce minister said, adding that recent talks in Europe showed there was no need for a tariff war while urging the US to act in a manner befitting of a superpower. Commerce Minister Wang Wentao told reporters on Friday that the 'ups and downs' in the two countries' relationship underscored their economic interdependence. Asked about the United States specifically, Wang said: 'Major countries should act like major countries. They must shoulder their responsibilities,' adding that China would protect its national interests. China is facing an August 12 deadline to reach a durable tariff agreement with the United States, after Beijing and Washington reached a preliminary deal last month to end weeks of escalating tit-for-tat tariffs. If no deal is reached, global supply chains could face renewed turmoil from duties exceeding 100 per cent. Wang said negotiations in Geneva and London earlier this year demonstrated there was no need to return to a trade war. 'Practice has proven that through dialogue and consultation, with leadership and communication at the highest levels, we can properly manage contradictions and resolve our differences,' he said. 'We will continue to strengthen dialogue and communication, deepen consensus, reduce misunderstandings, enhance cooperation, to jointly put China-US economic and trade relations back on track to achieve healthy, stable and sustainable development.' China's rare earths exports rose 32 per cent month-on-month in June, customs data showed on Monday, in a sign that agreements struck last month in London to free up the flow of the metals were possibly bearing fruit. Chipmaker Nvidia will also resume selling its H20 AI chips to China, Chief Executive Jensen Huang said at an event in Beijing this week, a move US Commerce Secretary Howard Lutnick said was also part of negotiations on rare earths. Wang said on Friday that he had met Huang the previous day, describing the meeting as evidence that 'as the dust settles, everyone has come to the conclusion – especially the US side – that forced decoupling is impossible.' Wang said the current overall tariff level imposed by the US on China was 'still high' at 53.6 per cent. Analysts have said that additional duties exceeding 35 per cent will probably wipe out Chinese manufacturers' profit margins. 'Both sides have come to understand that they need each other, as lots of the goods and services that we exchange are irreplaceable, or at least difficult to exchange in the short-term,' Wang said. 'China does not want a trade war, but it is not afraid of one,' he reiterated. (US$1 = 7.1811 Chinese yuan renminbi) — Reuters


Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
China Says Successful US Trade Talks Make Return to Tariff War Unnecessary
China wants to bring its trade ties with the US back to a stable footing, its commerce minister said, adding that recent talks in Europe showed there was no need for a tariff war while urging the US to act in a manner befitting of a superpower. According to Reuters, Commerce Minister Wang Wentao told reporters on Friday that the "ups and downs" in the two countries' relationship underscored their economic interdependence. Asked about the United States specifically, Wang said: "Major countries should act like major countries. They must shoulder their responsibilities," adding that China would protect its national interests. China is facing an August 12 deadline to reach a durable tariff agreement with the United States, after Beijing and Washington reached a preliminary deal last month to end weeks of escalating tit-for-tat tariffs. If no deal is reached, global supply chains could face renewed turmoil from duties exceeding 100%. Wang said negotiations in Geneva and London earlier this year demonstrated there was no need to return to a trade war. "Practice has proven that through dialogue and consultation, with leadership and communication at the highest levels, we can properly manage contradictions and resolve our differences," he said. "We will continue to strengthen dialogue and communication, deepen consensus, reduce misunderstandings, enhance cooperation, to jointly put China-US economic and trade relations back on track to achieve healthy, stable and sustainable development." China's rare earths exports rose 32% month-on-month in June, customs data showed on Monday, in a sign that agreements struck last month in London to free up the flow of the metals were possibly bearing fruit. Chipmaker Nvidia will also resume selling its H20 AI chips to China, Chief Executive Jensen Huang said at an event in Beijing this week, a move US Commerce Secretary Howard Lutnick said was also part of negotiations on rare earths. Wang said on Friday that he had met Huang the previous day, describing the meeting as evidence that "as the dust settles, everyone has come to the conclusion - especially the US side - that forced decoupling is impossible." Wang said the current overall tariff level imposed by the US on China was "still high" at 53.6%. Analysts have said that additional duties exceeding 35% will probably wipe out Chinese manufacturers' profit margins. "Both sides have come to understand that they need each other, as lots of the goods and services that we exchange are irreplaceable, or at least difficult to exchange in the short-term," Wang said. "China does not want a trade war, but it is not afraid of one," he reiterated.


France 24
4 days ago
- Business
- France 24
'Dialogue' must be at heart of China, Australia ties, PM tells Xi
Albanese is on his second visit to China as prime minister, seeking to bolster recently stabilised trade ties even as geopolitical tensions remain high. Relations between Beijing and Canberra have charted a bumpy course over the past decade, a period marked by repeated disagreements over national security and competing interests across the vast Pacific region. Ties improved in December when China called off a ban on imported Australian rock lobster, removing the final obstacle to ending a damaging trade war waged between the countries from 2017. Albanese met Xi in the Great Hall of the People and said he welcomed "the opportunity to set out Australia's views and interests". "Australia values our relationship with China and will continue to approach it in a calm and consistent manner, guided by our national interest," Albanese, the leader of Australia's centre-left Labor government, said. "It's important we have these direct discussions on issues that matter to us and to the stability and prosperity of our region. As you and I have agreed previously, dialogue needs to be at the centre of our relationship," he said. Xi, in turn, hailed the "benefits" of improved ties between China and Australia, saying the relationship had "risen from the setbacks and turned around". "No matter how the international landscape may evolve we should uphold this overall direction unswervingly," he said. Key trading partner China is one of Australia's most important economic partners, accounting for nearly one-third of its total trade. Albanese is accompanied on his visit by a delegation of key business leaders who will attend a CEO roundtable in Beijing. His trip will last until Friday and will also take him to the southwestern city of Chengdu. He is also accompanied by a travelling media pack, members of which said they were briefly surrounded by security guards and told to hand footage to police. A small group of reporters were filming outside Beijing's Bell and Drum Towers when they were stopped by security guards. National broadcaster ABC's reporter Stephen Dziedzic said he was "quickly surrounded by a number of security guards, who said they were going to call the police and we didn't have permission to leave". "We had the necessary permissions, we had the right visas, but nonetheless perhaps that hadn't been passed all the way down the chain," he told ABC. Australian broadcaster SBS, which also has a correspondent on the trip, reported that journalists were briefly surrounded and told to hand footage to police. The group was allowed to leave after Australian diplomats intervened, the ABC and SBS reported. Albanese's trip also comes as China's sweeping territorial claims ruffle feathers in the region, particularly pertaining to the South China Sea. Another key point of contention is the fate of northern Australia's Darwin Port, whose Chinese-owned controller could be forced to sell it to a local buyer by Albanese's government.


CNA
4 days ago
- Business
- CNA
'Dialogue' must be at heart of China, Australia ties, Albanese tells Xi
BEIJING: Australian Prime Minister Anthony Albanese said on Tuesday (Jul 15) that "dialogue" must be at the heart of ties between Canberra and Beijing as he met with President Xi Jinping. Albanese is on his second visit to China as prime minister, seeking to bolster recently stabilised trade ties even as geopolitical tensions remain high. Relations between Beijing and Canberra have charted a bumpy course over the past decade, a period marked by repeated disagreements over national security and competing interests across the vast Pacific region. Affairs improved in December, when China called off a ban on imported Australian rock lobster, removing the final obstacle to ending a damaging trade war waged between the countries since 2017. Meeting Xi in Beijing on Tuesday, Albanese said he welcomed "the opportunity to set out Australia's views and interests". "Australia values our relationship with China and will continue to approach it in a calm and consistent manner, guided by our national interest," Albanese said. "It's important we have these direct discussions on issues that matter to us and to the stability and prosperity of our region. As you and I have agreed previously, dialogue needs to be at the centre of our relationship," he added. Xi, in turn, hailed the "benefits" of improved ties between China and Australia, saying the relationship had "risen from the setbacks and turned around". "No matter how the international landscape may evolve, we should uphold this overall direction unswervingly," he said.