Trump tariffs live updates: US and China to resume trade talks in London on Monday after Trump-Xi call
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Trump tariffs live updates: US and China resume trade talks, White House seeking ‘handshake’ on rare earths
The US and China restarted trade talks in London on Monday, aiming to ease tensions over rare earths and tech. The talks come after President Trump and China’s leader, Xi Jinping, spoke last week. US-China tensions have risen in the aftermath of the countries’ trade truce reached in mid-May in Geneva, with both countries accusing the other of breaching that truce. Washington is now tightening control by requiring export licenses for China’s curbs on exports of rare earth minerals.
“The purpose of the meeting today is to make sure that they’re serious, [and] to literally get handshakes,” Kevin Hassett, director of the National Economic Council, told CNBC. “I expect it to be a short meeting with a big, strong handshake — and we’ll see.”
Trump’s call with Xi, which both leaders framed as positive, came after weeks of Trump publicly pushing for a direct call. US-China tensions have risen in the aftermath of the countries’ trade truce reached in mid-May in Geneva, with both countries accusing the other of breaching that truce while ratcheting up pressure on other issues.
The US and China are also now using their control over certain key materials to gain control in the trade war. Bloomberg reported on Friday that the US dominates in ethane, a gas used to make plastics, and China buys nearly all of it. Washington is now tightening control by requiring export licenses. China’s curbs on exports of rare earth minerals, crucial for autos and more, have drawn Washington’s ire.
Read more: What Trump’s tariffs mean for the economy and your wallet
The US-China talks come as Trump pushes countries to speed up negotiations. The US sent a letter to partners as a “friendly reminder” that Trump’s self-imposed 90-day pause on sweeping “reciprocal” tariffs is set to expire in early July.
White House advisers have for weeks promised trade deals in the “not-too-distant future,” with the only announced agreement so far coming with the United Kingdom. US and Indian officials held trade talks this week and agreed to extend those discussions on Monday and Tuesday ahead of the July 9 deadline.
New tariffs are coming into play: Effective Wednesday, June 4, Trump doubled tariffs on steel and aluminum from 25% to 50%.
Meanwhile, Trump’s most sweeping tariffs face legal uncertainty after a federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them “unlawful.”
Here are the latest updates as the policy reverberates around the world.
LIVE
1118 updates
Trump tariffs live updates: US and China resume trade talks, White House seeking ‘handshake’ on rare earths
The US and China restarted trade talks in London on Monday, aiming to ease tensions over rare earths and tech. The talks come after President Trump and China’s leader, Xi Jinping, spoke last week. US-China tensions have risen in the aftermath of the countries’ trade truce reached in mid-May in Geneva, with both countries accusing the other of breaching that truce. Washington is now tightening control by requiring export licenses for China’s curbs on exports of rare earth minerals.
“The purpose of the meeting today is to make sure that they’re serious, [and] to literally get handshakes,” Kevin Hassett, director of the National Economic Council, told CNBC. “I expect it to be a short meeting with a big, strong handshake — and we’ll see.”
Trump’s call with Xi, which both leaders framed as positive, came after weeks of Trump publicly pushing for a direct call. US-China tensions have risen in the aftermath of the countries’ trade truce reached in mid-May in Geneva, with both countries accusing the other of breaching that truce while ratcheting up pressure on other issues.
The US and China are also now using their control over certain key materials to gain control in the trade war. Bloomberg reported on Friday that the US dominates in ethane, a gas used to make plastics, and China buys nearly all of it. Washington is now tightening control by requiring export licenses. China’s curbs on exports of rare earth minerals, crucial for autos and more, have drawn Washington’s ire.
Read more: What Trump’s tariffs mean for the economy and your wallet
The US-China talks come as Trump pushes countries to speed up negotiations. The US sent a letter to partners as a “friendly reminder” that Trump’s self-imposed 90-day pause on sweeping “reciprocal” tariffs is set to expire in early July.
White House advisers have for weeks promised trade deals in the “not-too-distant future,” with the only announced agreement so far coming with the United Kingdom. US and Indian officials held trade talks this week and agreed to extend those discussions on Monday and Tuesday ahead of the July 9 deadline.
New tariffs are coming into play: Effective Wednesday, June 4, Trump doubled tariffs on steel and aluminum from 25% to 50%.
Meanwhile, Trump’s most sweeping tariffs face legal uncertainty after a federal appeals court allowed the tariffs to temporarily stay in effect, a day after the US Court of International Trade blocked their implementation, deeming the method used to enact them “unlawful.”
Here are the latest updates as the policy reverberates around the world.
LIVE
1118 updates