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Friday 13th of June 2025 E-paper
* CA informs King Charles of Bangladesh’s reform initiatives   * Air India plane crashes at Ahmedabad airport   * Yunus not interested to be part of next elected govt   * Tarique Rahman Will Return to the Country Soon: Mirza Fakhrul   * Govt moves exporting leather to Europe, not only to India or China   * Those involved in `case trading` will not be spared: Adviser Jahangir   * Airbus, Menzies Aviation executives meet Yunus in London   * Tulip seeks meeting with Yunus to address graft charges   * Rawhide market disappoints again as prices fail to cross Tk 1,000 mark   * NCP calls for local elections under caretaker govt  
   Business
  US, China agree to resolve trade disputes

Senior US and Chinese negotiators have agreed on a framework to get their trade negotiations back on track after a series of disputes that threatened to derail them, Chinese state media said Wednesday.

The announcement followed two days of talks in the British capital that ended late Tuesday.

The meetings appeared to focus on finding a way to resolve disputes over mineral and technology exports that had shaken a fragile truce on trade reached in Geneva last month. It’s not clear whether any progress was made on the more fundamental differences over China’s sizeable trade surplus with the United States.

President Donald Trump spoke with Chinese leader Xi Jinping by phone last week to try to calm the waters.

Li Chenggang, a vice minister of commerce and China’s international trade representative, said the two sides had agreed in principle on a framework for implementing the consensus reached between the two leaders and at the talks on Geneva, the official Xinhua News Agency said.

Further details, including any plans for a potential next round of talks, were not immediately available.

Li and Wang Wentao, China’s commerce minister, were part of the delegation led by Vice Premier He Lifeng. They met with U.S. Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer at Lancaster House, a 200-year-old mansion near Buckingham Palace.

Wendy Cutler, a former US trade negotiator, said the disputes had frittered away 30 of the 90 days the two sides have to try to resolve their disputes.

They agreed in Geneva to a 90-day suspension of most of the 100%-plus tariffs they had imposed on each other in an escalating trade war that sparked fears of recession. The World Bank, citing a rise in trade barriers, cut its projections Tuesday for US and global economic growth this year.

“The US and China lost valuable time in restoring their Geneva agreements,” said Cutler, now vice president at the Asia Society Policy Institute. “Now, only sixty days remain to address issues of concern, including unfair trade practices, excess capacity, transshipment and fentanyl.”

Since the Geneva talks, the US and China have exchanged angry words over advanced semiconductors that power artificial intelligence, visas for Chinese students at American universities and rare earth minerals that are vital to carmakers and other industries.

China, the world`s biggest producer of rare earths, has signaled it may ease export restrictions it placed on the elements in April. The restrictions alarmed automakers around the world who rely on them. Beijing, in turn, wants the US to lift restrictions on Chinese access to the technology used to make advanced semiconductors.

Cutler said it would be unprecedented for the US to negotiate on its export controls, which she described as an irritant that China has been raising for nearly 20 years.

“By doing so, the US has opened a door for China to insist on adding export controls to future negotiating agendas,” she said.

In Washington, a federal appeals court agreed Tuesday to let the government keep collecting tariffs that Trump has imposed not just on China but also on other countries worldwide while the administration appeals a ruling against his signature trade policy.

Trump said earlier that he wants to “open up China,” the world’s dominant manufacturer, to US products.

“If we don’t open up China, maybe we won’t do anything,” Trump said at the White House. “But we want to open up China.”

Source : UNB



  
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