U.S.-China trade talks open in Paris, paving the way for Trump-Xi summit
BNN Bloomberg
Representatives from Beijing and Washington began their economic and trade talks in Paris on Sunday, Chinese official news agency Xinhua reported.
The meetings, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, are expected to pave the way for U.S. President Donald Trump’s state visit to Beijing to meet Chinese leader Xi Jinping in about two weeks. The White House has said that Trump will travel to China from March 31 to April 2, though Beijing has not officially confirmed it.
Bessent said on Thursday that his team will continue to deliver results that put America’s farmers, workers and businesses first. China’s commerce ministry said Friday the two sides are set to discuss “trade and economic issues of mutual concern.”
Trump’s visit to China will be the first for a U.S. president since he went in his first term in 2017. It will come five months after the two leaders met in the South Korean city of Busan and agreed to a one-year truce in a trade war that temporarily saw tit-for-tat tariffs soar to triple digits before the two sides climbed down.
Still, trade remains a source of tensions. The commerce ministry on Friday hit back against the Trump administration’s new trade investigation into 16 trading partners, including China. The investigation — which came after a Supreme Court ruling struck down Trump’s sweeping global tariffs that were imposed last year — could pave the way for new tariffs.
Another issue that could be discussed is the Iran war, especially when global anxiety is soaring over oil prices and supplies. Trump said Saturday that he hopes China, France, Japan, South Korea, the United Kingdom and others will send warships to keep the Strait of Hormuz “open and safe.”
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The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
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Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
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Global equity funds recorded the largest weekly outflows since mid-December in the seven days to March 11 as disruptions to oil supplies stemming from the ongoing U.S.-Israel conflict with Iran stoked concerns about inflation and global economic growth.