Green Climate Fund approved record funding to tackle global warming
The world’s largest climate fund approved a record volume of climate finance for developing countries, scaling up its efforts in response to growing...
U.S. Commerce Secretary Howard Lutnick said on Tuesday that trade discussions with China were progressing positively, as officials from both nations met for a second day in London.
The meetings aim to resolve disputes over export controls, which have recently threatened to reignite tensions between the two global powers.
The talks follow Washington's accusations that Beijing was obstructing shipments of rare earth minerals, resources vital to the U.S. economy. This has put a strain on relations, despite a preliminary agreement reached in Geneva last month to ease away from a potential full-scale trade conflict.
White House economic adviser Kevin Hassett mentioned on Monday that the U.S. is open to lifting some export restrictions on semiconductors if China accelerates its deliveries of rare earth materials and magnets.
"The discussions went on all day yesterday and are continuing today", Lutnick told reporters. "They're going well and we’re spending a lot of time together".
President Trump's unpredictable tariff policies have caused turmoil in global markets, led to backlogs and uncertainty at major ports, and inflicted tens of billions of dollars in losses on businesses due to rising costs and reduced sales.
However, markets have mostly recovered since Trump introduced his sweeping "Liberation Day" tariffs in April, helped by the progress made in Geneva between the two economic giants.
This second round of talks comes at a crucial moment, following a rare phone call between Trump and Chinese President Xi Jinping last week. The timing is significant, particularly as customs data released Monday revealed a 34.5% drop in China's exports to the U.S. in May, the steepest decline since the start of the COVID-19 pandemic.
Although the effects on U.S. inflation and employment have been limited so far, the tariffs have eroded business and consumer confidence, and the U.S. dollar remains under pressure.
Navigating Differences
The negotiations are being led by U.S. Treasury Secretary Scott Bessent, Commerce Secretary Lutnick, and Trade Representative Jamieson Greer, while Vice Premier He Lifeng heads the Chinese delegation.
Talks lasted nearly seven hours on Monday and resumed Tuesday morning around 10:00 GMT. Both sides are expected to release updates later in the day.
Lutnick's presence- his agency oversees export controls, underscores how central rare earths have become in these negotiations. He was not part of the earlier Geneva discussions, where the U.S. and China agreed to a 90-day pause on some of the high tariffs they had imposed on each other.
China's near-monopoly on rare earth magnets, critical for electric vehicle motors, and its decision in April to halt exports of various essential minerals, has disrupted global supply chains and alarmed industries worldwide.
Kelly Ann Shaw, a former White House trade adviser and now a trade partner at Akin Gump in Washington, said she expects China to recommit to lifting its retaliatory trade measures, including export bans. In return, she believes the U.S. may offer limited relief on recently imposed export controls, but not on more sensitive items like advanced AI chips.
In May, the U.S. suspended shipments of semiconductor design tools, certain chemicals, and aviation equipment by revoking previously granted export licenses.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Indonesian rescue teams continue to search for 30 people missing after a ferry sank near Bali, with six confirmed dead and 29 rescued, amid difficult weather and sea conditions.
Russia has become the first country to formally recognise the Taliban government by accepting the credentials of a new Afghan ambassador, marking a significant diplomatic shift.
An explosion at a gas station in eastern Rome on Friday has injured multiple people and forced the closure of a nearby metro station, according to local media reports.
U.S. President Donald Trump said early on Friday he came away disappointed from a telephone call with Russian President Vladimir Putin because it does not appear the latter is looking to stop Russia's war against Ukraine.
More than a 1,000 civil society representatives gathered in Seville this week for a major United Nations conference on development financing, but many said they left feeling side lined and frustrated, with expectations already low before the event began.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment