OSAKA/NEW YORK, June 29 (Reuters) - U.S. President Donald Trump and Chinese President Xi Jinping are set for a high-stakes meeting in Japan on Saturday that could salvage trade talks or plunge the world’s two largest economies into a deeper trade war. The dispute has already cost companies in both countries billions of dollars, disrupted global manufacturing and supply lines, and roiled global markets. Trump said on Friday he hoped for a productive meeting with Xi, the first between the two leaders in seven months. But the U.S. president has said he would extend tariffs to cover almost all imports from China into the United States if there was no progress from the meeting on wide-ranging U.S. demands for economic reforms. The trade war and signs of a global economic slowdown have overshadowed the two-day Group of 20 summit in Osaka, where the two presidents will hold one-on-one talks on Saturday. The best-case scenario for the talks would be a resumption of trade … [Read more...] about Trump, Xi set for high-stakes trade war talks in Japan
Asia pacific trade agreement
Sure, but what does it mean? Photo: Li Xueren/Xinhua News Agency/Getty Images I think my colleague Ed Kilgore is right to describe President Trump’s announcement about trade with China as more of a climbdown than a breakthrough. Trump had threatened to raise tariffs on Chinese imports if they didn’t make concessions before the end of the year; now, by setting a 90-day negotiating window, he’s delaying that threat to the end of February. But Trump’s record of trade climbdowns has been uneven to date. In spring of 2018, he appeared to climb down from his threat to impose major steel and aluminum tariffs, by temporarily exempting so many U.S. trading partners as to render the tariffs unimportant. But this reprieve actually proved temporary, and now the metal tariffs are real, broad, and important. Other threatened measures, such as global tariffs on auto imports, have remained mere threats — so far. All of which is to say, the trade war with … [Read more...] about Will Congress Take Away Trump’s Keys on Trade?
STOCKHOLM (Reuters) - Handelsbanken (SHBa.ST) said on Wednesday it would cut 800 jobs and pull out of Asia and Germany as it seeks to cut costs after restructuring charges dragged down the Swedish bank’s third-quarter earnings. FILE PHOTO: A branch of Handelsbanken is seen in Wilmslow, northern England January 12, 2015. REUTERS/Phil Noble/File Photo The job losses would include both employees and consultants, many of them outside Sweden, spokesman Mats Olsson said. The bank aims to curb costs after criticism of its spending on digital services and expansion abroad. It has also invested heavily in compliance to fight financial crime and money laundering, an issue that has shaken the Nordic bank industry. The Stockholm-based bank said it planned to cut annual spending by about 1.5 billion crowns ($155 million) and booked restructuring charges of 900 million crowns in the third quarter. Dented by the charge, net profit fell to 3.57 billion crowns ($369 million) from … [Read more...] about Sweden’s Handelsbanken to cut 800 jobs, pull out of Asia and Germany
US President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying on Sunday they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.“We’re doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they’re loaded up with money,” Trump said on Sunday.But he was less optimistic than his aides on striking a trade deal with China, saying that while he believed China was ready to come to an agreement, “I’m not ready to make a deal yet.” He hinted that the White House would like to see Beijing resolve ongoing protests in Hong Kong first.“I would like to see Hong Kong worked out in a very humanitarian fashion,” Trump said. “I think it would be very good for the trade deal.” White House economic adviser Larry … [Read more...] about Donald Trump ‘not ready’ for China trade deal, dismisses recession fears
The Conoco Oil Refinery, in Rodeo, Calif. is seen at sunset, in file photo taken Friday, Sept. 22, 2006. The Conoco Oil Refinery, in Rodeo, Calif. is seen at sunset, in file photo taken Friday, Sept. 22, 2006. Photo: Rich Pedroncelli, AP Photo: Rich Pedroncelli, AP Image 1 of / 1 Caption Close Image 1 of 1 The Conoco Oil Refinery, in Rodeo, Calif. is seen at sunset, in file photo taken Friday, Sept. 22, 2006. The Conoco Oil Refinery, in Rodeo, Calif. is seen at sunset, in file photo taken Friday, Sept. 22, 2006. Photo: Rich Pedroncelli, AP Oil near 2-week low as supplies swell, trade talks stutter 1 / 1 Back to Gallery Oil held near a two-week low on signs of swelling … [Read more...] about Oil near 2-week low as supplies swell, trade talks stutter