United States International Relations

More stories

  • 138 Shares149 Views

    in Economy

    U.S. and China to Hold First Trade Talks Since Trump’s Tariffs

    by

    Scott Bessent, the Treasury secretary, and Jamieson Greer, the United States trade representative, will discuss trade and economic matters with the officials this week.Top officials from the Trump administration will meet with their Chinese counterparts in Switzerland this week, the first formal meeting about trade between the United States and China since President Trump raised tariffs on Chinese imports to triple-digit levels last month.Scott Bessent, the Treasury secretary, and Jamieson Greer, the United States trade representative, plan to meet with Chinese officials during a trip to Geneva, where they will discuss trade and economic matters, according to separate announcements from the office of the trade representative and the Treasury Department.A spokesperson for the Chinese Ministry of Foreign Affairs said that He Lifeng, the vice premier for economic policy, would visit Switzerland from Friday to Monday and hold talks with Mr. Bessent. Mr. Bessent said on Fox News that the talks would be held on Saturday and Sunday.The meeting could help to defuse an economically damaging trade standoff that has persisted between the world’s largest economies for a month. In early April, Mr. Trump escalated tariffs on Chinese exports to a minimum of 145 percent, to punish Beijing for retaliating against his earlier levies.While both sides appear to be interested in reducing those tariffs, neither has wanted to make the first move. It remains unclear how quickly the United States and China might strike any kind of agreement, or what its contents could be.The Trump administration has criticized China for its role in bringing fentanyl and ingredients to make the drug to the United States, as well as a bevy of unfair trade practices. Mr. Trump and his advisers have also censured China for failing to stick to the terms of a trade deal the president negotiated in his first term. China, in return, has called Mr. Trump’s tariffs “illegal and unreasonable.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 175 Shares179 Views

    in Economy

    U.S. and China Dig In on Trade War, With No Plans for Formal Talks

    by

    The standoff over terms of negotiations, and whether they are happening, signals that a protracted economic fight lies ahead.As trade tensions flared between the world’s largest economies, communication between the United States and China has been so shaky that the two superpowers cannot even agree on whether they are talking at all.At a White House economic briefing this week, Treasury Secretary Scott Bessent demurred multiple times when pressed about President Trump’s recent claim that President Xi Jinping of China had called him. Although top economic officials might usually be aware of such high-level talks, Mr. Bessent insisted that he was not logging the president’s calls.“I have a lot of jobs around the White House; running the switchboard isn’t one of them,” Mr. Bessent joked.But the apparent silence between the United States and China is a serious matter for the global economy.Markets are fixated on the mystery of whether back-channel discussions are taking place. Although the two countries have not severed all ties, it does seem that they have gone dark when it comes to conversations about tariffs.“China and the U.S. have not held consultations or negotiations on the issue of tariffs,” Guo Jiakun, a spokesman for China’s foreign ministry, said at a news conference last Friday. “The United States should not confuse the public.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares99 Views

    in Economy

    Here’s What 7 Americans Think of Trump’s First 100 Days

    by

    The first 100 days of President Trump’s second term have been a whirlwind of action, with the imposition of steep tariffs worldwide, the detention of immigrants and deep cuts to the federal work force.The New York Times has been talking with a group of voters who all cast their ballots in last November’s election with some trepidation. While they had expressed a range of hopes and concerns about the new administration, they have now seen enough to make some early judgments at the close of the first 100 days. (A recent Times/Siena College poll also found that majorities of voters, even many who approve of the job Mr. Trump is doing, view his first few months as “chaotic” and “scary.”)‘I don’t regret voting for him.’Jaime Escobar Jr., 46, from Roma, TexasAs mayor of the small border town of Roma, Jaime Escobar Jr. was accustomed to assessing whether strategies were working. At this point, Mr. Escobar remained mostly optimistic, but he was still wary.“I’m not saying I’m 100 percent happy with everything, but for the most part, I feel that Trump is tackling the issues that the American voters thought were important,” he said, referring to immigration and the economy. “I don’t regret voting for him.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 125 Shares129 Views

    in Economy

    White House-Amazon Spat Culminates in Trump Calling Bezos ‘Very Nice’

    by

    The White House press secretary, Karoline Leavitt, attacked the retail giant over a report that suggested Amazon would highlight tariff-related price increases. Amazon said it was “not going to happen.”President Trump’s 100th day in office started with what seemed to be a fresh and fast-escalating spat between the White House and Amazon.Karoline Leavitt, the White House press secretary, came out swinging in her press briefing on Tuesday morning, accusing Amazon of being “hostile and political” after a report — disputed by the company — from Punchbowl News saying that the online retail giant would start displaying the exact cost of tariff-related price increases alongside all its products.Displaying the import fees would have made clear to American consumers that they were shouldering the costs of Mr. Trump’s tariff policies rather than China, as he and his top officials have often claimed would be the case.After the report was published, Mr. Trump spoke about it over the phone with Jeff Bezos, Amazon’s founder, according to three people familiar with the exchange. Amazon spokesmen hurriedly issued denials that the policy was going into effect, and by Tuesday afternoon Mr. Trump was back to praising Mr. Bezos.“Jeff Bezos is very nice,” Mr. Trump said to reporters as he embarked on a trip to Michigan for a rally commemorating the first 100 days of his second term. “He solved the problem very quickly. He did the right thing. Good guy.”This arc between Mr. Trump and Mr. Bezos that played out over just a few hours seemed telling. The Amazon mogul is among the billionaires who have gone to ever new lengths to get in good with this White House. Mr. Trump, in turn, has managed to woo such billionaires by promising he’d be better for business. And yet, at the first sign that Mr. Bezos might be prioritizing his businesses interests in a way that would harm Mr. Trump’s political fortunes, the White House didn’t hesitate to lash out publicly.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 113 Shares159 Views

    in Economy

    China Rejects Trump Claim of Tariff Talks With Xi

    by

    President Trump said that “we’re meeting with China” on tariffs, comments aimed at soothing jittery financial markets. But Chinese officials say no talks have taken place.President Trump, whose trade war with China has rattled financial markets and threatened to disrupt huge swaths of trade, suggested on Friday that he had been in touch with Xi Jinping, China’s president, even as Chinese officials insisted that no negotiations were occurring.In an interview with Time on Tuesday, Mr. Trump said Mr. Xi had called him, though he declined to say when, and asserted that his team was in active talks with China on a trade deal. Asked about the interview outside the White House on Friday morning, the president reiterated that he had spoken with the Chinese president “numerous times,” but he refused to answer when pressed on whether any call had happened after he imposed tariffs this month.Mr. Trump’s comments appeared aimed at creating the impression of progress with China to soothe jittery financial markets, which have fallen amid signs that the world’s largest economies are in a standoff. The S&P 500 is down 10 percent since Mr. Trump’s Jan. 20 inauguration.But the president’s claims of talks have been rejected by Chinese officials, who have repeatedly denied this week that they are actively negotiating with the United States.“China and the U.S. have not held consultations or negotiations on the issue of tariffs,” Guo Jiakun, the spokesman for China’s foreign ministry, said in a news conference on Friday. “The United States should not confuse the public.”Chinese officials have repeatedly said the United States should stop threatening China and engage in dialogue on the basis of equality and respect. On Thursday, He Yadong, a spokesman for China’s Commerce Ministry, said there were “no economic and trade negotiations between China and the United States.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 113 Shares199 Views

    in Economy

    Trump’s Tariffs Bump Into Reality as Economic Strategy Wavers

    by

    After weeks of bluster and escalation, President Trump blinked. Then he blinked again. And again.He backed off his threat to fire the Federal Reserve chairman. His Treasury secretary, acutely aware that the S&P 500 was down 10 percent since Mr. Trump was inaugurated, signaled he was looking for an offramp to avoid an intensifying trade war with China.And now Mr. Trump has acknowledged that the 145 percent tariffs on Chinese goods that he announced just two weeks ago are not sustainable. He was prompted in part by the warnings of senior executives from Target and Walmart and other large American retailers that consumers would see price surges and empty shelves for some imported goods within a few weeks.Mr. Trump’s encounter with reality amounted to a vivid case study in the political and economic costs of striking the hardest of hard lines. He entered this trade war imagining a simpler era in which imposing punishing tariffs would force companies around the world to build factories in the United States.He ends the month discovering that the world of modern supply chains is far more complex than he bargained for, and that it is far from clear his “beautiful” tariffs will have the effects he predicted.This is not, of course, the explanation of the events of the past few days that the White House is putting out. Mr. Trump’s aides insist that his maximalist demands have been an act of strategic brilliance, forcing 90 countries to line up to deal with the president. It may take months, they acknowledge, to see the concessions that will result. But bending the global trade system to American will, they say, takes time.“Have some patience and you will see,” the president’s press secretary, Karoline Leavitt, told reporters on Wednesday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 75 Shares169 Views

    in Economy

    Trump Has Mixed Emotions Toward Japan

    by

    The president at turns praises and criticizes Japan, a U.S. ally that decades ago stirred his anger over the unequal balance of trade and his penchant for tariffs.This month in the White House’s Rose Garden, as he held up a placard showing the global wave of tariffs he wanted to impose, President Trump paused to fondly recall a fallen friend.“The prime minister of Japan, Shinzo, was — Shinzo Abe — he was a fantastic man,” Mr. Trump said during the tariff announcement on April 2. “He was, unfortunately, taken from us, assassination.”The words of praise for Mr. Abe, who was gunned down three years ago during a campaign speech, did not stop Mr. Trump from slapping a 24 percent tariff on products imported from Japan. But they were unusual, nonetheless, coming from a president who has had few nice things to say these days about other allies, particularly Canada and Europe.Now, Japan will be one of the first countries allowed to bargain for a possible reprieve from Mr. Trump’s sweeping tariffs, many of which he has put on hold for 90 days. On Thursday, a negotiator handpicked by Japan’s current prime minister is scheduled to begin talks in Washington with Treasury Secretary Scott Bessent and others.Japan’s place at the front of the line reflects the different approach that Mr. Trump has taken toward the nation. While the president still accuses it of unfair trade policies and an unequal security relationship, he also praises it in the same breath as a close ally, an ancient culture and a savvy negotiator.“I love Japan,” Mr. Trump told reporters last month. “But we have an interesting deal with Japan where we have to protect them but they don’t have to protect us,” referring to the security treaty that bases 50,000 U.S. military personnel in Japan.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 175 Shares169 Views

    in Economy

    Trump’s 10% Tariff May Be Less Onerous but Still Raises Prices and Threatens Trade

    by

    The blanket tariffs, once considered extreme, still threaten to harm world trade and make everything more expensive for businesses and consumers.President Trump’s global 10 percent tariff is likely to make consumer goods more expensive.When Donald J. Trump championed the idea of a 10 percent blanket tariff during the campaign, many people, whether for or against, were taken aback by how radical the idea was.Alarms sounded about higher inflation, lost jobs, slower growth or recession. The prospect seemed so outlandish that most economists and Wall Street analysts who gamed out the possibilities tended to treat a 10 percent tariff simply as a bargaining tool.Now, after a rapid-fire series of announcements from the White House that promised, imposed, reversed, delayed, decreased and increased tariffs, the 10 percent solution is looking like the most temperate choice rather than the most revolutionary, especially now that a red-hot trade war between China and the United States is blazing.Yet 10 percent tariffs have not lost their sting.At that level, universal tariffs still hit more than 10 times as many imports as the ones targeted during Mr. Trump’s first term, and are significantly higher and broader than anything the United States has tried in more than 90 years.The tariff rate is “quite extreme,” said Carsten Brzeski, chief eurozone economist at ING, a Dutch bank. “It still brings us back to levels last seen during the 1930s.”In addition to measures targeting China, Mr. Trump powered up a long list of punishing taxes — including a flat 10 percent tariff on most imports — on April 9. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More