With Power Waning, Xi Jinping Loses Influence in US-China Talks: Analysts
News Analysis
After a 14-day absence from public view, Chinese leader Xi Jinping reappeared on June 4 to host Belarusian President Aleksandr Lukashenko at his official residence in Beijing. The meeting was unusually subdued, with both Chinese and Belarusian media describing it as 'family-like' and informal. In contrast to standard state visits, it received limited media coverage, underscoring its low-profile nature.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
3 hours ago
- CNBC
The lookahead: What next after U.S. strikes on Iran and Europe's 5% defense problem
After a week of global market jitters, the reaction to U.S. strikes on Iranian nuclear facilities will be front and center over the coming days. Meanwhile, a trio of heavyweight events could also shape the economic and geopolitical mood. From NATO tensions in The Hague to trade talks in Tianjin and industrial optimism in Berlin — investors will be watching closely. Addressing the nation on Saturday evening, U.S. President Donald Trump said strikes on three of Iran's nuclear sites were a "spectacular military success" that "completely obliterated" the country's major enrichment facilities. The strikes, which mark the first time the U.S. has conducted a direct military attack on Iran, mark a dramatic escalation in geopolitical tensions. Trump's claim about the result of the operation could not be independently confirmed. Iran Foreign Minister Abbas Araghchi slammed the U.S. strikes, describing them as "outrageous" and saying the country "reserves all options to defend its sovereignty, interest, and people." Global investors will be scrambling to assess the fallout. NATO meetings with Trump in attendance have a history of being dramatic. Back in 2017, the White House leader consistently questioned America's commitment to the alliance, and accused other members of owing "massive amounts of money" to the overall share of defense spending. Fast forward to 2025 and the next NATO Leaders Summit with Trump is set to take place in The Hague, the Netherlands on Wednesday. Some problems are familiar – while defense spending has increased dramatically across Europe, countries like Spain risk derailing talks by calling the 5% of GDP target "unreasonable." In addition, the war in Ukraine rages on. Meanwhile other problems are new – hostilities are rising between Israel and Iran, alongside other neighbors in the Middle East, are testing international relations to the limit. U.S. Ambassador to NATO Matthew Whittaker, told CNBC's "Squawk Box Europe" that the region should not expect a free ride from the U.S. on defense spending, as "the 5% target is not a negotiating tactic." On the other side of the world, the Chinese city of Tianjin plays host to the World Economic Forum's Meeting of New Champions running from Tuesday to Thursday, also known as the Summer Davos. Technology dominates the agenda at a tricky time for relations between China and the West, as trade negotiations with the U.S. are still on-going. Trump may have bought more time for TikTok, extending the deadline for China's ByteDance to divest the social media platform's U.S. business to September, but the latest round of trade talks in London led to a vague stand-off between the two superpowers, with no official readout. Speaking to CNBC right after those negotiations, U.S .Commerce Secretary Howard Lutnick was asked if current tariffs on China would not shift again, to which he replied, "you can definitely say that." But this may do little to ease the conversations between Chinese officials and corporates in Tianjin, and the international delegates in attendance, who will be looking for more certainty from both the White House and Beijing. Closer to home, it's the Day of Industry conference in Germany on Monday and Tuesday. This annual meeting in Berlin highlights German economic policy and global trade strategies. It could be a good time for the new government to be touting Europe's so-called Engine of Growth, with four economic institutes raising their 2025 and 2026 GDP growth forecasts for Europe's largest economy. During a recent trip to Washington DC, Chancellor Friedrich Merz dodged the ire that other world leaders have faced in the Oval Office, with Trump's focus mostly dominated by his public spat with Elon Musk. But it's not all clear roads ahead for Germany, as the country's auto industry body reports that domestic auto-makers have shouldered around 500 million euros ($576.1 million) in costs associated with Trump's import tariffs.
Yahoo
5 hours ago
- Yahoo
Is TikTok getting banned? Trump says he'll 'probably' extend deadline again
President Donald Trump said on Tuesday that he will "probably" extend the TikTok ban deadline yet again before its expiration on Thursday, June 19. "We probably have to get China approval. I think we'll get it," Trump told reporters aboard Air Force One on Tuesday, June 17. "I think (Chinese) President Xi will ultimately approve it." TikTok, a short-form video app, went dark for about 12 hours in January when China-based ByteDance failed to divest the app's U.S. assets, as required by federal law. Since coming into office on Jan. 20, Trump has issued two executive orders to extend the ban's deadline. But so far, a deal has yet to be struck, and the next deadline is Thursday, June 19. When asked by reporters if he has the legal basis to extend the deadline again, Trump said, "Yes, I do." If ByteDance does not divest TikTok by Thursday, June 19, the platform could be banned in the U.S. again. However, Trump has repeatedly signaled he would extend the deadline if the sale isn't finalized in time. Under federal legislation that put the TikTok ban in place, the president can implement a 90-day extension on the deadline to sell. But Trump didn't take this route in January or April. Instead, he signed executive orders delaying the ban by 75 days. If Trump wishes to sign another executive order ahead of the June 19 deadline, he can. Former President Joe Biden signed federal legislation in 2024 that gave ByteDance until Jan. 19, 2025 to divest TikTok or face a ban in the U.S. Some politicians see TikTok as a national security threat, expressing concern that ByteDance may be sharing U.S. user data with the Chinese government. ByteDance has denied these claims, which remain unsubstantiated. However, ByteDance did not divest in time. In January, TikTok went dark for a little more than 12 hours in the U.S. after the app was effectively banned. U.S. internet hosting services made TikTok unavailable to access, and app stores removed the app for download. During the short-lived shutdown, Trump promised internet hosting services and app stores that they could restore TikTok and not face legal penalties. Under the federal legislation, companies could be fined $5,000 per user they help access TikTok. For companies like Google and Apple, this could mean a $5,000 fine for each user who downloads or updates TikTok. It wasn't until Feb. 13 that TikTok became available again in the Apple App Store and Google Play Store. This story will be updated. Greta Cross is a national trending reporter at USA TODAY. Story idea? Email her at gcross@ This article originally appeared on USA TODAY: TikTok ban: Trump says he'll 'probably' extend deadline again
Miami Herald
15 hours ago
- Miami Herald
Will skipping ‘Made in China' beat tariff price hikes?
For most shoppers, "Made in China" has been a way of life for consumers. The mark is on seemingly everything. That has consumers concerned about how tariffs and trade battles between the United States and China might hit home, literally. If tariffs ultimately act as a tax on consumers – most economists say they do – how can Americans avoid paying higher prices? Stop buying things that were made in China. That's easier said than Trump recently took to Truth Social to say that the United States and China have a deal that's done, pending final approval of leaders from both countries. He said that U.S. tariffs would be set at 55% on Chinese goods, while China's tariffs remain at 10%. Officially, tariff plans with China and other countries are on hold until July 9, but U.S. Commerce Secretary Howard Lutnick has said several times that the 55% tariff "definitely" will not change. Related: Major housing expert predicts huge change to mortgage rates in 2026 While many of the harshest tariff hikes face legal challenges, current U.S. tariff rates are at their highest levels in nearly a century; estimates from the Yale Budget Lab say that's costing the average U.S. consumer an extra $2,500 a year. A recent study by covering consumer sentiment about tariffs shows that nearly two-thirds of Americans believe tariffs will have a negative impact on their personal finances. Just over 40% of respondents said tariffs would "greatly worsen" their personal finances. But even if consumers decide to tackle the China tariff problem by eliminating spending on goods from the country, it doesn't mean they will save money. They also will find the task daunting, if not impossible. That's according to journalist Sara Bongiorni, who tried to live without goods from China for a year back in the early 2000s; the trials and tribulations of her effort became the basis for her book, "A Year Without Made in China." Bongiorni, now an adjunct professor at Louisiana State University, woke up on Christmas morning in 2005 to a house full of stuff, and as she rummaged through it, she realized almost everything was made in China. "I said to my husband, 'Do you think it would be possible to live for a while without things made in China? You want to try that?' He was not very enthusiastic about that idea, but we gave it a whirl." Related: Forget tariffs, Fed interest rate cuts may hinge on another problem Bongiorni didn't set out to make a political statement or to write a book. She was simply hoping "to understand at a personal level, as best we could, how much we relied on things from China in our everyday, ordinary consumer life." In a recent interview on "Money Life with Chuck Jaffe," Bongiorni recounted how her rule was to avoid the words "Made in China," which are only seen on the end consumer product sold to shoppers. That's a low bar, given that countless products are assembled in the United States or in other countries using parts from China. Those goods-like the ones with the Made in China label-will incur increased costs due to tariffs. Bongiorni noted that in certain product categories – notably toys, household gadgets, many types of electronics, coffeemakers, sneakers and footwear, and children's clothing – it was nearly impossible to find items that weren't made in China. Even when she did find rare exceptions, Bongiorni noted that the options often pushed her to higher-end goods, which meant paying more for the purchase, in some cases, more than she would expect to pay now on goods from China with tariffs attached. "I think there were so many things we didn't buy that year because you couldn't find a viable option that wasn't made in China," Bongiorni said. She also noted that, ironically, it's nearly impossible to celebrate a wholly American holiday like July 4th without goods from China, as the small flags, fireworks, parade toys, festive paper goods, and more were made there. Truly trying to avoid all goods from China – including component parts – would be nearly impossible, Bongiorni said, noting that consumers would find themselves with no easy alternatives. "The share of things, ordinary consumer items from China, account for at least 65% of things you find in a typical household," Bongiorni said. "If you push up [prices with tariffs up to 55%], that is a huge impact, especially when we've got inflation and other things going on in the economy. It's a huge thing for most families to have to shoulder that burden." More Tariffs: Aldi plans huge price cut despite tariffs driving costs higherCar buyers should shop these brands for the best tariff dealGeneral Motors makes $4 billion tariff move Bongiorni does think the United States can bring some manufacturing back onshore, but that will have a limited impact because of the breadth and volume of goods coming from China, and the convenience of having those items and getting them cheaply. "I have a hard time thinking that we can lure ourselves off of our connection to China as consumers as a long-term affair," she said, "but also I can see a huge public outcry because this is going to affect people's bottom line every month." While Bongiorni recalls her efforts fondly nearly two decades later, she says she would not want to permanently do without Made in China, even if tariffs raise costs. Avoiding goods from China and finding alternatives was "incredibly time-consuming." And when there were no viable product options, she was willing to go without certain items for a year, but would not want to sacrifice them for a lifetime. "I do think it's interesting to have an awareness of where things come from, and to get a sense to the extent you can to which you are connected to the international economy on that consumer level," said Bongiorni. "I found that enjoyable and interesting, but the idea of weaning ourselves from Chinese goods, after doing this, just seems very unrealistic.…I can't imagine living like that long-term." Related: Fed official sends shocking message on interest rate cuts The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
