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Perth Now
11 hours ago
- Politics
- Perth Now
Trump meeting on backburner with PM to skip summit
The prime minister will wait a little longer for a second-chance meeting with Donald Trump as the president pushes out his timeline to act on the situation in the Middle East. Anthony Albanese will not go to The Hague for next week's NATO summit, with his deputy Richard Marles to represent Australia at the event as originally planned. Mr Albanese was considering making a last-minute dash to the talks, which could have provided an opportunity to meet in person with the US president. The pair had been scheduled to hold their first face-to-face meeting on the sidelines of the G7 summit in Canada earlier this week. But 24 hours before they were due to meet, Mr Trump revealed he would leave the event early to deal with escalating tensions between Israel and Iran. The prime minister is keen to meet with Mr Trump to try to negotiate an exemption from US tariffs, advocate for the nation's nuclear submarine deal with the US and UK and discuss defence spending. Mr Trump is expected to attend the NATO summit, but there is no guarantee he will not pull out at the last second amid volatility in the Middle East. The US president on Friday said he would decide whether to get involved in the Israel-Iran conflict "within the next two weeks". Liberal senator James Paterson earlier said the prime minister should attend NATO regardless of whether he meets with Mr Trump. He believes it would allow Mr Albanese to co-ordinate with allies and help support Ukraine in its war against Russia. It would also present an opportunity to discuss the situation in Iran with European partners, and discuss defence spending. "If he meets with President Trump on the sidelines, that would be a bonus," Senator Paterson said. "But frankly, I think his approach of now waiting seven months to go and see the president and not going to see him in Washington DC, relying on a chance meeting on the sidelines of an international forum, is a very risky strategy." The prime minister wasn't the only world leader left hanging at the G7. Mexican President Claudia Sheinbaum, Indian Prime Minister Narendra Modi and Ukrainian Volodymyr Zelenskiy also had talks scheduled with Mr Trump the day after he left. Mr Albanese met with senior members of the president's economic team including US Treasury Secretary Scott Bessent, US National Economic Council director Kevin Hassett and US Trade Representative Jamieson Greer. The talks involved trade, tariffs and critical minerals - which Australia has considered using as a bargaining chip in US tariff negotiations.
Perth Now
2 days ago
- Business
- Perth Now
PM may play NATO trump card to score US president talks
Australia's chances of tariff exemptions remain uncertain as the prime minister returns from an overseas trip without having spoken to Donald Trump. Prime Minister Anthony Albanese's much-anticipated plans to hold his first in-person meeting the US president were thrown into chaos because of escalating tensions in the Middle East. The two were expected to speak on the sidelines of the G7 in Canada during the summit's final day to discuss trade, tariffs and defence. But less than 24 hours before their meeting, Mr Trump revealed he had to leave early to deal with the situation between Iran and Israel. The prime minister will fly into Sydney on Thursday without clear progress towards a trade resolution. But Mr Albanese could get a second chance at Mr Trump within days. The prime minister is considering going to The Hague at the end of June to attend a summit of the North Atlantic Treaty Organisation, where the US president is expected to appear. "We'll meet soon and I'm sure that will occur," Mr Albanese told reporters in Calgary on Tuesday local time (Wednesday AEST). "From time to time, meetings are rescheduled - that's what happens." The prime minister is also expected to advocate for Australia's nuclear submarine deal with the US and UK at his meeting with Mr Trump. Mr Albanese was not the only world leader lining up to speak with the leader of the free world at the G7. Ukrainian President Volodymyr Zelenskiy and Indian Prime Minister Narendra Modi had talks scheduled with Mr Trump the day after he left. Mexico President Claudia Sheinbaum was also set to meet Mr Trump face-to-face for the first time that day. Ms Sheinbaum received a call from the US president soon after news broke of his departure, but the prime minister has not received a direct call from Mr Trump. Instead, he met with the president's senior economic team on the day he was supposed to speak with Mr Trump. His discussions with US Treasury Secretary Scott Bessent, US National Economic Council director Kevin Hassett and US Trade Representative Jamieson Greer involved trade, tariffs and critical minerals - which Australia has considered using as a bargaining chip in US negotiations. The prime minister said Mr Trump's departure was "understandable" and insisted things were progressing. Australia's exports to the US continue to be hit with a baseline 10 per cent tariff and its steel and aluminium products incur a 50 per cent levy.
CNN
12-06-2025
- Business
- CNN
Nvidia will stop including China in its forecasts amid US chip export controls, CEO says
Chipmaker Nvidia will exclude the Chinese market from its revenue and profit forecasts following the imposition of tough US restrictions on chip sales to China, its CEO said Thursday. Asked whether the US will lift export controls after trade talks with China in London this week, Nvidia CEO Jensen Huang told CNN's Anna Stewart in Paris: 'I'm not counting on it but, if it happens, then it will be a great bonus. I've told all of our investors and shareholders that, going forward, our forecasts will not include the China market.' In recent years, Washington has stepped up efforts to restrict China's access to American chip-related technologies, aiming to prevent Beijing from using US innovations to bolster its military and artificial intelligence capabilities. Huang's comments underscore the impact of Washington's chip curbs on Nvidia, a company once best known for its video game graphics processors, that has profited tremendously from growing demand for AI chips and infrastructure. The company blew past Wall Street's revenue expectations in its first quarter of 2025, posting a 69% increase from the same period last year. But Nvidia missed out on an additional $2.5 billion in revenue because export restrictions prevented it from shipping its H20 AI chips to China. The company developed that chip specifically to accommodate US export controls but was told in April that it would need a special license to do so. Nvidia took a smaller hit than expected from the excess inventory, however: a $4.5 billion charge compared to the $5.5 billion it had expected. Kevin Hassett, director of the US National Economic Council, told CNBC Monday that the Trump administration might be open to loosening restrictions on exports of some microchips that China views as critical to its manufacturing sector. But the United States will maintain curbs on 'very, very high-end Nvidia' chips that are capable of powering AI systems, he added. On Thursday, Nvidia's Huang again criticized US chip export controls. 'The goals of the export controls are not being achieved,' he told CNN. 'Whatever those goals are that were being discussed initially, (they) are apparently not working. And so I think, with all export controls, the goals have to be well-articulated and tested over time.' Last month, Huang said at a news conference in Taiwan that the US curbs on chip exports were a 'failure' and warned that the restrictions were doing more damage to American business than to China. Nvidia's position as a critical supplier of AI chips has put it in the middle of the tech race between the US and China, which escalated earlier this year with the arrival of Chinese tech startup DeepSeek's supposedly cheap yet sophisticated AI model. The Trump administration has been eager to position the US as a leader in AI, with Vice President JD Vance saying that 'excessive regulation of the AI sector' could 'kill a transformative industry just as it's taking off' during remarks at the Artificial Intelligence Action Summit in Paris earlier this year. Dan Ives, global head of technology research at Wedbush Securities, said easing export controls could be necessary to prevent China from gaining an edge in AI. 'With the AI Revolution hitting its next gear of growth it is important for China tech players they get access to Nvidia chips with the current H20 ban essentially handing a good portion of Nvidia's business directly to Huawei on a silver platter,' he wrote in a June 11 industry note. In the meantime, Nvidia continues to expand – aiming to cement its place as a major AI player globally. Huang announced on Thursday that his company will build the world's first cloud computing platform for industrial artificial intelligence applications in Europe. It also said its Blackwell architecture will power new AI infrastructure projects in Europe. Olesya Dmitracova and Clare Duffy contributed to this article.
Arabian Post
10-06-2025
- Business
- Arabian Post
Diplomats Seek Breakthrough in London Trade Truce
Top-level officials from Washington and Beijing convened at London's historic Lancaster House to try to uphold a fragile trade truce. The US team—led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer—pressed China to lift export restrictions on rare earth minerals, a linchpin in sectors from electric vehicles to semiconductors. China's delegation, headed by Vice‑Premier He Lifeng and joined by Commerce Minister Wang Wentao and vice‑minister Li Chenggang, emphasised sustaining the state‑driven economic model while seeking concessions on US visa rules and technology access. Talks resumed for a second day, with a declared focus on export‐control mechanisms that threaten to unravel the Geneva‐brokered tariff truce agreed on 12 May. That earlier pact suspended punitive levies exceeding 100 percent for 90 days, offering markets a brief reprieve. The inclusion of Howard Lutnick underscores the significance of rare earths, as Washington eyes relief from export curbs imposed this year. Economic data highlights the toll of stifled trade: China's exports to the US plunged 34.5 percent year‑on‑year in May—the steepest decline since early 2020—driven by both tariff escalation and export restrictions. In the US, while inflation remains subdued and employment resilient, early indicators hint at a cooling economy amid these disruptions. ADVERTISEMENT Diplomatic momentum emanates from a phone call between President Donald Trump and President Xi Jinping on 5 June—their first such exchange since Trump's inauguration—where Xi reportedly signalled Beijing's willingness to resume shipments of rare earths. Trump later described the discussion as yielding 'very positive' outcomes and claimed he was 'only getting good reports' from the London delegation. US National Economic Council Chairman Kevin Hassett offered further assurances, stating the administration was preparing to ease certain high‑tech export restrictions and expecting China to significantly ramp up rare earth shipments. Chinese officials upheld their stance on economic self‑reliance, under Xi's 'dual‑circulation' policy, signalling reluctance to overhaul structural economic controls. Analysts suggest Beijing may exchange modest export concessions for US rollbacks on visa limits for Chinese nationals and access to cutting‑edge semiconductor technology. Despite the diplomatic overtures, analysts caution that ambitions for sweeping reform are unlikely. The US retains a hawkish posture and is pursuing broader decoupling from China on strategic supply chains, reducing the odds of a comprehensive agreement. Eurasia Group chief Ian Bremmer warned there was 'little prospect for the bilateral relationship to become constructive' amid entrenched structural differences. European manufacturers, notably German automakers, have raised alarm over supply bottlenecks from China's rare earth export licensing regime, implemented in April, citing risks to global production schedules. The talks have therefore resonated well beyond the bilateral agenda, prompting heightened interest from supply‑chain dependent nations. UK officials, though officially not party to the negotiations, provided logistical support and voiced encouragement. Chancellor Rachel Reeves met with both delegations on the sidelines, while Business Secretary Jonathan Reynolds engaged with Chinese counterparts. British leaders clearly signalled a preference for diplomacy, stating that a trade war 'is in nobody's interests'. Institutionally, this dialogue reflects the newly established China‑US economic and trade consultation mechanism, replacing previous multi‑track platforms and underscoring a shift towards direct and high‑level engagement. Legal complications persist in Washington: the Trump administration is appealing a federal ruling that its tariff actions exceed presidential authority. A decision from the appellate court, possibly extending to the Supreme Court, could determine whether tariffs remain in force during the review process. Markets responded with tentative optimism: global equities recovered a significant portion of pre‑talk losses following the Geneva truce and subsequent London announcements. However, investors remained cautious, aware the staged progress may not translate into lasting reform. The London round, stretching into Tuesday, is shaped by urgency driven from both capitals. Washington seeks tangible actions: resumed access to rare earths and easing of advanced technology curbs. Beijing aims to protect its economic model while negotiating incremental gains, such as improved visa issuance and broader recognition of Chinese tech firms. This high‑stakes diplomacy marks a pivotal moment in a wider geopolitical contest for economic supremacy. Whether the Lancaster House talks blossom into a durable détente or merely delay the next escalation depends on bridging both substantive and strategic divides.
Time of India
03-06-2025
- Business
- Time of India
Donald Trump-Xi Jinping call likely to take place this week amid fresh trade tensions, White House confirms
US President Donald Trump and Chinese President Xi Jinping are expected to speak this week amid renewed trade tensions. Trump has accused China of violating a temporary tariff agreement made in Geneva last month. While US officials claim Beijing is dragging its feet, China has firmly rejected the allegations, criticising the US for discriminatory trade practices. The situation has unsettled global markets. The expected high-level call is seen as a crucial moment in the strained economic relationship between the world's two biggest economies. Tired of too many ads? Remove Ads Washington accuses Beijing of backtracking on Geneva agreement Tired of too many ads? Remove Ads Trump alleges deal violation, China fires back Tired of too many ads? Remove Ads Global markets react, stakes remain high US President Donald Trump and China's President Xi Jinping are expected to speak this week, according to the White House . The announcement comes as trade tensions resurface, with Trump accusing China of breaking a recent tariff rollback to reporters on Monday outside the West Wing, White House Press Secretary Karoline Leavitt said, 'I can confirm that the two leaders will likely talk this week.' She added, 'And as always, when foreign leaders call, we will provide a readout of those calls.'The call, if it happens, will be their first confirmed contact since Trump returned to office over five months ago. Despite earlier claims from Trump that a conversation had taken place, Beijing has denied any recent US National Economic Council Director Kevin Hassett had also signalled that a call was expected this week, though no date was White House's push for dialogue follows a renewed escalation in US-China trade tensions. Last month, senior officials from both nations met in Geneva and agreed to suspend high tariffs for 90 days. The agreement was seen as a temporary truce in a prolonged trade Secretary Scott Bessent said after the talks, 'We made substantial progress between the United States and China in the very important trade talks.' He noted the role of the Swiss hosts and confirmed President Trump had been Jamieson Greer, the US Trade Representative, said the agreement came together faster than expected. 'This was, as the Secretary pointed out, a very constructive two days,' Greer said. 'It's important to understand how quickly we were able to come to an agreement, which reflects that perhaps the differences were not so large as maybe thought.'Greer added that the deal was part of efforts to address a USD 1.2 trillion trade deficit. 'Just remember why we're here in the first place -- the United States has a massive USD 1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs,' he these early signs of progress, the situation changed sharply last week. Trump accused China of breaching the deal, without specifying how. Writing on Truth Social, he said:'Two weeks ago, China was in grave economic danger! The very high Tariffs I set made it virtually impossible for China to TRADE into the United States marketplace, which is, by far, the number one in the World... I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation... The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY.'Commerce Secretary Howard Lutnick echoed this view during an appearance on Fox News Sunday, claiming that China was 'slow-rolling' the however, has dismissed these accusations. On Monday, the Chinese Commerce Ministry said the US had 'made bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts.''China firmly rejects these unreasonable accusations,' the statement read. It added that China 'has been firm in safeguarding its rights and interests, and sincere in implementing the consensus.'The ministry also pointed to US restrictions on AI chip exports and visa bans for Chinese students as evidence of escalating 'discriminatory restrictive measures.'Markets responded swiftly to the rising uncertainty. Major indices slid on Monday as investors weighed the risk of a renewed tariff war between the two economic warning was clear. 'China will continue to resolutely take strong measures to uphold its legitimate rights and interests' if tensions a final appeal, China urged the US 'to meet China halfway, immediately correct its wrongful actions, and jointly uphold the consensus from the Geneva trade talks .'With both sides digging in and rhetoric intensifying, the expected Trump-Xi call could mark a critical moment—either to reset or deepen the divide.(With inputs from AFP, AP)
