Monday Briefing: U.S.-China talks
Good morning. We’re covering trade talks between China and the U.S. and a Pakistan-India cease-fire. Plus, crypto bro fight club.
U.S. said it made ‘progress’ toward a deal with ChinaTreasury Secretary Scott Bessent said yesterday that the U.S. had made “substantial progress” in talks with China after a weekend of meetings in Geneva, and that more details would be announced today. Jamieson Greer, the U.S. trade representative who joined Bessent for the talks, suggested that some form of a “deal” addressed U.S. national security concerns about China’s trade practices. He did not say whether the two nations had agreed to drop any of their punishing tariffs. China’s vice premier for economic policy, He Lifeng, described the talks as “candid, in-depth and constructive” and said that the two countries had reached a deal to establish a “consultation mechanism” to discuss economic and trade issues, according to Chinese state media. For some context, I spoke with Ana Swanson, who covers trade for The Times. “Any reduction in tensions is good news for businesses that depend on trade between the United States and China,” Ana wrote, “but I would be cautious about expecting too much from just two days of meetings.” Other than lower tariffs, a possible outcome tomorrow “may just be more meetings,” she added.
India and Pakistan maintained a cease-fireThe fragile truce between India and Pakistan appeared to be largely holding yesterday, on its first full day. Both countries claimed to have won the four-day conflict they had been engaged in. After some initial fighting on Saturday, President Trump later announced that both sides had agreed to a cease-fire with the help of U.S. mediation. He added that he would increase trade “substantially” with both countries and work with them to settle their dispute over Kashmir. Pakistan praised America for mediating, but India initially made no mention of U.S. involvement. Later, New Delhi acknowledged discussions with U.S. officials, but said it had made its own decisions. Here’s what else to know about the conflict. Under the guns: Showkat Nanda, born and raised in Kashmir, grew up hearing gunfire but had never spent a night under military bombardment until Pakistan and India started fighting. He wrote about the experience.
Signs of division between Trump and NetanyahuAs Trump prepares to visit the Middle East this week for his first major foreign trip, he and Prime Minister Benjamin Netanyahu of Israel are showing signs of a rift that has grown since April. In February, they were in sync on issues like the Houthis, Iran and Gaza. Since then, Trump has rejected Netanyahu’s desire for joint action to take out Iran’s nuclear abilities. He also announced a deal with Houthi militias to halt U.S. airstrikes against them, just days after a Houthi missile struck Israel’s main airport. There is even some evidence of a divide on Gaza. Hamas: The Palestinian armed group said it would free Edan Alexander, the last living U.S. citizen held captive in Gaza. |
