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One focus of the talks was fentanyl, the synthetic opioid that is ravaging America, and in particular ingredients for the drug that are made in China. The U.S. wants China to do more to curb the export of chemicals that it says are processed into fentanyl, largely in Mexico, before the final product is smuggled into the United States. But China refused to discuss cooperation unless the U.S. lifted sanctions on the Public Security Ministry's Institute of Forensic Science. The U.S. quietly agreed to lift the sanctions to get cooperation on fentanyl. State Department spokesperson Matthew Miller called it “an appropriate step to take” given what China was willing to do on the trafficking of fentanyl precursors.

Persons: Xi Jinping, Joe Biden, Wang Xiaohong, ”, Jen Daskal, Biden, Nancy Pelosi, Wang Yi, Matthew Miller Organizations: BEIJING, Chinese Public Security, U.S ., U.S, U.S . Centers for Disease Control, ., Biden, Senate, Public Security Ministry's Institute of Forensic Science, The Commerce Department, State Department Locations: U.S, America, China, San Francisco, Taiwan, Mexico, United States, Beijing, China’s Xinjiang, The U.S

☆ Top China, U.S. military leaders hold first meeting in more than a year
▼ + stars: | 2023-12-22 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

Other Southeast Asian countries such as Brunei, Indonesia, Malaysia, and Vietnam also claim parts of the South China Sea. "The key to developing a healthy, stable, and sustainable military-to-military relationship is ... a correct understanding of China," China's Defense Ministry said in a readout of the Brown-Liu virtual call. China has consistently maintained its claim over self-governed Taiwan and the majority of the South China Sea. The U.S. has documented more than 180 coercive and risky air intercepts against its aircraft in the region between 2021 and 2023, according to its latest China Military Power Report. This includes their bilateral Defense Policy Coordination Talks, Military Maritime Consultative Agreement talks, and opening lines of communication between the leaders of the respective military commands in the South China Sea and the broader Pacific.

Persons: Cope, Charles Brown, Liu Zhenli, Joe Biden, Xi Jinping, General Brown, General Liu, Nancy Pelosi, Brown, Liu, — CNBC's Evelyn Cheng Organizations: Air Force, Clark Air Base, U.S, Joint Chiefs of Staff, Economic Cooperation, Biden, Beijing, U.S ., Defense Ministry, U.S . Defense Department, People's Liberation Army, Maritime, Eurasia Group Locations: Philippines, Mabalacat, Pampanga, Asia, San Francisco, Eurasia, China, Taiwan, Beijing, Singapore, Manila, South China, Brunei, Indonesia, Malaysia, Vietnam, United States, The Hague, U.S, South

☆ China Rebuffed U.S. Calls for Tougher Climate Action
▼ + stars: | 2023-07-19 | by ( Matthew Cullen | ) www.nytimes.com time to read: +1 min

President Biden’s climate envoy, John Kerry, traveled to Beijing this week in hopes of persuading officials there to start reducing China’s carbon emissions on a faster timeline. But after three days of talks, Kerry emerged today without any new agreements. In fact, the Chinese president, Xi Jinping, insisted in a speech that China would pursue its goals to phase out carbon dioxide pollution at its own pace and in its own way. Xi’s comments — which reiterated his plan to make China carbon neutral by 2060, but rejected outside influence — suggested that tensions between the U.S. and China were making it difficult to work together on a crisis that threatens the planet. Still, Kerry insisted he was not disappointed in the outcome, noting that just talking showed progress.

Persons: Biden’s, John Kerry, Kerry, Xi Jinping, —, ” Organizations: U.S Locations: Beijing, China

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

☆ Saudi Aramco Posts Record $161 Billion Profit for 2022
▼ + stars: | 2023-03-12 | by ( Summer Said | ) www.wsj.com time to read: 1 min

Aramco said its annual profit rose by 46% last year, the latest oil major to report a record annual profit for the year. Saudi Arabia’s national oil company reported record annual profit of $161 billion for 2022, the largest ever by an energy firm, continuing a dramatic turnaround for the industry after the Ukraine war lifted crude prices and upended commodity flows. Saudi Arabian Oil Co., known as Aramco, said its yearly profit swelled by 46% in 2022, a period when Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, rebuffed U.S. requests to pump more oil to help tame surging crude prices.

☆ US set to further tighten chipmaking exports to China - Bloomberg News
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] Flags of China and U.S. are displayed on a printed circuit board with semiconductor chips, in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File PhotoMarch 10 (Reuters) - The Biden administration is working to further tighten restrictions on exporting semiconductor manufacturing gear to China, Bloomberg News reported on Friday citing people familiar with the situation. The Biden administration plans to coordinate with the Netherlands and Japan, according to the report. This week, Dutch government said it plans new restrictions on semiconductor technology exports to China to protect national security. The U.S. had imposed a slew of export restrictions late last year including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment.

☆ U.N. chief says onus on North Korea to return to talks
▼ + stars: | 2023-01-12 | by ( Michelle Nichols | ) www.reuters.com time to read: +3 min

North Korea has been subject to U.N. sanctions since 2006 over its nuclear and ballistic missile programs. So-called six-party denuclearization talks - between North Korea, South Korea, China, the United States, Russia and Japan - stalled in 2009. "The onus is on the DPRK to comply with its international obligations and return to the negotiating table," said Guterres, using North Korea's formal name. The United States has said that its up to North Korea to decide whether it will engage in talks on its nuclear weapons program. North Korea has rebuffed U.S. entreaties for diplomacy since President Joe Biden succeeded Trump in January 2021.

☆ U.S., Europe Need a Grand Bargain on Semiconductors and Electric Vehicles to Counter China
▼ + stars: | 2022-12-07 | by ( Greg Ip | ) www.wsj.com time to read: +1 min

The U.S. and its allies agree they need to reduce their dependence on China. They also agree none can do so alone: No country is big enough to sustain an entire supply chain. Thus the frequent calls for “friend-shoring” among “like-minded partners.” At a meeting this week the U.S. and the European Union pledged “coordinated action to foster supply chain diversification (and) build resilience to economic coercion.”Behind this rhetorical camaraderie, though, old habits of protectionism and parochialism are reappearing. First, South Korea, Japan and the European Union complain that the electric-vehicle subsidies in the Inflation Reduction Act, which President Biden signed into law in August, discriminate against their manufacturers and suck investment from them. Second, those same allies have rebuffed U.S. calls to join its restrictions on the export of sensitive semiconductor technology to China.

☆ Dollar nears 3-mth low, shares climb after Fed tests the brakes
▼ + stars: | 2022-11-24 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

For the currency markets, it meant the 7-week sell-off in the dollar continued. "The dollar could stay pressured for a bit longer, but it's probably embedding a good deal of Fed-related negatives now," analysts at ING wrote. Overnight, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.3%, while Japan's Nikkei (.N225) and South Korean shares (.KS11) both rose around 1%. In the oil market, prices were slipping toward a major support level established in September. Wednesday's post-Fed U.S. bond market moves had seen yields on 10-year notes drop to a huge 79-basis-point deficit relative to two-year yields.

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