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☆ State Department amends comment on APEC invitation for Hong Kong's leader
▼ + stars: | 2023-06-13 | by ( Michael Martina | ) www.reuters.com time to read: +2 min

WASHINGTON, June 13 (Reuters) - The U.S. State Department amended part of a statement to Congress in which it said Washington would invite Hong Kong's chief executive, who faces U.S. sanctions, to a November summit, after lawmakers urged he be barred from entering the country. The Unites States is set to host this year's gathering in San Francisco of leaders of the Asia-Pacific Economic Cooperation (APEC) group, of which Hong Kong is a member economy. But Hong Kong's top official John Lee was placed under U.S. sanctions in 2020 over his role in implementing what Washington deems a "draconian" Hong Kong national security law. The Department regrets the error," a State Department spokesperson said. The Senate Foreign Relations Committee on Tuesday confirmed it had received the corrected response, which said the U.S. "has not made any commitments regarding invitations."

Persons: Hong, John Lee, Lee, Wendy Sherman, Marco Rubio, Jeff Merkley, Jim McGovern, Chris Smith, Mr, Michael Martina, Mark Heinrich Our Organizations: U.S . State Department, Economic Cooperation, Washington, Hong, Senate Foreign Relations, APEC, State Department, Foreign, Democratic, Republican, People's, China's, Thomson Locations: Washington, San Francisco, Asia, Hong Kong, U.S, People's Republic of China

☆ Factbox: Top US-China exchanges since Biden took office
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +5 min

Below is a list of some of the other high level U.S.-China exchanges since then. FIRST TRADE TALKS - May 26, 2021U.S. Trade Representative Katherine Tai and China's then Vice Premier Liu He held talks virtually, the first such high level trade talks between the world's two biggest economies since Biden took office. DIPLOMAT VISITS CHINA - July 26, 2021Deputy Secretary of State Wendy Sherman held talks with State Councillor Wang Yi, in Tianjin, China. DEFENCE CHIEFS HOLD FIRST TALKS - April 20, 2022U.S. Defense Secretary Lloyd Austin held a call with China's then defence minister Wei Fenghe, the first talks between the two officials since Biden took office. BIDEN AND XI MEET IN BALI - November 14, 2022Biden and Xi held their long-awaited first face-to-face leadership talks on the sidelines of the G20 summit in Bali, Indonesia.

Persons: Antony Blinken, Joe Biden, BIDEN, Biden, Xi Jinping, Xi, Jake Sullivan, Yang Jiechi, Wang Yi, Katherine Tai, China's, Liu, Wendy Sherman, SULLIVAN, YANG, Sullivan, Yang, Lloyd Austin, Wei Fenghe, WANG, Wang, Nancy Pelosi, HARRIS, Kamala Harris, Gina Raimondo, Wang Wentao, National Defense Li Shangfu, Li, Martin Quin Pollard, Raju Gopalakrishnan Organizations: U.S, FIRST, National Security, . Trade, CHIEFS, . Defense, General Assembly, BIDEN, IN, Economic Cooperation APEC, CHINA COMMERCE, . Commerce, Commerce, Washington D.C, China's, National Defense, Pentagon, Austin, Thomson Locations: China, U.S, Anchorage , Alaska, Blinken, CHINA, Tianjin, Taiwan, North Korea, ROME, Russia, Ukraine, Beijing, New York, IN BALI, Bali , Indonesia, BANGKOK, Asia, Thailand, MUNICH, Munich, WASHINGTON, Washington, Singapore

☆ Gold trades in tight range as investors await Fed decision
▼ + stars: | 2023-06-07 | by ( ) www.cnbc.com time to read: +2 min

Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023. Gold prices inched higher on Wednesday, trading in a tight range as support from a weaker dollar countered concerns surrounding the U.S. Federal Reserve's next interest rate decision. Spot gold rose 0.1% to $1,963.86 per ounce by 0220 GMT. Non-interest-bearing bullion tends to become less attractive in a high interest rate environment. Fed fund futures indicate traders have priced in an 80.6% chance that the Fed will hold interest rates in the 5%-5.25% range, according to CMEGroup's Fedwatch tool.

Persons: Ilya Spivak Organizations: U.S . Federal, New York Fed, Fed Locations: Moscow, Russia, U.S ., Asia, Pacific

Chinese trade data for May will be the main focus, especially imports, which have been sluggish for over a year. It was one of the main catalysts for investors turning bearish on Chinese assets and the economy in recent weeks. Further signs of a struggling economy will likely keep the yuan on the defensive, even if the overall trade surplus is relatively large. The CBOE volatility index - the so-called Wall Street fear index - closed below 14.0 for the first time since February 2020. Here are three key developments that could provide more direction to markets on Wednesday:- China trade balance (May)- Australia GDP (Q1)- FX reserves - China, Japan, IndonesiaBy Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever Organizations: U.S . Securities, Exchange Commission, Aussie, Reuters, Thomson Locations: Asia, Pacific, Australia, China, Japan, Indonesia

Statements from Washington and Beijing on meetings between Daniel Kritenbrink, assistant secretary of state for East Asian and Pacific Affairs, and Chinese officials including Vice Foreign Minister Ma Zhaoxu were positive, describing the talks as candid and productive. But critics have questioned U.S. overtures to China, arguing that past decades of engagement have failed to change Beijing's behaviour. "We're working hard to manage the relationship as best as we possibly can," said Kritenbrink, when asked by reporters in Beijing on Tuesday about the current state of bilateral ties. Asked if Blinken would visit China soon, Kritenbrink said: "We'll see, I have nothing to announce." Reporting by Ryan Woo and Ella Cao; Editing by Kim Coghill and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Kritenbrink, Ma Zhaoxu, Kritenbrink, Lloyd Austin, Joe Biden's, Antony Blinken, Washington, Blinken, Biden, Xi Jinping, Ryan Woo, Ella Cao, Kim Coghill, Michael Perry Organizations: U.S, East Asian, Pacific Affairs, Foreign, U.S ., . Defense, U.S . State Department, ., Global Times, Economic Cooperation, APEC, Thomson Locations: BEIJING, China, Beijing, Washington, U.S, Chinese, Taiwan, South China, United States, Asia, San Francisco

Regional and global markets on Friday chalked up solid gains and volatility measures slumped after the release of forecast-smashing U.S. jobs figures. It looks like the 'sell in May and go away' maxim won't apply this year - investors are bullish and they are buying. Looking ahead, investors in Asia have plenty of economic events and monetary policy decisions to get their teeth into this week. Inflation data from Indonesia, the Philippines, Thailand, Taiwan and China will be released, starting with Indonesia on Monday. Economists polled by Reuters expect annual CPI inflation eased in May to a one-year low of 4.22% from 4.33% in April.

Persons: Jamie McGeever, Diane Craft Organizations: Nikkei, Manufacturing, U.S . State Department, Indonesia, Reuters, Reserve Bank of Australia, Reserve Bank of, Indonesia CPI, Thomson Locations: U.S, Asia, Japan, China, India, Australia, Korea's, Beijing, Indonesia, Philippines, Thailand, Taiwan, Reserve Bank of India, Singapore

☆ Taiwan, U.S. to sign first deal under new trade framework
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, June 1 (Reuters) - Taiwan and the United States will sign the first deal under a new trade talks framework on Thursday, both governments said, boosting ties between the two at a time of heightened tensions with China over the democratically-governed island. Taiwan and the United States started talks under what is called the U.S.-Taiwan Initiative on 21st Century Trade last August, after Washington excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework. The U.S. Trade Representative's office said Deputy United States Trade Representative Sarah Bianchi would attend the event, but also did not elaborate. Last month, the two sides reached agreement on the first part of their trade initiative, covering customs and border procedures, regulatory practices, and small business. Beijing has denounced the trade talks as it does with all forms of high level engagement between Taiwan, which it claims as its own territory, and the United States.

Persons: Sarah Bianchi, Ben Blanchard, Jacqueline Wong, Michael Perry Organizations: U.S ., Taiwan Initiative, Century Trade, Trade Negotiations, U.S . Trade, United States Trade, Thomson Locations: TAIPEI, Taiwan, United States, China, U.S, Washington, Beijing, Taipei

☆ Delay in security treaty with Australia as PNG consults 'domestic processes'
▼ + stars: | 2023-05-30 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

Lillian Suwanrumpha/Pool via REUTERS/File PhotoSYDNEY, May 30 (Reuters) - Papua New Guinea said a proposed security treaty with neighbour Australia would be delayed as it consults "domestic processes", a week after signing a defence agreement with the United States that sparked student protests. Papua New Guinea (PNG), a few kilometres (miles) to Australia's north, is being courted by China and the United States amid rising tensions between the two major powers. PNG Prime Minister James Marape met with Australia's Defence Minister Richard Marles on Monday on the sidelines of the Korea-Pacific Islands Summit in Seoul and discussed the "proposed bilateral security treaty", Marape's office said in a statement on Tuesday. Marape had "conveyed his apologies to Prime Minister Anthony Albanese for the delay in formalising this proposed Treaty with Australia", it added. Marles has said Australia wants to strike an "ambitious" security treaty that will see navy, airforce and army personnel from each nation working alongside each other more often.

☆ China urges Japan to end curbs on chip exports
▼ + stars: | 2023-05-30 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s commerce minister has urged Japan to end its newly announced curbs on exports of chipmaking equipment, saying it would hurt economic and trade relations between the two countries. In March, Japan announced it would tighten rules on exports of 23 types of advanced semiconductor manufacturing equipment, joining the United States and the Netherlands in curbing the sale of key technology to China. On May 23, the commerce ministry issued a statement calling on Japan to “immediately” stop the export restrictions and said China would take measures to defend its interests. China's commerce minster, Wang Wentao, left, met Yasutoshi Nishimura, Japan's trade minister, in Detroit last week. China has its own chip manufacturers, but they supply mostly low- to mid-end processors used in home appliances and electric vehicles.

BEIJING, May 29 (Reuters) - Chinese Commerce Minister Wang Wentao urged Japan to halt semiconductor export controls, calling it a "wrongdoing" that "seriously violated" international economic and trade rules, a statement from his ministry said on Monday. China's latest condemnation of the export restrictions was made during Wang's talks with Japanese Trade Minister Yasutoshi Nishimura on May 26 at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit. Japan, along with the Netherlands, in January agreed to match U.S. export controls that will limit the sale of some chipmaking tools to China, and has placed restrictions on the export of 23 types of semiconductor manufacturing equipment to its neighbour. Japan has not singled out China in its statements about the export controls, saying only that it is fulfilling its duty to contribute to international peace and stability. Monday's statement from the Chinese commerce ministry also said, however, that China "is willing to work with Japan to promote practical cooperation in key economic and trade areas."

☆ China urges Japan to stop imposing chip export controls
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: 1 min

BEIJING, May 29 (Reuters) - Chinese Commerce Minister Wang Wentao urged Japan to correct its "wrongdoing" of imposing chip export controls, according to a statement from the Chinese commerce ministry on Monday. Wang made the comments during talks with Japanese Trade Minister Yasutoshi Nishimura on May 26 at the Asia-Pacific Economic Cooperation (APEC) conference. Wang was quoted as saying that Japan had ignored China's strong opposition and opinion within the industry and that its actions "seriously violated" international economic and trade rules. "China is willing to work with Japan to promote pratical cooperation in key economic and trade areas," the statement also quoted Wang as saying. Reporting by Beijing newsroom; Writing by Bernard Orr; Editing by Muralikumar Anantharaman and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ US review of China tariffs won't depend on trade 'breakthrough'-Deputy USTR
▼ + stars: | 2023-05-28 | by ( David Lawder | ) www.reuters.com time to read: +4 min

We’re not base-casing any breakthrough in the trade relationship" with China as part of the review, Bianchi said. Bianchi declined to say when the review would be completed, but added that this was "reasonable" by the end of 2023. Some trade experts in Washington view that date as a possible decision point in the tariff review. U.S. Treasury Secretary Janet Yellen that eliminating "non-strategic" tariffs would reduce costs for specific goods, while Trade Representative Katherine Tai argued that the duties represent "significant leverage" over China. "On trade right now, there aren’t many similar perspectives," she said of the U.S. and China.

☆ US 'won't tolerate' China's ban on Micron chips, commerce secretary says
▼ + stars: | 2023-05-28 | by ( David Lawder | ) www.reuters.com time to read: +2 min

DETROIT, May 27 (Reuters) - The United States "won't tolerate" China's effective ban on purchases of Micron Technology (MU.O) memory chips and is working closely with allies to address such "economic coercion," U.S. Commerce Secretary Gina Raimondo said on Saturday. These "target a single U.S. company without any basis in fact, and we see it as plain and simple economic coercion and we won't tolerate it, nor do we think it will be successful." Raimondo also raised the Micron issue in a meeting on Thursday with China's Commerce Minister, Wang Wentao. "The investments in the CHIPS Act are to strengthen and bolster our domestic production of semiconductors. Having said that, we welcome participation from companies that are in IPEF countries, you know, so we expect that companies from Japan, Korea, Singapore, etc, will participate in the CHIPS Act funding," Raimondo said.

☆ U.S. review of China tariffs won't depend on trade 'breakthrough:' deputy U.S. trade representative
▼ + stars: | 2023-05-28 | by ( ) www.cnbc.com time to read: +2 min

A Chinese and US national flag hang on a fence at an international school in Beijing on December 6, 2018. We're not base-casing any breakthrough in the trade relationship" with China as part of the review, Bianchi said. Among the major categories that escaped tariffs were cellphones, laptop computers and videogame consoles. Bianchi declined to say when the review would be completed, but added that this was "reasonable" by the end of 2023. Some trade experts in Washington view that date as a possible decision point in the tariff review.

☆ U.S.-led Indo-Pacific talks produce deal on supply chain early warnings
▼ + stars: | 2023-05-27 | by ( David Lawder | ) www.reuters.com time to read: +2 min

[1/5] U.S. Commerce Secretary Gina Raimondo speaks with delegates during the Indo-Pacific Economic Framework meeting in Detroit, Michigan U.S. May 27, 2023. The deal provides an emergency communications channel for IPEF countries to seek support during supply chain disruptions, coordinate more closely during a crisis and recover more quickly. It absolutely would have helped us secure American jobs and keep supply chains moving," she said. The supply chains agreement, led by Commerce, marks the first tangible outcome of a year's worth of IPEF discussions. The supply chains agreement also includes a new labor rights advisory board aimed at raising labor standards in supply chains, consisting of government, worker, and employer representatives, the Commerce Department said.

☆ U.S. 'won't tolerate' China's ban on Micron chips-Raimondo
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: 1 min

DETROIT, May 27 (Reuters) - The United States "won't tolerate" China's effective ban on purchases of Micron Technology (MU.O) memory chips and is working closely with allies to address such "economic coercion," U.S. Commerce Secretary Gina Raimondo said on Saturday. Raimondo told a news conference after a meeting of trade ministers in the U.S.-led Indo-Pacific Economic Framework talks that the U.S. "firmly opposes" China's actions against Micron. These "target a single U.S. company without any basis in fact, and we see it as plain and simple economic coercion and we won't tolerate it, nor do we think it will be successful." Reporting by David Lawder; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ China, South Korea agree to strengthen talks on chip industry, Chinese commerce ministry says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] Printed Chinese and South Korean flags are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/IllustrationBEIJING, May 27 (Reuters) - China and South Korea have agreed to strengthen dialogue and cooperation on semiconductor industry supply chains, amid broader global concerns over chip supplies, sanctions and national security, China's commerce minister said. Wang Wentao met with South Korean Trade Minister Ahn Duk-geun on the sidelines of the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, which ended on Friday. Wang also said that China is willing to work with South Korea to deepen trade ties and investment cooperation. South Korea is in the crosshairs of a tit-for-tat row between the United States and China over semiconductors.

☆ Economic development in Asia still faces many challenges, China minister says
▼ + stars: | 2023-05-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, May 27 (Reuters) - Economic and trade development in the Asia-Pacific still faces many disturbances and challenges, China's commerce minister Wang Wentao said. Wang made the comments at the Asia-Pacific Economic Cooperation (APEC) conference in Detroit, where he met with several leaders and exchanged views on multilateral and bilateral economic and trade issues amid wider global trade rifts and uncertainties. "The Asia-Pacific region has always been the region with the most growth vitality, development potential and economic resilience in the global economy, but economic and trade development still faces many disturbances and challenges," Wang said, according to a statement from the Chinese Ministry of Commerce. Wang also discussed China's positions on supporting the multilateral trading system and promoting sustainable and inclusive trade development. World leaders have been looking for ways to fortify global supply chains, which are still wobbly in the post-COVID world.

☆ Biden Administration Announces Indo-Pacific Deal, Clashing With Industry Groups
▼ + stars: | 2023-05-27 | by ( Ana Swanson | ) www.nytimes.com time to read: +1 min

The Biden administration announced Saturday that it had reached an agreement with 13 other countries in the Indo-Pacific region to coordinate supply chains, in an effort to lessen the countries’ dependence on China for critical products and allow them to better weather crises like wars, pandemics and climate change. The supply chain agreement is the first result of the administration’s trade initiative in the region, called the Indo-Pacific Economic Framework. Negotiations are continuing for the other three pillars of the agreement, which focus on facilitating trade and improving conditions for workers, expanding the use of clean energy, and reforming tax structures and fighting corruption. Gina Raimondo, the secretary of commerce, said the supply chain agreement would deepen America’s economic cooperation with partners in the Indo-Pacific region, helping American companies do business there and making the United States more competitive globally. “Bottom line is, this is about increasing the U.S. economic presence in the region,” she said in a call with reporters Thursday.

☆ APEC trade chiefs agree on more inclusive trade, but no joint statement
▼ + stars: | 2023-05-26 | by ( David Lawder | ) www.reuters.com time to read: +2 min

DETROIT, May 26 (Reuters) - Trade ministers from the Asia Pacific Economic Cooperation (APEC) countries agreed on Friday to promote more inclusive and sustainable trade, but failed to produce a joint statement due to Russia and China's objections to language on Ukraine. Closing out two days of talks in Detroit, the APEC host, U.S. Trade Representative Katherine Tai, instead issued a chair's statement summarizing the discussions, with an emphasis on inclusiveness, fighting climate change and sustainability. "We reaffirm our determination to deliver a free, open, fair, non-discriminatory, transparent, inclusive and predictable trade and investment environment," the statement read. The group reaffirmed its commitment to the rules-based multilateral trading system with the World Trade Organization at its core. Tai told a news conference that she hoped APEC leaders at a November summit in San Francisco would be able to produce a joint statement.

☆ US, Taiwan reach deal on first part of '21st Century' trade pact
▼ + stars: | 2023-05-19 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 18 (Reuters) - The U.S. and Taiwan reached agreement on the first part of their "21st Century" trade initiative, covering customs and border procedures, regulatory practices, and small business, the U.S. Trade Representative's office said on Thursday. After the initial agreement of the U.S.-Taiwan Initiative on 21st Century Trade is signed, negotiations will commence on other, more complicated trade areas including agriculture, digital trade, labor and environmental standards, state-owned enterprises, and non-market policies and practices, USTR said. "We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles 21st Century economic challenges," Tai said. Announcement of the trade pact comes just ahead of planned meetings between China's commerce minister, Wang Wenta, and USTR Tai and U.S. Commerce Secretary Gina Raimondo. The bilateral talks commenced last August, after the Biden administration excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework.

WASHINGTON, May 18 (Reuters) - China’s commerce minister will visit the United States next week for meetings with the commerce secretary and Washington’s top trade official, the spokesperson for China's embassy in Washington said on Thursday, as the U.S. seeks engagement with Beijing to salve damaged ties. A source familiar with planning for the meetings said that Chinese Commerce Minister Wang Wentao will meet with Commerce Secretary Gina Raimondo in Washington next week before traveling to Detroit for a meeting of Asia Pacific Economic Cooperation (APEC) trade ministers. He will meet with U.S. Trade Representative Katherine Tai on the sidelines of that gathering, scheduled for May 25-26. Washington has expressed eagerness for high-level meetings with China in an effort to keep increasingly tense relations from veering toward conflict. Blinken, Raimondo, and U.S. Treasury Secretary Janet Yellen have all expressed interest in visiting China.

☆ U.S., Taiwan reach deal on first part of '21st Century' trade pact
▼ + stars: | 2023-05-18 | by ( David Lawder | ) www.reuters.com time to read: +2 min

WASHINGTON, May 18 (Reuters) - The U.S. and Taiwan reached agreement on the first part of their "21st Century" trade initiative, covering customs and border procedures, regulatory practices, and small business, the U.S. Trade Representative's office said on Thursday. After the initial agreement of the U.S.-Taiwan Initiative on 21st Century Trade is signed, negotiations will commence on other, more complicated trade areas including agriculture, digital trade, labor and environmental standards, state-owned enterprises and non-market policies and practices, USTR said. "We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles 21st Century economic challenges," Tai said. Announcement of the trade pact comes just ahead of planned meetings between China's Commerce Minister Wang Wentao and USTR Tai and U.S. Commerce Secretary Gina Raimondo. The bilateral talks commenced last August, after the Biden administration excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework.

☆ US and Taiwan reach agreement on new trade pact in boost to economic ties
▼ + stars: | 2023-05-18 | by ( Eric Cheung | ) edition.cnn.com time to read: +2 min

The new initiative, titled the US-Taiwan Initiative of 21st Century Trade, was first unveiled in June last year. It will be the first official trade agreement between Taiwan and the United States since US President Joe Biden assumed office in 2021. “This accomplishment represents an important step forward in strengthening the US-Taiwan economic relationship,” US Trade Representative Katherine Tai said in the statement. We look forward to continuing these negotiations and finalizing a robust and high-standard trade agreement that tackles pressing 21st century economic challenges,” she added. The new agreement marks the first official trade agreement since Taiwan was excluded from the Indo-Pacific Economic Framework (IPEF), a regional economic plan launched by Biden last year.

☆ Boeing launches data tool to chart path to net-zero emissions target
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 17 (Reuters) - Boeing Co (BA.N) said on Wednesday it is rolling out a data modeling tool aimed at helping airlines and policymakers determine the quickest, most efficient path to reducing aviation emissions to zero by 2050. Boeing unveiled a beta version of Cascade in July 2022 but it was not publicly available. The public launch of Cascade comes just days after U.S. Transportation Secretary Pete Buttigieg met with counterparts from Canada, the United Kingdom and Singapore at the Asia-Pacific Economic Cooperation forum to discuss investments in sustainable aviation fuel. On Tuesday, Reuters reported that European Union countries are set to finalize SAF targets for airports despite some pushback from airlines. “Our intent is to scale SAF and help it scale by first ... examining what has to change in an airplane to be 100% compatible with (SAF),” Raymond said.

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