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Bessent doesn't support Trump in China tariff talks
U.S. Treasury Sec. Scott Bessent said on Sunday that he didn't support President Donald Trump in his assertion that tariff negotiations with China are underway and he didn't know if Xi Jinping, the Chinese president, had spoken to him. Last week, the Trump administration showed a willingness to deescalate tense trade relations between China and the United States that have sparked fears of recession. Trump has confirmed that talks are taking place on tariffs with China, and he and Xi spoke. Beijing denies that trade talks have taken place. Bessent is a key player for the U.S. in trade negotiations with many countries. He said he interacted with his Chinese counterparts during meetings of the International Monetary Fund in Washington last week, but didn't mention tariffs. He said, "I had an interaction with my Chinese equivalent, but we focused more on traditional issues like financial stability and global economic early warnings," on ABC's This Week. Bessent said, "I do not know if Trump spoke with President Xi." "I'm sure they have a good relationship, and respect each other." Bessent was asked why the Chinese denied talks. "I think that they are playing to a completely different audience." Bessent did not provide a timeline for any possible agreement with China, despite his statement last week that the tariff negotiations with Beijing will be "slog". He said that a trade agreement can take several months to complete, but a deescalation of tensions and an agreement on principle can be reached sooner. This would prevent tariffs from increasing back up to their maximum levels. Trump's unpredictable and confusing tariff rollout has affected many countries, including the biggest U.S. trade partners like Canada, Mexico, and China. This has led to an unprecedented level of market volatility, and a serious erosion of investor confidence in U.S. assets. In an interview with a television station on Sunday, Agriculture secretary Brooke Rollins stated that the United States and China were in daily contact over tariffs. She did not provide any further details. Rollins stated on CNN's State of the Union that "every day we are having conversations with China and those other 99,100 countries who have come to the table." Reporting by Doina Hesson and Ted Hesson, Editing by Don Durfee Mark Porter Sandra Maler
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Lavrov: Russia will continue to attack sites used by Ukraine’s military
In an interview broadcast Sunday, Russia's Foreign Minister said that Russia would continue to target military sites in Ukraine, while Ukrainian President Volodymyr Zelenskiy reported 70 Russian attacks. Sergei Lavrov is the top diplomat in Moscow. He said that a deadly Russian phrase. Missile strike The attack on a Kyiv residential building last week did not target an "absolutely civil" target. Lavrov told CBS' "Face the Nation", in an interview taped Thursday, after the attack: "We will continue targeting the sites used either by the Ukrainian military or by mercenaries and instructors from other countries who are officially being sent by the Europeans to help target Russian civil sites." The strike that killed at least twelve people drew an audience of a rare rebuke The Russian President Vladimir Putin From the U.S. president Donald Trump On Friday, on social media "Vladimir STOP." Zelenskiy who? Trump met with his supporters On Saturday before, there was a big event in Rome Francis' Funerals On Telegram, he wrote that his top commander reported that Russia has already carried out nearly 70 attacks Sunday. He said that the situation was still difficult. The situation on the front line and the actual activity of the Russian Army proves that the current pressure from the rest of the world is not enough to stop this. ", he wrote Sunday. Lavrov said that Russia had never been offered to assist Ukraine in operating its Zaporizhzhia Nuclear Plant. He said that Russia was willing to store Iran’s enriched nuclear materials if both parties agreed. United States I think that's useful.
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Greenland and Denmark affirm their alliance amid Trump's desire for US control
After talks in Copenhagen, Greenland's and Denmark's leaders agreed to intensify their relationship in response to the desire of U.S. president Donald Trump to take control of a strategically located Arctic Island. Greenland’s new prime minister Jens-Frederik Nielson landed in Copenhagen on Saturday, for a 3-day visit. The trip was a show of unity between Denmark and the island rich in minerals, which is a semiautonomous Danish territory. Nielsen, at a press conference held with Danish Prime Minister Mette Fredericksen, said: "We're in a foreign-policy situation that means we need to work together." Nielsen's visit comes after months of tension sparked by Trump's repeated statements that Greenland should be part of the United States. Leaders of Denmark and Greenland said that only Greenlanders could decide the future of their territory. They have had to tread a fine line between rejecting the U.S.'s ambitions to annex Greenland and maintaining good relations with their traditional ally. Nielsen stated, "We want to be treated with respect and are open to a stronger partnership (with the U.S.). We won't be sold as a piece property by anyone." Greenlanders are anxious about the ongoing expansion of the U.S. Consulate in Nuuk, Greenland’s capital. This agreement was made before Trump was elected. Nielsen didn't confirm or deny that he was in touch with the U.S. government since assuming office earlier this month. Nuuk and Copenhagen have a warmer relationship after Greenland’s former prime minister blamed Denmark in December for a "genocide" that occurred in Greenland. In January, he intensified his push for independence. Frederiksen stated that Denmark is ready to invest in Greenland more and support Greenland financial as Greenland takes on more responsibility for domestic affairs, taking it over from Copenhagen. This was part of a "modernisation", as she described their relationship. Nielsen and Frederiksen both said that they are committed to strengthening defense in the area. Denmark's King Frederik is set to travel to Greenland Monday as a show of solidarity. (Reporting and editing by Jacob GronholtPedersen, Louise Rasmussen, and Helen Popper.)
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US, Philippine troops shoot down drones in joint defence drills
U.S. soldiers and Philippine soldiers destroyed drones using Stinger missiles in live-fire drills Sunday. The exercises were part of an annual joint military exercise that took place during a time when tensions between Beijing and the Philippines over the South China Sea are simmering. More than 14,000 Filipino and U.S. troops are participating in this year's Balikatan, or "shoulder-to-shoulder", exercises, which run until May 9, focusing on a "full battle test" between the two defence treaty allies in response to regional security concerns. China has condemned the drills for being provocative. The drills took place in Zambales, a province located on the west coast of the Philippines. It faces the South China Sea - a hotspot between China and Southeast Asian countries. The relationship between Beijing and Manila is at its lowest point in many years, amid frequent clashes over the disputed waterway which have raised fears of a possible military conflict. Chinese state broadcaster CCTV reported last week that the country's Coastguard had conducted maritime controls operations at Sandy Cay - which China calls Tiexian reef - exercising sovereignty jurisdiction. The Philippines conducted a maritime mission in the area on Sunday, observing "illegal presences" of Chinese coastguard vessels and "maritime militia ships". The Philippine military described the drills this year as a practice for national defense, but said that the exercises were not aimed at any particular country. The Marine Air Defense Integrated System (MADIS) was used in the integrated air and missile defense exercise at Zambales. This was the second time the MADIS system had been deployed to the Philippines and the second time it had been tested live. After the exercise, 3rd Marine Littoral Regiment officer John Lehane said to reporters: "This type training is absolutely invaluable for us." The NMESIS anti-ship missile was also unveiled at Balikatan this year. This system will be used during key terrain maritime security operations near Taiwan, in Northern Luzon, and on the Batanes Islands. (Written by Karen Lema, edited by Helen Popper).
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Vancouver: Multiple deaths and injuries after a vehicle crashes into a street festival
Police said that a number of people died and many others were injured after a driver drove through a crowd during a Filipino festival in Vancouver, a western Canadian city. Police said that the driver had been arrested in a social media post. The incident occurred shortly after 8 pm (0300 GMT), near East 41st Avenue, and Fraser Street where the Lapu Lapu Day Block Party took place. CTV News reported that a witness saw a black car driving erratically near the festival area just before it struck the crowd. The Vancouver Sun reported that thousands of people were in the area. Vancouver Mayor Ken Sim stated, "I'm shocked and deeply moved by the horrific incident that occurred at today's Lapu Lapu Day celebration."
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Saudi Arabia announces record non-oil imports of $137 Billion in 2024
Saudi Arabian non-oil imports will reach a record high of 515 billion Riyals ($137.29 Billion) by 2024, according to the official news agency. The kingdom is continuing its efforts to diversify away from its oil-dependent economy. The world's largest oil exporter invests billions of dollars in its Vision 2030 plan. This plan focuses on reducing the country's reliance on crude oil and increasing infrastructure spending to boost industries such as tourism, sports, and manufacturing. Saudi Arabia also works to attract more investment from outside to ensure that its ambitious plans remain on track. State news agency SPA reported that non-oil exports have increased by 13% in the last year and by over 113% since Saudi Vision 2030 was launched. SPA quoted Abdulrahman Althukair as CEO of the Saudi Export Development Authority attributing the increase in non-oil imports to "the kingdom's sustained economic diversification efforts". Saudi Arabia released its annual report 2024 for the Kingdom's 2030 Vision Plan on Friday. The kingdom attracted foreign direct investments worth 77,6 billion riyals (20,69 billion dollars). The country has set a goal to attract $100 billion of foreign direct investment annually by the end of the decade.
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Finance Minister: Pakistan wants an extra 10 billion yuan for China's swap line
Finance Minister Muhammad Aurangzeb announced that Pakistan had requested China to increase its swap line to 10 billion yuan (US$1.4 billion). He also said he expects the country to launch a Panda Bond before year's end. Aurangzeb said in an interview at the International Monetary Fund's and World Bank Group's spring meetings in Washington that Pakistan already has a 30 billion yuan Swap Line. Aurangzeb stated that "from our perspective, reaching 40 billion renminbi is a good goal to aim for... we have just made this request." China's central banks has promoted currency swap lines to a number of emerging economies including Argentina and Sri Lanka. Pakistan is also making progress in the issuance of its first panda bonds - debt denominated yuan on China's bond market. He said that the talks with the presidents from the Asian Infrastructure Investment Bank and Asian Development Bank - two of the lenders in line to offer credit enhancements - were constructive. He said: "We are looking to diversify our loan base, and we've made good progress in that direction. We hope that we can make an initial print this year." Aurangzeb also expected that the IMF's executive board would sign off on the Staff Level Agreement for its new $1.3billion arrangement under the Climate Resilience Loan Program as well as on the first review of their ongoing $7billion bailout program in early May. The IMF's board of directors would have to approve the payment, which is $1 billion. This programme was secured by Pakistan in 2024. It has played an important role in stabilizing the economy. Aurangzeb, when asked about the economic impact of the tensions between India and Pakistan following the murder of 26 men in a tourist area earlier this month said that it "wasn't going to be helpful." The attack in India sparked outrage, grief, and calls for action towards Pakistan. New Delhi accuses Pakistan of funding and encouraging terrorists in Kashmir, an area both nations claim, and over which they have fought 2 wars. India and Pakistan launched a series of countermeasures against each other after the attack. Pakistan closed its airspace for Indian airlines, suspended trade relations, while India suspended the 1960 Indus Waters Treaty, which regulates the water-sharing on the Indus River, its tributaries, and its banks. After past frictions, trade flows between the countries have already dropped sharply and totaled just $1.2 billion in 2018. Aurangzeb predicted a growth of around 3% for the current fiscal year that ends in June 2025. He also estimated a growth range between 4-5% next year and 6% afterward. $1 = 7.2864 Chinese Yuan Renminbi (Reporting from Karin Strohecker, Washington; additional reporting by Ariba Sharif in Karachi; editing by Dan Burns).
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Paper says Pirelli will declare the end of Chinese investors' control over governance.
An Italian newspaper reported that Pirelli's board would likely approve an agreement between shareholders on Monday to ensure that Sinochem, the largest shareholder in the group, did not have control over the tyre manufacturer. Sinochem, a Chinese shareholder in Pirelli, has been a hindrance to Pirelli's U.S. growth plans. According to an agreement reported in the Il Messaggero, Sinochem will keep its 37% stake, but it will not be considered as controlling Pirelli for regulatory purposes. Il Messaggero reported that the agreement would declare Sinochem has no dominant influence on the company's governance as decisions are made by the management. Pirelli and Sinochem did not respond to requests for comment. Pirelli said earlier this month that it was putting on hold its plans to further invest in the United States, as it sought to ease tensions related to Sinochem being its largest shareholder. The Pirelli board will meet on Monday, to approve the financial report of the company for 2024. The board meeting, originally scheduled for the end of march, was delayed by one month due to tensions between investors. (Reporting and editing by Aidan Lewis; Giulio Piolovaccari, Valentina Za)
Albanese, an Australian company, pledges to establish a strategic reserve for critical minerals
The Australian centre-left Labor Government pledged on Thursday an initial investment A$1.2 billion (roughly $763 million) in order to establish a strategic reserve for critical minerals. It is looking to create a different supply chain within a Chinese dominated market.
The Prime Minister Anthony Albanese said that the reserve, which is expected to be established in nine days, would use the mineral deposits of the country and increase its economic resilience.
Albanese stated in a press release that "we need to do more" with the natural resources needed by the world, which Australia can provide.
After President Donald Trump imposed tariffs against Chinese goods, China placed restrictions on exports of minerals that are vital for everything from smartphones to EV batteries and infrared weapons. This has squeezed supply to the West.
China is the top producer in the world of 30 out of 50 critical minerals, according to the U.S. Geological Survey. Australia also has some of its largest deposits of critical minerals.
Albanese stated that the government will buy minerals critical to commercial projects, or create an option for a set price and hold security over assets. The government will establish stockpiles for some minerals produced in accordance with offtake agreements.
Albanese stated that "it will allow us to deal with market and trade disruptions in a stronger position, as Australia will have access to a significant amount of resources for global demand."
Minerals from the strategic reserve will be available to key domestic and international partners.
Albanese stated that a task force would be formed to finalise and consult on the scope and design for the strategic reserve. This reserve is expected to become operational in the second quarter of 2026.
(source: Reuters)