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Senior US and Chinese officials on Saturday concluded the first of two days of talks aimed at resolving the trade war sparked by President Donald Trump’s sweeping tariffs, with Chinese state media calling the negotiations an “important step.”US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng for the first such negotiations between the world’s two largest economies since Trump slapped steep new levies on China last month, sparking robust retaliation from Beijing. The discussions are expected to restart on Sunday in the Swiss city, according to an individual familiar with the talks, who was not authorized to speak publicly. “The contact in Switzerland is an important step in promoting the resolution of the issue,” a commentary published by China’s state news agency Xinhua said.It provided no further details on the progress of closed-door discussions, which began mid-morning Saturday.The negotiations took place at the residence of the Swiss ambassador to the United Nations in Geneva, a discrete villa with sky blue shutters near a large park on the left bank of Lake Geneva.Tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what appears to be a near trade embargo between the two countries.Trump signalled Friday that he might lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!”.”The president would like to work it out with China,” US Commerce Secretary Howard Lutnick told Fox News on Friday. “He would like to de-escalate the situation.”Trump’s press secretary Karoline Leavitt clarified that the United States would not lower tariffs unilaterally, and that China would need to make concessions.In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.- ‘Not good’ relationship -“The relationship is not good” between Washington and Beijing, said Bill Reinsch, a senior advisor at the Center for Strategic and International Studies. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the US-China Economic and Security Review Commission, a bipartisan committee that advises Congress. “But the meeting is a good sign.””I think this is basically to show that both sides are talking — and that itself is very important,” said Xu Bin, professor of economics and finance at the China Europe International Business School. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs,” he told AFP. Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal”.Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.”Trade wars and tariff battles yield no winners,” said a commentary piece run by Xinhua early Sunday.- 10-percent ‘baseline’ – China’s vice premier went into the discussions buoyed by news on Friday that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Bessent and He were meeting two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of sweeping global tariffs.The five-page, non-binding deal with London confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case, on British cars, steel and aluminium. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10 percent baseline levy on most British goods remained intact and Trump remains “committed” to keeping it in place for other countries, Leavitt told reporters on Friday.A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point. We’ll see,” he said. “If somebody did something exceptional for us, that’s always possible.”burs-nl-da/sst

Senior US and Chinese officials were meeting in Geneva Saturday in what Chinese state media described as an “important step” towards resolving the trade war sparked by President Donald Trump’s sweeping tariffs. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer were holding talks with Chinese Vice Premier He Lifeng, in the first such negotiations between the world’s two largest economies since Trump slapped steep new levies on China last month and Beijing’s robust retaliation. “The contact in Switzerland is an important step in promoting the resolution of the issue,” a commentary published by China’s state news agency Xinhua said.It provided no further details on the progress of closed-door discussions, which began mid-morning Saturday and were due to continue on Sunday.The talks were being held at the residence of the Swiss ambassador to the United Nations in Geneva, a discrete villa with sky blue shutters near a large parc on the left bank of Lake Geneva.Tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what appears to be a near trade embargo between the world’s two largest economies.Trump signalled on Friday that he might lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!”.”The president would like to work it out with China…. He would like to de-escalate the situation,” US Commerce Secretary Howard Lutnick told Fox News on Friday.Trump’s press secretary, Karoline Leavitt, clarified that the US would not lower tariffs unilaterally, adding that China would need to make concessions as well.In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.- ‘Not good’ relationship -“The relationship is not good” between Washington and Beijing, said Bill Reinsch, a senior advisor at the Center for Strategic and International Studies. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the American government’s US-China Economic and Security Review Commission. “But the meeting is a good sign.””I think this is basically to show that both sides are talking — and that itself is very important,” said Xu Bin, professor of economics and finance at the China Europe International Business School. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs,” he told AFP. Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal”.The head of the Geneva-based World Trade Organization said on Friday she welcomed the talks, calling them a “positive and constructive step toward de-escalation”.”Sustained dialogue between the world’s two largest economies is critical to easing trade tensions, preventing fragmentation along geopolitical lines and safeguarding global growth,” WTO Director-General Ngozi Okonjo-Iweala said, according to a spokesperson.- 10-percent ‘baseline’ – China’s vice president went into the discussions buoyed by news on Friday that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Bessent and He were meeting two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of sweeping global tariffs.The five-page, non-legally binding document with London confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case on British cars, steel and aluminium. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10-percent baseline levy on most British goods remained intact and Trump remains “committed” to keeping it in place for other countries in talks with the United States, Leavitt told reporters on Friday. A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point. We’ll see,” he said. “If somebody did something exceptional for us, that’s always possible.”burs-da-nl/vog/yad

Senior US and Chinese officials were meeting in Geneva on Saturday in a bid to de-escalate a trade war sparked by President Donald Trump’s sweeping tariff roll-out and further fuelled by Beijing’s robust retaliation. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer were conferring with Chinese Vice Premier He Lifeng in the first such talks between the world’s two largest economies since Trump slapped steep new levies on China last month. The closed-door discussions began at mid-morning Saturday and were due to continue Sunday at the residence of the Swiss ambassador to the United Nations in Geneva.And after a break at around lunchtime, the delegations returned to the discrete villa with sky blue shutters near a large parc on the left bank of Lake Geneva, according to AFP journalists on site.Tariffs imposed by Trump on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative US duties on some Chinese goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what appears a near trade embargo between the world’s two largest economies.Trump signalled on Friday that he might lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!”.”The president would like to work it out with China…. He would like to de-escalate the situation,” US Commerce Secretary Howard Lutnick told Fox News on Friday.Trump’s press secretary, Karoline Leavitt, clarified that the US would not lower tariffs unilaterally, adding that China would need to make concessions as well.In any case, a move to that level would be a symbolic gesture, since the tariffs would remain prohibitively steep.- ‘Not good’ relationship -“The relationship is not good” between Washington and Beijing, noted Bill Reinsch, a senior advisor at the Center for Strategic and International Studies. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the American government’s US-China Economic and Security Review Commission. “But the meeting is a good sign.””I think this is basically to show that both sides are talking — and that itself is very important,” said Xu Bin, professor of economics and finance at the China Europe International Business School. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs,” he told AFP. Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal”.The head of the Geneva-based World Trade Organization, Ngozi Okonjo-Iweala, said on Friday she welcomed the talks, calling them a “positive and constructive step toward de-escalation”.- 10-percent ‘baseline’ – China’s vice president went into the discussions buoyed by news on Friday that China’s exports rose last month despite the trade war.The unexpected development was attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.Bessent and He were meeting two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed his blitz of sweeping global tariffs.The five-page, non-legally binding document with London confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case on British cars, steel and aluminium. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10-percent baseline levy on most British goods remained intact and Trump remains “committed” to keeping it in place for other countries in talks with the United States, Leavitt told reporters on Friday. A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point. We’ll see,” he said. “If somebody did something exceptional for us, that’s always possible.”burs-da-nl/vog/gil

China said Saturday that consumer prices slumped in April for the third straight month, reflecting persistent challenges as leaders attempt to revive an economy stymied by sluggish spending and a fierce trade war with Washington.The world’s second-largest economy has grappled with persistent deflationary pressure in recent years, as longstanding woes in the property sector and export headwinds impede growth.The latest figures come ahead of Saturday’s start to a meeting of key economic officials from China and the United States in Switzerland, offering a potential off-ramp for the high-stakes trade war launched by President Donald Trump.US tariffs on imports from manufacturing powerhouse China now stand at a staggering 145 percent for many products — and reach as high as 245 percent cumulatively on others.Trump suggested Friday that the tariffs could be cut to 80 percent, though Beijing has demanded a complete cancellation of the levies that are compounding other challenges facing the Chinese economy.The consumer price index (CPI) — a key measure of inflation — was down 0.1 percent last month year-on-year, according to data released Saturday by the National Bureau of Statistics (NBS), following previous drops in February and March.The reading was in line with a Bloomberg forecast of a 0.1 percent year-on-year decline based on a survey of economists, and consistent with the slight drop recorded in March.NBS statistician Dong Lijuan said Saturday in a statement about the data that “international imported factors have a certain downward impact on prices in some industries”.”China still faces persistent deflationary pressure,” said Zhiwei Zhang, President and Chief Economist at Pinpoint Asset Management, in a note.The intensity of contributing factors “may rise in coming months as exports will likely weaken”, said Zhang, adding that “more proactive fiscal policy is necessary to boost domestic demand”.- ‘Downward pressure’ -The NBS also announced Saturday that April’s producer price index (PPI) — another indicator of inflation — declined 2.7 percent year-on-year, accelerating from the 2.5 percent drop recorded in March.China’s PPI has remained mired in negative territory for more than two years and the drop recorded Saturday was in line with expectations.”Changes in the international trade environment and a rapid decline in some international bulk commodities have affected the decline in prices in related domestic industries,” Dong said of the PPI data.The deflationary run is due in part to a recent slump in oil prices, wrote Zichun Huang and Julian Evans-Pritchard of Capital Economics in a note on Friday.But, they added, “we suspect that overcapacity in Chinese industry continued to put downward pressure on factory-gate prices too”.China’s exports rose last month despite the trade war, official data showed Friday, an unexpected development attributed by experts to a re-routing of trade to Southeast Asia to mitigate US tariffs.The trade figures from the Chinese customs bureau showed that while exports to the United States dropped sharply in April, those to Thailand, Indonesia and Vietnam surged by double digits.Chinese policymakers this week eased key monetary policy tools in a bid to ramp up domestic activity.Those included cuts to a key interest rate and moves to lower the amount banks must hold in reserve in a bid to boost lending — adding to Beijing’s sweeping push since September to revitalise the economy.

Senior US and Chinese officials are in Switzerland this weekend for talks aimed at de-escalating a burgeoning trade war sparked by President Donald Trump’s sweeping tariff rollout, and fueled by strong retaliatory measures from Beijing. US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are set to confer with China’s Vice Premier He Lifeng in the Swiss city of Geneva on Saturday and Sunday — the first such talks between the two sides since Trump slapped steep new levies on China last month.  Tariffs imposed on the Asian manufacturing giant since the start of the year currently total 145 percent, with cumulative duties on some goods reaching a staggering 245 percent.In retaliation, China slapped 125 percent levies on US goods, cementing what is effectively a trade embargo between the world’s two largest economies.Trump signaled on Friday that he could lower the sky-high tariffs on Chinese imports, taking to social media to suggest that an “80% Tariff on China seems right!” His press secretary Karoline Leavitt later clarified he would not do so unilaterally, adding that China would need to make concessions as well.- ‘A good sign’ -“The relationship is not good,” said Bill Reinsch, a senior advisor at the Center for Strategic and International Studies (CSIS), referring to current ties between Washington and Beijing. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the American government’s US-China Economic and Security Review Commission. “But the meeting is a good sign.””I think this is basically to show that both sides are talking, and that itself is very important,” Xu Bin, professor of economics and finance at the China Europe International Business School, told AFP. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs.” Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal.”The head of the Geneva-based World Trade Organization (WTO) on Friday welcomed the talks, calling them a “positive and constructive step toward de-escalation.””Sustained dialogue between the world’s two largest economies is critical to easing trade tensions, preventing fragmentation along geopolitical lines and safeguarding global growth,” WTO Director-General Ngozi Okonjo-Iweala said, according to a spokesperson.Swiss President Karin Keller-Sutter also sounded an upbeat note.”Yesterday the Holy Spirit was in Rome,” she said Friday, referring to the election of Pope Leo XIV. “We must hope that he will now go down to Geneva for the weekend.” – 10 percent ‘baseline’ – Bessent and He will meet two days after Trump unveiled a trade agreement with Britain, the first deal with any country since he unleashed a blitz of sweeping global tariffs last month.The five-page, non-legally binding document confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case on British cars, steel and aluminum. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10 percent baseline levy on most British goods remained intact, and Trump remains “committed” to keeping it in place for other countries in talks with the United States, Leavitt told reporters Friday. A few hours later, Trump appeared to contradict her, suggesting there could be some flexibility to the baseline — but only if the right deals could be reached. “There could be an exception at some point, we’ll see,” he said during an Oval Office event. “If somebody did something exceptional for us, that’s always possible.”Reinsch from CSIS said one of big issues for both the United States and China going into the talks in Geneva was their starkly different negotiating strategies.”Trump’s approach is generally top-down,” he said. “He wants to meet with (Chinese President) Xi Jinping, and thinks that if the two of them can get together, they can make a big deal and then have the subordinates go work out the details.””The Chinese are the reverse,” he said. “They want to have all the issues settled and everything agreed to at lower levels before there’s any leaders meeting.”burs-da/acb

Global stocks were mixed Friday as markets awaited weekend US-China talks amid hopes for a deescalation in the trade war between the world’s two largest economies.”If ever there was a wait and see Friday, this is it,” said Art Hogan of B. Riley Wealth Management. “It’s all about our perceptions of how the trade war is going.”Representatives from the two countries are scheduled to meet in Switzerland this weekend. Analysts do not expect a breakthrough but are hoping for deescalation in the trade war.US President Donald Trump said an 80 percent tariff on China “seems right” in a post on social media. That would be a shift from the three-digit levies the two countries have imposed on each other in recent weeks.After opening higher following Trump’s remarks, US stocks moved in a choppy fashion, with the S&P 500 finishing narrowly lower.Trump’s comments came a day after the United States and Britain announced the first agreement since the US President launched his tariffs blitz last month.”Coming hot on the heels of yesterday’s UK-US trade deal, there is an air of optimism that we could see additional deals come to fruition around the globe,” said Joshua Mahony, chief market analyst at Scope Markets.Frankfurt’s DAX rose 0.6 percent, hitting a fresh high of 23,543.27 points, recouping losses spurred by Trump’s April tariffs announcements.Paris and London also climbed following a mixed showing in Asia.Tokyo and Hong Kong closed higher but Shanghai dropped as data showed China’s exports to the United States plunged by around one fifth on-year in April as Trump’s tariffs kicked in.Oil prices jumped on hopes that easing tensions between the United States and China would alleviate fears of a slump in crude demand.The dollar dropped after rallying on news of the US-UK trade deal.Among individual companies, Lyft shot up more than 28 percent as it announced a new $750 million share repurchase program after reporting mixed earnings.- Key figures at around 2030 GMT -New York – Dow: DOWN 0.3 percent at 41,249.38 (close)New York – S&P 500: DOWN 0.1 percent at 5,659.91 (close)New York – Nasdaq Composite: FLAT at 17,928.92 (close)Frankfurt – DAX: UP 0.6 percent at 23,499.32 (close)London – FTSE 100: UP 0.3 percent at 8,554.80 (close) Paris – CAC 40: UP 0.6 percent at 7,743.75 (close)Tokyo – Nikkei 225: UP 1.6 percent at 37,503.33 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 22,867.74 (close)Shanghai – Composite: DOWN 0.3 percent at 3,342.00 (close)Euro/dollar: UP at $1.1257 from $1.1228 on ThursdayPound/dollar: UP at $1.3308 from $1.3246Dollar/yen: DOWN at 145.31 yen from 145.91 yenEuro/pound: DOWN at 84.57 from 84.75 penceBrent North Sea Crude: UP 1.7 percent at $63.91 per barrelWest Texas Intermediate: UP 1.9 percent at $61.02 per barrel burs-jmb/jbr

US President Donald Trump signaled on Friday that he could lower sky-high tariffs on Chinese imports, as the rival superpowers prepare for trade talks in Switzerland over the weekend.”80% Tariff on China seems right!” Trump wrote on his Truth Social platform. Levies on the Asian manufacturing giant are currently 145 percent, with cumulative duties on some goods reaching a staggering 245 percent.In retaliation to the steep tariffs from Washington, China has slapped 125 percent levies on US goods.Trump added that it was “Up to Scott B.” — US Treasury Secretary Scott Bessent — who will confer with China’s Vice Premier He Lifeng this weekend in Geneva to try to cool the conflict roiling international markets.US Trade Representative Jamieson Greer will also attend the talks.”The President still remains with his position that he is not going to unilaterally bring down tariffs on China. We need to see concessions from them as well,” White House Press Secretary Karoline Leavitt told reporters later Friday.”As for the 80 percent number, that was a number the president threw out there. And we’ll see what happens this weekend,” she added. The cripplingly high duties amount to an effective trade embargo between the world’s two largest economies, with private shipping data already pointing to a sharp slowdown in goods flowing from China to the United States. – ‘A good sign’ -“The relationship is not good,” said Bill Reinsch, a senior advisor at the Center for Strategic and International Studies (CSIS), referring to current ties between Washington and Beijing. “We have trade-prohibitive tariffs going in both directions. Relations are deteriorating,” said Reinsch, a longtime former member of the American government’s US-China Economic and Security Review Commission. “But the meeting is a good sign.””I think this is basically to show that both sides are talking and that itself is very important,” Xu Bin, professor of economics and finance at the China Europe International Business School, told AFP. “Because China is the only country that has tit-for-tat tariffs against Trump’s tariffs.” Beijing has insisted the United States must lift tariffs first and vowed to defend its interests.Bessent has said the meetings in Switzerland would focus on “de-escalation” and not a “big trade deal.”The head of the Geneva-based World Trade Organization (WTO) on Friday welcomed the talks, calling them a “positive and constructive step toward de-escalation.””Sustained dialogue between the world’s two largest economies is critical to easing trade tensions, preventing fragmentation along geopolitical lines and safeguarding global growth,” WTO Director-General Ngozi Okonjo-Iweala said, according to a spokesperson.Swiss President Karin Keller-Sutter also sounded an upbeat note.”Yesterday the Holy Spirit was in Rome,” she said Friday, referring to the election of Pope Leo XIV. “We must hope that he will now go down to Geneva for the weekend.” – 10 percent baseline – Bessent and He will meet two days after Trump unveiled what he called a historic trade agreement with Britain, the first deal with any country since he unleashed a blitz of sweeping global tariffs last month.The five-page, non-legally binding document confirmed to nervous investors that the United States is willing to negotiate sector-specific relief from recent duties — in this case on British cars, steel and aluminum. In return, Britain agreed to open up its markets to US beef and other farm products.But a 10 percent baseline levy on most British goods remained intact, and Trump remains “committed” to keeping it in place for other countries in talks with the United States, Leavitt told reporters. Reinsch from CSIS said one of the practical problems going into the Geneva negotiations is the two countries’ starkly different negotiating strategies.”Trump’s approach is generally top-down,” he said. “He wants to meet with (Chinese President) Xi Jinping, and thinks that if the two of them can get together, they can make a big deal and then have the subordinates go work out the details.””The Chinese are the reverse,” he said. “They want to have all the issues settled and everything agreed to at lower levels before there’s any leaders meeting.”burs-da/acb

Stock markets traded mixed on Friday despite comments by US President Donald Trump suggesting he could lower tariffs on China that raised hopes weekend talks between the superpowers could lead to a de-escalation in their trade war.Wall Street’s main indices opened higher after Trump signalled that China tariffs could be lowered from 145 percent to 80 percent.But they failed to hold onto the gains in morning trading and slipped into the red following comments by US Federal Reserve policymakers that the US economy faced higher inflation and slower growth.Trump’s comments came a day after the United States and Britain announced the first agreement since the US President launched his tariffs blitz last month.”Coming hot on the heels of yesterday’s UK-US trade deal, there is an air of optimism that we could see additional deals come to fruition around the globe,” said Joshua Mahony, chief market analyst at Scope Markets.Frankfurt’s DAX rose 0.6 percent, hitting a fresh high of 23,543.27 points, recouping losses spurred by Trump’s April tariffs announcements.Paris and London also climbed following a mixed showing in Asia.Tokyo and Hong Kong closed higher but Shanghai dropped as data showed China’s exports to the United States plunged by around one fifth on-year in April as Trump’s tariffs kicked in.Oil prices jumped on hopes that easing tensions between the United States and China would alleviate fears of a slump in crude demand.The dollar dropped after rallying on news of the US-UK trade deal.The return of some confidence to the market boosted bitcoin, which topped $100,000 for the first time since February.In the first trade deal since Trump’s blitz of sweeping global tariffs, Washington agreed to lower levies on British cars and lift them entirely on steel and aluminium. In return, Britain will open up markets to US beef and other farm products, but a 10-percent baseline levy on British goods remained intact.”With the UK having basked in trade deal glory yesterday, the spotlight has now turned to China,” said Russ Mould, investment director at AJ Bell.US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are set to meet Chinese Vice Premier He Lifeng in Switzerland this weekend — their first formal talks since Trump raised tariffs on Chinese imports to 145 percent.Trump told reporters he thought the talks would be “substantive” and when asked if reducing the levies was a possibility, he said “it could be”.Trump later posted that “80% Tariff on China seems right!” That could see Beijing dial back some of its own 125 percent tariffs on US goods.”China is America’s biggest rival in the trade war and any sign of a compromise in their tit-for-tat tariff spat could be taken positively by markets,” Mould added. US Commerce Secretary Howard Lutnick warned that agreements with Japan and South Korea could take longer to reach, and that there was “a lot of work” in striking a deal with India.In company news, shares in Commerzbank rose 3.8 percent after the German lender reported its best quarterly profit since 2011. British airways owner IAG climbed 2.4 percent in London after it unveiled a big order for Boeing and Airbus jets and expressed optimism for air travel demand. – Key figures at around 1530 GMT -New York – Dow: DOWN 0.2 percent at 41,267.90 pointsNew York – S&P 500: DOWN less than 0.1 percent at 5,659.04New York – Nasdaq Composite: DOWN less than 0.1 percent at 17,913.85Frankfurt – DAX: UP 0.6 percent at 23,499.32 (close)London – FTSE 100: UP 0.3 percent at 8,554.80 (close) Paris – CAC 40: UP 0.6 percent at 7,743.75 (close)Tokyo – Nikkei 225: UP 1.6 percent at 37,503.33 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 22,867.74 (close)Shanghai – Composite: DOWN 0.3 percent at 3,342.00 (close)Euro/dollar: UP at $1.1263 from $1.1230 on ThursdayPound/dollar: UP at $1.3297 from $1.3249Dollar/yen: DOWN at 145.13 yen from 145.82 yenEuro/pound: DOWN at 84.70 from 84.73 penceBrent North Sea Crude: UP 1.1 percent at $63.51 per barrelWest Texas Intermediate: UP 1.1 percent at $60.59 per barrel burs-rl/jj

US President Donald Trump signaled on Friday that he could lower tariffs on Chinese imports, as the rival superpowers prepare for trade talks over the weekend.”80% Tariff on China seems right!” Trump wrote on his Truth Social platform, which would bring them down from 145 percent, with cumulative duties on some goods reaching a staggering 245 percent.He added that it was “Up to Scott B.”, referring to US Treasury Secretary Scott Bessent, who will confer with China’s Vice Premier He Lifeng this weekend in Geneva to try to cool the conflict roiling international markets.In his post Trump did not say if he thought 80 percent should be the final, definitive level for tariffs on Chinese goods if and when the trade war ends, or an interim status.In retaliation China has slapped 125 percent levies on US goods.In another post, this time all in capital letters, Trump said “China should open up its market to USA — would be so good for them!!! Closed markets don’t work anymore!!!”Chinese official data on Friday showed that the country’s global exports rose in April despite the trade war.Experts said that the forecast-smashing 8.1-percent rise indicated that Beijing was re-routing trade to Southeast Asia to mitigate US tariffs while exports to the United States fell 17.6 percent.”The global supply chain is being rerouted in real time,” Stephen Innes of SPI Asset Management wrote in a note.”The manufacturing juggernaut is diverting flow wherever the tariff pain isn’t,” he said.China has insisted its position that the United States must lift tariffs first remains “unchanged” and vowed to defend its interests.Bessent has said the meetings in Switzerland would focus on “de-escalation” — and not a “big trade deal”.Trump told reporters Thursday that he thought the Geneva talks would be “substantive” and when asked if reducing the levies was a possibility, he said “it could be”.- Markets up -Trump’s Truth Social post came a day after he unveiled what he called a historic trade agreement with Britain, the first deal with any country since he unleashed a blitz of sweeping global tariffs last month.Trump said the British deal would be the first of many, and that he hoped difficult talks with the EU — as well as China — could soon produce results too.Several countries have lined up to hold talks with Washington to avert the worst of Trump’s duties, which range from 10 percent for many countries to the sky high ones on China — Trump’s main target.Major stock markets mostly rose Friday on growing optimism that tariff tensions will ease.US futures were up while European markets were all in the green after a mixed showing in Asia.The Frankfurt DAX index hit a record high before Trump’s social media post, recouping losses spurred by the US president’s April tariffs announcements.In the first trade deal since Trump’s blitz of sweeping global tariffs, Washington agreed to lower levies on British cars and lift them entirely on steel and aluminium. In return, Britain will open up markets to US beef and other farm products, but a 10 percent baseline levy on British goods remained intact.

Major stock markets mostly rose Friday, with Frankfurt’s DAX hitting a record high, on growing optimism that tariff tensions will ease.Britain and the United States reached a deal on trade on Thursday and President Donald Trump hinted that an easing of tariffs on China was possible as officials prepare for high-stakes talks this weekend.”Coming hot on the heels of yesterday’s UK-US trade deal, there is an air of optimism that we could see additional deals come to fruition around the globe,” said Joshua Mahony, chief market analyst at Scope Markets. Frankfurt’s DAX was up 0.6 percent in midday trading, after hitting a fresh high of 23,528.88 points, recouping losses spurred by Trump’s April tariffs announcements.Paris and London also climbed following a mixed showing in Asia and gains Thursday on Wall Street.Tokyo and Hong Kong closed higher but Shanghai dropped as data showed China’s exports to the United States plunged by around one fifth on-year in April as Trump’s tariffs kicked in.Oil prices jumped on hopes that easing tensions between the United States and China would alleviate fears of a slump in crude demand.The dollar dropped after rallying on news of the US-UK trade deal.The return of some confidence to the market boosted bitcoin, which topped $100,000 for the first time since February. In the first trade deal since Trump’s blitz of sweeping global tariffs, Washington agreed to lower levies on British cars and lift them entirely on steel and aluminium. In return, Britain will open up markets to US beef and other farm products, but a 10 percent baseline levy on British goods remained intact.”With the UK having basked in trade deal glory yesterday, the spotlight has now turned to China,” said Russ Mould, investment director at AJ Bell.US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are set to meet Chinese Vice Premier He Lifeng in Switzerland this weekend — their first formal talks since Trump raised tariffs on Chinese imports to 145 percent.Trump told reporters that he thought the talks would be “substantive” and when asked if reducing the levies was a possibility, he said “it could be”.That could see Beijing dial back some of its own 125 percent tariffs on US goods.”China is America’s biggest rival in the trade war and any sign of a compromise in their tit-for-tat tariff spat could be taken positively by markets,” Mould added. US Commerce Secretary Howard Lutnick warned agreements with Japan and South Korea could take longer to reach, while adding that there was “a lot of work” in striking a deal with India.Trump also flagged efforts at home to push through the tax cuts he promised during the election campaign.In company news, shares in Commerzbank rose more than two percent after the German lender reported its best quarterly profit since 2011. British airways owner IAG climbed two percent in London after it unveiled a big order for Boeing and Airbus jets and expressed optimism for air travel demand. – Key figures at around 1030 GMT -Frankfurt – DAX: UP 0.6 percent at 23,499.44 pointsLondon – FTSE 100: UP 0.5 percent at 8,577.06 Paris – CAC 40: UP 0.8 percent at 7,753.91Tokyo – Nikkei 225: UP 1.6 percent at 37,503.33 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 22,867.74 (close)Shanghai – Composite: DOWN 0.3 percent at 3,342.00 (close)New York – Dow: UP 0.6 percent at 41,368.45 (close)Euro/dollar: UP at $1.1246 from $1.1230 on ThursdayPound/dollar: UP at $1.3272 from $1.3249Dollar/yen: DOWN at 145.33 yen from 145.82 yenEuro/pound: DOWN at 84.70 pence from 84.73 penceBrent North Sea Crude: UP 1.8 percent at $63.97 per barrelWest Texas Intermediate: UP 1.9 percent at $61.07 per barrel