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Treasury Secretary Reveals ‘Interaction’ With Chinese Counterpart Amid Trade War

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On Sunday, Treasury Secretary Scott Bessent revealed that he interacted with his Chinese counterpart this past week, a contact that comes as the United States and China are engaged in a trade war.

Beijing has denied there were trade talks with the United States, but President Donald Trump insisted to reporters that there were meetings with China.

On ABC’s “This Week,” Bessent told anchor Martha Raddatz, “This was IMF World Bank week in D.C., as you know, and I had interaction with my Chinese counterpart, but it was more on traditional things like financial stability, global economic early warnings.”

The United States has increased tariffs on China to 145% in bid to stop what the Trump administration says are unfair trade practices. China responded by raising tariffs on U.S. goods to 125%.

Trump indicated last week that tensions could be easing, saying the tariffs against China come down “substantially” — but not to “zero.” He also said that he has spoken “many times” with Chinese President Xi Jinping, although he did not clarify if those discussions happened after escalating tariffs. (Read more from “Treasury Secretary Reveals ‘Interaction’ With Chinese Counterpart Amid Trade War” HERE)

China Detains Former U.S. Air Force Pilot Working for FedEx Amid Trade War Tensions

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China detained and released former U.S. Air Force colonel and FedEx pilot in Guangzhou in September while he was waiting for a flight to his home in Hong Kong, according to his family’s lawyer in Florida

Todd A. Hohn was returning to Hong Kong after piloting FedEx delivery planes throughout Asia from a FedEx hub in the Guangzhou airport when he was arrested by Chinese authorities, The Wall Street Journal reported.

“Chinese authorities in Guangzhou detained and later released one of our pilots on bail after an item was found in his luggage prior to a commercial flight,” FedEx said in a statement to The Wall Street Journal. “We are working with the appropriate authorities to gain a better understanding of the facts.”

Hohn reportedly had “nonmetallic pellets used in low-power replica air guns” in his bag when he was detained. Chinese officials said he was transporting ammunition, and he is now facing a criminal investigation, those familiar with the issue told WSJ. . .

Hohn’s detention comes amid tight U.S.-China trade-war tensions and as FedEx faces two other investigations by the Chinese government after the country received “complaints from users” and added that foreign operators ought to protect the “legitimate interests” of Chinese companies, according to a June 2 South China Morning Post (SCMP) report citing China’s top postal regulator. (Read more from “China Detains Former U.S. Air Force Pilot Working for FedEx Amid Trade War Tensions” HERE)

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China Says the U.S. Has Started ‘the Biggest Trade War’ in History

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By CNN Money. China on Friday accused the United States of starting “the biggest trade war in economic history” as US tariffs took effect on Chinese goods worth $34 billion.

“China is forced to strike back to safeguard core national interests and the interests of its people,” the country’s Commerce Ministry said in a statement after US tariffs kicked in just after midnight ET, which is noon in Beijing. . .

Even before Friday, the trade dispute between the world’s top two economies had rattled markets and prompted warnings from companies of damage to their bottom lines and higher prices for consumers.

The United States is also set to impose 25% tariffs on another $16 billion in Chinese exports later in the summer, and China has vowed to retaliate against US goods worth a similar amount. (Read more from “China Says the U.S. Has Started ‘the Biggest Trade War’ in History” HERE)

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U.S. and China Fire First Shots in $34bn Trade War

By BBC. US tariffs on $34bn (£25.7bn) of Chinese goods have come into effect, signalling the start of a trade war between the world’s two largest economies.

The 25% levy came into effect at midnight Washington time.

China has retaliated by imposing a similar 25% tariff on 545 items US imports worth a total of $34bn.

Beijing accused the US of starting the “largest trade war in economic history”.

“The Chinese side, having vowed not to fire the first shot, is forced to stage counter-attacks to protect the … interests of its people,” the Chinese Commerce Ministry said. (Read more from “U.S. and China Fire First Shots in $34bn Trade War” HERE)

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