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Hello and welcome to Firstft Asia. In today's newsletter:
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The United States express optimism on commercial negotiations in China
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Fragile India-Pakistan Cerme-Feu holder
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Scotch makers toast UK-India Trade Deal
Treasury secretary Scott Bessent said the United States and China had done “Substantial progress” over two days of commercial talks in Geneva. Optimistic comments were the first sign that Washington and Beijing can start reducing economic tensions.
What we and Chinese officials said: “We will give details tomorrow, but I can tell you that the talks have been productive,” said Bessent to journalists after he and the US trade representative Jamieson Greer have completed their meetings with the Chinese vice-president, He Lifeng. Greer said that it was “important to understand how speed we have agreed, which reflects that the differences may not have been as large as perhaps” and added that there had been a “many bases”.
The Chinese vice-president said that the two parties had had frank and constructive talks and had agreed to create an advisory mechanism to continue commercial and economic negotiations, according to Reuters.
What is at stake: The United States has placed a tariff of 145% on goods from China while Beijing retaliated with its own 125% tax – measures which disrupted the financial markets and triggered concerns concerning the world supply chains. Bessent said China was faced with economic challenges and had more incitement to come to the table. But the Trump administration has become more concerned with Wall Street's warnings and after the retail giants Walmart and Target told the president that store shelves would become empty. Read the full story.
Here is what we keep any other eye on today:
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Economic data: India publishes inflation figures from the CPI of April.
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Chinese diplomacy: Brazilian President Luiz Inácio Lula Da Silva is in Beijing for a state visit. Meanwhile, the Chinese vice-president, he Lifeng visits France, where he must chair the high-level economic and financial dialogue of China-France.
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Philippines: Relations with China loom During the national and local elections today. (Reuters)
Five other best stories
1. A ceasefire agreement between India and Pakistan seemed to be held yesterday, Although everyone previously accused the other of violations and differs what had been agreed. President Donald Trump, who had claimed credit for the ceasefire, has committed to “increase the trade, in essence, with these two big nations” and “work with you both” to find a solution to the cashmere dispute. Read the full story.
2. The Ukrainian President Volodymyr Zelenskyy said he was ready to start peace talks with Vladimir Putin In Istanbul on Thursday, after Trump told him to meet the Russian president “immediately”. Zelenskyy's offer came after a back and forth In which Ukraine called on Moscow to accept an unconditional 30-day ceasefire from Monday, to which Putin said that the two parties should rather hold talks this week in Türkiye.
3. OPENAI and Microsoft rewrite the terms of their partnership of several billion dollars In a negotiation designed to allow the chatgpt manufacturer to launch an initial public offer, while protecting the software giant access to advanced artificial intelligence models. Learn more about high stake talks.
4. Hamas said yesterday that he would release an Israeli-American hostage held in Gaza as a goodwill gesture in Trump. The decision of the Palestinian militant group to release Edan Alexander comes while The American president is preparing to visit the Middle East this week.
5. Colombia faces possible American commercial reprisals after its left president Gustavo Petro said that he planned to register for the belt and the Beijing road Infrastructure initiative during a visit to China for a regional meeting next week. Colombia has long been one of the most important South American allies in Washington, therefore a Bogotá decision to join Bri would be a significant victory for Beijing.
In -depth news
The skirmish of India and Pakistan last week, their most serious for decades, was also a Field test for crucial equipment for different rivalry: This between China and the Western alliance led by the United States. About 81% of Pakistan's military equipment comes from China, while India has become the largest importer of weapons in the world. Analysts said that the assembly of evidence that a Pakistani pilot on a Chinese manufacturing plane had shot down French manufacturing planes “was a pleasant surprise for China”.
We also read. . .
Graphic of the day
The United Kingdom's trade agreement agreed last week last week, half the prices on Scottish whiskey on the largest export market in the world in volume for the mind. With the relaxation of commercial obstacles, analysts said that exporters to India were now more likely to push more expensive bottled scotch “Which could offer long -term advantages”.
Take a break in the news
Enter the control room which Monitor each metro train in New York. Under pressure from the Trump administration, which threatened to retain federal funding from the transport system, a dedicated group draws the levers and pushes the buttons that keep the city in motion.
