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After youth protests over corruption and joblessness toppled Nepal’s parliament and left dozens dead, villagers like Santosh Sunar see their own struggles reflected in the nation’s turmoil.The 31-year-old is jobless and desperately seeking work, yet he dreads the day he finds it — knowing it will likely mean splitting his family further, leaving his daughter with his mother, with his wife already abroad. “There are no opportunities even after education,” said Santosh, who lives in the rural settlement of Pharping, on the outskirts of the capital Kathmandu.He is far from alone. A “staggering” 82 percent of Nepal’s workforce is in informal employment, one in five Nepalis aged 15–24 are jobless, according to the World Bank.With few prospects at home, where GDP per capita is only $1,447, millions of Nepalis look abroad.Remittances now account for a third of GDP, the world’s fourth-highest rate. In Pharping, nearly every second household has a relative overseas.- ‘What can we do?’ -Santosh’s wife Amrita, 22, is a waitress in Dubai. “We really miss each other,” Santosh told AFP, who has previously worked in India’s tech-hub of Bengaluru. “It’s tough being away from your wife — and tougher knowing I’d also have to leave my mother and young daughter when I find work,” he said. “But what can we do?”More than 839,000 Nepalis left the country of 30 million to work abroad last year, according to government data.Tackling endemic corruption and unemployment tops the agenda for Nepal’s new leader, 73-year-old former chief justice Sushila Karki, who was sworn in as interim prime minister on Friday.Her predecessor quit on September 9, as protesters set parliament and key government buildings on fire.Protests began a day earlier, sparked by a ban on social media, but fuelled by long-standing economic woes.At least 72 people were killed in two days of protests, with 191 still recovering in hospital, according to government figures.Santosh didn’t take part, but said he backed what the protesters had done.His mother, Maiya Sunar, 48, dreams of a time when the young don’t have to choose between food and family. “We miss living like a family,” she said. “But I also understand that the young have no choice.”- ‘No option’ -Her neighbour, Kamala Sunar, 40, also faces the prospect of living without her children nearby. Her younger daughter Diksha, 24, works as a housekeeper in Dubai.Now her older daughter, Rakshya, 27, a single mother to a two-year-old, hopes to follow in her sister’s footsteps, leaving her daughter behind.”She has repeatedly warned me against the idea, as the hours are long and the living conditions tough,” Rakshya told AFP.”But what life would I be able to give my daughter here? There is nothing here. If I toil for a few years, and save some money for her education, maybe my daughter would have a bright future.”Sitting outside their one-room house, with unplastered brick walls painted red and white, Kamala said the thought of her daughter leaving fills her with sadness. “Most of our people our age have no option but to leave,” Kamala said. Shyam Bahadur Khatri, 69, an elected village official, said that Nepal is creating ageing villages where subsistence agriculture was the only option. “There will be no young person left even to carry the dead,” he said, warning of the future.

Lower US tariffs on Japanese autos kicked in on Tuesday, as a relieved Tokyo welcomed the implementation of a trade pact negotiated with Washington. As of 1.01 pm (0401 GMT), Japanese cars entering the United States face a 15 percent tariff instead of 27.5 percent, providing manufacturers some reprieve from the hefty duties imposed by President Donald Trump earlier this year.”The government welcomes US efforts this time towards the steady implementation of the July 22 Japan-US deal,” chief government spokesman Yoshimasa Hayashi told reporters.While the outcome marked a win for Japan, the levies will still cause huge pain for the nation’s industries, with car titan Toyota telling AFP in a statement that it hoped they could be lowered further.”We hope that the environment surrounding the automotive industries of both Japan and the United States will continue to improve going forward, based on open and free trade, including further tariff reductions,” the firm said.Japanese business lobbies also said they wanted Tokyo to push on with tariff negotiations. Since returning to the presidency in January, Trump has targeted specific sectors with stiff tolls, with imported automobiles and parts hit with a 25 percent duty.This dealt a blow to Japanese automakers, who already faced a 2.5 percent tariff.For goods falling outside specifically targeted sectors, Trump has also imposed a separate 10 percent tax on imports from nearly all trading partners.That rate was hiked again in August to various higher levels for goods from dozens of economies, including the European Union and Japan.The move left Japanese products facing a 15 percent tariff that was tacked onto existing duties for many goods.While the two countries initially unveiled a trade pact in July, they appeared to diverge in their understanding of its details, such as whether the duties would generally stack on existing tariffs for certain products.Japan’s tariffs envoy Ryosei Akazawa previously told reporters that Washington was expected to revise the rule.The new US order that took effect Tuesday sees a 15 percent tariff cap instead for many products, applying retroactively to August 7.Under the terms of the US-Japan deal, Tokyo is also expected to make investments worth $550 billion in the United States, according to the White House.Top Japanese power generation company JERA said last week it had signed an initial agreement aimed at buying liquified natural gas from a huge pipeline project in Alaska.

Asian stocks rose again Tuesday to extend another record day on Wall Street as traders locked in bets on a US interest rate cut this week, while they are also keenly eyeing flagged talks between Donald Trump and Xi Jinping.While the outcome of the Federal Reserve’s policy decision Wednesday is considered a fait accompli, there is still a lot of discussion over its plans for future meetings and its so-called “dot plot” outlook for borrowing costs.Bank boss Jerome Powell’s post-meeting comments will also be pored over for an idea about decision-makers’ thinking as the US jobs market slows and inflation remains stubbornly above target.”Jobless claims and unemployment are at their highest since 2021, and for the first time in four years, there are more job seekers than jobs,” said SPI Asset Management’s Stephen Innes. “That single ratio tells the Fed all it needs to know: rate cuts are back on the runway. “Add the housing drag — mortgage payments nearly doubled from pre-Covid levels, affordability at record lows, rents soaring — and you get a feedback loop that eats into consumption, profits, hiring, and confidence,” Innes added.The meeting will take place with a Trump appointee as a new member of the bank’s board of governors and rate-setting Federal Open Market Committee.Stephen Miran, who chairs the White House Council of Economic Advisers, was cleared Monday by the Republican-majority Senate. His appointment comes as the president demands the Fed cut borrowing costs, and accusing Powell of being unfit for the job.In early trade, Tokyo rose as investors returned from a long weekend, while Hong Kong, Shanghai, Sydney, Taipei, Manila and Jakarta were also up. Seoul chalked up another record high.However, there were losses in Singapore and Wellington.The broadly positive mood came after Wall Street’s S&P 500 and Nasdaq also hit records.Expectations that US rates will be culled over the next few months and possibly into 2026 continued to weigh on the dollar against its peers and pushed up gold to a new all time peak of above $3,689.Trump said on his Truth Social network Monday that he would speak to Chinese counterpart Xi at the end of the week, stoking hopes for a further easing of tensions between the world’s economic superpowers.The US president’s message came as Washington and Beijing reached a framework deal over their TikTok dispute, which the US side said will be finalised by the two leaders on Friday.The agreement came on the second day of high-level talks between the two sides in Madrid that included discussions on the countries’ trade dispute.Trump said on social media that the talks were going “VERY WELL”.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 44,904.13 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 26,535.26 Shanghai – Composite: UP 0.1 percent at 3,866.00Euro/dollar: UP at $1.1770 from $1.1768 on MondayPound/dollar: DOWN at $1.3604 from $1.3609Dollar/yen: DOWN at 147.27 yen from 147.38 yenEuro/pound: UP at 86.50 pence from 86.47 penceWest Texas Intermediate: UP 0.3 percent at $63.47 per barrelBrent North Sea Crude: UP 0.3 percent at $67.65 per barrelNew York – Dow: UP 0.1 percent at 45,883.45 (close)London – FTSE 100: DOWN 0.1 percent at 9,277.03 (close)

Lower US tariffs on Japanese autos are set to take effect this week, a Commerce Department notice confirmed Monday, as Washington implements a recent trade pact it had negotiated with Tokyo.Starting Tuesday, Japanese autos entering the United States will face a 15-percent tariff instead of 27.5 percent, providing manufacturers some reprieve from President Donald Trump’s fresh duties this year.Since returning to the presidency in January, Trump has targeted specific sectors with tariffs, and imported automobiles and parts face a 25-percent duty.This dealt a blow to Japanese automakers, for whom the 25-percent duty piled atop an existing 2.5-percent tariff — bringing the overall level to 27.5 percent.For goods falling outside specifically targeted sectors, Trump has also imposed a separate 10-percent duty on imports from nearly all trading partners since returning to the presidency.In early August, he hiked the 10-percent rate to various higher levels for goods from dozens of economies, including the European Union and Japan.The move left Japanese products facing a 15-percent US tariff tacked onto existing duties for many goods.While the two countries had initially unveiled a trade pact in July, they appeared to diverge in their understanding of its details, such as whether the duties would generally stack on existing tariffs for certain products.Japan’s tariffs envoy Ryosei Akazawa previously told reporters that Washington was expected to revise the rule.The new US order taking effect Tuesday will see a 15-percent tariff cap instead for many products, applying retroactively to August 7.Under the terms of the US-Japan tariff deal, Japan is also expected to make investments worth $550 billion in the United States, according to the White House.

Stock markets mostly rose Monday as traders geared up for an expected interest rate cut by the US Federal Reserve this week.Sentiment was also boosted by news that the United States and China have reached a framework deal over their TikTok dispute, which the US side said will be finalized by President Donald Trump and Chinese leader Xi Jinping on Friday.On Wall Street the S&P 500 and Nasdaq pushed to fresh records, while Europe’s main markets ended mostly higher.Equities have enjoyed a strong run-up over recent weeks as a string of data on jobs and inflation are seen as having provided the US central bank with enough leeway to resume its rate reductions.Wednesday’s policy decision would follow figures showing the labor market has continued to soften, while prices have not spiked as much as feared in the wake of Trump’s tariff war.The Fed is expected to lower borrowing costs by 25 basis points, although some observers predict it could go to 50 points.”Overall, today’s price action suggests that there is optimism across financial markets,” said Kathleen Brooks, research director at XTB trading platform.”Stocks look to be rallying into this Fed meeting, as hopes remain high that the Fed will burnish their dovish credentials and signal multiple rate cuts in the coming months on Wednesday,” she added.The dollar slid against its major rivals, and City Index and FOREX.com analyst Fawad Razaqzada said traders will be listening for phrases from the Fed like inflation being “well anchored” or the labor market “cooling more than expected,” signaling more cuts ahead. The central banks of Canada, Britain and Japan are also due to meet this week.Prospects for defusing trade tensions between the world’s top two economies improved as US Treasury Secretary Scott Bessent said Monday that a “framework” for a deal to settle a dispute over TikTok had been reached with China.He said Trump and Xi will speak on Friday to “complete” the agreement, after Washington’s pressure to have the video-sharing app find a non-Chinese buyer or face a US ban.Bessent was speaking after a second day of talks with Chinese officials in Madrid that included discussions on the US-China trade dispute.Trump said the talks were going “VERY WELL” in a Truth Social post, adding that he would speak to Xi on Friday.Trade tensions between Beijing and Washington escalated sharply earlier this year, with tit-for-tat tariffs reaching triple digits and snarling supply chains.Both governments have since agreed to a de-escalation, with the United States imposing 30-percent duties on imports of Chinese goods and China hitting US products with a 10-percent levy. But the temporary truce expires in November.Asia equities fluctuated and Shanghai edged down after data showed further weakness in China’s economy — with growth in retail sales and industrial production much slower than forecast.Shares in Tesla closed 3.6 percent up after regulatory filings showed CEO Elon Musk bought about $1 billion worth of shares in the electric car manufacturer.- Key figures at around 2015 GMT -New York – Dow: UP 0.1 percent at 45,883.45 points (close)New York – S&P 500: UP 0.5 percent at 6,615.28 (close)New York – Nasdaq Composite: UP 0.9 percent at 22,348.75 (close)London – FTSE 100: DOWN less than 0.1 percent at 9,277.03 (close)Paris – CAC 40: UP 0.9 percent at 7,896.93 (close)Frankfurt – DAX: UP 0.2 percent at 23,748.86 (close)Tokyo – Nikkei 225: Closed for a holidayHong Kong – Hang Seng Index: UP 0.2 percent at 26,446.56 (close)Shanghai – Composite: DOWN 0.3 percent at 3,860.50 (close)Euro/dollar: UP at $1.1768 from $1.1731 on FridayPound/dollar: UP at $1.3609 from $1.3560Dollar/yen: DOWN at 147.38 yen from 147.67 yenEuro/pound: DOWN at 86.47 pence from 86.52 penceWest Texas Intermediate: UP 1.0 percent at $63.30 per barrelBrent North Sea Crude: UP 0.7 percent at $67.44 per barrelburs-rl-bys/mlm

The United States and China announced a “framework” deal on Monday to resolve their dispute over TikTok that calls for the Chinese-owned app to pass to US-controlled ownership.In a social media post, US President Donald Trump said — without directly naming the social media giant — that a deal was reached with a “certain company that young people in our Country very much wanted to save. They will be very happy!”Trump added on his Truth Social network that he would speak to Chinese President Xi Jinping on Friday.A senior Chinese official said the two sides “reached a basic framework consensus on resolving issues related to TikTok through cooperation, reducing investment barriers and promoting relevant economic and trade cooperation.””China will firmly safeguard the national interests, the legitimate rights and interests of Chinese enterprises,” Xinhua quoted Vice Minister of Commerce Li Chenggang as saying.The deal came after a second day of talks between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in Madrid, which also includes discussions about the wider US-China trade dispute.Bessent confirmed the framework deal, but declined to give further details, saying Trump and Xi will speak on Friday to “complete” the agreement.TikTok — which boasts almost two billion global users — is owned by China-based internet company ByteDance.A federal law requiring TikTok’s sale or ban on national security grounds was due to take effect the day before US President Donald Trump’s inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States. That extension is due to expire on Wednesday.- ‘Questions unanswered’ -While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform after coming to believe it helped him win young voters’ support in the November election.Sarah Kreps of Cornell University’s Tech Policy Institute warned “national security questions remain unanswered,” noting the deal leaves data and algorithm safeguards unclear.The talks in Madrid also cover Trump’s threat of steep tariffs on Chinese imports.In his Truth Social post on Monday, Trump said the meeting in Europe “has gone VERY WELL!” and added: “The relationship remains a very strong one!!!”Trade tensions escalated sharply earlier this year, with tit-for-tat tariffs reaching triple digits and snarling supply chains.Both governments later agreed to lower their punitive tariffs, with the United States imposing 30 percent duties on imports of Chinese goods and China hitting US products with a 10 percent levy, but the temporary truce expires in November.The US-China trade truce has been an uneasy one, with Washington accusing Beijing of violating their agreement and slow-walking export license approvals for rare earths, key materials for the automotive, electronics and defense industries.- Nvidia probe -China on Saturday launched two investigations into the US semiconductor sector. Beijing opened an anti-dumping probe into some highly specialized chips originating from the United States, its commerce ministry said.  The ministry also said in a separate statement it will launch an investigation into whether the United States had discriminated against the Chinese chip sector.And on Monday China said an investigation found US chip giant Nvidia had run afoul of the country’s antitrust rules, and vowed an additional probe.The statement did not provide further details about Nvidia’s alleged legal violations or the further probe.Top diplomats and defense chiefs from both nations held back-to-back phone calls last week, which analysts said could mark a step towards a meeting between Trump and Xi.

The United States announced Monday a “framework” deal with China to resolve their dispute over TikTok that calls for the Chinese-owned app to pass to US-controlled ownerhip.In a social media post, US President Donald Trump said — without directly naming the social media giant — that a deal was reached with a “certain company that young people in our Country very much wanted to save. They will be very happy!”Trump added on his Truth Social network that he would speak to Chinese President Xi Jinping on Friday.US Treasury Secretary Scott Bessent announced the agreement after a second day of talks with Chinese Vice Premier He Lifeng in Madrid, which also includes discussions about the wider US-China trade dispute.”We have a framework for a TikTok deal,” Bessent told reporters, adding it calls for the app “to switch to US-controlled ownership”.”It’s between two private parties, but the commercial terms have been agreed upon,” he said.Bessent declined to give further details, saying Trump and Xi will speak on Friday to “complete” the agreement.TikTok — which boasts almost two billion global users —  is owned by China-based internet company ByteDance.A federal law requiring TikTok’s sale or ban on national security grounds was due to take effect the day before US President Donald Trump’s inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States. That extension is due to expire on Wednesday.- ‘Questions unanswered’ -While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform after coming to believe it helped him win young voters’ support in the November election.Sarah Kreps of Cornell University’s Tech Policy Institute warned “national security questions remain unanswered”, noting the deal leaves data and algorithm safeguards unclear.The talks in Madrid also cover Trump’s threat of steep tariffs on Chinese imports.In his Truth Social post on Monday, Trump said the meeting in Europe “has gone VERY WELL!” and added: “The relationship remains a very strong one!!!”Trade tensions escalated sharply earlier this year, with tit-for-tat tariffs reaching triple digits and snarling supply chains.Both governments later agreed to lower their punitive tariffs, with the United States imposing 30 percent duties on imports of Chinese goods and China hitting US products with a 10 percent levy, but the temporary truce expires in November.The US-China trade truce has been an uneasy one, with Washington accusing Beijing of violating their agreement and slow-walking export license approvals for rare earths, key materials for the automotive, electronics and defence industries.- Nvidia probe -China on Saturday launched two investigations into the US semiconductor sector. Beijing opened an anti-dumping probe into some integrate circuit chips originating from the United States, its commerce ministry said in a statement. The ministry also said in a separate statement it will launch an investigation into whether the United States had discriminated against the Chinese chip sector.And on Monday China said an investigation found US chip giant Nvidia had run afoul of the country’s antitrust rules, and vowed an additional probe.The statement did not provide further details about Nvidia’s alleged legal violations or the further probe.Beijing — which announced the investigation in December — is currently engaged in an intense contest with the United States for supremacy in the critical field of semiconductors.Top diplomats and defence chiefs from both nations held back-to-back phone calls last week, which analysts said could mark a step towards a meeting between Trump and Xi.

Stock markets were mixed on Monday as traders geared up for an expected interest rate cut by the US Federal Reserve this week.Equities have enjoyed a strong run-up over recent weeks as a string of data on jobs and inflation are seen as having provided the US central bank with enough leeway to resume its rate reductions.Wednesday’s policy decision follows figures showing the labour market continuing to soften, while prices have not spiked as much as feared in the wake of US President Donald Trump’s tariff war.The keenly awaited meeting is expected to see the Fed lower borrowing costs 25 basis points, although some observers predict it could go to 50 points.”There’s a wait and see mood at the start of the week as investors eye key central bank meetings and assess the potential path of interest rate cuts,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.The central banks of Canada, Britain and Japan are due to meet this week.Paris and Frankfurt stock markets advanced in midday trading on Monday, while London was flat.Asia fluctuated after a tepid Friday on Wall Street that saw the Nasdaq inch up to a new peak.Shanghai edged down after data showed further weakness in China’s economy, with growth in retail sales and industrial production much slower than forecast.Seoul hit another record after South Korean officials scrapped a plan to lower the capital gains tax threshold for stock investors.Hong Kong advanced, while Tokyo was closed for a holiday.Also in view are talks between China and the United States in Madrid that will cover a range of issues including trade, with an eye on a November deadline for their tariff pause.US Treasury Secretary Scott Bessent said Monday the United States is “very close” to a deal with China to settle their dispute over TikTok. The meetings are expected to continue through Wednesday — the deadline for TikTok to find a buyer or face a ban.The negotiations come after China launched two investigations into the US semiconductor sector on Saturday.In company news, Hong Kong-listed Pop Mart, which makes the global smash Labubu dolls, tanked more than six percent, wiping billions off its valuation, after JP Morgan downgraded it saying it was overpriced.The firm is up around 180 percent this year but is down more than a fifth from its August record owing to signs demand for the dolls is waning.And in Sydney, ANZ bank, one of Australia’s “big four” lenders, retreated following news it had agreed to pay a record fine of Aus$240 million (US$159.5 million) over “widespread misconduct”.- Key figures at around 1050 GMT -London – FTSE 100: FLAT at 9,284.41 pointsParis – CAC 40: UP 1.1 percent at 7,914.17Frankfurt – DAX: UP 0.4 percent at 23,792.03Tokyo – Nikkei 225: Closed for a holidayHong Kong – Hang Seng Index: UP 0.2 percent at 26,446.56 (close)Shanghai – Composite: DOWN 0.3 percent at 3,860.50 (close)New York – Dow: DOWN 0.6 percent at 45,834.22 points (close)Euro/dollar: UP at $1.1756 from $1.1731 on FridayPound/dollar: UP at $1.3606 from $1.3560Dollar/yen: DOWN at 147.35 from 147.67 yenEuro/pound: DOWN at 86.40 pence from 86.52 penceWest Texas Intermediate: UP 0.2 percent at $62.82 per barrelBrent North Sea Crude: UP 0.1 percent at $67.09 per barrel

The World Trade Organization’s agreement on fisheries subsidies — its first environmentally focused accord — entered into force on Monday after years of thorny negotiations at a time of heightened international trade tensions.Agreed by more than 100 WTO members, including the United States, the European Union and China, the agreement sets binding rules requiring governments to consider the legality and sustainability of the fishing activities they subsidise.”This is the first sustainability agreement of the WTO… It’s a big day,” WTO chief Ngozi Okonjo-Iweala told AFP.Speaking to diplomats during Monday’s ceremony, she described the event as a “historic milestone”.”It seems like a dream,” she said. “We have been waiting a long time for today to happen.” The discussions towards the deal began all the way back in 2001, with WTO members finally reaching an agreement by consensus in June 2022.Below are the main points of the agreement, which was celebrated with a ceremony at the WTO’s Geneva headquarters Monday after being ratified by two-thirds of the membership.Broader rules regarding subsidies for activities that contribute to overcapacity and overfishing remain under negotiation.- Bans -“Each year, governments spend an estimated $22 billion in harmful subsidies that contribute to overfishing and the depletion of marine resources,” Okonjo-Iweala said.The deal bans subsidies to any vessel or operator engaged in illegal, unreported and unregulated (IUU) fishing, or the fishing of overexploited stocks.However, a country can grant or maintain subsidies implemented “to rebuild the stock to a biologically sustainable level”.According to the United Nations, IUU fishing is responsible for depleting between 11 million and 26 million tonnes of fish each year, which “represents 20 percent of the global fish catch”, the WTO chief said.The agreement also prohibits subsidies for unregulated fishing on the high seas, including areas outside the jurisdiction of coastal countries.The agreement “is a significant step forward for the ocean and the coastal communities that depend on it,” said Megan Jungwiwattanaporn, with the Pew Charitable Trusts.- Notification and dispute settlement -The agreement says countries must “take special care and exercise due restraint” when granting subsidies to vessels not flying their own flag, and when granting them to fishing or related activities if the status of the stocks concerned is unknown.Besides regular notifications of subsidies, WTO members are required to update the organisation on how the agreement is being implemented.This includes the status of fish stocks, information on vessels receiving subsidies, and a list of vessels and operators that the country has determined to be engaged in IUU fishing.In the event of disagreements, countries can refer matters to the WTO’s dispute settlement body.- Developing countries -The agreement provides a “peace clause” to the world’s least-developed countries (LDCs) and developing countries, exempting them from subsidy bans within their own exclusive economic zones for two years.Furthermore, developing countries and LDCs whose annual share of the global fish catch does not exceed 0.8 percent can submit their fisheries notifications to the WTO every four years instead of every two years.They will also benefit from technical assistance, and the WTO has set up a special fund to support them, which to date has received $18 million in voluntary contributions.- Agreement could be thrown overboard -The agreement alone “won’t stop the billions in subsidies that fuel overfishing and overcapacity”, warned Rashid Sumaila, a member of NGO Oceana’s board and head of Fisheries Economics Research Unit at the University of British Columbia.And if the second agreement outlining comprehensive rules on overcapacity and overfishing is not adopted within four years, the first agreement will be “immediately terminated”, unless WTO members decide otherwise.

The United States is “very close” to a deal with China to settle their dispute over TikTok, US Treasury Secretary Scott Bessent said Monday as the two sides resumed trade talks in Madrid.Bessent and Chinese Vice Premier He Lifeng opened the latest round of discussions in Madrid on Sunday, seeking to narrow differences on trade and technology that have strained relations between the world’s two largest economies.The meetings are expected to continue through Wednesday — the deadline for TikTok to find a buyer or face a ban.”On the TikTok deal itself, we’re very close to resolving the issue,” Bessent told reporters as he arrived at Spain’s foreign ministry for a second day of talks. “If we don’t reach an agreement on TikTok, it doesn’t affect the overall relationship between the two countries. It’s still very good at the highest levels,” he added.TikTok is owned by China-based internet company ByteDance.A federal law requiring TikTok’s sale or ban on national security grounds was due to take effect the day before US President Donald Trump’s inauguration on January 20. But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause. – Shaky truce -In mid-June Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States. That extension is due to expire on Wednesday.While Trump had long supported a ban or divestment, he reversed his position and vowed to defend the platform — which boasts almost two billion global users — after coming to believe it helped him win young voters’ support in the November election.Beijing’s commerce ministry called on Washington on Friday to “work with China on the basis of mutual respect and equal consultations, to resolve each other’s concerns through dialogue and find a solution to the problem”.The talks in Madrid also cover Trump’s threat of steep tariffs on Chinese imports.Trade tensions escalated sharply earlier this year, with tit-for-tat tariffs reaching triple digits and snarling supply chains.Both governments later agreed to lower their punitive tariffs, with the United States imposing 30 percent duties on imports of Chinese goods and China hitting US products with a 10 percent levy, but the temporary truce expires in November.The US-China trade truce has been an uneasy one, with Washington accusing Beijing of violating their agreement and slow-walking export license approvals for rare earths.China is the world’s leading producer of rare earths, used to make magnets essential to the automotive, electronics and defence industries.- Nvidia probe -China on Saturday launched two investigations into the US semiconductor sector. Beijing opened an anti-dumping probe into some IC chips originating from the United States, its commerce ministry said in a statement. The ministry also said in a separate statement it will launch an investigation into whether the United States had discriminated against the Chinese chip sector.And on Monday China said an investigation found US chip giant Nvidia had run afoul of the country’s antitrust rules, and vowed an additional probe.The statement did not provide further details about Nvidia’s alleged legal violations or the further probe.Beijing — which announced the investigation in December — is currently engaged in an intense contest with the United States for supremacy in the critical field of semiconductors.Top diplomats and defence chiefs from both nations held back-to-back phone calls last week, which analysts said could mark a step towards a meeting between Trump and Chinese leader Xi Jinping.Trump said in August he expects to visit China this year or shortly afterwards, noting that economic ties between the two countries have improved.