Hormuz Stalemate, US-China Agree to Reciprocal Tariff Cuts, More
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News when you want it. With Bloomberg News Now, I'm Doug Krisner. Crude oil prices are trading higher at this hour. This is after President Trump rejected a seven-day proposal from Iran to reopen the Strait of Hormuz. Here is U.S. Ambassador to the U.N. Mike Waltz speaking on NBC's Meet the Press.
This was, I think, a pretty cynical attempt to put something on the table that they knew was unacceptable. To ask for the release of the blockade, the sanctions, international sanctions, and access to billions in assets just to talk when... We entered into a memorandum of agreement just a few months ago when it was immediately violated by attacking international shipping. I think it's kind of common sense that the president doesn't have a lot of confidence this time.
That is U.S. Ambassador to the U.N. Mike Waltz speaking on NBC's Meet the Press. Meantime, Axios reports President Trump is expecting negotiations to resume this week. In Iran, Foreign Minister Abbas Arachi said Tehran is prepared to resume fighting, although it's not yet abandoned diplomacy. Here is Arachi speaking on NBC's Meet the Press.
We stand firm in the face of any aggression against us, even if it comes to a doomsday war. At the same time, we are ready for diplomacy. But, and now there is a very reasonable plan on the table. If they reject it for no reason, this is their fault. And I have to say that although we heard from President Trump that he is rejecting this deal, but we are still waiting for an official response through the mediators.
That is Iranian Foreign Minister Abbas Arachi speaking on NBC's Meet the Press. The U.S. and China have released a list of products recommended for reduced tariff treatment on a reciprocal basis. This includes lower tariffs on roughly $30 billion in goods imported into each country. And the two sides also agreed to establish an agriculture working group that will meet before the end of the year. Here is Dan Wong, China Director at the Eurasia Group.
Last year was really the turning point. As soon as Trump launched the Liberation Day tariff, actually he realized the trade sanction didn't work on China. So this year, if you look at what the U.S. side has been demanding, it's essentially all those short-term purchase agreements that they hope China could comply. But from the China side, these are just a short-term concession they could make. Their focus is more on the long-term strategy, like the positioning of the China-U.S. relation and the Taiwan issue.
That was Dan Wong, China director at the Eurasia Group. Meantime, President Trump and Xi Jinping will reportedly meet two more times this year after last week's summit in Washington, the FT saying the presidents will meet at the Asia-Pacific Economic Cooperation Forum in Shenzhen in November and the G20 meeting in Miami in December. In the UK, five men have been arrested near an airbase used by the United States. The London Metropolitan Police received a call overnight related to three suspicious vehicles traveling toward RAF Fairford. It is a UK-owned base operated by the US and it's been used in the strikes against Iran. Authorities are investigating whether there has been any involvement on the part of the Iranian state.
Now, the suspects were arrested on suspicion of offenses under the UK's Explosives Act. They were separately arrested on suspicion of preparing a terrorist act. Here is Councillor for Cotswold District, Tristan Wilkinson.
There was a specific threat about six weeks ago from the Iranians on this base.
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