Taiwan Emerges as Top Risk to Ties, Retail Sales Rise, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Karen Moscow. We'll have the latest figures on retail sales and jobless claims in just a moment. But first, Chinese leader Xi Jinping warning President Trump of a potential conflict if the Taiwan issue is mismanaged. And those remarks came at the start of the first trip to China by a sitting U.S. president in nearly a decade. We get more on the discussions between the two leaders with Bloomberg's Anne-Marie Hordern.
Well, certainly the White House wants to focus on the deals in terms of the progress that's been made between Washington and Beijing when it comes to trade. They discussed an increase in purchases of agriculture, so a big win for beef and soybeans potentially. Also, the U.S. readout talks about how Xi Jinping expressed interest in purchasing more American oil. What is so telling to me, though, is that what is missing from the U.S. readout, and that's when it comes to Taiwan, which is interesting because that really took center stage during the During the meeting.
And that's when Marzahn Marie Hordern, who says the two leaders, spoke for nearly two and a half hours. Later, they attended a state banquet where President Trump said his meetings with Xi were productive.
It was a fantastic day. And in particular, I want to thank President Xi, my friend, for this magnificent welcome.
And the president went on to invite Xi to the White House in September. If Xi attends, it would be the Chinese leader's first trip to the U.S. since 2015. Trump and Xi, they did discuss other hot-button issues, including the ongoing conflicts in Iran and Ukraine, though neither leader suggested there had been any major breakthrough. Treasury Secretary Scott Besant is saying the U.S. and China are discussing a mechanism for fast-tracking some Chinese investment deals, along with a reduction in tariffs on a swath of non-critical goods. Besant, who is joining the president in China, spoke to CNBC.
We talked about purchases. We talked about some issues that the Chinese side has. And we're going to talk about forming a board of trade for China. the bilateral trade between the U.S. and China, and we're going to talk about a board of investment that will be responsible for investment in non-sensitive areas.
And U.S. officials have previously unveiled plans for a board of trade that would manage commercial ties. Besson said that one idea is to remove tariffs on about $30 billion worth of trade for, quote, non-critical areas and areas that we're not trying to reshore. West Streeting has resigned as Keir Starmer's health secretary, paving the way for him to challenge the UK prime minister for his job. In a post on X, Streeting said, quote, it is now clear that you will not lead the Labour Party into the next general election and that Labour MPs and Labour unions want the debate about what comes next. He added that he wanted to see, quote, the best possible field of candidates in competition to replace the prime minister.
U.S. efforts to end the war with Iran were dealt a setback after a commercial vessel was apparently seized by unauthorized personnel near the United Arab Emirates.
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