US and China to Cut Tariffs, Iran Won’t Soften Demands, More
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News when you want it. With Bloomberg News Now, I'm Karen
Moscow. And I'm Alexis Christophorus. Here are the stories we're following today.
All right, Alexis, we begin with the latest on US China relations following the summit between Donald Trump and Xi Jinping. The two countries detailed a plan to cut tariffs on about thirty billion dollars of imports from each nation. The list for goods entering the U.S. contains seventy seven entries, including fireworks and toys, while more than sixteen hundred goods are set to potentially enter China, such as meat and medical equipment. Again, more from a Bloomberg Chief Asia correspondent Stephen Engel.
It's putting some details to what they agreed on on maybe the lower hanging fruit of trade disputes. There's still a lot more contentious issues, no doubt, including chips and uh other m national security items.
Bloomberg Steven Engel says the expected tariff relief of sixty billion dollars in bilateral trade is a fraction of the four hundred fifteen billion in total goods exchanged between the world's largest economies last year.
And Karen, now the latest on the war in the Middle East. Iran is sticking to its seven day proposal for reopening the crucial Strait of Hormuz, saying it won't soften its conditions, while President Trump sent mixed signals about his willingness to reach a deal.
A lot of mixed signals over the weekend. Of course, eventually President Trump had rejected this plan that Iran had laid out about a seven day ceasefire to reopen the Strait of Hermos. He did say that he might have agreed to the conditions that Iran had laid out a year ago, but Iran had overplayed its hand. Now from the Iranian side, we also have heard from the Foreign Minister Abbas Arshi, who said that diplomacy is Always on the table. Iran prefers diplomacy, prefers to go back to the negotiating table, but that he doesn't see a way for it.
Middle East correspondent Abir Abu Omar. Oil rising on those latest developments. Right now we've got Brent Crude nearing up four percent at one oh eight twenty one a barrel and WTI crude rallying three and a half percent at ninety five fifty seven a barrel.
Alexis UK police are investigating a potential terrorism incident after five men were arrested near an airbase used in US strikes on Iran. We go to London and get the very latest from Bloomberg's Nathan Hager. Nathan, good morning.
Oh, good morning, uh, Karen and Alexa. So this was near RAF Fairford in the area of Gloucestershire in western England. The U.S. has been using it as a forward staging base for bombers in defensive strikes against Iran. Local police say they got a call around a quarter to one in the morning yesterday local time of three suspicious vans appearing to be headed toward the base. Armed police arrested five men while dozens of residents were evacuated from a nearby village and a bomb disposal unit came in. To examine the vehicles. President Trump says the suspects were looking to do big damage.
What new tariff cuts did the US and China announce after the Trump‑Xi summit?
In his words, he suggested some of them may have been under surveillance, but he didn't give more details. UK Defense Minister West Streeting told Bloomberg this morning it's too soon to link the Fairford incident with the Iran conflict.
Thanks, Nathan. The arrests come as UK Prime Minister Andy Burnham goes into his first Labour Party conference as Britain's Prime Minister. Bloomberg's James Wilcock is covering the four day event and joins us from Liverpool.
Good morning. It's clear skies here in North West England, and the UK Prime Minister wants to envision a brighter future. Bring back hope is the pitch here.
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