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US Treasury

US Treasury
US Treasury: A prominent Washington, D.C.-based executive department, the US Treasury is dedicated to promoting economic prosperity and ensuring the financial security of the United States. Established in 1789, its core activities include managing federal finances, collecting taxes, producing currency and coinage, and advising the President on economic policy. It also plays a crucial role in strengthening national security and protecting the integrity of the financial system, notably contributing to global financial stability.
China’s Vice-Premier He Lifeng had a productive video call with US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer on Friday. Photo: AFP
US-China trade war

China’s vice-premier has ‘constructive’ call with US officials Bessent and Greer

Both sides agree to promote the development of bilateral trade ties to ‘expand the list for cooperation and shorten the list of problems’.

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US-China relations

Bessent calls Beijing an ‘ally’ after Trump signs bill on ties with Taiwan

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United States

Trump eyes Christmas deadline to name new Fed chair: Bessent

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US-China relations

Ex-Argentine leader warns against cutting China ties to improve US relations

Macri argues Argentina’s farm and commodity sales rely on China even as current president Javier Milei pursues broader deal with Washington.

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Argentina’s former president Mauricio Macri has warned the current Argentinian leadership not to cut ties with China just to curry favour with the US. Photo: AFP
US-China relations

Trump team considering selling Nvidia H200 chips to China, insiders say

While still in the early stages, the talks mark a big departure from the administration’s public stance on semiconductor export controls.

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US-China trade war

Chinese rare earth magnet exports to US hit 9-month high as trade war resolves

Shipments of the valuable components to the US increased in October, while those sent to the European Union fell from their September levels.

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US-China relations

Opinion | In ‘soybean diplomacy’ with the US, China now holds the remote control

China, no longer reliant on US soybeans, has leverage: resuming purchases to calm tensions or cutting them when relations fray.

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Soybeans are harvested on the Warpup Farm in Warren, Indiana, on September 17. Photo: AP
US-China trade war

Chinese envoy calls for ‘shared prosperity’ as possible Xi-Trump summit approaches

China’s ambassador in Washington frames expected meeting as an opportunity for cooperation rather than confrontation.

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Americas and the Caribbean

US sanctions Colombia president over drugs, amid escalating row with Trump

Gustavo Petro has accused the US president of carrying out ‘extrajudicial executions’ by striking alleged drug-trafficking vessels.

Donald Trump

Anonymous Trump ‘friend’ donates US$130 million to pay troops during shutdown

It is unclear if the move is legal, as US law generally forbids earmarked gifts from individuals to the government.

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The Pentagon. File photo: Reuters
India

India may sharply cut Russian oil imports after US sanctions: sources

The potential change could remove a major hurdle to a trade deal with the US, with Indian refiners reportedly reviewing their Russian oil purchases.

Steam emits from a crude oil refinery in Kochi, Kerala state, India. Photo: AP
US-China trade war

Repairing Trump’s tariff ‘damage’ will take time, warns former US Treasury chief

During Bund Summit in Shanghai, Robert Rubin flags long-term economic implications of Trump’s policies, including for the US dollar’s global standing.

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Russia

Medvedev slams Trump’s actions as ‘act of war’ against Russia

The US is now Moscow’s adversary and Trump has ‘fully aligned himself with loony Europe’, warns the former Russian president.

Americas and the Caribbean

Argentina formalises US$20 billion lifeline from Trump as Milei faces poll test

Despite the currency swap being formalised by Argentina’s central bank, Trump threatens to withdraw aid if Milei is defeated in the midterms.

US President Donald Trump greets President of Argentina Javier Milei as he arrives in Washington earlier this month. Photo: TNS
China-Russia relations

‘Act of defiance’: China’s crude oil imports from Russia rise despite US pressure

Shipments from Indonesia and Brazil are also up, while purchases of US crude remain suspended, customs data shows.

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Employees inspect devices at a Daqing petrochemical refinery as it starts processing its first Russian crude oil transported through the East Siberia Pacific Ocean Pipeline on September 22, 2020, in Heilongjiang province. Photo: VCG via Getty Images
US-China relations

As I see it | US threats to decouple from China only expose its own vulnerability

Washington blames Beijing for being unreliable but, for Chinese policymakers, export controls are merely a response to US trade provocations.

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US-China trade war

The squeeze is on: Beijing and Washington flex muscles as narrative war heats up

With both sides seeking leverage, US frames flare-up as ‘China versus the world’ but finds itself accused of adopting ‘double standard’.

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US-China trade war

‘Unnecessary panic’: China rebukes US officials’ comments on rare earths

Beijing defends rare earth export controls against US claims of disruption, calls on Dutch government to cease ‘interference’ with Nexperia.

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US Treasury Secretary Scott Bessent called China’s rare earth export controls proof Beijing is an “unreliable partner” at a recent press conference. Photo: AFP
Japan

After India, US tells Japan to stop importing Russian energy

US President Trump said that Indian Prime Minister Modi has pledged to stop buying oil from Moscow.

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US-China trade war

‘This is China versus the world’: US calls allies over Beijing rare earth curbs

Treasury chief Scott Bessent urges Europe and Asia to ‘de-risk’ supply chains as tensions flare ahead of Apec summit.

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United States

Shutdown costing US economy US$15 billion a day, Treasury chief Bessent says

The shutdown is starting to ‘cut into muscle’ and is slowing down a wave of investment, Bessent says.

The US Capitol is seen during the government shutdown on Wednesday. Photo: Reuters
Donald Trump

Trump says could cut US aid to Argentina if Milei loses midterms

The US president’s administration has promised US$20 billion to prop up the Latin American country’s struggling economy.

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US President Donald Trump welcomes Argentina’s President Javier Milei at the White House on Tuesday. Photo: Reuters
US-China trade war

China and US hold ‘working-level talks’ on Monday despite trade spat

China’s Ministry of Commerce said the two sides have continued to communicate, urging Washington to ‘show sincerity’ after flare-up.

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Americas and the Caribbean

US launches US$20b financial lifeline for Argentina, buys pesos in rare move

US helps prop up Argentina’s faltering finances, and boost political ally President Javier Milei for midterm elections.

Donald Trump

US considers US$1 Trump coin to mark 250th independence celebrations

A potential design shows Trump raising his fist, with the words ‘fight, fight, fight’ – what he said after surviving an assassination bid.

The potential design of a new US$1 coin features an image of US President Donald Trump with a raised fist. Image: X/SteveGuest
SCMP Highlights

US optimism ahead of trade talks; Jane Goodall tributes: SCMP daily highlights

From Scott Bessent seeing a ‘breakthrough’ in US-China trade relations to Tsinghua University’s success, here’s a round-up from today’s coverage.

US Treasury Secretary Scott Bessent speaks to reporters at the US Capitol in Washington in June. Photo: Reuters
United States

Trump piles pain on Democrats over US government shutdown

The US president says he will meet budget chief Russell Vought to discuss cuts, as the White House warns mass firings are ‘imminent’.

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US-China relations

US Treasury chief sees ‘big breakthrough’ ahead in China trade talks

Scott Bessent points to Trump–Xi Apec pull-aside and new farmer aid as signals of progress in strained economic ties.

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