The US and China agreed to slash steep tariffs for at least 90 days, temporarily pausing a trade war between the world's two biggest economies. The US will cut extra tariffs on Chinese imports from 145% to 30% for three months, while Chinese duties on US imports will fall to 10% from 125%. The agreement was seen as a victory for President Donald Trump, who hailed it as proof that his tariff strategy was paying off. However, experts say the deal does little to address underlying issues such as the US trade deficit with China and the fentanyl crisis. The temporary truce has eased concerns about a global recession, but businesses are seeking more clarity on future tariffs.
https://www.malaymail.com/news/money/2025/05/13/world-markets-pop-as-us-china-ease-trade-tensions-with-temporary-tariff-cuts/176552Stocks worldwide rallied as China and the US agreed to suspend most tariffs in a bid to end their trade war, fueling hopes for a resolution that could stoke economic growth. The US will reduce its duties on China from 145% to 30% for 90 days, while Beijing will cut its retaliatory measures from 125% to 10%. This move was welcomed by markets, with Tokyo and Shanghai leading the gains, while Hong Kong dropped nearly two percent. The news also boosted Wall Street, with the Nasdaq surging over four percent and the S&P 500 jumping 3.3 percent. Strategists at HSBC noted that while there is upside risk for further deals, nervousness remains due to the high tariffs still in place.
https://www.victoriaadvocate.com/news/nation/most-markets-extend-rally-in-glow-of-china-us-truce/article_a290c6e2-97fa-5b36-bf2e-604639fe32c8.htmlThe International Displacement Monitoring Centre (IDMC) has reported that nearly 90% of the world's internally displaced persons (IDPs), or 73.5 million people, were displaced by conflict and violence in 2024, with Sudan alone hosting a record 11.6 million IDPs. The number of countries reporting both conflict and disaster displacement has tripled in 15 years, with many IDPs facing multiple displacements throughout the year. The report also highlights that weather-related events, intensified by climate change, triggered 99.5% of all disaster displacements, with the US accounting for nearly a quarter of global total displacements due to hurricanes like Helene and Milton. Humanitarian organizations are warning that funding cuts, including those imposed by the new US administration, will exacerbate the plight of IDPs, who often receive less attention than refugees.
https://www.thenews.com.pk/latest/1311065-global-displacement-hits-record-834-million-in-2024Chinese leader Xi Jinping has vowed to deepen ties with Latin America, condemning "bullying" in a thinly veiled attack on the US, as leaders from the region gather in Beijing for the China-CELAC Forum. The move comes amid increased economic and political cooperation between China and Latin American nations, who have been critical of US President Donald Trump's recent tariffs.
https://www.japantimes.co.jp/news/2025/05/13/asia-pacific/politics/china-xi-jinping-latin-america/Chinese President Xi Jinping warned of a "bloc confrontation" during a forum in Beijing, cautioning that "bullying and hegemony will only lead to self-isolation." The warning comes after the US and China announced a deal to reduce tariffs for 90 days, dubbed a "total reset" by US President Trump. Brazilian President Luiz Inacio Lula da Silva and Colombian President Gustavo Petro were among notable attendees at the forum, with Brazil already having joined China's trillion-dollar Belt and Road Initiative, which has also attracted two-thirds of Latin American countries.
https://www.malaymail.com/news/world/2025/05/13/xi-jinping-warns-against-trade-war-bullying-as-china-hosts-latin-american-leaders/176593Pakistan's reported success using Chinese-made J-10C fighter jets has reignited global interest in Beijing's combat effectiveness, challenging long-standing assumptions about China's military technology. The incident, which saw Pakistan claim to have shot down five Indian aircraft, including three Rafale jets and a Mig-29, has been closely watched across Asia and beyond. French officials confirmed the downing of at least one Rafale last week, while US officials said Pakistani forces used Chinese-made platforms to bring down two IAF fighter aircraft. The incident may mark the most significant real-world validation yet of the J-10C's capabilities, with shares of Chengdu Aircraft Corporation surging 20% after the reports emerged. China's defense exports are gaining traction in the developing world, and experts say the incident marks a significant milestone in understanding how Chinese systems perform under combat conditions.
https://www.brecorder.com/news/40362503/success-of-chinese-jets-against-india-raises-alarm-in-asia-reportChina is navigating a delicate balancing act with India and Pakistan, prioritizing regional stability over opportunistic gains. The recent truce between India and Pakistan, facilitated by China's restrained diplomacy, reflects Beijing's strategic calculus that considers economic imperatives and global power dynamics. US President Donald Trump has claimed credit for the ceasefire, but China focuses on de-escalation to protect its interests in South Asia and maintain regional stability.
https://www.scmp.com/opinion/asia-opinion/article/3309950/china-faces-tough-balancing-act-india-and-pakistan?module=top_story&pgtype=sectionA meeting was held between UAE-based companies and a delegation from Kazakhstan to enhance bilateral trade and joint investments. Mohammad Ali Rashed Lootah, President of Dubai Chambers, stated that Dubai offers diverse opportunities for growth and prosperity for Kazakh companies. The emirate's favourable investment environment supports businesses in expanding regionally and globally. This comes amid growing trade relations between Dubai and Kazakhstan, with non-oil bilateral trade increasing by 43% to reach Dhs20 billion in 2024.
https://www.gulftoday.ae/business/2025/05/13/dubai-kazakhstan-to-enhance-economic-and-trade-relationsUS President Joe Biden met with Chinese President Xi Jinping in a historic meeting, marking the first face-to-face talks between the two leaders since Donald Trump's trade war escalated tensions between the world's two largest economies. The meeting resulted in a joint statement from both sides, agreeing to reduce tariffs imposed during the trade war, bringing them down from triple-digit levels to just two figures.
https://www.hurriyetdailynews.com/us-china-agree-to-slash-tariffs-as-trump-says-will-speak-to-xi-209103