BEIJING: China’s top economic official Liu He spoke by phone with US Treasury Secretary Steven Mnuchin on Saturday and “agreed to continue to communicate” on trade issues, the official Xinhua news agency said.
The call came at a time of heightened tensions after US President Donald Trump on Thursday authorized tariffs on as much as $60 billion of Chinese imports, targeting sectors in which Washington says Beijing has stolen American technology.
Liu He, a Harvard-educated Communist Party official who was elevated on Monday to the key role of vice premier, is expected to oversee China’s financial and economic sectors.
On the phone, he accused a US investigation of violating international trade rules and told Mnuchin that Beijing was ready to defend its interests, Xinhua said.
“China is ready to defend its national interests and hopes that both sides will remain rational and work together to safeguard the overall stability of China-US economic and trade relations,” Xinhua cited Liu as saying.
China warned the US on Friday that it was “not afraid of a trade war” as it threatened tariffs on $3 billion worth of US goods in retaliation to Trump’s new measures.
It unveiled a hit list of products from fresh fruit to pork that could face duties of up to 25 percent, though it stopped short of pulling the trigger as it indicated its readiness to negotiate an agreement.
In August, the US formally launched a trade investigation into China’s intellectual property practices and the forced transfer of US technology under Section 301 of US trade law, which addresses intellectual property.
Top Chinese, US officials to continue trade talks: Xinhua
Top Chinese, US officials to continue trade talks: Xinhua
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
