WASHINGTON: China is “very spoiled” by trade wins over America, US President Donald Trump said late Friday, as a top business delegation headed back to America after high-stakes talks with Beijing.
The two days of talks were aimed at forestalling momentum toward a looming conflict between the world’s two largest economies, with both sides prepared to pull the trigger on tariffs that could affect trade in billions of dollars of goods.
“Our high level delegation is on the way back from China where they had long meetings with Chinese leaders and business representatives,” Trump wrote in a tweet.
“We will be meeting tomorrow to determine the results, but it is hard for China in that they have become very spoiled with US trade wins,” he added.
The American president has accused China of unfair trade practices that have driven up the US goods deficit with the Asian giant. Washington has also alleged “theft” of American intellectual property by China.
The discussions promised a potential off-ramp for the trade conflict. Trump has threatened to levy new tariffs on $150 billion of Chinese imports while Beijing shot back with a list of $50 billion in targeted US goods.
“Both sides recognize there are still big differences on some issues and that they need to continue to step up their work to make progress,” China said in a statement released by the official Xinhua state news agency.
“The two sides exchanged views on expanding US exports to China, trade in services, bilateral investment, protection of intellectual property rights, resolution of tariffs and non-tariff measures.”
It added that they had reached “a consensus in some areas,” without elaborating. The agency said both sides had agreed to establish a “working mechanism” to continue talks.
Beijing has promised reform on several fronts in recent months — including lifting foreign ownership restrictions for automakers and allowing foreign investors to take controlling stakes in financial firms.
But a list of US demands presented at the talks in Beijing showed these steps fall far short of expectations in Washington.
The demands included cutting China’s trade surplus with the US by at least $200 billion by the end of 2020, lowering all tariffs to match US levels, eliminating technology transfer practices, and cutting off state support for some Chinese industries, according to Bloomberg News.
The White House called the discussions “frank” while making no mention of continuing the negotiations.
“There is consensus within the Administration that immediate attention is needed to bring changes to United States–China trade and investment relationship,” a White House statement said.
Trump says China ‘spoiled’ by trade wins over US
Trump says China ‘spoiled’ by trade wins over US
- The American president has accused China of unfair trade practices that have driven up the US goods deficit with the Asian giant.
- Beijing has promised reform on several fronts in recent months — including lifting foreign ownership restrictions for automakers and allowing foreign investors to take controlling stakes in financial firms.
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Saudi Steel Pipe Co.’s net profit up 6.1% to $51.19m
RIYADH: Saudi Steel Pipe Co. reported a net profit of SR192 million ($51.19 million) in 2025, representing a 6.08 percent increase compared to the previous year.
In a Tadawul statement, the company attributed the rise in net profit to land settlement compensation amounting to SR54 million, lower finance charges, and reduced borrowings.
Despite reporting higher net profit, the company’s overall revenue declined by 13.37 percent year on year to SR1.41 billion.
Its earnings before interest, tax, depreciation, and amortization stood at SR340 million in 2025, compared with SR388 million in the previous year.
The performance of Saudi steel companies listed on the Tadawul in 2025 reflected strong demand driven by Vision 2030 gigaprojects, even as broader market conditions remained challenging, with the Basic Materials sector declining about 11 percent over the year, according to Argaam data.
In a statement, SSP stated: “As a result of the profitability recorded and effective working capital management, SSP recorded a positive free cash flow of SR325 million in financial year 2025 (which excludes the aggregate land settlement amount), compared to a negative free cash flow of SR5 million in FY2024.”
The company’s net debt decreased to SR34 million at the end of 2025, compared with SR363 million a year earlier, despite total dividends distributed during the 2025 financial year amounting to SR200 million.
In January, SSP reported that its subsidiary, Global Pipe Co., signed a contract worth SR300 million with Subsea 7 Saudi Arabia for the supply of line pipe for an offshore redevelopment project.
The contract, signed on Jan. 28, is valid for 11 months, according to a Tadawul statement.
SSP added that no related parties are involved in the deal, and the financial impact of the contract is expected to be reflected in the fourth quarter of 2026.
While steel demand remained elevated due to large-scale developments such as Neom and ROSHN, companies across the sector faced margin pressures stemming from raw material price volatility and rising competition, industry analysis by Custom Market Insights showed.
Earlier this month, Al Yamamah Steel Industries Co. reported that its net profit for the quarter ending Dec. 31, 2025 reached SR37.61 million, marking a 719.03 percent increase compared with the same period of the previous financial year.
The company attributed the rise in net profit to higher sales volumes and increased sales value in the renewable energy and power segments.
In September, Molan Steel Co. revealed that its net loss widened to SR2.8 million in the first half of 2025, compared with a loss of SR2.5 million recorded in the same period of 2024.
Riyadh Steel Co., in September, disclosed that its net profit stood at SR2.45 million over the first six months of 2025, representing an annual decline of 3.2 percent.
Despite this, the Saudi pipes market, valued at $3.28 billion in 2024, is poised for robust growth, with a projected compound annual growth rate of 5.50 percent from 2025 to 2034, reaching $5.61 billion by the end of the forecast period, according to Research and Markets.
The growth is primarily driven by increasing demand for insulated and durable pipes, largely due to the expansion of district cooling systems in urban developments, creating opportunities for suppliers of specialized pipe materials and technologies.
