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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Closing Bell: Saudi benchmark index closes lower at 10,540
RIYADH: Saudi equities ended Wednesday’s session lower, with the Tadawul All Share Index falling 55.13 points, or 0.52 percent, to close at 10,540.72.
The sell-off was mirrored across other indices, with the MSCI Tadawul 30 Index retreating 5.79 points, or 0.41 percent, to close at 1,393.32, while the parallel market Nomu slipped 74.56 points, or 0.32 percent, to 23,193.21.
Market breadth remained firmly negative, as decliners outpaced advancers, with 207 stocks ending the session lower against just 51 gainers on the main market.
Trading activity moderated compared to recent sessions, with volumes reaching 123.5 million shares, while total traded value stood at SR2.72 billion ($725.2 million).
On the sectoral and stock level, Al Moammar Information Systems Co. led the gainers after surging 9.96 percent to close at SR172.30, extending its rally following a series of contract announcements tied to data center and IT infrastructure projects.
Al Masar Al Shamil Education Co. climbed 4.89 percent to SR27.48, while Naqi Water Co. advanced 3.36 percent to SR58.50. Al Yamamah Steel Industries Co. and Al-Jouf Agricultural Development Co. also posted solid gains, rising 3 percent and 2.86 percent, respectively.
Losses, however, were concentrated in industrial names. Saudi Kayan Petrochemical Co. fell 3.67 percent to SR4.73, while Makkah Construction and Development Co. slid 3.44 percent to SR80.
Saudi Tadawul Group Holding Co. retreated 3.28 percent to SR147.50, weighed down by broader market weakness, and Saudi Cable Co. declined 3.18 percent to SR143.
Alkhaleej Training and Education Co. rounded out the top losers, shedding just over 3 percent.
On the announcement front, BinDawood Holding announced the signing of a share purchase agreement to acquire 51 percent of Wonder Bakery LLC in the UAE for 96.9 million dirhams, marking a strategic expansion of its food manufacturing footprint beyond Saudi Arabia.
The acquisition, which remains subject to regulatory approvals, is expected to support the group’s regional growth ambitions and strengthen supply chain integration.
BinDawood shares closed at SR4.68, up 0.43 percent, reflecting a positive market reaction to the overseas expansion move.
Meanwhile, Al Moammar Information Systems disclosed the contract sign-off for the renewal of IT systems support licenses with the Saudi Central Bank, valued at SR114.4 million, inclusive of VAT.
The 36-month contract is expected to have a positive financial impact starting from fourth quarter of 2025, reinforcing MIS’s position as a key technology partner for critical government institutions. The stock surged to the session’s limit making it the top gainer.
In a separate disclosure, Maharah Human Resources confirmed the completion of the sale of its entire stake in Care Shield Holding Co. through its subsidiary, Growth Avenue Investments, for a total consideration of SR434.3 million.
The transaction involved the transfer of 41.36 percent of Care Shield’s share capital to Dallah Healthcare, with Maharah receiving the full cash proceeds.
Despite the strategic divestment, Maharah shares closed lower, ending the session at SR6.12, down 1.29 percent.
