WASHINGTON: US and Chinese negotiators ended two days of meetings Thursday without breaking a deadlock over trade that has unnerved financial markets and disrupted global commerce.
The delegations “exchanged views on how to achieve fairness, balance and reciprocity in the economic relationship,” Lindsay Walters, a White House spokeswoman, said in a statement. She did not mention further talks.
A Chinese Commerce Ministry statement said the talks were “constructive and frank” but gave no details. It said the two sides would “maintain contact.”
The dispute over China’s high-tech industrial policy escalated Thursday as the Trump administration and Beijing imposed taxes on an additional $16 billion of each other’s goods. The administration last month had slapped tariffs on an initial $34 billion in Chinese products, and Beijing responded in kind.
The Trump team is preparing tariffs on $200 billion more of Chinese products, and China has vowed to counterpunch by targeting $60 billion in American goods.
The US-China talks this week were the first since discussions in June failed to produce any agreement.
The Trump administration accuses China of using predatory tactics to obtain American technology, including forcing US companies to hand over trade secrets in exchange for access to the Chinese market.
US-China trade talks end with no breakthrough
US-China trade talks end with no breakthrough
- The delegations ‘exchanged views on how to achieve fairness, balance and reciprocity in the economic relationship’
- The US-China talks this week were the first since discussions in June failed to produce any agreement
Marine insurance companies are considering canceling, repricing policies in the Middle East
RIYADH: Marine insurance companies are considering canceling or repricing policies in the Middle East, according to the Financial Times
This comes after the US and Israeli strikes on targets inside Iran, followed by missile attacks and retaliatory military actions in several countries in the region.
Marine brokers expect insurance premiums for ships to rise by up to 50 percent, given the region’s classification as a “war zone.”
Ship owners are considering rerouting their vessels to avoid the Strait of Hormuz and reduce risks to crews and cargo.
20% of the global oil supply passes through the Strait of Hormuz.
Regarding oil prices, a rise is expected as 20 percent of global oil supply passes through the Strait of Hormuz, amid concerns about continued tensions in the region.
Air traffic in the Middle East was severely disrupted after several countries closed their airspace completely or partially, while regional and international airlines suspended or rescheduled flights.
On the morning of March 1st, the Iranian capital, Tehran, witnessed several large explosions following Israel's announcement of what it described as a “preemptive strike.”
Flights to countries in the region suspended due to attacks
In a video message, US President Donald Trump announced that the US had begun “major combat operations” in Iran, asserting that the goal was to defend the American people by neutralizing what he described as the “imminent threat” from the Iranian regime.
Several regional and international airlines announced the suspension of their flights to some countries in the region due to the attacks.
These military developments come at a time when major shipping companies had already avoided the Red Sea and Suez Canal routes due to security tensions, reverting to the Cape of Good Hope route, which increases shipping costs and puts pressure on global supply chains.
With the closure of airspace in several countries in the region, the risk of disruption to air traffic and trade is increasing, while oil markets are watching closely for any signs of potential supply disruptions from a region that is one of the world's most important energy production hubs.
