‘China wants US tariffs rolled back in phase one trade deal’

The signing of a phase one agreement may not take place until the new year as Beijing has pressed for more extensive rollbacks of tariffs. (Reuters/File)
Updated 01 December 2019
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‘China wants US tariffs rolled back in phase one trade deal’

  • Continued uncertainty on whether the two sides can strike an agreement grips investors

WASHINGTON: Beijing is insisting US tariffs must be rolled back as part of any phase one trade deal with Washington, China’s Global Times newspaper said on Sunday citing unnamed sources, amid continued uncertainty on whether the two sides can strike a deal.

“A US pledge to scrap tariffs scheduled for December 15 cannot replace the rollbacks of tariffs,” the newspaper said in a tweet, referring to an additional round of tariffs on Chinese imports to be implemented in the absence of a trade deal.

The Global Times is published by the People’s Daily, the official newspaper of China’s ruling Communist Party.

On Tuesday, US President Donald Trump said Washington was in the “final throes” of a deal aimed at defusing a 16-month trade war with China, a few days after Chinese President Xi Jinping had expressed his desire for a trade agreement. Top trade negotiators for both countries also spoke again and agreed to continue working on the remaining issues.

Trade experts and people close to the White House told Reuters last month, however, that signing of a phase one agreement may not take place until the new year as China pressed for more extensive rollbacks of tariffs. An agreement was initially expected to be completed by the end of November.

Chuck Grassley, chairman of the US Senate finance committee, told reporters on Tuesday that China invited US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin for in-person talks in Beijing.

Grassley said Lighthizer and Mnuchin were willing to go if they saw “a real chance of getting a final agreement.”

A source familiar with the trade talks also told Reuters that US officials could travel to China after Thursday’s Thanksgiving holiday in the US.


Saudi Arabia sees 21% jump in mining sector licenses since 2016

Updated 5 sec ago
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Saudi Arabia sees 21% jump in mining sector licenses since 2016

  • The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016

RIYADH: Saudi Arabia’s mining sector has shown sustained growth, with the number of mining licenses increasing from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 mineral wealth statistics from the General Authority for Statistics.

The data highlights a steady upward trend in recent years. Licenses rose to 2,100 in 2021, marking a 6 percent increase from the previous year. 

The upward trajectory continued with 2,272 licenses in 2022, 2,365 in 2023, and 2,401 in 2024, reflecting expanding exploration and investment activity across the Kingdom’s mining sector. Building material quarries accounted for the largest share of mining permits, climbing from 1,267 licenses in 2021 to 1,481 by 2024. 

Exploration licenses also recorded consistent growth, supporting the Kingdom’s broader push to develop its mineral resources. 

Other categories of mining activity saw significant expansion, including 2,554 exploration licenses, 744 exploitation licenses, 151 reconnaissance licenses, and 83 surplus mineral ore licenses issued during the same period.

The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016, which aim to diversify national income sources and strengthen non-oil sectors.