Rubio to Meet China's Wang Yi in Malaysia
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20hon MSN
China has been a fierce critic of sweeping U.S. tariffs that Trump announced on April 2. He later delayed the implementation of most but China, which has said it will respond with its own tariffs on U.S. imports, now faces a deadline next month to negotiate a deal.
Demand for physical gold remained sluggish this week across major Asian markets as price volatility weighed on sentiment, with premiums in China holding firm and discounts in India narrowing.
U.S. Secretary of State Marco Rubio met his Japanese and Philippine counterparts in a meeting Thursday on the sidelines of the Association of Southeast Asian Nations’ annual ministerial meetings in Malaysia. The U.S., Japan and the Philippines have been building a trilateral bloc to broaden security and economic cooperation.
Chinese state media warned the Trump administration against striking deals that sideline China, after the president announced that Asian countries would face higher tariffs starting on Aug. 1.
Vietnam was the first in Asia to strike a deal, but it has little leverage against Washington, and is now facing levies up to 40%. The same goes for Cambodia. A poor country heavily reliant on exports, it has been negotiating a deal as Trump threatens 35% tariffs.
Secretary of State Marco Rubio met counterparts in Southeast Asia during his first visit to the region since taking office.
The U.S. Secretary of State wants to bolster defense ties in the Indo-Pacific, while distrust of Trump’s commitments to the region, particularly on economic issues, runs deep.
Beijing has repeatedly accused the Philippines of being in a pawn in U.S. efforts to contain China's rise and touted bilateral dialogue with its neighbor as the only solution to their territorial dispute.
2hon MSN
China and the Association of Southeast Asian Nations have agreed to submit a pact upgrading their free trade areas to their leaders for approval in October, according to China's foreign minister Wang Yi on Saturday.