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What did Trump and Xi agree on regarding tariffs, export control, and fentanyl
On Saturday, the White House released details of an agreement between U.S. president Donald Trump and Chinese President Xi Jinping that was reached this week to de-escalate both countries' trade conflict. This included U.S. Tariff reductions and a pause on Beijing's restrictions on rare earth mineral and magnets. The agreement, which includes the resumption by China of its purchases of American soybeans and averts Trump’s threatened 100% tariff against Chinese goods, extends for approximately a year a fragile trade truce between two of the largest economies in the world. Here are some key elements of the Trump - Xi agreement reached in Busan on Thursday. TARIFF REDUTION ON CHINESE GOODS RELATED TO FENTANYL The U.S. is halving the 20% tariff placed on Chinese goods relating to the supplies of fentanyl precursor chemicals that come from China. According to U.S. officials, the reduction in tariffs from February to 10% will reduce the U.S. overall tariff rate for Chinese imports by about 57% to 47%. This total includes tariffs of approximately 25% on Chinese imports imposed during Trump's initial term as President, a 10% "reciprocal tariff" imposed in April along with previous "Most Favoured Nation" rates. CHINA ABANDONS RARE-EARTH CONTROL OF EXPORTS China has agreed to a pause of one year on the export controls that it announced this month. Rare earth minerals and magnets play vital roles in cars and planes as well as weapons. They are Beijing's strongest source of leverage during its trade war against Washington. These controls would have required export licensing for products that contained even trace amounts of an expanded list of elements, and were intended to prevent their use in weapons. White House: China will issue general export licenses for rare earths and other materials such as gallium, germanium and antimony to the U.S. and its suppliers. White House stated that this amounted "to the de facto removal" of controls China had imposed between April 2025, and October 2022. The White House announced that China has also agreed to cease all retaliatory duties it has imposed since March 4. These include duties on U.S. poultry, wheat, corn and cotton, soybeans, pork and beef, as well as aquatic products, fruits, vegetable, and dairy products. Beijing said it would also suspend all non-tariff countermeasures that had been taken by the Chinese government against the U.S., such as the listing of certain American companies in the Chinese government’s lists of end users and unreliable entities. Export controls by the Trump Administration have been paused The U.S. agreed on a one-year suspension of an expanded Commerce Department Blacklist of companies that are prohibited from purchasing U.S. Technology Goods, including semiconductor manufacturing machinery. This was to avoid the use of subsidiaries or other firms in order to circumvent export controls. The expanded blacklist automatically included companies that were more than half owned by the companies already listed. This would have been the most significant impact on Chinese firms, as it would have banned U.S. Exports to thousands of Chinese firms. CHINA COMMITS PURCHASE OF SOYBEAN The White House announced that China had agreed to purchase at least 12,000,000 metric tons (or 25,000,000 metric pounds) of U.S. soya beans in 2025's last two months, and at least 25,000,000 metric pounds of U.S. soya beans in each of three subsequent years. The White House also announced that China had agreed to resume its purchases of U.S. hardwood logs and sorghum. China has stopped purchasing U.S. beans in large quantities this fall, and purchased none in September. It now sources its beans from Brazil or Argentina. Washington demanded more purchases due to the loud complaints of U.S. Farmers, who are a major Trump constituency. Analysts have noted that China's soybean purchases will not exceed their previous levels. The U.S. exported almost 27 million tons to China in 2024. China had promised to increase soybean purchases as part of the "Phase One", a Trump-negotiated trade agreement that stopped a trade conflict in 2020. However, the COVID-19 pandemic prevented them from meeting their targets. China will also take steps to resume trade with chipmaker Nexperia's facilities The White House stated in its fact sheet that the production of legacy chips is now allowed to be exported to other countries. The White House announced that Beijing would also extend its market-based exclusion process of imports from America, and the exclusions will remain in effect until December 31, 2026. The White House announced that China would end its antitrust, antimonopoly, and antidumping investigations against U.S. semiconductor firms. TRUMP ADMINISTRATION PUTS OFF NEW PORT FEE The White House announced that Beijing had agreed to lift the sanctions imposed against various shipping companies and remove the measures taken in retaliation to Washington's Section 301 inquiry into China's dominance in the global maritime, logistic and shipbuilding sectors. The Trump administration has agreed to suspend for one year the new port fees that are imposed on Chinese built, owned and flagged ships. The fees were intended to revive U.S. shipbuilding and could have added thousands of dollars per voyage to U.S. port. On October 14, the port fees and 100% tariffs were implemented, along with ship-to shore cranes built in China. The fees disrupted the cargo flow and caused container prices to rise as shippers tried to avoid China-linked ships. China has set its own fees for U.S. linked ships, which includes those owned by global shippers who have 25% U.S. equity. White House announced that it would continue to talk with South Korea and Japan about revitalizing American shipbuilding while negotiating with China on the issue. COOPERATION AGAINST FENTANYL TRACKERS The White House announced that China had agreed to "significant measures" in order to stop the flow of fentanyl into the U.S. This included a halt to the shipment of certain chemical precursors to North America, and a strict control of exports of chemicals around the world. U.S. Treasury Sec. Scott Bessent said on Fox Business Network that in the next few weeks, working groups of both countries will "set very objective measurements" to reduce flows and measure the success of curbing the deadly drug blamed for tens thousands of U.S. deaths from overdoses every year. The tariffs were put in place by the Trump administration because they were worried about China's promises to help. They said that the tariffs would be in place until Beijing took concrete steps. Reporting by David Lawder; editing by Paul Simao, David Gregorio, and Doina Chiacu.
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The pilots' union gives Lufthansa more time to settle pensions dispute and avoid a possible strike
According to a letter sent to members by the German pilots' union VC on Saturday, Lufthansa has been given more time to settle a pensions dispute. This will prevent a strike for the moment. In the letter of Friday, it was stated that the employer would be asked to make an offer again, and with a deadline. The talks have been going on since May. It said that it would "grant management enough time" to do this so, for the moment, no industrial action should be expected. However, it did not specify how much time management would receive. Lufthansa avoided a strike after VC members voted for it in a ballot held at the end September. The union wants higher employer contributions for the 4,800 employees in the cockpit of Lufthansa's core brand and its cargo subsidiary, LufthansaCargo. (Reporting and writing by Ilona wissenback in Frankfurt, Sarah Marsh in Berlin, Rod Nickel).
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On the anniversary of a deadly roof collapse, Serbia witnesses tens of thousands of protests.
A year after the roof of a railway station collapsed, killing 16 people in Serbia's second largest city, tens of thousands protesters marched through the streets on Saturday. They were angry about alleged corruption as well as a perceived lack of accountability. The anger at the lack of prosecutions for those responsible for the collapsed roof has shook President Aleksandar Vucic’s grip on power. Witnesses said that protesters streamed in Novi Sad (a northern city), where the tragedy occurred, either by car, bus or foot. Some had walked long distances. One of Novi Sad’s main boulevards, which was crowded with people, was awash in protesters. Many of the protesters were young. They observed 16 minutes silence, one for each victim. This began at 11:52 am (1052 GMT) when renovations to the roof led to its collapse on November 1, 2024. The protesters wore white flowers, held large red hearts with the names of those who died in the train collapse and placed wreaths at the station. The black-clad father of one victim, in tears, stared at the name of his daughter, amongst others, affixed to the perimeter fence of the station for hours. No violence was reported, unlike during some summer protests when tear gas and stun grenades were used by riot police to disperse rallies. "WE SAY THIS IS ENOUGH" "This is an enormous tragedy for the Serbians." "We cannot bring them back, but we can feel their pain and say enough," said Sladjana BURMAZ, a 51 year old economist from Valjevo in central Serbia. She said: "These people weren't killed by accident. Their deaths were caused by a bad system, poor politics... Justice would be served, if the responsible parties were held accountable." Vucic published on Instagram a picture of himself holding a candle in a church at a ceremony to commemorate the victims of this disaster in Belgrade. Vucic wrote: "Let their names serve as a reminder to all that the human life is more important than any divisions in society." He added that the government had declared Saturday a national day of mourning. Students, academics, and leaders of the opposition are leading a protest movement that accuses Vucic, and his populist, nationalist party, of being responsible for corruption, poor public services, nepotism, and restrictions on media freedoms. They deny these accusations. RAPPORT INDEPENDENT TO EUROPEAN PARLIAMENT Last week, an independent commission made up of professors and judges as well as technical experts who investigated the tragedy reported its findings to the European Parliament. The report revealed that high-level corruption at the state level led to low construction standards and unqualified subcontractors being hired. Such accusations have been denied by government officials. Vucic, as well as Parliament Speaker Ana Brnabic, recently said that the collapse of the roof could have been a terrorist act. The prosecution has indicted senior officials of the state on charges that they endanger public safety. However, a court still needs to confirm this indictment. This prevents a trial. Reporting by Ivana Skularac, editing by Mark Heinrich
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Berkshire Cash sets record profit, signals caution before Buffett's exit
Berkshire Hathaway said on Saturday it was cautious in the markets. It let cash reach a record of $381.7 billion, even though profits rose. This is its final financial report before Warren Buffett steps down as CEO. Buffett's conglomerate has sold more shares than it purchased for the 12th consecutive quarter. Its $283.2 billion portfolio of equity holdings includes Apple and American Express. Berkshire did not buy back any of its stock either, marking the fifth consecutive quarter that it hasn't done so, despite its stock price being significantly below the market. Net income increased 17% to $30.8 billion. Lower insurance losses helped increase third-quarter operating profits by 34%, exceeding analyst expectations. Revenue grew by just 2% - slower than the growth rate of the U.S. overall economy. Berkshire stated that economic uncertainty and waning confidence in consumers have been drags. This has slowed down sales growth for the Clayton Homes homebuilder, and reduced revenue from Fruit of the Loom clothing, Squishmallows toys, and Jazwares. Berkshire isn't keeping up, said CFRA Research analyst Cathy Seifert. She has a "hold rating" on Berkshire. Investors will find it difficult to find a catalyst that can move this stock. BUFFETT READY TO BOW OUT; ABEL to take over Buffett, 95 years old, has been building up cash as he prepares for his end-of-year departure as CEO after six decades. The legendary investor will be succeeded by Vice Chairman Greg Abel (63), though Buffett remains chairman. Abel is more of a hands-on manager compared to Buffett. The Omaha, Nebraska-based Berkshire has a lot of cash. He could pay the conglomerate its first dividend since 1967. Berkshire plans to spend $9.7 billion in cash to purchase Occidental Petroleum’s OxyChem chemical business. The transaction was announced on October 2. James Shanahan of Edward Jones, who in September upgraded his Berkshire rating from "buy" to "buy", said that the company's refusal to spend more cash during the current market rally was disappointing. He said that if you think stocks, even your own, are too expensive, you will eventually be right. But you can be wrong a long time. That's what happened in this case. NET INCOME RISES, HELPED BY GAINS ON STOCKS The operating profit of $13,49 billion, or $9,376 for each Class A share, increased from $10.09billion a year ago. More than two fifths of the growth was due to currency fluctuations. The results were boosted by the absence of major disasters like hurricanes. Geico, the car insurance company, reported lower profits because it spent more on advertising to obtain new policies. As interest rates fall, insurance will face a headwind. This was also the case in the third-quarter. BNSF increased its profit by 6% in the first quarter of this year, citing "lower fuel costs" and "improved productivity". Berkshire Hathaway Energy's 9% decline in profit was due to legal costs from wildfires as well as higher costs for natural gas pipelines in Britain and Northern Powergrid. Berkshire continues to evaluate how the One Big Beautiful Bill Act, signed by U.S. president Donald Trump in July, might impact its renewable energy project viability. The net income of $30.8 billion, or $21,413 for each Class A share, increased from $26.25 billion the year before. Net results include gains or losses on stocks Berkshire does not sell. Buffett thinks that such results do not help him understand his company. STOCK PRICES LAGS in the Broader Market Investors are selling Berkshire stock in response to their concerns about the company's future and pending changes in management. Berkshire stock has dropped 12% since Buffett announced he was stepping down on May 3. It is now 32 percentage points behind the Standard & Poor 500. Berkshire will be 11 percentage points below the index by 2025. "Impatient Investors feel that Berkshire needs to deploy its money urgently and are casting their nets in other directions," said Tom Russo. Tom Russo is a partner of Gardner Russo & Quinn, a $10 billion investment firm in Lancaster, Pennsylvania. Russo owns Berkshire shares since 1982, and he said that Berkshire is "extremely well positioned" over the long-term. He said that Berkshire would not deploy capital if it didn't add intrinsic value to each share. Knowing what guides Berkshire allows investors to make an informed decision. Conglomerate has close to 200 companies that include Dairy Queen, See's Candies and chemical and industrial businesses. Since 2016, it hasn't made any major acquisitions since paying $32.1 Billion for Precision Castparts, a maker of aerospace parts. Shanahan stated that "Abel is a great opportunity."
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Shooting on Greek island Crete leaves two dead and 10 injured
In a shooting that took place in a village in Crete, Greece on Saturday, a man and woman were both killed. At least 10 other people were injured. A senior police official called it a family vendetta. The police have not released any immediate information on the suspect shooter who opened fire at the village of Vorizia. Unknown to the first police official, a second said that an explosion occurred on Friday evening at a building site in which a bomb had been placed. Both police officials spoke under condition of anonymity. Crete is a place where violent feuds have been fought between families in the past over disputes fueled by revenge, insults and hurting honour. The second official confirmed that Greece's top officials in the police, including the chief of the force and the leader of the unit combating organised crime, would be heading to Crete this Saturday. Reporting by Yannis Soulieotis, Renee Maltezou and Peter Graff.
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The UK's Port of Dover delays the new EU border controls for tourist traffic
The Port of Dover in Britain has put on hold the rollout of new biometric border controls for car passengers that are part of the European Union, as the French authorities have not yet given their approval. The EU began implementing its long-delayed Entry/Exit System last month for all non EU citizens, including British tourists. This automated system requires travellers to register their passports at the border, and have their fingerprints and photographs taken. The process for British travellers who use the Port of Dover or the Eurotunnel Terminal at Folkestone, or the Eurostar Terminal at St Pancras International will be completed at the border, before they leave the UK. From October 12, the Port of Dover has been subject to EES inspections for freight and coach traffic. The planned start of the tourist traffic checks on Saturday has been postponed. The French authorities are guiding us as to the date of activation. Doug Bannister is CEO of Port of Dover. Bannister, who spoke last month about the traffic checks in peak summer season, said that he was confident they would not cause congestion but warned that it would take six time longer to process every car.
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Indian temple stampede kills nine, injures several
Government officials reported that a stampede early Saturday morning at a temple located in the southern Indian state of Andhra Pradesh resulted in at least nine deaths and several injuries. According to Pawan Kalyan the deputy chief minister of the state, the stampede happened as people crowded into Sri Venkateswara Swamy Temple in Srikakulam, on Ekadashi. Hindus regard this day as auspicious. In a press release, Kalyan stated that "an inquiry will be conducted" into the tragic event. He added that the temple is run by private individuals. Nine people were killed, he said. Anam Ramanarayana Reddy, minister of state, said that 25,000 people crammed into the temple which could only accommodate 2,000. This led to the crush. District officials were also instructed to give medical attention to those injured. Swapnil Pundkar, collector and magistrate for Srikakulam District, said that 18 injuries had been reported. Two critically injured patients were transferred to a tertiary hospital for treatment. In a recent post, Narendra Modi, the Prime Minister, said that the government would pay compensation to the families of those who died and 50,000 to those injured. $1 = 87.8950 Rupees (Reporting and editing by Clarence Fernandez; Ashwin Manikandan, Rishika Sadam)
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Indian temple stampede kills nine, injures several
An official from the state of Andhra Pradesh in southern India said that a stampede early Saturday morning killed nine people and injured several others. According to Pawan Kalyan the deputy chief minister of the state, the stampede occurred as Hindus crowded into the Sri Venkateswara Swamy Temple in Srikakulam, on Ekadashi. In a press release, Kalyan stated that "an inquiry will be conducted" into the tragic event. He added that the temple is run by private individuals. Nine people were killed, he said. Anam Ramanarayana Reddy, minister of state, said that 25,000 people crammed into the temple which could only accommodate 2,000. This led to the crush. District officials were also instructed to give medical attention to those injured. In a recent post, Narendra Modi, the Prime Minister, said that the government would pay compensation to the families of those who died and 50,000 to the injured. $1 = 87.8950 Rupees (Reporting and editing by Clarence Fernandez; Ashwin Manikandan, Rishika Sadam)
Portugal announces that the sale of TAP Airlines has cross-party support
The government of Portugal expects that the partial privatisation process for flag carrier TAP will proceed smoothly. This is due to a rare political consensus across parties and interest shown by Europe's biggest airlines, Infrastructure Minister Miguel Pinto Luz stated on Friday.
He stated that the centre-right minority government initially wanted to offer 100% of TAP but settled for 49.9% when the two major opposition parties threatened to stop any larger sale. This led to a “broad consensus” in parliament with the extreme right Chega and Socialist parties.
He told a committee of parliament that "dialogue and mutual respect is always the best way for politics."
To ensure transparency, the sale of the property will be reviewed and monitored by an independent commission as well as a working group within the parliament.
Portugal has relaunched its long-delayed TAP privatisation in July. The aim is to sell a stake of 44.9% to a carrier that can bring global scale and competition, plus an additional 5% for TAP staff.
Airlines interested in TAP are required to submit a formal "manifestation" of interest by November 21, and non-binding bids by the end the year.
Lufthansa and Air France-KLM have expressed interest in purchasing TAP. British Airways and IAG, the owner of British Airways, also met with the government last year.
(source: Reuters)