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U.S. ANNOUNCES CHINA TRADE DEAL IN GENEVA
Secretary of the Treasury Scott Bessent: “I’m happy to report that we made substantial progress between the United States and China in the very important trade talks. First, I want to thank our Swiss host. The Swiss government has been very kind in providing us this wonderful venue, and I think that led to a great deal of productivity we’ve seen. We will be giving details tomorrow, but I can tell you that the talks were productive.
We had the vice premier, two vice ministers, who were integrally involved, Ambassador Jamieson, and myself. And I spoke to President Trump, as did Ambassador Jamieson, last night, and he is fully informed of what is going on. So, there will be a complete briefing tomorrow morning.”
U.S. Trade Representative Ambassador Jamieson Greer: “This was, as the Secretary pointed out, a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought.
That being said, there was a lot of groundwork that went into these two days. Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”
@ Newshounds News™
Source: The White House
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BRICS OR THE US? SAUDI ARABIA MAY HAVE CHOSEN A SIDE AMID THE FACEOFF
Since the start of the year, the BRICS economic alliance and the US have seen tensions explode, and Saudi Arabia has unwillingly sat at the center. Indeed, their issues have reached a fever pitch amid a brewing trade war between the United States and China. Now, all eyes are on Riyadh and where its loyalties could lie in a geopolitical sense.
The country was among the first to be included in the bloc’s landmark expansion plan. However, since accepting an invitation to join, Saudi Arabia has yet to fully become a part of the collective. Now, that may never come, as it stands in a complicated position with both allies.
Saudi Arabia Stands at the Center of US & BRICS Conflict: Which Side Are They On?
Since his return to the White House, US President Donald Trump has not minced words regarding the BRICS bloc. Indeed, he warned that the bloc would face a 150% tariff for its attempts at creating a currency to rival the US dollar. Moreover, it has hit China with import duty increases as high as 245% amid its ongoing challenges.
Those issues have only continued to fester throughout the year. Moreover, it has created a rather uncertain geopolitical dynamic for one nation at the center. Specifically, as the BRICS and the US face off, Saudi Arabia may soon be forced to choose a side. That is, if it hasn’t already done so.
Saudi Arabia was present at a BRICS meeting last week, according to sources. Moreover, it is still considered a potential BRICS nation after accepting its invitation to join as an expanding country.
However, that may not tell the whole story. Specifically, the country is worried that its BRICS relations will threaten its partnership with the US, Reuters reports.
Saudi Arabia “does not want to risk US anger as negotiations are underway in Washington,” the report noted. This created a notable balancing act between its US and Chinese relations. On the one side, China is its biggest oil exporter. Alternatively, Washington is a key security and tech partner.
The decision may have already been made due to its inaction; however, Riyadh has yet to officially join BRICS. Therefore, it may be able to salvage its relationship with China on its own. Subsequently, ensuring its partnership with both nations could endure, with only BRICS suffering in the end.
@ Newshounds News™
Source: Watcher Guru
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DEMOCRATIC SENATORS PROPOSE BAN ON CRYPTO PROMOTION BY TRUMP, SENIOR GOVERNMENT OFFICIALS AMID STABLECOIN BILL SPAT
▪️__A group of 20 Democratic Senators__ has introduced legislation that would ban the creation and promotion of cryptocurrencies by the President, Vice President, Congress, and Senate-confirmed Cabinet members, among some others.
▪️__The legislation was introduced amid growing tensions__ over the Senate’s stablecoin bill, after a number of Democrats withdrew their support from the current version of the bill.
▪️__The bill would attempt to prohibit Trump and Melania from profiting from their memecoins, though it would not necessarily impact the World Liberty Financial project.
▪️Elon Musk, as a Special Government Employee, would also be barred from promoting crypto.
A group of 20 Democratic Senators have unveiled new legislation that seeks to prohibit senior government officials from issuing or endorsing cryptocurrencies, as key Democrats raise concerns about President Trump’s business dealings in the crypto sector.
The so-called “End Crypto Corruption Act of 2025” would prohibit the President, Vice President, members of Congress, individuals appointed to Senate-confirmed positions, and certain other special government employees in the Executive Office, plus their spouses and dependent children, from issuing, sponsoring, or endorsing any cryptocurrencies or other digital assets.
One such special government employee: Elon Musk, alongside other members of the Department of Government Efficiency (DOGE) team. Musk recently clarified that the department has no plans to use the memecoin of the same name in its official capacity.
Normal sale transactions would be permitted in the current form of the bill, which imposes fines and possible jail times on offenders. The bill covers government employees and their families during their term and for one year after, and was introduced on May 7.
The bill, the Senate counterpart of similar House legislation introduced earlier this year, is the latest response to the escalating political negotiations over the Senate’s stablecoin bill.
A number of Senate Democrats voted against the legislation in its current form, accusing Republicans of not compromising on key issues like anti-money laundering legislation and foreign issuer oversight.
The bill seeks to prevent President Trump and his wife Melania from profiting from their memecoins, which were issued shortly before the inauguration. $TRUMP has recently traded higher after Trump announced its top holders would be personally invited to a White House dinner, raising conflict of interest concerns from some Democrats.
However, it’s unclear whether Trump’s position as “chief crypto advocate” at the World Liberty Financial firm — more closely associated with his sons and senior administration members — would be prohibited under the bill in its current form.
Senate Democrats have recently raised concerns about a planned $2 billion deal between an Abu Dhabi investment firm and Binance with the firm’s WLD1 stablecoins.
“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family’s stablecoin to partner with foreign investment companies,” several Democratic senators wrote last week.
Senator Elissa Slotkin (MI), a co-sponsor of the bill, told Michigan Advance that preventing Trump from profiting from his memecoin is more pressing than broader crypto regulation:
“We’ve got a more immediate crocodile closer to the boat, and that’s the president of the United States, selling his own currency and marketing his own currency and using it as a form of payment to line his pockets,” Slotkin said.
@ Newshounds News™
Source: The Block
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