Mōrena and welcome to your Monday recap of the key business and political stories making headlines around the world.
First to trade, and US officials involved in trade negotiations with China emerged after two days of talks with “substantial progress”, CNN reported.
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Treasury Secretary Scott Bessent said. The negotiations in Switzerland were “productive”.
US Trade Representative Jamieson Greer indicated that an agreement had been reached after US President Donald Trump introduced 145% tariffs on most Chinese goods last month. China then retaliated with 125% on US goods.
Before the weekend talks, Trump suggested cutting tariffs on China to 80% to de-escalate the trade war, the Guardian reported: “80% Tariff on China seems right! Up to Scott B,” Trump wrote, referring to Bessent.
Meanwhile, trade between the US and China eased last month. Chinese exports to the US fell 21% in April, compared with last year. US shipments to China also fell about 14%. China’s overall exports jumped by 8.1%, ahead of forecasts of 1.9%.
Elsewhere, Ukrainian President Volodymyr Zelensky said he was prepared to meet Russian counterpart Vladimir Putin this week, after Trump urged Zelensky to accept the offer of peace talks in Turkey, CNN reported.
Putin proposed holding “direct talks” with Ukraine in Turkey on Thursday local time. Ukraine’s allies warned there could be no talks before Putin agreed to an unconditional ceasefire.
Earlier, Russia held a large military parade in Moscow to mark the 80th anniversary of the defeat of Nazi Germany in the Second World War, the BBC reported.
Putin said its soldiers were fighting against "Nazism" and "antisemitism". Zelensky described the event as a "parade of cynicism".
Ukrainian President Volodymyr Zelensky.
India and Pakistan blamed each other for violating a ceasefire just hours after an agreement was reached on Saturday local time, the ABC reported.
Indian Foreign Secretary Vikram Misri said there had been repeated violations of the agreement. "We call upon Pakistan to take appropriate steps to address these violations and deal with the situation with seriousness and responsibility."
Pakistan’s Foreign Ministry blamed India for the violation. It said Pakistan remained committed to the agreement and its forces were handling the situation with responsibility and restraint.
“We believe that any issues in the smooth implementation of the ceasefire should be addressed through communication at appropriate levels.”
Elsewhere, the US confirmed its plan to use private security firms to control aid deliveries in Gaza, after it claimed that previous international efforts had led to supplies being stolen by militant group Hamas, the BBC reported.
US ambassador to Israel Mike Huckabee said distribution centres would be protected by contractors and the area secured by Israeli troops.
However, UN humanitarian agency OCHA refused to participate in the plan.
Meanwhile, freshly elected Pope Leo XIV urged the world’s major nations for “no more war”, in his first Sunday message in St Peter’s Square, CNBC reported.
He called for an “authentic and lasting peace” in Ukraine, a ceasefire in Gaza, and the release of all Israeli hostages.
Trade Minister Todd McClay.
Finally, New Zealand Trade Minister Todd McClay travelled to the UK on the weekend for trade talks. “Better access to overseas markets is an important part of the Government’s economic plan to grow the economy and create better paying jobs.”
To date, the NZ-UK free trade agreement had resulted in a 21% increase in New Zealand exports worth an additional $644.4 million over two years.
He said the primary sector was leading the way, boosted by food and fibre exports along with travel and technology.
The UK is New Zealand’s seventh-largest trading partner, with two-way trade worth $7.27 billion.
McClay will travel to Korea on Tuesday for the Apec Trade Ministers’ meeting. He will hold bilateral meetings with Apec and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trading partners.
