President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
China's state media is putting up a brave front as the country's trade war with the U.S. escalated sharply over the weekend.China Economyread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
U.S. stock futures surged Monday morning after President Trump said China is ready to come back to the negotiating table following a phone call Sunday and the two countries...Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
After years of talks, Iran and six major powers clinched a historic nuclear deal Tuesday, sending oil prices lower.
The agreement will see some sanctions on Tehran eased in exchange for restrictions to its nuclear program. In a tweet, Iranian President Hassan Rouhani said the deal showed that "constructive engagement works."
Oil prices came under pressure following the news, in anticipation of Iran bringing more oil onto the market and forcing prices down. However, experts suggest this could be a couple of years off as Iran will need to invest in infrastructure to come back online. Brent crude fell 2 percent on the news, but pared losses to trade around $57.63 a barrel at 1 p.m. London time.
Negotiations between Iran and the U.S., Britain, France, Germany, Russia and China finally came to a head in Vienna this week, as Tehran came under pressure to curb its nuclear program in return for relief from economic sanctions that have crippled its economy.
In the so-called Joint Comprehensive Plan of Action (JCPOA), the world powers put restrictions on Iran's ability to enrich uranium.
Iran is allowed could carry out "specific research and development (R&D) activities for the first 8 years" of the deal, with further enrichment activities possible afterwards, "for exclusively peaceful purposes," according to a copy of the JCPOA posted on the Russian government's Facebook page. Tehran is also not permitted to stockpile large amounts of enriched uranium.
The International Atomic Energy Agency (IAEA) will be the watchdog that monitors Iran's nuclear activities.
President Barack Obama said the deal would make the world a safer place.
"This deal demonstrates that American diplomacy can bring real and meaningful change," he said at a press conference.
Congress will now have 60 days to review the deal and, if it rejects the deal, Obama would be able to veto the Legislative Branch's rejection.
The agreement means that all UN Security Council sanctions on Iran will be lifted, along with multilateral and national sanctions related to Iran's nuclear program, the EU's foreign affairs chief Federica Mogherini said at a press conference.
As such, Iran will now be able to carry out functions it was previously not allowed to, such as exporting oil.
"We have successful concluded negotiations and resolved disputes that lasted more than 10 years," Mogherini said at a press conference, where she described the agreement as a "balanced deal".
As part of the broader negotiations, the International Atomic Energy Agency (IAEA) said it signed a "roadmap" to clarify what it called "past and present outstanding issues" regarding Iran's nuclear program by the end of the year.
"It sets out a clear sequence of activities over the coming months, including the provision by Iran of explanations regarding outstanding issues," IAEA Director General Yukiya Amano, said in a statement.
The framework involves a "special agreement" over Parchin - Iran's secret military site - though details of what this involves are scarce.
Reaching an agreement on Iran has been a top priority for Obama's administration, but could put him on collision course in Congress and cause tensions with allies Saudi Arabia and Israel in the Middle East.
Obama has maintained that a deal would curb Iran's nuclear ambitions, but other nations in the region are concerned that a lifting of economic sanctions could see Iran bolster its conventional military capabilities.
Israeli Prime Minister Benjamin Netanyahu lambasted the deal on Twitter, calling it a "historic mistake."
However, Iranian Foreign Minister Javad Zarif moved to quash fears of other nations in a YouTube video, arguing that the deal would mean Iran could address "common challenges" in the Middle East.
"Our common threat today is the growing menace of violent extremism and outright barbarism...The menace we are facing...is embodied by the hooded men who are ravaging the cradle of civilization," Zarif said.
"To deal with this challenge, new approaches are badly needed. Iran has long been at the store front in the fight against extremism. I hope my counterparts will also turn their focus and devote their resources to this existential battle."