CHINA: CANADA-Foreign Mins Meet Amid Efforts To Improve Ties
(MNI) London - State-run Xinhua reports comments from Foreign Minister Wang Yi following a meeting with his Canadian counterpart Anita Anand on the sidelines of the ASEAN foreign ministers' meeting in Malaysia. Wang says that China "opposes the generalisation of national security and the unreasonable suppression of Chinese enterprises," adding he "hopes Canada will provide a good business environment for Chinese enterprises to invest and operate in."
- Says that Canada and China "should view each other in a more objective and rational manner, and strengthen cooperation in a more positive and open spirit"
- Relations between the two countries have proved rocky in recent years. SCMP notes "These include the detention of Huawei Technologies executive Meng Wanzhou in Canada in 2018 on a US warrant, and the subsequent jailing of two Canadians in China. Other sources of tensions include [the] expulsion of each other’s diplomats in 2023..."
- PM Mark Carney identified China as the biggest security threat to Canada during the federal election campaign in April.
- However, following the election win for his centre-left Liberal party, Carney and Premier Li Qiang agreed to work to "reset relations" following a call in June.
- Given China sits as Canada's second-largest export market after the US, the Carney gov't could prove keen to improve ties given the prospect of 35% tariffs from the US on Canadian goods.
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US: Bessent Says "Rebalancing" Between US And China Is Possible
US Treasury Secretary Scott Bessent is delivering testimony to the House Ways and Means Committee on President Donald Trump’s tax and trade agenda and the President’s budget request for FY26. The hearing is ongoing. Questions from lawmakers are likely to be dominated by the trade framework struck with China in London. LIVESTREAM
- Per prepared remarks, Bessent said in his opening address: “…Treasury has just completed its most successful tax filing season in years—and we did so while improving efficiencies and cutting costs at the IRS.”
- Bessent noted that, “April receipts this year were up 9.5% over the previous year. And receipts in May were up 14.7% over the previous year... against the backdrop of one of the most consequential tax proposals ever to come before Congress,” referring to the One Big Beautiful Bill.
- Bessent said OBBB, "will make the 2017 tax cuts permanent," adding: “The legislation will provide 100% expensing for new factories, as well as existing factories that expand operations and support Made-in-America. And it will streamline burdensome permitting processes...”
- On trade, Bessent touted “the historic US-UK trade deal,” which he claimed “is a preview of what’s to come. Dozens of countries have engaged the administration thus far with offers to improve their trade relations with the United States. This includes China.”
- On China, Bessent said: “If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible.”
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