US President Donald Trump proposed cutting tariffs on imports from China to 80 percent from 145 percent ahead of ice-breaker trade talks in Genva on Saturday between Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent and US chief trade representative. Trade tensions between the world's two largest economies have disrupted global supply chains and caused economic repercussions on both sides of the Pacific.Businesses and investors have welcomed the first talks since the US started the tariff war last month, hoping they will lead to de-escalating tensions. However, former US trade negotiator Stephen Olson told the BBC that bilateral friction will "not be resolved anytime soon." And Eswar Prasad, former head of the China division of the International Monetary Fund, told the British broadcaster that the talks could produce "a pullback from sky-high bilateral tariffs, but that would still leave in place high tariffs and various other restrictions" to be addressed.

US Commerce Secretary Howard Lutnick, in an interview with Bloomberg Television, said concluding trade agreements with South Korea and Japan will require considerably more time than did the recent framework deal announced with the UK. Lutnick also suggested that India could be the next nation to secure a deal with the US.

China launched a crackdown on illegal exports of strategic minerals like gallium, germanium and rare earths, citing a national security risk. At a Friday meeting in Shenzhen, top officials from customs, the commerce ministry and national security agencies pledged to strengthen enforcement to stop deceptive export practices. China holds major reserves of key industrial minerals that are in strong global demand.

Shanghai is leading a campaign to absorb export backlogs into the local economy. The question remains: How will such a flood merchandise affect the market?(Click the headline to read full article.)