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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
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US, Chinese Officials Start Geneva Talks on Easing Trade War

US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)
US Secretary of the Treasury Scott Bessent, listens to the speeches, during a bilateral meeting between Switzerland and the United States, in Geneva, Switzerland, on Friday, May 9, 2025. (Martial Trezzini/Keystone via AP)

China's vice premier He Lipeng held talks with US Treasury Secretary Scott Bessent early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China's state-owned news agency and two people close to the talks.
Bessent and US Trade Representative Jamieson Greer were due to meet He in Geneva after weeks of growing tensions that have seen duties on goods imports between the world's two largest economies soar well beyond 100%.
The trade dispute, combined with US President Donald Trump's decision last month to impose duties on dozens of other countries, has disrupted supply chains, unsettled financial markets and stoked fears of a sharp global downturn.
US President Donald Trump said on Friday an 80% tariff on Chinese goods "seems right," suggesting for the first time a specific alternative to the 145% levies imposed on Chinese imports.
The location of the talks has been kept secret, although a witness saw over a dozen police cars outside a private residence in a leafy Geneva suburb.
Mercedes vans with tinted windows were seen leaving a Geneva hotel where the Chinese delegation was staying on the banks of Lake Geneva.
Earlier, a delegation of over a dozen US officials, including Bessent and Greer, were seen smiling and wearing red ties and American flags on their lapels as they left their hotel. Bessent declined to speak to reporters.
 

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Kuwait Plans to Return to Globat Debt Market to Finance Development Projects

Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)
Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)
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Kuwait Plans to Return to Globat Debt Market to Finance Development Projects

Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)
Undersecretary of the Ministry of Finance Aseel Al-Munifi and Director of Public Debt at the Finance Ministry Faisal Al-Muzaini speak during a presentation of the new debt law. (KUNA)

Kuwait plans to return to the global debt market this year and is expected to borrow between $10 to $20 billion during the current fiscal year to finance development projects, a finance ministry official said on Monday.

On March 26, the Kuwaiti government issued a debt law that sets the public debt ceiling at a maximum of 30 billion Kuwaiti dinar (about $97 billion), or its equivalent in major convertible foreign currencies. The law also allows the issuance of financial instruments with maturities of up to 50 years.

It is valid for 50 years from the date of its entry into force, establishing a long-term legal framework for regulating public borrowing and liquidity management in Kuwait.

Director of Public Debt at the Finance Ministry Faisal Al-Muzaini said during a presentation of the new debt law that the ratio of debt to gross domestic product (GDP) in Kuwait is minuscule at just 2.9%, whereas it is 60 to 70% in many countries.

Al-Muzaini announced that Kuwait is returning to the financial markets, both domestic and international, for borrowing in the 2025/2026 fiscal year.

He described the move as the largest financial market entry in over eight years, hailing the law as a landmark in public finance reform and saying stating it provides the government with a robust legal framework for managing public debt.

The framework allows for debt maturities of up to 50 years and sets a borrowing ceiling of 30 billion Kuwaiti dinar (approximately $92 billion).

Al-Muzaini added that the Ministry of Finance has outlined a flexible strategy to engage confidently with financial markets while prioritizing competitive financing costs and diversifying the investor base both geographically and institutionally.

One key focus, he said, is developing the local debt market by establishing a yield curve that will serve as a benchmark for future issuances.

“This law sends a strong message of fiscal discipline and credibility to global markets,” Al-Muzaini said. “It is expected to contribute to enhancing Kuwait’s credit profile, drawing wider investor interest, and advancing the country’s transition toward a diversified economy.”

Undersecretary of the Finance Ministry Aseel Al-Munifi said on Monday that the law aims to stimulate the economic environment, attract foreign investments and boost developmental and economic returns for the state. The law, which came into effect on March 27, also seeks to bolster the banking sector and improve fiscal stability, she said.

Al-Munifi explained that the legislation equips the government with modern financial tools, enabling access to both local and international financial markets. These tools, she said, will help secure funding for key development projects.

“The law will support the restructuring of government financing, reduce borrowing costs, and strengthen Kuwait’s credit rating,” she said. “It reflects positively on the state’s borrowing capabilities under competitive conditions and helps build up financial reserves to meet commitments amid evolving economic circumstances.”

Al-Munifi also noted that the new law will serve as an essential mechanism for financing major national projects, particularly in infrastructure, housing, education, and healthcare — sectors included in the government’s general budget for the next five years.

Moreover, she revealed that preparations for the issuance of the long-anticipated Sukuk Law have been finalized. “The draft has been completed by the Ministry and is currently under discussion in relevant Cabinet committees. It will soon proceed through the constitutional procedures for final approval,” she said.