Morning Wrap | China-US economic and trade consultations reached a basic framework; Trump: Will write to trading partners in the near future to set unilateral tariffs

Today's Top News:

• China's international trade negotiator from the Ministry of Commerce: China and the United States have reached an agreement framework in principle .

• Trump's tariff deadline is approaching, and the EU is said to be refusing to compromise and plans to postpone trade negotiations until after July . Trump said that he will write to trading partners in the next one to two weeks to set unilateral tariffs.

• Tariff price increases have not yet materialized, with the U.S. CPI increasing 2.4% year-on-year in May and the core CPI increasing 0.1% month-on-month, falling short of expectations for the fourth consecutive month .

• Hearing of U.S. Treasury Secretary Benson : U.S. inflation data is "very good" ; it would be a "disaster" if Congress does not pass the spending bill; Section 899 prevents U.S. companies from losing revenue abroad; for trading partners that negotiate in good faith, it is likely to delay the implementation of suspended reciprocal tariffs ; in response to whether he is willing to be the Chairman of the Federal Reserve: he hopes to continue to be Treasury Secretary until 2029 .

• There was a big reversal in the dispute between Trump and Musk: Musk publicly admitted his mistake and said he regretted attacking Trump and that he had gone too far before . The media reported that Musk called Trump privately late at night before repenting , and Vance was the key driving force behind the reconciliation.

• Huang Renxun's speech at the GTC conference: Quantum computing is reaching a turning point , and plans are underway to build 20 new "artificial intelligence factories" in Europe.

---

Details: