Research & Analysis

Top US and Chinese trade officials met in Madrid earlier this week, with TikTok the center of discussions. Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer led the US delegation, while Vice Premier He Lifeng and Li Chenggang, China’s chief trade negotiator, led the Chinese side.

In a statement released on June 6, the Shanghai Stock Exchange pledged to guide listed companies to raise the share and frequency of dividend distribution, as well as to make better use of tools such as share buybacks, M&As, and investor engagement. The SSE is hoping the moves will boost confidence in Chinese assets and make the domestic capital market more attractive for long-term investment.

Trump issued an executive order last Friday modifying the scope of his reciprocal tariffs to expand exemptions for trading partners. It adds to the list of products exempted from these tariffs due their being impacted by pending or future Section 232 actions — such as certain critical minerals, chemicals, and solar cells — while removing other products like silicon, resin, and aluminum.

China’s National Development and Reform Commission (NDRC) is drafting the 15th five-year plan (FYP), which will loosely guide the country’s economic and social development from 2026 to 2030. Early signals from Politburo readouts, ministry-level research, scholars, and veteran FYP planners point to a focus on diversifying trade, deepening capital market access, and curbing industrial overcapacity.

Stephen Roach is an American economist. He serves as senior fellow at Yale Law School’s Paul Tsai China Center. He was formerly chairman of Morgan Stanley Asia and chief economist at Morgan Stanley, the New York City-based global investment bank. Roach’s current research program focuses on the impacts of Asia on the broader global economy.

President Donald Trump on Wednesday asked the Supreme Court to rule on the legality of his tariffs. The request follows a federal appeals court ruling last Friday that the president lacks authority under the International Emergency Economic Powers Act to impose reciprocal and fentanyl-related tariffs.

Senior Chinese trade negotiator Li Chenggang is meeting with US government officials in Washington this week following the 90-day trade truce extension announced earlier this month. Li is expected to speak with deputies from the Treasury Department and the Office of the US Trade Representative (USTR). It is unknown whether discussions will include senior US officials.

The Office of the US Trade Representative (USTR) is readying measures meant to revitalize US commercial shipbuilding, an industry the White House considers important to economic resilience and national security. The actions will include announcing new tariffs on Chinese-made maritime equipment and charging previously announced port fees on Chinese-linked ships.