Bloomberg's Suzanne Lynch joins Dani Burger on "Bloomberg Brief" to discuss the current 'status quo' in U.S.-China trade, as well as the growing geopolitical tensions stemming from increased Indian purchases of Russian oil.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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The current trade truce between the United States and China has been extended, with officials indicating there is no urgency to alter the existing tariff arrangements. Treasury Secretary Bessent described the status quo as 'working pretty well,' and attention is now focused on a potential summit between President Trump and President Xi Jinping.

US-India relations remain tense, particularly after Washington imposed tariffs on New Delhi over its purchase of Russian oil, a move not mirrored in its dealings with China. Additionally, recent White House filings have disclosed President Trump's investments in various companies, raising questions about the intersection of presidential policy and personal financial interests.

Bessent says China tariff status quo 'working pretty well'

Suzanne, it sounds like can kicking might become the new policy. Well, very much so. I mean, we know that this trade truce, if you like, has recently been extended until November, and those comments there from the Treasury secretary suggest that there is no rush to change things before then. As he said there, it's working well, as I see it. And I think the real focus now is whether a planned possible summit between President Trump and Xi Jinping takes place before the end of the year. We are expecting that may take place. There are some wrinkles, though. We've heard some complaints by U.S. soybean producers, for example, that China isn't buying their soybeans. And this could become and increasingly become an issue for some U.S. exporters. So on that side of things, you have the China and U.S. trade talks going on, but Suzanne, it also seems like amid this, you have India talking about closer trade ties to China. That's another sticking point for the U.S. where those negotiations remain. What does it say about the U.S. and India if you do have what seems to be like a push for them to look elsewhere? Absolutely, that's what we're seeing now. India obviously was quite surprised by the level of tariffs that were imposed by Washington on New Delhi. And yes, it's this week we saw talks at a very senior level between India and China in New Delhi. India is obviously making sure it is looking elsewhere in case the trade relationship that it has with the United States deteriorate even further. Now, I mean, one of the big beefs that Donald Trump has with India is that it's purchasing Russian oil. And Besant again repeated that concern yesterday. And of course, we know that it doesn't seem to have the same concern with China. It has not punished China for purchasing Russian oil. And yes, it hit India with that 50% tariff citing the fact that it was buying that Russian oil. Now, India said it did its own right to buy that oil at its cheapest level. But it does go to the heart of what's becoming an increasingly fractious relationship between the United States and India. Hey, Suzanne, just before we let you go, we also had filings from the White House just laying out Trump's investments so far for this year. What did we learn? Yeah, very interesting. This is about Donald Trump's investments in debt, both municipal debt and also corporate holdings and some interesting names in their companies like Home Depot, Meta, one of the companies, the Meta as well. And I suppose it does raise a question of, you know, the US president's investments in companies which are being affected by his own policies in the White House. Now, US presidents are not obliged to divest their assets when they become president. Most presidents have done so. So Donald Trump has broken with precedent here. But this filing, he was obliged to file last night. And this is where we're getting those details from.

Israel's military has called up tens of thousands of reservists in preparation for an expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.

Jerusalem

Middle East Conflict

Israel calls up 60,000 reservists ahead of Gaza City operation

The Trump administration says it is adding 407 items to the list of "derivative" steel and aluminum products subject to higher tariffs. The list includes products like car parts, household appliances, baby strollers, fire extinguishers and spray deodorants.

Trump expanding steel and aluminum tariffs

NATO military chiefs met virtually Wednesday for what was described as a candid discussion about security guarantees the alliance would be willing to provide to Ukraine in an effort to end Russia's war in the region.

Brussels

Ukraine Invasion

NATO chiefs meet virtually about potential Ukraine security guarantees

Israel's military leaders approved the next phase of their ongoing offensive in the territory. The operation will shift focus to Gaza City, targeting areas where Hamas is believed to still be active and where Israeli forces have not yet operated.

Israel approves next phase of Gaza offensive, focus on Gaza City

Despite not making landfall, Hurricane Erin is forcing mandatory evacuation orders in parts of North Carolina and is expected to cause rip currents for days along the U.S. East Coast.

North Carolina

Hurricane Erin forces evacuations on U.S. East Coast

The White House says it is working to secure a meeting between the presidents of Russia and Ukraine, which both have agreed to, while plans continue to create security guarantees for Ukraine.

Trump says no U.S. ground troops will be sent to Ukraine

Hamas has agreed to a ceasefire proposal for Gaza, but mediators are still waiting for an official response from Israel. CBS News contributor Robert Berger has the latest from Jerusalem.

Mediators await Israeli response to Gaza ceasefire proposal

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

New Delhi

India's Modi meets China's foreign minister to rebuild ties

Texas Democrats who ended a walkout found themselves shadowed by law enforcement officers to keep them from repeating the protest that stalled Republican efforts to redraw congressional districts and fulfill President Donald Trump's desire to reshape U.S. House maps.

Austin

Police escort Texas Democrats to prevent new redistricting walkout

Air Canada has reached a tentative agreement with the Canada Industrial Relations Board (CIRB), ending the strike that began over the weekend involving 10,000 members and disrupted travel for more than 100,000 travelers per day.

Toronto

Air Canada reaches tentative agreement with flight attendant union

Exiled former Hong Kong lawmaker Ted Hui hailed Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019.

Hong Kong Island

Ex-Hong Kong lawmaker granted asylum by Australia

Forecasters are giving urgent warnings to millions of people who live along the East Coast as Hurricane Erin churns in the Atlantic. The storm will not make direct landfall but is expected to bring dangerous rip currents.

East Coast of the United States

Hurricane Erin to bring dangerous rip currents to U.S. East Coast

Jasveen Sangha, a Los Angeles woman known as the "Ketamine Queen," has agreed to plead guilty to federal charges in connection with the death of actor Matthew Perry. Sangha could face up to 45 years in prison.

Los Angeles

"Ketamine Queen" to plead guilty in Matthew Perry's death

European leaders who converged on the White House for talks on the Russia-Ukraine war demonstrated a united front regarding Ukraine's security on Monday, underscoring the issue as pivotal for the entire continent, not just Ukraine.

EU leaders show cautious optimism following Zelenskyy, Trump talks

As Hamas reportedly agreed to some ceasefire terms that would include the return of more hostages, Israeli Prime Minister Benjamin Netanyahu ordered troops to take more of Gaza.

Israel digs in on Gaza takeover as Hamas softens on ceasefire

President Donald Trump said that the United States would help Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine.

Trump tells Zelenskyy U.S. would help with security in a peace deal

Bolivia's presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of left-wing dominance in the Andean nation but signaled voters' trepidation about a major lurch to the right.

La Paz

Bolivia heads to runoff after historic defeat for the left

All Air Canada planes were grounded on Monday (August 18) after its 10,000 flight attendants refused a return-to-work mandate from the Canadian government.

Air Canada delays plans to resume operations

Ukrainian President Volodymyr Zelenskyy arrived at the White House Monday (August 18) for his meeting with President Donald Trump and other European leaders about Russia's war in Ukraine. CBS News White House reporter Taurean Small has more.

Trump meeting with Zelenskiy, European leaders at White House

Hamas on Monday informed mediators that it had accepted a ceasefire deal proposal submitted to it the day before, according to international and Israeli outlets.

Reports: Hamas accepts latest Gaza ceasefire proposal

Hurricane Erin will bring dangerously rough surf to parts of the U.S. East Coast. Over the weekend, Erin's outer bands lashed Puerto Rico with up to 7 inches of rain and flooding parts of the island.

Erin expected to bring dangerous conditions to U.S. East Coast

Ahead of his Monday meeting with President Trump, Ukrainian President Volodymry Zelenksyy says his country will not give up any territory to Russia, even as the White House insists potential land swaps will be necessary. Willie James Inman reports.

Kyiv

Ahead of Trump meeting, Zelenskyy says won't give territory to Russia

Thousands of Israeli protesters demanded a deal to secure the release of hostages still held by Hamas in one of the biggest demonstrations since the war in Gaza began. Debora Patta reports.

Thousands of Israelis protest in Gaza, call for end to fighting

Ukrainian President Volodymyr Zelenskyy flies to Washington on Monday under heavy U.S. pressure to agree to a swift end to Russia's war in his country, but determined to defend Kyiv's interests — without sparking a second Oval Office dust-up with Donald Trump.

Zelenskyy, European allies to meet with Trump to discuss peace

European leaders voiced strong support for Ukraine ahead of a Washington summit with U.S President Donald Trump. They emphasized unity, territorial integrity and security guarantees as essential to any peace deal.

Paris

European leaders stress unity with Ukraine ahead of peace talks

International condemnation and pressure from allies have done nothing to stop Israel's plan to displace the people of northern Gaza. Israel on Saturday (August 16) said it is preparing to move Palestinians from combat zones to southern Gaza.

Israeli military prepares to move Palestinians to southern Gaza

Thousands of people took to the streets on Sunday in a nationwide strike amid fears further fighting could endanger the 50 hostages believed to still be in Gaza.

Tel Aviv-Yafo

Dozens of Israelis arrested in protest to demand end to Gaza war

Russia continues to target Ukrainian cities firing hundreds of missiles and projectiles daily despite ongoing peace efforts, led by the United States. Ukrainian officials say their unwillingness to dial back their offensive reflects their lack of sincere interest in peace.

Five killed as Russia continues to pummel Ukrainian cities

U.S. President Donald Trump said that Ukraine should make a deal to end the war with Russia because "Russia is a very big power, and they're not," after a summit where Vladimir Putin was reported to have demanded more Ukrainian land.

Bessent says China tariff status quo 'working pretty well'

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