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US-China trade talks set for day two as TikTok deadline looms

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US-China trade talks set for day two as TikTok deadline looms


US and Chinese officials will hold a second day of trade talks in Spain on Monday as the deadline for the Chinese owner of TikTok to find a buyer or face a ban in America looms.

The negotiations, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, are the latest attempt to end a trade war between the world’s two biggest economies.

Top level trade delegations from Beijing and Washington last met in July, when they struck a deal to extend their tariffs truce by another 90 days until 10 November.

After initially calling for TikTok to be banned during his first term, Trump has reversed his stance on the popular video-sharing app and delayed the ban three times so far.

The BBC has contacted the White House and TikTok for comment.

Speaking to reporters on Sunday, Trump said, “We may let [TikTok] die. Or we may… I don’t know. It depends. Up to China, it doesn’t matter too much.”

It came as expectations grow that the deadline, which is due to expire on Wednesday, will be extended for a fourth time.

Last month, Trump suggested that he would keep extending the deadline until a buyer for TikTok could be found and called national security and privacy concerns related to the app and its Chinese parent company ByteDance “highly overrated”.

Trump was highly critical of TikTok during his first term in the White House but softened his position after he gained popularity on the app during the 2024 presidential election.

In August, The White House launched its official TikTok account.

The app is one of the world’s most widely-used social media platforms, with around 170 million users in the US.

During this week’s talks, officials are also expected to lay the groundwork for a potential meeting between Trump and Chinese President Xi Jinping as soon as October, when they are scheduled to attend a summit in South Korea.

The tariffs truce between China and the US cut import taxes that had reached more than 100% on each other’s goods.

The extension gave them more time for negotiations about “unfair trade practices” and to address national security issues, the White House said.



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BT shares slip after Indian billionaire Mittal takes board seats

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BT shares slip after Indian billionaire Mittal takes board seats



Shares have dipped in BT after it said Indian billionaire Sunil Bharti Mittal and one his close executives will join the board of the UK telecoms giant.

The company’s shares fell by around 3% in early trading as shareholders took the move as a signal that Mr Mittal will increase his influence on the direction of the firm.

On Monday, BT confirmed that the founder of Indian conglomerate Bharti Enterprises will become a non-executive director of BT and join the firm’s nominations committee.

It said Gopal Vittal, vice chairman and managing director of Bharti Airtel, will also join the BT board as a non-executive director.

BT said the appointments are part of a “relationship agreement” between the company and Bharti Global.

It means the group will be able to hold two roles on BT’s board while it holds a stake of at least 20% in the business.

This would reduce to one seat on the board if the stake falls to between 10% and 20%.

It comes after Mr Mittal’s Bharti vehicle bought a 24.5% stake in BT from French media and telecoms tycoon Patrick Drahi last year.

BT chairman Adam Crozier said: “We’re delighted to welcome Sunil and Gopal to the board of BT.

“They bring significant experience and global perspectives in the telecoms industry, and we look forward to their contribution to the board and to the future success of BT Group.”

Mr Mittal said: “I am delighted to be joining the board of BT, an iconic company delivering critical infrastructure and services for the UK.

“I look forward to working with chairman Adam Crozier, the board and chief executive Allison Kirkby to drive forward the strategy to win in the market and deliver world-leading services for BT’s customers.”



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Gold vs Sensex: Gold beats Sensex with 50.1% returns; outperforms over three, five, ten & twenty-year periods – The Times of India

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Gold vs Sensex: Gold beats Sensex with 50.1% returns; outperforms over three, five, ten & twenty-year periods – The Times of India


Gold prices on Comex reached an unprecedented $3,715.2 per troy ounce, whilst silver exceeded $43, achieving its highest value in 14 years. (AI image)

Gold vs Sensex: Gold has delivered superior returns compared to Sensex over a several year horizon. Gold has surpassed domestic equities in terms of returns, primarily due to unprecedented buying by global central banks and investors seeking protection against inflation. The precious metal has yielded 50.1% returns in rupee terms during the last year, whilst the Sensex declined by 1.2%.The significant uptick over the past year can be attributed mainly to central banks’ acquisitions, as uncertainties related to trade disputes have increased the appeal of secure investments, according to an ET report.“Central banks continue to buy gold with about 25% of purchases coming from them,” says Sridhar Sivaram, investment director at Enam Holdings. “They are buying gold because of the ongoing tariff wars and as a diversification against the US treasury,” he was quoted as saying.

Gold outperforms Sensex

Gold has demonstrated superior performance compared to Sensex across multiple timeframes spanning three, five, ten and twenty years.In the past three years, gold yielded an annual return of 29.7%, surpassing the Sensex’s 10.7%. The five-year performance shows gold achieving 16.5% returns, slightly higher than the Sensex’s 16.1%.Looking at longer periods, gold’s performance remained robust with 15.4% returns over a decade, exceeding the Sensex’s 12.2%. The two-decade analysis reveals gold maintaining 15.2% returns compared to the Sensex’s 12.2%.

Why are gold prices rising?

Experts indicate that countries are shifting away from dollar-based reserves towards gold holdings. They recognise gold as a reliable value repository and protection against currency deterioration.“Gold extends beyond being only a hedge against inflation, as the US Federal Reserve is on the stage to start cutting interest rates with hotter inflation,” says NS Ramaswamy, head-commodity desk, Ventura securities.

Gold 995 - Mumbai

Gold 995 – Mumbai

He further notes that anticipated US Federal Reserve rate reductions this month and ongoing uncertainty regarding President Donald Trump’s tariff decisions will sustain gold’s strong position.Recently, gold prices on Comex reached an unprecedented $3,715.2 per troy ounce, whilst silver exceeded $43, achieving its highest value in 14 years.

What is the outlook for gold prices?

Experts indicate that with gold prices having already surged 38%, future increases might be more modest. Nevertheless, portfolio diversification should include gold allocation between 10-15%. “Investors should continue to allocate 10% to gold in their portfolios as it is the only hedge against currency, but you should not expect returns to be as high as the previous year,” said Sivaram.For optimal investment strategy, Ramaswamy suggests maintaining 15% gold allocation, recommending purchases during price corrections.Recent significant price appreciation has led several market observers to favour equity investments over gold.According to research by Edelweiss Mutual Fund comparing Sensex to Gold ratios, gold currently appears overvalued relative to equities. Historical data suggests equity outperformance when the ratio dips below 1, whilst higher ratios typically indicate stronger gold performance.“The current ratio is 0.76, which is below the long-term average of 0.96,” Niranjan Avasthi, SVP and head- product, marketing & digital at Edelweiss Asset Management. “In the past when this ratio had been below 0.8, the BSE Sensex has given an 3 year average forward return of 25.12% compared to gold that could return 7.21%.”(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)





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Farmers are being squeezed – it’s testing their loyalty to Trump

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Farmers are being squeezed – it’s testing their loyalty to Trump


Luke MintzBBC News and

Anna JonesPresenter of Corn Belt People

BBC House that says Vote Trump on a farmBBC

On a scorchingly hot day in the American Midwest, Tim Maxwell is voicing his fears about the future of farming.

The 65-year-old has worked the fields since he was a teenager. He now owns a grain and hog farm near Moscow, Iowa – but he’s unsure about its prospects.

“I’m in a little bit of a worried place,” says Mr Maxwell, who wears a baseball cap bearing the logo of a corn company.

He is concerned that American farmers aren’t able to sell their crops to international markets in the way they could in previous years, in part because of the fallout from President Trump’s tariffs.

“Our yields, crops and weather are pretty good – but our [interest from] markets right now is on a low,” he says. “It’s going to put stress on some farmers.”

Bloomberg via Getty Images A sign saying Farmers for Trump with a US flag in a cornfieldBloomberg via Getty Images

American farmers are facing widespread difficulty this year, in part due to economic tensions with China

His fears are not unique. US agricultural groups warn that American farmers are facing widespread difficulty this year, mostly due to economic tensions with China. Since April, the two countries have been locked in a trade war, causing a sharp fall in the number of Chinese orders for American crops.

American farmers are wounded as a result, economists say. The number of small business bankruptcies filed by farmers has reached a five-year high, according to data compiled by Bloomberg in July.

With all this economic pain, rural areas could well have turned against Trump. But that doesn’t seem to be happening.

Rural Americans were one of the president’s most loyal voting blocs in last year’s election, when he won the group by 40 percentage points over Kamala Harris, beating his own margins in 2020 and 2016, according to Pew Research analysis.

Polling experts say that in the countryside, he is still broadly popular.

A man with a beard wears a cap and stands in the foreground of a state fair

‘I’m in a little bit of a worried place:’ Tim Maxwell owns a grain and hog farm near Moscow, Iowa

Mr Maxwell says he is sticking with Trump, despite his own financial worries. “Our president told us it was going to take time to get all these tariffs in place,” he says.

“I am going to be patient. I believe in our president.”

So why do so many farmers and other rural Americans broadly continue to back Trump even while feeling an economic squeeze that is driven in part by tariffs – the president’s signature policy?

Farmers on a ‘trade and financial precipice’

If you want a window into rural America, the Iowa State Fair is a good start. The agricultural show attracts more than one million visitors over 10 days.

There is candy floss; deep-fried hot dogs on a stick for $7 (£5) – known as “corn dogs”; an antique tractor show; a competition for the biggest boar.

But when the BBC visited last month, there was another topic of conversation: tariffs.

Anna Jones holds a corn dog, beside a colourful stand selling corn dogs

Anna Jones at the Iowa State Fair where there was much talk about the impact of tariffs

“A lot of people say he’s just using tariffs as a bargaining chip, as a bluff,” says Gil Gullickson, who owns a farm in South Dakota and edits an agriculture magazine.

“But I can say: history proves that tariffs don’t end well.”

In April, what he termed “liberation day”, Trump imposed sweeping tariffs on most of the world, including a 145% tariff on China.

In response, China put a retaliatory 125% tariff on American goods – a blow to farmers in the American Midwest, sometimes known as the “corn belt”, many of whom sell crops to China.

Last year Chinese companies bought $12.7bn (£9.4bn) worth of soybeans from America, mostly to feed their livestock.

September is harvest season, and the American Soybean Association (ASA) has warned that soybean orders from China are way below where they should be at this point in the year.

Fairground rides at the Iowa State Fair

The Iowa State Fair attracts more than one million visitors over 10 days

Tariffs have fluctuated dramatically since they were introduced – and the uncertainty is proving tough for farmers, says Christopher Wolf, a professor of agricultural economics at Cornell University.

“China is just so big that when they buy things, it matters – and when they don’t, it matters.”

The cost of fertiliser has rocketed, too – partly because of trade disputes with Canada, which has raised the cost of potash, a salt imported from Canada by American farmers and used in fertiliser.

Jon Tester, a former Democrat Senator of Montana, who is a third-generation farmer, told a US news station earlier this month: “With all these tariffs the president’s put on, it’s interrupted our supply chain… it’s increased the cost of new equipment… and because of the trade and tariffs, a lot of customers have said to heck with the United States…

“The people who are new to agriculture, those young farmers who haven’t saved money for times like this, they’re going to be in trouble and a lot of those folks are going to go broke.

“And if this continues, a lot of folks like me are going to go broke too.”

Sign with Trump and Vance on it that says Iowa is Trump Country

Farmers in the American Midwest, sometimes known as the “corn belt”, sell a huge number of crops to China

American farmers already suffer from high levels of stress. They are more than three times more likely than average to die by suicide, according to a paper by a charity, the National Rural Health Association, which analysed a period before Trump’s presidency.

In a letter to the White House, Caleb Ragland, president of the ASA, warned of a tipping point: “US soybean farmers are standing at a trade and financial precipice.”

Trump: ‘Our farmers are going to have a field day’

Supporters of President Trump say that his tariffs will help American farmers in the long run, by forcing countries like China to come to the negotiating table and agree new deals with the US over agriculture.

And they point to other ways this White House has helped farmers. Over the summer, as part of Trump’s tax and spend bill, his administration expanded federal subsidies for farmers by $60bn (£44bn), and boosted funding for federal crop insurance.

In his annual speech to Congress in March, Trump warned farmers of a “little bit of an adjustment period” following the tariffs, adding: “Our farmers are going to have a field day… to our farmers, have a lot of fun, I love you.”

Getty Images Trump holds two MAGA style hats that say Make Our Farmers Great AgainGetty Images

Supporters of Trump say that his tariffs will help American farmers in the long run

Sid Miller, commissioner of the Texas Department of Agriculture, is among those who have praised Trump for his “vital support”.

“We finally have an administration that is prioritising farmers and ranchers,” he wrote in a statement earlier this year. “They advocate for farmers, challenge China … and ensure America’s producers are receiving fair treatment.”

And it is possible the president’s tariff strategy could eventually work, according to Michael Langemeier, a professor of agricultural economics at Purdue University.

But he also worries that uncertainty is inflicting long-term damage. “Your trading partner doesn’t know exactly what your position’s going to be next year, because it seems like we’re changing the goalposts.

“That is a problem.”

Tariffs will make us great again

There’s an old adage in American politics that says people “vote with their pocketbooks” – and turn against politicians if they appear to harm their finances.

Yet despite financial pressures, the rural Americans we spoke to are firmly sticking with Trump.

Experts say they haven’t seen any evidence of meaningful change in support among rural voters since last year. A survey by Pew last month found that 53% of rural Americans approve of the job Trump is doing, far higher than the 38% figure for the country as a whole.

Though a survey by ActiVote earlier this month did find a small decline in Trump’s approval among rural voters from 59% in August to 54% in September. Analysts warn not to pay too much attention to those shifts, however, because the number of rural voters included in those polls is so small.

“The data I’ve seen suggests Trump is still heavily supported in rural communities,” says Michael Shepherd, a political science professor at the University of Michigan who focuses on rural politics.

Man attends the Iowa State Fair with a large brown ram

At Iowa’s State Fair, many of the conversations revolved around Trump and tariffs (pictured: attendee John Wilson with Judah the Big Ram)

For some farmers at the state fair, the explanation is simple: they believe the US president when he tells them that tariffs will help them in the long run.

“We think the tariffs eventually will make us great again,” says John Maxwell, a dairy farmer and cheese producer from Iowa.

“We were giving China a lot, and [previously] we paid tariffs when we sold to them. Let’s make it fair. What’s good for the goose is good for the other goose.”

Some may also hold onto hope that the president will bail farmers out. During Trump’s first term he gave farmers a $28bn (£20.7bn) grant amid a tariff dispute with China.

A case of selective blame attribution?

For Nicholas Jacobs, a politics professor at Colby College and author of The Rural Voter, there’s a deeper reason at play.

“It’s easy for an outsider to ask, ‘Why the hell are you still with this guy?'” he says. “But you have to understand that across rural America, the move towards Republicans long predates Donald Trump.”

Starting in the 1980s, he says, rural Americans started to feel alienated and left behind while cities benefited from globalisation and technological change.

What he calls a “rural identity” formed, based on a shared grievance and an opposition to urban liberals. The Republicans seemed like their natural champion, while he says the Democrats became “the party of the elite, technocrats, the well-educated, the urbane”.

Bloomberg via Getty Images Badges that say Resist. Persist. Repeat. Progress IowaBloomberg via Getty Images

Rural America: the move towards Republicans long predates Donald Trump, says one expert

Some repeat that sentiment at the state fair. Joan Maxwell, a dairy farmer from Davenport in Iowa, says that her area is too often viewed as “flyover country”.

“We are not looked at very positively for the most part from the media,” she says. “We’ve been called deplorables, uneducated,” – a reference to Hillary Clinton’s description of half of Trump’s supporters as a “basket of deplorables”.

Ms Maxwell added: “A lot of times they ignore us or make fun of us.”

Prof Shepherd, of Michigan University, believes there’s another factor: in his view, America has become so polarised – with voters from both sides entrenched in their camps – that many are willing to forgive much more than they would previously, as long as it’s a policy implemented by their own side.

He calls this “selective blame attribution… they might be really angry about some things that are happening, but they’re reticent to blame Trump for them.”

‘We’re giving him a chance – there’d better be results’

Mr Wolf has his own view on the “best case scenario” from here. “What I hope happens is that he [Trump] just declares victory and leaves it [tariffs] alone.”

But he warns that even if the policy is dropped, the damage to American farmers could be long-term due to the shake-up to supply chains. Some Chinese firms are now buying their soybeans from Brazil rather than America, he says; they may not quickly return.

Many of the analysts we spoke to believe that rural America’s support for Trump is not a blank cheque, despite their current support.

Farmer Gil Gullickson pictured with Anna Jones at Iowa State Fair

‘A lot of people say he’s just using tariffs as a bargaining chip, as a bluff,’ farmer Gil Gullickson (left). ‘But history proves that tariffs don’t end well’

Mr Shepherd points to the Great Depression and rural “Dustbowl” of the 1930s, which forced millions of farmers to migrate to American cities, causing a long-term realignment in politics – though nobody expects it to get anywhere near that bad this time. The farm crisis of the 1980s also saw thousands of farms go under.

Back at the state fair, Ms Maxwell, the Iowan dairy farmer, makes this point clear.

“We’re giving him the chance to follow through with the tariffs, but there had better be results. I think we need to be seeing something in 18 months or less.

“We understand risk – and it had better pay off.”

Additional reporting: Florence Freeman

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