US, China agree tentative trade truce ahead of G20 summit: report

The US and China have exchanged tariffs on $360 billion in their two-way trade battle so far. (AFP)
Updated 27 June 2019

US, China agree tentative trade truce ahead of G20 summit: report

  • Details of the agreement, which would halt the next round of US tariffs on an additional $300 billion of Chinese goods, are being laid out
  • Chinese President Xi Jinping’s meeting with US President Donald Trump is conditional upon Washington agreeing to such a tentative agreement

The United States and China have agreed to a tentative truce in their trade dispute ahead of a meeting between leaders of the two nations at the G20 summit this weekend, the South China Morning Post reported on Thursday, citing sources.
Details of the agreement, which would halt the next round of US tariffs on an additional $300 billion of Chinese goods, are being laid out in press releases and will be out as coordinated press releases and not a joint statement, the newspaper said.
Chinese President Xi Jinping’s meeting with US President Donald Trump is conditional upon Washington agreeing to such a tentative agreement, SCMP reported, citing one source with knowledge of the plans.
Trump is set to hold much-anticipated trade talks with Xi in Osaka at 11:30 A.M. on Saturday, a White House spokesman told reporters on Wednesday.
Trump said on Wednesday a trade deal with Xi was possible this weekend but he is prepared to impose US tariffs on virtually all remaining Chinese imports if the two countries continue to disagree.
China and the United States have already imposed tariffs of up to 25 percent on hundreds of billions of dollars of each other’s goods in a trade war that has lasted nearly a year.
Relations between Washington and Beijing have spiraled downward since talks collapsed in May, when the United States accused China of reneging on pledges to reform its economy.


Global renewable power capacity to rise by 50% in five years

Updated 35 min 20 sec ago

Global renewable power capacity to rise by 50% in five years

  • Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent
  • Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment

LONDON: Global renewable energy capacity is set to rise by 50 percent in five years’ time, driven by solar photovoltaic (PV) installations on homes, buildings and industry, according to the International Energy Agency (IEA).
Total renewable-based power capacity will rise by 1.2 terawatts (TW) by 2024 from 2.5 TW last year, equivalent to the total installed current power capacity of the United States.
Solar PV will account for nearly 60 percent of this growth and onshore wind 25 percent, the IEA’s annual report on global renewables showed.
The share of renewables in power generation is expected to rise to 30 percent in 2024 from 26 percent today.
Falling technology costs and more effective government policies have helped to drive the higher forecasts for renewable capacity deployment since last year’s report, the IEA said.
“Renewables are already the world’s second largest source of electricity, but their deployment still needs to accelerate if we are to achieve long-term climate, air quality and energy access goals,” said Fatih Birol, the IEA’s executive director.
“As costs continue to fall, we have a growing incentive to ramp up the deployment of solar PV,” he added.
The cost of generating electricity from distributed solar PV (PV systems on homes, commercial buildings and industry) is already below retail electricity prices in most countries.
Solar PV generation costs are expected to decline a further 15 percent to 35 percent by 2024, making the technology more attractive for adoption, the IEA said.
However, policy and tariff reforms are needed to ensure solar PV growth is sustainable and avoid disruption to electricity markets and higher energy costs, the report said.