US-China tariff truce scuppers early gains

"WE CONCLUDED THAT we have a shared interest," the paper quoted US treasury secretary Scott Bessent as saying in a news conference in Geneva, where US and Chinese officials met over the weekend.

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At the trade fair in Canton—which is considered the largest in the world—the Chinese units approached Indian manufacturers among others to fulfill their US orders. In return, the Chinese were seeking commission. This offer was made as the Chinese wanted to retain their buyers.

"The Chinese had even offered to support some Indian manufacturers with inputs and technical help so that they could supply. Things were at the discussion stage with both the Chinese and the buyers in the US. Now the process is expected to slow down considerably," EEPC chairman Pankaj Chadha said.