trade and political tensions with china. the move sparked a warning from beijing, which considers taiwan part of chinese territory. samira hussain has more. trade between the united states and taiwan amounts to about $75 billion a year. that number is dwarfed by china s trade with taiwan, which stands at a massive $120 billion a year. by signing this trade deal, the us is looking to build its presence in asia and rival china. taiwan for its part is looking to reduce its economic dependence on china, especially in light of the geopolitical tensions between it and beijing. unsurprisingly, china did not react well, saying the united states should stop any form of official exchanges with taiwan under the guise of trade. beijing has stepped up threats and rhetoric against taiwan in recent years, increasing military drills in the seas around the island, and working to cut off its official ties with countries around the world. discussions between washington and taipei began in augus
with just one week left until treasury officials say they will run out of cash to pay its bills, the mood music from washington was upbeat. but a deal can be done to avoid default. i want to be clear. the negotiations we are having with speaker mccarthy are about the outlines of what the budget will look like, not about defaults. it is about competing visions for america. nothing will be resolved until we resolve them all. we know where our differences lie. we worked well past midnight last night, we are back at it today, trying to get to the conclusion so we can solve this problem. failure to reach an agreement could have global implications. fitch, one of the major credit rating agencies warned of a potential downgrade to the us credit rating if the deal isn t done. the us treasury department seized on this, saying it underscored the need for swift bipartisan action. the biggest sticking point remains spending. if they don t cut enough, they won t win over republicans, but
why would biden say what a good deal it is before the vote? to think that help it pass? no. so what might this mean for markets here in asia? it s a question i put to fidelity s catherine yeung. how have markets respond to this? they petted data say it. figs how have markets respond to this? they petted data say it. $5 a how have markets respond to this? they petted data say it. they petted data say it. as a result of this tentative they petted data say it. as a result of this tentative deal they petted data say it. as a result of this tentative deal breaking, - they petted data say it. as a result of this tentative deal breaking, it l of this tentative deal breaking, it cements the fact that we are avoiding that more calamitous situation of a us default which would have been absolutely awful for the us economy, but also for increasing and ramping up those global recession risks, as well. but that looks like it s off the table, thank goodness. but that looks like it s o
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