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China, Trump Signal Cautious Optimism for Renewed US-China Cooperation Amid Tough Rhetoric

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China’s top diplomat, Foreign Minister Wang Yi, expressed hope on Tuesday that the incoming Trump administration would collaborate with Beijing “in a mutually beneficial manner” despite ongoing tensions. Wang’s comments came hours after Donald Trump remarked that the COVID-19 pandemic had strained his relationship with Chinese President Xi Jinping, whom he once considered a “friend.”

“We hope the new U.S. administration will make the right choice and work with China to remove disruptions and overcome obstacles,” Wang stated during a forum in Beijing, according to his ministry’s statement.

Trump, addressing reporters at his Mar-a-Lago resort, reflected on his past relations with Xi, acknowledging the pandemic as a breaking point. “We had a very good relationship until COVID,” Trump said. “COVID didn’t end the relationship, but it was a bridge too far for me.” Trump avoided confirming whether Xi would attend his inauguration but emphasized the importance of U.S.-China ties: “China and the United States can together solve all of the problems of the world.”

Trump’s Second Term Agenda and Beijing’s Strategy

Trump has signaled a more confrontational stance toward China as he prepares for his second term. His campaign promises include imposing a 10% tariff on Chinese goods and additional levies exceeding 60% to pressure China on issues like stopping fentanyl exports to the U.S. Trump has also pledged to revoke China’s most-favored-nation trade status—a move that could reshape bilateral trade dynamics.

In response, analysts suggest China is preparing to amass bargaining chips to engage with Trump’s administration on contentious issues such as trade, technology, and investment. Beijing has shown readiness to push back, with Wang Yi emphasizing China’s firm stance: “We firmly oppose the illegal and unreasonable suppression of China by the U.S., particularly on matters like Taiwan.”

Sanctions and Hard-Line Appointments

The diplomatic environment remains volatile as Trump’s choice of China hawks for key positions signals an aggressive approach. Republican Senator Marco Rubio, Trump’s nominee for Secretary of State, remains under Chinese sanctions imposed in 2020. Rubio’s prior criticism of Beijing raises questions about how his role would affect bilateral engagement.

China’s move to quietly remove a January 2021 statement sanctioning 28 Trump administration officials from its foreign ministry website has further fueled speculation. When asked about this development, Chinese Foreign Ministry spokesperson Lin Jian declined to comment, stating he had “no information to offer.”

Mutual Posturing, Cautious Optimism

Despite the confrontational rhetoric, both sides have hinted at opportunities for collaboration. Trump’s remarks acknowledged the global importance of U.S.-China cooperation, while China continues to position itself for negotiations that balance engagement with resistance to U.S. policies it deems provocative.

As Trump prepares for a second term, Beijing appears both prepared to push back against hard-line policies and cautiously optimistic about finding common ground to stabilize bilateral relations.

 

Iranian Rial Hits Record Low Amid Escalating U.S. and European Tensions

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The Iranian rial fell to a historic low on Saturday, trading at 756,000 against the U.S. dollar on the unofficial market, as reported by Bonbast.com. Another exchange tracker, bazar360.com, indicated similar rates, with the dollar being sold for approximately 755,000 rials. This marks a steep decline from 741,500 rials on Friday, reflecting escalating economic and geopolitical pressures.

The currency’s downturn is attributed to mounting uncertainty surrounding Donald Trump’s return to the White House in January. Concerns are growing that Trump may reinstate his “maximum pressure” strategy on Iran, potentially imposing harsher sanctions and bolstering Israel’s ability to target Iranian nuclear sites.

Iran’s economy is also reeling from rising inflation, officially pegged at 35%, prompting citizens to safeguard their wealth by purchasing dollars, other hard currencies, gold, and cryptocurrencies. This behavior has added to the downward pressure on the rial.

The currency’s fall accelerated after the UN nuclear watchdog, the International Atomic Energy Agency (IAEA), passed a resolution proposed by European nations condemning Tehran. The resolution raises the likelihood of further sanctions, compounded by the recent collapse of Syrian President Bashar al-Assad’s regime, a long-standing ally of Iran.

Iran’s currency has been in freefall since 2018, when Trump withdrew from the 2015 nuclear deal brokered by then-President Barack Obama. The deal had placed strict limits on Iran’s uranium enrichment capabilities in exchange for economic relief. However, Trump’s reimposition of sanctions in 2018 caused the rial to lose over 90% of its value.

As January approaches, analysts predict continued volatility in the rial’s value, with uncertainties about U.S. foreign policy and Western diplomatic actions further exacerbating the situation.

 

Putin Open to Talks with Trump, But Ukraine Demands Remain Firm, Says Kremlin

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Russian President Vladimir Putin is reportedly open to discussing the Ukraine conflict with U.S. President-elect Donald Trump, though he remains resolute in his demands regarding Ukraine, the Kremlin confirmed on Friday. Dmitry Peskov, Putin’s spokesperson, emphasized that Moscow’s objectives in Ukraine have not shifted and that Putin has no intention of revising these terms.

When questioned about whether Putin’s willingness to communicate with Trump indicates any flexibility in Russia’s stance, Peskov clarified that Russia’s goals remain unchanged. “The president has never suggested a shift in the objectives of the special military operation. He has repeatedly emphasized that they are consistent,” said Peskov. He underscored that Russia’s goals pertain to securing the nation’s interests and protecting Russian citizens in the contested areas.

As of mid-2023, Putin’s terms for ending the war require Ukraine to abandon NATO aspirations and withdraw its military from the four regions—Donetsk, Luhansk, Kherson, and Zaporizhzhia—that Russia claims as its own. Ukraine has dismissed these conditions, with President Volodymyr Zelenskiy asserting that accepting such terms would amount to surrender. Instead, Zelenskiy has presented a “victory plan” calling for increased Western military assistance to achieve a decisive Ukrainian win.

Trump, who has previously criticized extensive U.S. support for Ukraine, has suggested he could end the conflict within 24 hours if given the opportunity, though he has not specified his approach. Zelenskiy expressed skepticism over Trump’s promise, warning that a quick resolution could entail significant losses for Ukraine. “If it’s just fast, it means losses for Ukraine. I just don’t yet understand how this could be in any other way,” Zelenskiy remarked.

In recent statements, Putin extended congratulations to Trump following his election win, commending his composure during an attempted assassination in July. He also expressed an openness to dialogue, describing Trump’s comments on resolving the Ukraine conflict as noteworthy. Trump himself has mentioned to NBC that he has not yet spoken with Putin but anticipates a conversation in the near future.

Peskov, however, noted that while there are no confirmed plans for a call between Trump and Putin, the Russian president remains open to dialogue. According to the Kremlin, current U.S.-Russia relations are at an all-time low due to Washington’s ongoing support for Ukraine and extensive sanctions on Russia.

Putin’s last direct communication with U.S. President Joe Biden occurred in February 2022, shortly before Russia’s military intervention in Ukraine. During that call, Biden warned Putin of a swift Western response should he proceed with the invasion.

The Kremlin has also dispelled rumors that Trump had spoken to Putin since leaving office, despite claims in journalist Bob Woodward’s book “War” suggesting otherwise. According to the book, an unnamed Trump aide claimed that Trump and Putin may have had as many as seven conversations since Trump exited the White House in 2021. The Kremlin, however, has denied such claims.