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By Lisa Baertlein and Jeslyn Lerh LOS ANGELES/SINGAPORE (Reuters) -New fees imposed on port calls by China and the U.S. are reducing the number of cargo vessels available for moving goods and threatening to increase consumer costs in both countries, industry executives said. Ship operators have taken China-linked ships out of U.S. trade lanes to avoid new port fees that started on October 14. They are also moving U.S.-linked ships out of China schedules to avert retaliatory fees that went into effect the same day.   Those workarounds are disrupting transits and squeezing ship cargo space, even as operators remain uncertain about how China assigns U.S. ownership or control in its fee assessment. "The list of available ships to call China's ports is definitely smaller than before, across all shipping markets," said Stamatis Tsantanis, CEO of dry bulk shipper Seanergy Maritime Holdings.  "Eventually, all the costs will fall down to the actual consumer, and that's going to make things way more expensive," Tsantanis said. The Shanghai Containerized Freight Index (SCFI) gained 12.9% to reach a four-week high, driven by gains on transpacific routes that saw big rate moves last weekend after China announced its port fees, Jefferies analyst Omar Nokta said in a note on Friday.     Major container shipping lines including Maersk, Hapag-Lloyd and CMA CGM have already reshuffled ship trade lane assignments to avoid the U.S. port fees.  This week, Gemini Alliance members Maersk and Hapag-Lloyd told customers their Maersk Kinloss and Potomac Express vessels would skip calls to Ningbo, the only China port those U.S.-flagged, South Korea-built vessels visit. "This new regulation will lead to further dislocation of vessels and trade flows," said Gernot Ruppelt, CEO of Ardmore Shipping, which transports clean petroleum products, chemicals and vegetable oils.  "Markets have yet to start pricing in this complexity premium," said Ruppelt. Ardmore has no port calls scheduled in China, he said.    TRADE TURMOIL BOOSTS TANKER MARKET RATES China's retaliatory port fees on U.S.-linked ships have driven up rates for very large crude carriers (VLCCs) voyages to China, the world's largest crude importer. That is because the new levies have reduced the supply of tankers that can be chartered to avoid incurring hefty port fees.  Benchmark rates for VLCCs hit two-week highs on Tuesday following the implementation of the port fees, before cooling slightly toward the end of the week. Consultancy Energy Aspects increased its fourth-quarter 2025 forecast for VLCC rates, adding there is further upside risk if disruptions escalate.  "The exemption of Chinese-built vessels from Chinese port fees has softened the potential impact somewhat, though we still see a significant number of U.S.-owned or operated vessels affected," Gibson Shipbrokers said. In the dry bulk segment that transports everything from coal and iron ore to commodities like grains and salt, there are 60 to 70 ships affected by the latest fees, about 3% of the capesize fleet, Seanergy's Tsantanis said.  "Given the disproportionately large incidence of China discharge in the cape(size) segment, this is likely to have an appreciable impact on our market," which was already experiencing relatively restricted ship supply, he said.  (Reporting by Lisa Baertlein in Los Angeles, Jeslyn Lerh in Singapore, and Arathy Somasekhar and Georgina McCartney in Houston; Editing by Bill Berkrot)

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(Corrects October 13 story to remove reference to Sublime China Information research note) By Florence Tan SINGAPORE (Reuters) -The latest U.S. sanctions on a major Chinese crude oil terminal have forced refining group Sinopec to divert a supertanker and ask some plants to cut crude processing rates, according to ship tracking data and Chinese consultancies. A supertanker carrying oil to the Chinese port of Rizhao in Shandong province changed its destination over the weekend after the U.S. imposed sanctions on an import terminal at the port on Friday, LSEG data showed. Consultancy, JLC, estimated on Saturday that Sinopec's October runs may drop 3.36% from earlier plans to about 5.16 million barrels per day. Sinopec did not immediately respond to requests for comment. LSEG data showed the supertanker New Vista, chartered by Sinopec's trading arm Unipec and originally scheduled to discharge at Rizhao on Sunday, had switched its destination to the ports of Ningbo and Zhoushan for arrival on October 15. The New Vista can carry 2 million barrels of crude and is currently carrying Abu Dhabi's Upper Zakum crude grade. The Rizhao Shihua Crude Oil Terminal, half-owned by a Sinopec logistics unit, was among the entities listed by the U.S. Treasury in a round of sanctions that also includes ships transporting Iranian crude oil and liquefied petroleum gas. The terminal, in the city of Lanshan in Shandong province, a major Chinese oil refining hub, was sanctioned for receiving Iranian oil on board sanctioned vessels, the U.S. said. One-fifth of Sinopec's crude oil imports pass through the Rizhao terminal, according to industry executives and analysts. (Reporting by Florence Tan and Trixie Yap; Additional reporting by Chen Aizhu; Editing by Christian Schmollinger and Jan Harvey)

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By Svea Herbst-Bayliss BOSTON (Reuters) -Activist investor HoldCo Asset Management has built a sizable position in Eastern Bankshares and wants the storied Boston financial institution to put itself up for sale, instead of buying up other banks, according to people familiar with the matter and documents seen by Reuters. HoldCo, which built its 3% stake in Eastern in recent months, is pressing for a sale, possibly to its much larger neighbor northeast super-regional M&T Bank. It also wants Eastern's management to stop its "poor allocation of capital," which includes three acquisitions made in five years and multiple securities restructurings, said the people who are familiar with HoldCo's thinking but can't discuss it publicly. The acquisitions ate up nearly all of the excess capital that Eastern received when it transformed from a mutual bank, founded in 1818, to a publicly traded company in 2020 when it raised $1.8 billion through its initial public offering, HoldCo argues. HoldCo blames Eastern's former chief executive and board chairman, Robert Rivers, and directors for mismanagement, arguing they have little expertise in buying banks but acquired three companies in four years the people said. The bank's stock rose to $18.17 a share on Friday, up 5.52%, on Reuters' report of HoldCo's stake, while the broader KBW Bank Index rose by less than 1% for the day. A representative for Eastern and for Rivers did not respond to requests for comment. The Fort Lauderdale, Florida-headquartered hedge fund, which oversees some $2.6 billion in assets and invests primarily in financial institutions, is ready to talk to Eastern's management but is also poised to ratchet up pressure and possibly launch a proxy fight to throw out directors, the people said. Eastern, which has a market value of $3.8 billion, currently has 15 directors and five, including Rivers who was elevated to executive chairman last year, will stand for election in 2026. "Nothing would please us more than a consensual resolution, but a proxy contest and any and all other options are on the table," the firm's founders Vik Ghei and Misha Zaitzeff said in documents seen by Reuters. Zaitzeff has already served on the board of another Boston-based bank, Berkshire Hills Bancorp, as part of a 2021 settlement between the hedge fund and bank. PUSHING FOR SALE  HoldCo is taking aim at Eastern two weeks after playing a role in an $11 billion deal where Fifth Third will buy Comerica. For months, the hedge fund had pushed Comerica to sell itself and in September turned up the heat by threatening to nominate five directors to its board. Bank mergers and acquisitions, while notoriously tough because of regulatory requirements, are expected to pick up now, analysts said, noting the Trump administration is expected to be more lenient than the Biden administration in approving possible deals. Eastern is Boston's leading local bank with more than 100 branches in Massachusetts, New Hampshire, Rhode Island and Connecticut and what analysts call loyal small business and retail customers whose families have banked there for decades. It also has low deposit costs, making it a potentially attractive target for bigger banks to buy. While Eastern cites its acquisitions as strengths that helped assets swell to $30 billion next month from $12 billion in 2019 and strengthen its foothold in wealth management, HoldCo disagrees. The firm argues that recent purchases of Century Bancorp, Cambridge Bancorp and HarborOne Bank, which will be finalized next month, have hurt shareholders and that they would have been better off if management had done nothing. "Had Eastern refrained from M&A and Securities Restructurings, it would conservatively have $13.90 per share of excess capital today versus a stock price of $17," the document said, adding "meaning that paying a special dividend today would allow shareholders to basically own this bank for free."  While HoldCo criticizes Rivers for his actions, he wields great power in Boston. Boston Magazine ranked him as No. 7 on its Most Influential Bostonians 2025 list, ahead of Fidelity Investments' Abigail Johnson and New England Patriots President Jonathan Kraft. (Reporting by Svea Herbst-Bayliss; Editing by Lisa Shumaker and Dawn Kopecki)

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By Lisa Baertlein and Jeslyn Lerh LOS ANGELES/SINGAPORE (Reuters) -New fees imposed on port calls by China and the U.S. are reducing the number of cargo vessels available for moving goods and threatening to increase consumer costs in both countries, industry executives said. Ship operators have taken China-linked ships out of U.S. trade lanes to avoid new port fees that started on October 14. They are also moving U.S.-linked ships out of China schedules to avert retaliatory fees that went into effect the same day.   Those workarounds are disrupting transits and squeezing ship cargo space, even as operators remain uncertain about how China assigns U.S. ownership or control in its fee assessment. "The list of available ships to call China's ports is definitely smaller than before, across all shipping markets," said Stamatis Tsantanis, CEO of dry bulk shipper Seanergy Maritime Holdings.  "Eventually, all the costs will fall down to the actual consumer, and that's going to make things way more expensive," Tsantanis said. The Shanghai Containerized Freight Index (SCFI) gained 12.9% to reach a four-week high, driven by gains on transpacific routes that saw big rate moves last weekend after China announced its port fees, Jefferies analyst Omar Nokta said in a note on Friday.     Major container shipping lines including Maersk, Hapag-Lloyd and CMA CGM have already reshuffled ship trade lane assignments to avoid the U.S. port fees.  This week, Gemini Alliance members Maersk and Hapag-Lloyd told customers their Maersk Kinloss and Potomac Express vessels would skip calls to Ningbo, the only China port those U.S.-flagged, South Korea-built vessels visit. "This new regulation will lead to further dislocation of vessels and trade flows," said Gernot Ruppelt, CEO of Ardmore Shipping, which transports clean petroleum products, chemicals and vegetable oils.  "Markets have yet to start pricing in this complexity premium," said Ruppelt. Ardmore has no port calls scheduled in China, he said.    TRADE TURMOIL BOOSTS TANKER MARKET RATES China's retaliatory port fees on U.S.-linked ships have driven up rates for very large crude carriers (VLCCs) voyages to China, the world's largest crude importer. That is because the new levies have reduced the supply of tankers that can be chartered to avoid incurring hefty port fees.  Benchmark rates for VLCCs hit two-week highs on Tuesday following the implementation of the port fees, before cooling slightly toward the end of the week. Consultancy Energy Aspects increased its fourth-quarter 2025 forecast for VLCC rates, adding there is further upside risk if disruptions escalate.  "The exemption of Chinese-built vessels from Chinese port fees has softened the potential impact somewhat, though we still see a significant number of U.S.-owned or operated vessels affected," Gibson Shipbrokers said. In the dry bulk segment that transports everything from coal and iron ore to commodities like grains and salt, there are 60 to 70 ships affected by the latest fees, about 3% of the capesize fleet, Seanergy's Tsantanis said.  "Given the disproportionately large incidence of China discharge in the cape(size) segment, this is likely to have an appreciable impact on our market," which was already experiencing relatively restricted ship supply, he said.  (Reporting by Lisa Baertlein in Los Angeles, Jeslyn Lerh in Singapore, and Arathy Somasekhar and Georgina McCartney in Houston; Editing by Bill Berkrot)

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By David Lawder and Andrea Shalal WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent on Friday gave specific marching orders for the International Monetary Fund and World Bank to take tougher stances on China's state-driven economic practices as part of his push to get the global lenders to refocus on their core missions. In a statement to the IMF's steering committee, Bessent said the crisis lender should strengthen its country surveillance activities with "objectivity and evenhandedness." He also said the World Bank should end its support for China and shift resources to countries with greater needs. "The IMF should not shy away from asking difficult questions, more clearly highlighting internal and external imbalances, deepening its understanding of how industrial policies in large economies such as China contribute to those imbalances, explaining their potential harmful spillovers, and recommending appropriate corrective actions," Bessent said in the statement to the International Monetary and Financial Committee. Successive U.S. administrations, including that of President Donald Trump, have blamed China's state-led economic practices and export-led growth model for building up excess manufacturing capacity that is flooding the world with cheap goods and contributing to trade imbalances. China argues that its success in sectors such as electric vehicles is due to innovation, not government support. U.S. and Chinese officials are locked in a bitter dispute over China's new rare earths export restrictions, Trump's tariffs, and new U.S. port fees for Chinese-built, -owned and -flagged ships that could lead to additional 100% U.S. tariffs on Chinese imports on November 1. The U.S. Treasury chief, who manages the dominant U.S. shareholdings in the IMF and World Bank, first called in April for the two institutions to focus more scrutiny on China, but his latest statement goes into more detail. He ordered the IMF to embrace stronger surveillance of imbalances including China's in a forthcoming comprehensive review of its surveillance policies, last updated in 2021. IMF Managing Director Kristalina Georgieva told reporters after a meeting of the steering committee that the global lender was already working to sharpen its surveillance, "digging deeper" into the issue of global imbalances, and reviewing the conditionality for lending programs. "I came out of the meeting room with a sense of encouragement (of) our staff, but also with a long list of homework," she said. NO DEBT 'PIGGY BANK' Bessent also included veiled references to China in criticizing the IMF for letting "recalcitrant creditors off the hook too easily" in debt restructuring negotiations for debt-burdened developing countries. China, the world's largest bilateral lender, delayed the debt restructurings of Chad, Zambia and Sri Lanka by initially insisting that multilateral development banks also take losses. Without naming China directly, Bessent said these situations worsened liquidity and economic stress on debtor countries. "In these situations, IMF programs cannot be effective if there are creditor countries within the membership that are exacerbating the very liquidity stress that IMF programs seek to address," Bessent said. "Furthermore, IMF resources must not be considered as a piggy bank to repay creditor countries that made a bad bet but refuse to take the loss." The IMF's strategy chief, Ceyla Pazarbasioglu, said on Wednesday that the U.S. and China, despite their trade differences, are both continuing to work on developing country debt issues through the Global Sovereign Debt Roundtable. Georgieva said she agreed it was urgent to work on debt issues, adding that the IMF planned to use its "good offices" to ensure better coordination among creditors and debtors. WORLD BANK CHIDED ON CHINA, ENERGY POLICY Bessent said the World Bank should increase emphasis on its "graduation" policies to wean countries off its support and make them self-sufficient. "This must include ending support for China and shifting staff and administrative resources to countries where development needs are most acute," he said. The Treasury chief also took aim at China in the World Bank's project procurement activities, urging the bank to "curb anti-competitive procurement practices by state-owned enterprises" and ban those that "do not operate on a commercial basis." In line with the Trump administration's policies opposing green energy subsidies, Bessent also said the World Bank should eliminate a 2023 pledge to devote 45% of its annual financing to climate-related projects and called for an "all-of-the-above" energy financing approach for gas, oil and coal. The World Bank's board in June agreed to end a longstanding ban on funding nuclear energy projects in developing countries, but has not yet reached agreement on whether it should engage in funding the production of natural gas. Given China's stranglehold on supply chains for rare earths and other critical minerals, Bessent also called on the World Bank to boost financing in the sector. "We welcome the steps the Bank is taking to devise a critical minerals strategy, and expect it to emphasize investments and technical assistance to promote diversified and resilient supply chains." (Reporting by David Lawder and Andrea Shalal; Editing by Andrea Ricci and Paul Simao)

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By Noel Randewich and Twesha Dikshit (Reuters) -Wall Street ended higher on Friday as investors assessed U.S. President Donald Trump's latest remarks on China, while quarterly results from regional banks eased concerns about credit risks.  Trump said his proposed 100% tariff on goods from China would not be sustainable, but blamed Beijing for the latest impasse in trade talks that began with Chinese authorities tightening control over rare earth exports. Trump unveiled the new tariffs a week ago, along with new export controls on "any and all critical software," to go into effect on November 1. "The market doesn't really know what to take when Donald Trump speaks," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "There's just a lot of back-and-forth comments with regards to China and trade tariffs and pretty much everything else." Regional bank stocks rebounded following a selloff on Thursday, when Zions Bancorporation disclosed losses tied to two commercial and industrial loans and Western Alliance revealed it had initiated a lawsuit alleging fraud by Cantor Group V, LLC. "There's a lot more bark than bite on the credit fears," said Jed Ellerbroek, a portfolio manager at Argent Capital. "Looking through all the big banks' results, credit is very good. Overall, there are very few pockets of weakness."  Truist Financial gained 3.7% after the bank reported higher third-quarter profit. Fifth Third Bancorp rose 1.3%, Zions shares rebounded from losses the day before to close 5.8% higher, and Western Alliance advanced 3.1%. The S&P Composite 1500 Regional Banks index climbed 1.8% after tumbling almost 6% the day before. The S&P 500 financial sector index, which includes the largest U.S. banks, rose 0.8%. Robust earnings from JPMorgan and other big banks this week helped get the third-quarter earnings season off to an upbeat start. Analysts on average see S&P 500 earnings climbing 9.3% in the third quarter, an improvement from expectations of 8.8% at the start of October, according to LSEG I/B/E/S. Following a rally of nearly 14% in 2025, the S&P 500 is valued at 23 times expected earnings, its priciest level in five years. The S&P 500 climbed 0.53% to end the session at 6,664.01 points. The Nasdaq gained 0.52% to 22,679.98 points, while the Dow Jones Industrial Average rose 0.52% to 46,190.61 points. Nine of the 11 S&P 500 sector indexes rose, led by consumer staples, up 1.23%. For the week, the S&P 500 gained 1.7%, the Nasdaq rose 2.1% and the Dow climbed 1.6%. The CBOE volatility index, investors' fear gauge, dropped to 21.5 points after hitting its highest level in nearly six months at 28.99 earlier in the day. Wall Street's most valuable companies were mixed, with Tesla rising 2.5%, Apple adding almost 2% and Amazon falling 0.7%. Eli Lilly fell 2% after Trump said he would bring down prices of weight-loss drugs. State Street dropped 1.4% after the bank's third-quarter net interest income missed estimates. Advancing issues outnumbered falling ones within the S&P 500 by a 2.6-to-one ratio. The S&P 500 posted 7 new highs and 6 new lows; the Nasdaq recorded 37 new highs and 114 new lows. Volume on U.S. exchanges was relatively light, with 19.6 billion shares traded, compared with an average of 20.7 billion shares over the previous 20 sessions. (Reporting by Noel Randewich in San Francisco and Sukriti Gupta, Medha Singh and Twesha Dikshit in Bengaluru; Editing by Shilpi Majumdar and Matthew Lewis)

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(Corrects spelling of board member's name in paragraph 2 to Knudstrop from Knudstorpand) (Reuters) -Long-term Starbucks shareholders have written to the company to resume talks with its workers union to discuss staffing, wages and other issues, a letter posted Thursday on the New York City Comptroller's website showed. The letter, signed by Comptroller Brad Lander, Trillium Asset Management, the Shareholder Association for Research and Education and Pensions Investment Research Consultants, was addressed to Starbucks' board members Jorgen Vig Knudstorp and Beth Ford and called on the company to reach a contract agreement with Starbucks Workers United. "We are concerned that Starbucks' labor relations have significantly deteriorated, as reflected by over one hundred Unfair Labor Practice complaints filed since the beginning of the year, in-store actions, partner walkouts and protests over store closings, and even strikes," the letter said. Starbucks did not respond to a request for comment outside regular business hours. The union has been at odds with management for months. Talks between Starbucks and Starbucks Workers United, which represents more than 12,000 baristas, began in April last year but have since stalled. In December, union members staged multi-day strikes across several U.S. cities during the peak holiday season. "Over three years have passed since the first successful union election by Starbucks Workers United and yet no contract agreement has been reached," the letter said. The Starbucks' store in Buffalo, New York was the first company-owned location to unionize in the U.S. in December 2021. There are over 650 unionized Starbucks stores currently in the country, according to the SBWU's website. The SBWU republished excerpts from the shareholder letter on its website, without commenting further. Last month, Starbucks said it would shutter underperforming stores in North America, including its flagship unionized outlet in Seattle, as CEO Brian Niccol pushed ahead with a $1 billion restructuring aimed at reviving sales. (Reporting by Shubham Kalia and Mrinmay Dey in Bengaluru; Editing by Nivedita Bhattacharjee)

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(Reuters) -New York City's Comptroller and other Starbucks shareholders have written to the company to resume talks with its workers' union to discuss staffing, wages and other issues, the city agency said on its website on Thursday. Union workers represent a small but growing fraction of U.S. Starbucks store staff and the fight over wages and staffing conditions has become a high-profile issue for the company and its new CEO, Brian Niccol, as he works to revive sales. Niccol's plan has included measures such as shutting underperforming stores, including its flagship unionized outlet in Seattle, capping annual hike in North America at a modest 2% and investing to improve customer experience and service times. The investor letter — signed by Comptroller Brad Lander, Trillium Asset Management, the Shareholder Association for Research and Education and Pensions Investment Research Consultants — was addressed to Starbucks' board members Jorgen Vig Knudstorp and Beth Ford and called on the company to reach a contract agreement with Starbucks Workers United. "We are concerned that Starbucks' labor relations have significantly deteriorated, as reflected by over one hundred Unfair Labor Practice complaints filed since the beginning of the year, in-store actions, partner walkouts and protests over store closings, and even strikes," the letter said. The Comptroller published it on its website on Friday. Talks between Starbucks and Starbucks Workers United, which represents more than 12,000 baristas, began in April last year but have since stalled. Starbucks reiterated on Friday that the company and Niccol personally remained ready to return to the bargaining table and that it had reached more than 30 agreements with the union as part of the talks. Both sides blame the other for ending talks late last year and say they are ready to return to discussions. In April, union delegates voted to reject the coffee chain's proposal that guaranteed annual raises of at least 2%, which the Workers United union said did not offer changes to economic benefits such as healthcare or any immediate pay hike. The New York City pension funds said they were the largest Starbucks stockholders within the group, with about 1.33 million shares. There are over 650 unionized Starbucks stores currently in the U.S., according to the SBWU's website, up from about 525 in December last year. (Reporting by Juveria Tabassu, Shubham Kalia and Mrinmay Dey in Bengaluru; Editing by Nivedita Bhattacharjee and Alan Barona)

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WASHINGTON (Reuters) -Boeing can hike 737 MAX production to 42 planes per month after the Federal Aviation Administration lifted a 38 plane-per-month cap in place since January 2024, the agency and planemaker said on Friday. The FAA imposed the unprecedented production cap shortly after a 2024 mid-air emergency involving a new Alaska Airlines 737 MAX 9 missing four key bolts. The announcement is a significant milestone for the planemaker that was plunged into a safety crisis following the mid-air incident. (Reporting by David Shepardson; Editing by Chris Reese)

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By Doina Chiacu and Andrea Shalal WASHINGTON (Reuters) -U.S. President Donald Trump said his proposed 100% tariff on goods from China would not be sustainable, but blamed Beijing for the latest impasse in trade talks that began with Chinese authorities tightening control over rare-earth exports. Asked whether such a high tariff was sustainable and what that might do to the U.S. economy, Trump replied, "It's not sustainable, but that's what the number is." "They forced me to do that," he said in an interview with Fox Business Network that was broadcast on Friday. Trump unveiled additional levies of 100% on imports of Chinese goods a week ago, along with new export controls on "any and all critical software" by November 1, nine days before existing tariff relief was set to expire. The new trade actions were Trump's reaction to China dramatically expanding its export controls on rare earth elements. China dominates the market for such elements, which are essential to tech manufacturing. Trump also confirmed he would meet with Chinese President Xi Jinping in two weeks in South Korea and expressed admiration for the Chinese leader. "I think we're going to be fine with China, but we have to have a fair deal. It's got to be fair," Trump said on FBN's "Mornings with Maria," which was taped on Thursday. Later, as he was preparing to have lunch at the White House with Ukrainian President Volodymyr Zelenskiy to discuss efforts to end its war with Russia, Trump said: "China wants to talk, and we like talking to China." The softening in tone and affirmation of his intent to meet with Xi helped stem Wall Street's early losses on Friday. Major U.S. stock indexes, which have been rattled over the last week by Trump's abrupt re-imposition of steep levies on Chinese imports and by credit worries among regional banks, were up in afternoon trading. U.S. Treasury Secretary Scott Bessent spoke with his counterpart, Chinese Vice Premier He Lifeng, on Friday evening in what he called "frank and detailed discussions" about trade, and said the two will meet in person next week. WTO URGES DE-ESCALATION OF TRADE SPATS The head of the World Trade Organization said she urged the U.S. and China to de-escalate trade tensions, warning that a decoupling by the world's two largest economies could reduce global economic output by 7% over the longer term. WTO Director-General Ngozi Okonjo-Iweala told Reuters in an interview the global trade body was extremely concerned about the latest spike in U.S.-China trade tensions and had spoken with officials from both countries to encourage more dialogue. But tensions continued to run high, even as Trump and Xi prepared to meet. Bessent took aim at China's state-driven economic practices in a statement to the IMF's steering committee on Friday, urging the IMF and World Bank to take a tougher stance on China's external and internal balances and industrial policies that U.S. officials say have helped China build up excess manufacturing capacity that is flooding the world with cheap goods. And China's Commerce Ministry on Friday accused the U.S. of undermining the rules-based multilateral trading system since the Trump administration took office in 2025, vowing to intensify its use of dispute settlement actions at the WTO. It also urged the U.S. to roll back measures that breach non-discrimination rules and align its industrial and security policies with WTO obligations. Bessent earlier in the week had accused one of He's top aides of being "unhinged" in recent interactions with U.S. trade negotiators. China said on Friday that Bessent's remarks "seriously distort the facts." (Reporting by Doina Chiacu and Susan Heavey; Editing by William Maclean, Paul Simao and Andrea Ricci)

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