UnionPay launches pilot project for cross-border QR payment link between China and Indonesia, expanding its quadripartite model. The project marks a significant step in UnionPay's efforts to create a new quadripartite model with industry stakeholders. By extending its collaboration, UnionPay aims to contribute to a win-win cooperation compatible with its own development. As of now, UnionPay has established or is in the process of establishing cross-border payment links with payment networks in 19 countries and regions outside mainland China.
Australia and China are increasing military presence in the Indo-Pacific region, amid rising tensions. The US-Australia naval deal is investing in new weapons to counter China's military expansion, which has surpassed 45% of total defence spending in the region. This militarization is driven by China's assertive moves in the South China Sea and clashes with other navies, prompting calls for a "free and open Indo-Pacific".
US-China trade talks kicked off on their first day in Madrid, with no substantial "deliverables" expected to be reached. Wendy Cutler, a former US trade negotiator, expects China to prioritize export controls and lower tariffs in the talks. The discussions will cover joint US-China efforts to combat money laundering, particularly targeting illicit shipments of technology goods to Russia aiding Ukraine's war. The US has imposed a 25% tariff on Indian goods over Russian oil purchases, but has not applied similar duties to Chinese imports. The talks will resume on Monday with post-talks press conferences scheduled for the afternoon.
US Deputy Secretary of State Landau expressed regret over an immigration raid targeting Korean workers in South Korea, proposing it as a turning point to improve the US-South Korea relationship. Landau suggested that President Donald Trump had "high interest" in the case, and after the raid, Trump offered Korean workers the option to stay in the US if they wished. To prevent similar incidents, South Korea is calling on the US to provide clear guidelines for existing business visas and create a new visa category for Korean professionals supporting massive investment projects in the US. Landau also emphasized the need for Washington and Seoul to speed up working-level consultations to ensure visas are issued commensurate with the contributions of Korean workers, who help rebuild manufacturing in the US.
US President Trump and Chinese President Xi Jinping are reportedly set to meet in October, but the outcome depends on their envoys' decisions. This comes after India strengthened ties with China and Russia at the SCO Summit, reflecting strategic autonomy. The US administration is seeking $58 million from Congress to boost security measures following the Charlie Kirk shooting, while Commerce Secretary Lutnick warns India of a "tough time" in ties over tariffs.
The US, South Korea, and Japan have launched a joint air and naval exercise. North Korean leader Kim Yo Jong criticized the move, stating it will bring bad results to those involved. The exercise coincided with Freedom Edge and aims to integrate the US's nuclear capabilities with South Korea's conventional ones. This move follows North Korea's past military demonstrations and weapons tests in response to rival exercises. The exercise is part of a broader effort by Kim Jong Un's government to prioritize Russia and expand ties with nations opposing the US.
US and Chinese delegations continued their Madrid talks on September 15, focusing on trade tensions and TikTok's divestment deadline. The fourth round of negotiations in four months took place at the Palacio de Santa Cruz, with US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng leading the discussions. The talks centered on TikTok, tariffs, and the economy, with no breakthrough after six hours on the first day. Experts expect a further extension of the deadline for ByteDance to divest its US operations by September 17, or face a potential US shutdown.
Trade Minister Yeo is set to visit the US for follow-up talks on a trade deal, aiming to bridge differences over an investment package worth $350 billion. The US has agreed to lower tariffs on Korean cars and goods to 15%, while Seoul is pushing for financing methods and profit-sharing arrangements. The two sides are working to finalize the details of a bilateral framework trade agreement, which includes tariff cuts and investment commitments.
Ukrainian President Volodymyr Zelensky offered NATO help in countering Russian drones, citing strikes on oil refineries as the most effective sanctions. He noted that these attacks have significantly limited Russia's oil industry and military capabilities, affecting Moscow's actions. Ukraine launched a massive air strike against Russia using 361 drones, causing a brief fire at an oil refinery in Kirishi, 110 kilometers from St. Petersburg.