US House Republicans advance Trump tax-cut bill opening way for debate
The House voted 219-213 to move forward.
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Al Arabiya
an hour ago
- Al Arabiya
Vietnam Q2 GDP growth quickens on strong exports, US trade deal brightens outlook
Vietnam's economy grew at a faster pace in the second quarter of this year led by strong exports, in an encouraging sign just days after US President Donald Trump said he would place lower-than-threatened 20 percent tariffs on many Vietnamese products. Concerns over the Southeast Asian manufacturing hub's outlook had been growing in the run up to the trade deal announced on Wednesday, particularly as the United States is Vietnam's biggest export market. Gross domestic product growth in the April-June quarter accelerated to 7.96 percent year-on-year, from the 6.93 percent in the first quarter, government data showed on Saturday. It was just short of Hanoi's full-year growth target of at least 8 percent. 'Economic performance in the first half of this year was positive and close to our target amid global and regional economic uncertainties,' the National Statistics Office said. Exports were a bright spot in the last quarter, rising 18.0 percent to $116.93 billion from a year earlier, while imports were up 18.8 percent at $112.52 billion, translating into a trade surplus of $4.41 billion, the NSO data showed. Industrial production in the period rose 10.3 percent, while June consumer prices rose 3.57 percent. Trump announced on Wednesday the United States and Vietnam reached a trade deal, under which Vietnamese goods would face a 20 percent tariff, with trans-shipments from third countries through Vietnam also facing a 40 percent levy. Vietnam could import US products with a zero percent tariff. The tariff rates were lower than an initial 46 percent rate threatened by Trump in April. Vietnam hailed the deal as a boost for business and said negotiators were working to finalize details, as business groups awaited clarity on the finer points to assess the impact of the new tariffs. The United States is the largest export market for Vietnam, a regional manufacturing hub housing several multinational companies such as Samsung Electronics and Foxconn. The United States recorded a trade deficit of $123 billion with Vietnam last year, one of its highest globally. Vietnam is also home to several Chinese companies, which analysts said are likely the main targets for the 40 percent tariff on trans-shipments. China is Vietnam's largest two-way trading partner on which it relies heavily for components and materials for its manufacturing industries. Fitch Solutions said in a note on Friday that Vietnam's exports and investment will remain strong for the rest of the year and signaled upside risks for its 2025 GDP growth forecast of 6.4 percent. 'With the new 20 percent tariff, we think the government will speed up industrial upgrading and shift exports from low-margin goods to higher value-added products such as semiconductors,' it said in a note. Dominic Scriven, founder and chairman of investment firm Dragon Capital, said the trade deal is 'net-positive' and the potential GDP hit is less severe than feared. 'With external trade risk now moderating, attention can return to the country's core growth engine, the domestic and private sector economy,' he said.
Al Arabiya
3 hours ago
- Al Arabiya
Trump ‘very unhappy' with Putin on Ukraine, hints at sanctions
US President Donald Trump said Friday he was 'very unhappy' about his telephone call with Vladimir Putin on the war in Ukraine, saying the Russian leader just wanted to 'keep killing people.' 'It's a very tough situation. I told you I was very unhappy with my call with President Putin. He wants to go all the way, just keep killing people, it's no good,' Trump told reporters aboard Air Force One. Trump also hinted that he may finally be ready to toughen sanctions against Russia, having held off for the past six months while he tried to persuade Putin to end the war. 'We talk about sanctions a lot,' Trump said. 'He understands that it may be coming.' Trump added that he and Ukrainian President Volodymyr Zelenskyy meanwhile had a 'very strategic call' on Friday, as concerns mounted in Kyiv over US military aid deliveries. Zelenskyy said earlier that the two leaders had agreed to work to 'strengthen' Ukraine's air defenses, following Russia's largest drone and missile barrage of the invasion so far. Trump said he had also discussed sending Patriot interceptor missiles to Ukraine in a separate call with German Chancellor Friedrich Merz on Friday, although he had not yet agreed to do so. Merz 'feels they have to be protected,' Trump said.
Al Arabiya
4 hours ago
- Al Arabiya
Trump says US will start talks with China on TikTok deal this week
US President Donald Trump said on Friday he will start talking to China on Monday or Tuesday about a possible TikTok deal. He said the United States 'pretty much' has a deal on the sale of the TikTok short-video app. 'I think we're gonna start Monday or Tuesday… talking to China, perhaps President Xi or one of his representatives, but we pretty much have a deal,' Trump told reporters on Air Force One. Last month, Trump extended to September 17 a deadline for China-based ByteDance to divest the US assets of TikTok. A deal had been in the works this spring to spin off TikTok's US operations into a new US-based firm, majority-owned and operated by US investors, but it was put on hold after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods. Trump said the United States will probably have to get a deal approved by China. When asked how confident he was that China would agree to a deal, he said, 'I'm not confident, but I think so. President Xi and I have a great relationship, and I think it's good for them. I think the deal is good for China and it's good for us.'
