UK Eyes Breakthrough in US Steel Tariff Talks
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Yahoo
6 minutes ago
- Yahoo
China's export growth likely slowed in July as US tariff deadline looms: Reuters poll
BEIJING (Reuters) -China's export growth probably slowed in July, as manufacturers await clarity on whether Beijing can reach a deal with its top consumer market, the United States, or if President Donald Trump will reinstate additional tariffs on Chinese goods. Outbound shipments were expected to have risen an annual 5.4% in value terms, according to the median forecast of 34 economists in a Reuters poll, down from a 5.8% increase in June. Imports likely shrank 1.0%, reversing a 1.1% rise previously, with domestic demand still in the doldrums amid a protracted property crisis that has consumers tightening their purse strings. Trump's erratic trade policy - marked by multiple rounds of tit-for-tat tariff hikes with Beijing - has heaped pressure on China's export-oriented economy, posing a serious test to its long-standing growth model. China is facing an August 12 deadline to reach a durable tariff agreement with the U.S. administration, after Beijing and Washington reached framework agreements in May and June to reduce non-tariff barriers such as in rare earth minerals and technology to avoid further escalating their trade war. Without a deal, global supply chains could face renewed turmoil from U.S. duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus is forecast to narrow to $105 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed that the U.S.'s trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States — and with the European Union, which has accused China of producing and selling goods too cheaply — would give Chinese officials more room to advance their reform agenda. However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
- Yahoo
South Korea says timing of U.S. tariff cut on autos not decided
SEOUL (Reuters) -South Korea's Industry Minister Kim Jung-kwan said on Wednesday that Seoul needs to hold further discussions with Washington on the timing of the promised tariff cuts on the country's car exports to the U.S. from the current level of 25%. President Donald Trump said last week the U.S. will charge a 15% tariff on imports from South Korea, including autos, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally. The 15% U.S. tariffs on most items coming from South Korea are due to take effect starting from Thursday. South Korean auto makers such as Hyundai Motor and Kia want the tariff cut brought in swiftly to create a level playing field with Japanese and European rivals. Separately, Japan's top tariff negotiator Ryosei Akazawa said he would head to Washington this week to press Trump to sign an executive order to bring the cut to tariffs on Japanese auto imports into effect. In the technology sector, Kim said the countries had agreed to continue talks on online platform legislation to make sure U.S. tech companies were not unfairly treated compared with domestic firms. "Although the digital issue was not included in the latest agreement, there are major concerns about it among the U.S. government, parliament and businesses," he said at a parliamentary session. The minister reiterated that there had been no agreement on the opening of the agriculture market, including beef, rice, fruit and other farm goods as part of the deal. But he said the countries will increase cooperation in the quarantine process for fruit and vegetables, which has been cited by Washington as one of the non-tariff barriers that U.S. farmers face. South Korean Finance Minister Koo Yun-cheol said at a separate parliamentary session that the U.S. viewed the quarantine process for fruit and vegetables as too slow and asked Seoul to introduce a rational and scientific process.
Bloomberg
9 minutes ago
- Bloomberg
Korea Sees Favorable Treatment in New US Levies on Chips, Pharma
South Korea's finance minister said the country has secured a commitment from the US that it won't face less favorable treatment than any other nation if Washington pushes ahead with new tariffs on semiconductors and pharmaceuticals. 'The US made a commitment to give us top-tier treatment to sectors like pharmaceuticals and semiconductors,' Finance Minister Koo Yun-cheol told lawmakers during a parliamentary committee hearing Wednesday. 'We're not completely satisfied, but it's still meaningful that Korea won't be at a disadvantage compared to other countries.'
