OPEC's Oil Output Climbs as Saudis Lead Pursuit of Market Share
Riyadh is steering the Organization of the Petroleum Exporting Countries and its partners to revive supplies swiftly despite faltering oil demand and an impending global surplus. The policy is adding downward pressure on crude prices — a potential salve for consumers and a fixation of President Donald Trump.
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Yahoo
17 minutes ago
- Yahoo
South Korea seeks US trade deadline extension as tariffs loom
(Bloomberg) — South Korean and US trade officials have discussed extending the July 9 deadline for trade deals in a last-minute bid to avert sweeping tariffs from President Donald Trump. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos What Gothenburg Got Out of Congestion Pricing South Korean Trade Minister Yeo Han-koo held talks with US Trade Representative Jamieson Greer on Saturday in Washington, where he proposed manufacturing partnerships and called for the elimination or reduction of tariffs on products such as automobiles and steel, Seoul's industry ministry said in a statement on Sunday. The meeting came just days before a deadline to reinstate higher US levies that were halted in April. President Donald Trump has said that Washington would send out letters to trading partners setting unilateral tariff rates taking effect on Aug. 1. South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25% across-the-board levies are imposed, that would further undercut an economy already hit by sluggish domestic consumption. The central bank in May slashed its forecast for this year's gross domestic product growth to 0.8% from 1.5%. In a last-minute bid to avoid the tariffs from kicking in, Yeo presented a vision for a 'mutually beneficial' manufacturing cooperation framework to further strengthen the two countries' industrial supply chains, while stressing that any final agreement must include ending or limiting tariffs on automobiles and steel, among other products. 'Both sides agreed that they have been conducting negotiations in good faith for a month since the launch of the new South Korean administration and that it is necessary to further narrow their differences,' the statement said, adding that the officials also discussed extending the deadline for additional talks. It was Yeo's second trip to the US in just about a week and a sign that Seoul is ratcheting up efforts to make up for lost time in trade talks after President Lee Jae Myung won a snap election last month, taking over from the ousted Yoon Suk Yeol. Yoon's brief martial law decree at the end of last year triggered the country's worst political turmoil in decades and resulted in a leadership vacuum. Lee's national security adviser, Wi Sung-lac, left for Washington on Sunday to meet Secretary of State Marco Rubio, who also serves as acting national security adviser. Speaking with reporters before his departure, Wi said he needed to increase his involvement as the negotiations are in a 'critical phase.' He said he will seek to arrange a first summit between Lee and Trump as well as discussing security and other bilateral issues during his trip. For Brazil's Criminals, Coffee Beans Are the Target SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P.
The Hill
an hour ago
- The Hill
Former NY governor likens Mamdani's appeal to Trump's
Former New York Gov. David Paterson (D) on Sunday compared Zohran Mamdani's success as the city's Democratic mayoral candidate to the political rise of President Trump a decade prior. 'The support that Mamdani is receiving … the number of people he's registering, the number of people who go to his rallies … if I blinked my eyes 10 years ago, there was another person who was able to do that, and his name is Donald Trump, whose political ideology is the polar opposite of what Mamdani's might be,' Paterson told host John Catsimatidis during the radio show 'Cats Roundtable' on WABC 770 AM. 'It is demonstrating a new campaign style, where you speak as verbosely as possible … Donald Trump invented this,' he added. Mamdani beat former New York Gov. Andrew Cuomo (D) in the primary and has targeted disenfranchised voters, earning a large audience with progressive policies that include proposals for free rent, city-run grocery stores and costless childcare. The measures have been heavily criticized by Republicans and establishment Democrats alike, who've all said the plans fall out of the scope of the mayorship. 'You don't lead this city from a soapbox. You lead it with action, not rhetoric,' incumbent Mayor Eric Adams (D) said while kicking off his independent reelection bid. However, Mamdani, who currently serves as a New York assemblymember, said his policies are more than possible. 'Freezing the rent, that's not something that requires any fiscal output from the city. It's something that's determined by the Rent Guidelines board, composed of nine members. The mayor picks each of those members, they determine, each year whether rents rise or whether they stay the same,' Mamdani said during an appearance on CNN. 'A previous mayoral administration froze the rent three times. So, this has clear historical precedent,' he added. While on the show, the Democratic socialist also explained how he plans to activiste city owned an operated grocery stores. 'City-run grocery stores. I proposed a pilot program of one store in each borough. These are five stores in total. The total cost of this is $60 million. This is less than half the cost of what the city is already sent to spend on a subsidy program for corporate supermarkets that has no guarantee of cheaper prices or collective bargaining agreements or even acceptance,' Mamdani said. Paterson said the proposals are gaining traction early in the race and noted that Mamdani will be 'a difficult candidate to beat' in November.
Washington Post
an hour ago
- Washington Post
U.S. seeks limited trade deal with E.U. as Trump's deadline approaches
BRUSSELS — With only three days remaining before President Donald Trump's self-imposed July 9 deadline, U.S. and European negotiators continue to haggle over a skeletal trade deal that would defer a resolution of their toughest commercial disputes. The prospective accord, which would spare European goods the 50 percent tariffs that Trump has threatened to impose, is one of a relative handful of deals the administration is set to finalize by Wednesday.
