Hong Kong Financial Secretary says U.S. court order on Trump's 'reciprocal' tariffs will bring him 'to reason'
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Yahoo
31 minutes ago
- Yahoo
Where do trade talks stand in the rush to avert higher US tariffs?
US President Donald Trump has said he will send letters to select trade partners facing tariff hikes as early as Monday, piling pressure on countries to strike a deal with Washington before a new August 1 deadline. The White House announced sharp levies on dozens of economies in April, citing a lack of "reciprocity" in trade relations, which were set to kick in on Wednesday, July 9. Trump announced on Friday the levies' imposition would be pushed to August 1 to allow time for talks to wrap up, but said he signed 12 letters to inform some countries of rate hikes, which will likely be sent on Monday. With Treasury Secretary Scott Bessent saying the administration was "close to several deals," where do things stand for economies from Taiwan to the European Union? - EU: 'Ready' for deal - The European Union said it is "ready for a deal" with Washington, with the bloc's trade chief meeting his US counterparts Thursday. European Commission President Ursula von der Leyen said the EU was targeting an "agreement in principle" when it came to the initial July 9 cutoff. Bessent said the European Union is "making very good progress" after a slow start. With no deal, the US tariff on EU goods doubles from the "baseline" of 10 percent to 20 percent -- with Trump previously threatening a 50 percent level. - Vietnam: A pact with uncertainties - Washington and Hanoi unveiled a trade pact Wednesday with much fanfare and few details, but it allowed Vietnam to avoid Trump's initial 46 percent tariff. Under the agreement, Vietnamese goods face a minimum 20 percent tariff while products made elsewhere face a 40 percent levy -- a clause to restrict "transshipping" by Chinese groups. But there remain questions on how the higher levy would apply to products using foreign parts. There is also a risk that Beijing will adopt retaliatory measures, analysts warned. - Japan: Rice, autos at stake - Despite being a close US ally and major source of foreign investment, Japan might not escape Trump's tariff hike. Tokyo's trade envoy Ryosei Akazawa has made numerous trips to Washington through the end of June. But Trump recently criticized what he described as Japan's reluctance to open up further to US rice and auto exports. "I'm not sure we're going to make a deal," Trump said, adding that the country could pay a tariff of "30 percent, 35 percent, or whatever the number is that we determine." - India: A good position - Indian manufacturers and exporters want to believe they can avoid a 26 percent tariff. Negotiations between both countries have been going well for weeks, and Trump himself suggested at the end of June that a "very big" agreement was imminent. Ajay Sahai, director general of the Federation of Indian Export Organizations, said the feedback he received "suggests positive developments." But he maintained that the situation was fluid. Finance Minister Nirmala Sitharaman has stressed that agriculture and dairy products remain "very big red lines." - South Korea: Muted optimism - Seoul, which is already reeling from US tariffs on steel and autos, wants to avert a sweeping 25 percent levy on its other exports. Cooperation in shipbuilding could be a bargaining chip, but "at this stage, both sides still haven't clearly defined what exactly they want," said new President Lee Jae Myung on Thursday. "I can't say with confidence that we'll be able to wrap everything up by July 8," he added. - Indonesia, Thailand, Taiwan in the wings - Other Asian economies including Indonesia, Thailand and Cambodia, which faces a 49 percent tariff, wait with bated breath. Indonesia has indicated willingness to boost energy, agriculture and merchandise imports from the United States. Bangladesh is proposing to buy Boeing planes and step up imports of US agriculture products. Taiwan, for whom Washington is a vital security partner, faces a 32 percent duty without a pact. Although both sides have faced bumps along the way, Taiwanese Vice President Hsiao Bi-khim said "negotiators from both sides are working diligently" to find a path forward. - Switzerland: Hope for delay - Switzerland's government said Washington has acknowledged it was acting in good faith, and assumes its tariff level will remain at 10 percent on July 9 while negotiations continue. But without a decision by the president as of the end of June, Switzerland did not rule out that levies could still rise to a promised 31 percent. burs-jug-bys/jgc/aks/aha
Yahoo
33 minutes ago
- Yahoo
Oil Drops as Larger OPEC+ Supply Increase Raises Glut Concerns
(Bloomberg) -- Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook. 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 Brent slid as much as 1.6% toward $67 a barrel after falling 0.7% on Friday, and West Texas Intermediate was below $66. The group led by Saudi Arabia decided on Saturday to increase supply by 548,000 barrels a day, putting OPEC+ on track to unwind its most recent output cuts a year earlier than planned. Alliance officials cited summer demand as one reason for their optimism that the extra barrels could be absorbed by the market, with the move answering President Donald Trump's calls for lower fuel costs. The oil market has been volatile in recent weeks following the conflict between Israel and Iran, with a fragile truce now in place and focus shifting to OPEC+ supply and US trade policy. Trump's country-by-country tariffs will take effect Aug. 1, Commerce Secretary Howard Lutnick said, signaling some breathing room for trading partners ahead of a previous deadline of July 9. OPEC+ previously announced hikes of 411,000 barrels a day for May, June and July — already three times faster than scheduled — and traders had expected the same amount for August. The increase amplifies a dramatic strategy pivot, from years of output restraint to reopening the taps to reclaim market share. The group is 'clearly taking advantage of a period of tightness in global energy markets,' said Robert Rennie, the head of commodity and carbon research at Westpac Banking Corp. However, there are 'downside risks' to oil prices as seasonal demand wanes after summer, he added. 'Healthy Market' The boost was based on 'a steady global economic outlook and current healthy market fundamentals,' the group said in a statement on Saturday. Saudi Arabia followed with a price increase to its main crude grade for Asia next month, signaling confidence the market can withstand the extra OPEC+ supplies. The alliance will consider adding another 548,000 barrels a day in September at its next meeting on Aug. 3, according to delegates, which would complete the revival of 2.2 million barrels a day of cuts made in 2023. 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. 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
Bloomberg
an hour ago
- Bloomberg
US, Brazil Try to Seal Tariff Deal Before Trump's Deadline: Uol
Representatives from Brazil and the US held a video conference on Friday to discuss a new tariff deal before President Donald Trump's deadline on Wednesday, local media outlet Uol reported. Talks will continue in the following days, Uol said, citing people from Brazil's foreign ministry that it didn't identify. The Trump administration has signaled reciprocal tariffs will revert on July 9 to their higher April 2 levels for countries that fail to secure an accord aimed at reducing US trade imbalances.
