Pakistan and US finalising trade deal, foreign minister says
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The National
4 hours ago
- The National
US and EU strike an 'across the board' agreement on tariffs
US President Donald Trump and European Commission President Ursula von der Leyen said on Sunday they had reached a deal to end a transatlantic tariff dispute, averting the risk of a full-scale trade war. Mr Trump and Ms Von der Leyen held private talks at one of Mr Trump's golf courses in Scotland and later announced what the US President called an 'across-the-board' agreement. The breakthrough comes just days before an August 1 deadline for the European Union to strike a deal with Washington or face a sweeping 30 per cent US tariff on EU goods. 'We have reached a deal. It's a good deal for everybody,' Mr Trump told reporters. Mr Trump said the deal involved a baseline levy of 15 per cent on EU exports to the United States, the same level secured by Japan, including for the bloc's crucial auto sector, which is currently being taxed at 25 per cent. 'We are agreeing that the tariff straight across, for cars and everything else, will be a straight across tariff of 15 per cent,' he added. Mr Trump also said the bloc had agreed to purchase "$750 billion worth of energy' from the United States, as well as $600 billion more in additional investments in the country. Negotiating on behalf of the EU's 27 countries, Ms Von der Leyen's European Commission had been pushing hard to salvage a trading relationship worth an annual $1.9 trillion in goods and services. 'It's a good deal,' the EU chief told reporters, sitting alongside Mr Trump following their hour-long talks. 'It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic,' she said. The EU has been hit by multiple waves of tariffs since Mr Trump reclaimed the White House. It is currently subject to a 25 per cent levy on cars, 50 per cent on steel and aluminium, and an across-the-board tariff of 10 per cent, which Washington threatens to hike to 30 per cent in a no-deal scenario. Brussels has been focused on getting a deal to avoid sweeping tariffs that would further harm its sluggish economy with retaliation held out as a last resort.
Khaleej Times
8 hours ago
- Khaleej Times
UAE: Visa waiver for some Pakistani passport holders comes into effect at all airports
The UAE and Pakistan have activated a visa waiver for diplomatic and official passport holders, said Ishaq Dar, deputy prime minister and foreign minister of Pakistan. In a statement on social media platform X, Dar said he met Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs earlier this week, where he was informed that the visa waiver has come into effect from July 25, 2025. The two countries signed a visa exemption agreement for diplomatic and official passports in the last week of July during the 12th session of the Pakistan-UAE Joint Ministerial Commission (JMC) in Abu Dhabi. "In my meeting at Abu Dhabi on June 24, 2025, with my brother Deputy Prime Minister and Foreign Minister of UAE, Sheikh Abdullah bin Zayed Al Nahyan, we agreed mutual visa waivers on diplomatic and official passports between our two brotherly countries and we both signed a Memorandum of Understanding to make this arrangement effective and operative after 30 days of the signing of the said MoU. "I am pleased to confirm that I have been informed by the UAE authorities that the visa waiver for diplomatic and official Pakistani passports entering the UAE has been activated, effective July 25, 2025, at all UAE airports,' Dar said. On the reciprocal basis, he added that similar arrangements have also been activated for UAE nationals at all Pakistani airports. The UAE and Pakistan have close diplomatic, cultural and trade ties. There are over 1.7 million Pakistanis living and working in the UAE. In addition, hundreds of thousands of tourists from Pakistan visit the Gulf country every year. Pakistan's Prime Minister Shehbaz Sharif has visited the UAE numerous times ever since he took office. Importantly, this waiver is only for diplomatic and official passport holders and it is not applicable for ordinary passports.
Khaleej Times
10 hours ago
- Khaleej Times
Trump, EU chief seek deal in transatlantic tariffs standoff
US President Donald Trump and EU chief Ursula von der Leyen prepared to meet Sunday in Scotland in a push to resolve a months-long transatlantic trade standoff that is going down to the wire. Trump has said he sees a 50-50 chance of reaching a deal with the European Union, having vowed to hit dozens of countries with punitive tariffs unless they hammer out a pact with Washington by August 1. The EU is currently facing the threat of an across-the-board levy of 30 percent from that date. Von der Leyen's European Commission, negotiating on behalf of the EU's member countries, has been pushing hard for a deal to salvage a trading relationship worth an annual $1.9 trillion in goods and services. Any deal with the United States will need approval by all 27 member states. EU ambassadors, on a visit to Greenland, were to meet Sunday morning to discuss the latest negotiations -- and again after any accord. Sunday's sit-down between Trump and the EU chief was to take place at 4:30 pm (1530 GMT) in Turnberry, on Scotland's southwestern coast, where Trump owns a luxury golf resort. The 79-year-old American leader said Friday he hoped to strike "the biggest deal of them all" with the EU. "I think we have a good 50-50 chance" of a deal, the president said, citing sticking points on "maybe 20 different things". He praised von der Leyen as "a highly respected woman" -- a far cry from his erstwhile hostility in accusing the EU of existing to "screw" the United States. But late-night EU talks with US Commerce Secretary Howard Lutnick on Saturday to hammer out the final details were "combative at times," The Financial Times reported. As of Saturday evening, there were "still quite a few open questions" -- notably on pharmaceutical sector tariffs, said one EU diplomat. Tariff levels on the auto sector were also crucial for the Europeans -- notably France and Germany -- and the EU has been pushing for a compromise on steel that could allow a certain quota into the United States before tariffs would apply. Baseline 15% According to European diplomats, the deal on the table involves a baseline levy of around 15 percent on EU exports to the United States -- the level secured by Japan -- with carve-outs for critical sectors including aircraft, lumber and spirits excluding wine. The EU would commit to ramp up purchases of US liquefied natural gas, along with a series of investment pledges. Hit by multiple waves of tariffs since Trump reclaimed the White House, the EU is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal scenario. The EU has focused on getting a deal with Washington to avoid sweeping tariffs that would further harm its sluggish economy, with retaliation as a last resort. While 15 percent would be much higher than pre-existing US tariffs on European goods -- at 4.8 percent -- it would mirror the status quo, with companies already facing an additional flat rate of 10 percent. Should talks fail, EU states have greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels is also drawing up a list of US services to potentially target. Beyond that, countries like France say Brussels should not be afraid to deploy a so-called trade "bazooka" -- EU legislation designed to counter coercion through trade measures which involves restricting access to its market and public contracts. But such a step would mark a major escalation with Washington. Ratings dropping Trump has embarked since returning to power on a campaign to reshape US trade with the world. But polls suggest the American public is unconvinced, with a recent Gallup survey showing his approval rating at 37 percent -- down 10 points from January. Having promised "90 deals in 90 days," Trump's administration has so far unveiled five, including with Britain, Japan and the Philippines. Early Sunday, ahead of his meeting with Von der Leyen, Trump was out again on the golf course, having spent most of Saturday playing at Turnberry amid tight security. The trip to Scotland has put physical distance between Trump and the scandal around Jeffrey Epstein, the wealthy financier accused of sex trafficking who died in prison in 2019 before facing trial. In his heyday, Epstein was friends with Trump and others in the New York jet-set, but the president is facing backlash from his own MAGA supporters demanding access to the Epstein case files. With the uproar refusing to die down, a headline agreement with the EU -- in addition to bolstering Trump's dealmaker credentials -- could bring a welcome distraction.
