Taiwan's exports tilt toward US as China ratio drops to 24-year low
TAIPEI -- Taiwan's export focus has shifted toward the U.S. and away from China, the latest data highlights, as the Asian semiconductor power appears to be trading one set of risks for another.
Shipments to the U.S. reached 26.8% of Taiwan's total exports in the January-May period, while those to China, still the largest destination, declined to 28.1%. This marked the first time in 24 years that the China-bound figure for the same period was below 30%, the Ministry of Finance's data shows.
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Kyodo News
2 hours ago
- Kyodo News
Kyodo News Digest: June 28, 2025
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The Mainichi
9 hours ago
- The Mainichi
Japan wrestling with US tariff talks as July deadline looms
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Japan Times
12 hours ago
- Japan Times
Tariff deals could be wrapped up by Sept. 1, Bessent says as talks pick up
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During U.S.-China talks in May in Geneva, Beijing committed to removing the measures imposed since April 2, but those critical materials were not moving as fast as agreed, Bessent said, so the U.S. put countermeasures in place. "I am confident now that we — as agreed, the magnets will flow," Bessent said, adding that these materials would go to U.S. firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Trump and Chinese leader Xi Jinping that led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's Commerce Ministry said Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. 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News of the latest revision to the China deal comes as Trump has a meeting scheduled Friday with the foreign ministers of the Democratic Republic of Congo and Rwanda, two African nations that are rich in critical minerals. Indian government sources said that a trade delegation from New Delhi was back in Washington on Friday aiming to sew up a limited U.S. trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on U.S. import duties for auto parts steel and farm goods, Indian officials with direct knowledge said. The U.S. Trade Representative's office did not immediately respond to queries on talks with India or the European Union. Trump said that his administration was looking to get a "full trade barrier dropping" deal with India. "I'm not sure that that's going to happen, but as of this moment, we've agreed to that — go into India and trade," Trump said. The latest negotiating activity comes amid signs on Friday that uncertainty over Trump's tariffs is starting to take a toll on the economy. U.S. consumer spending unexpectedly fell in May as the boost from the pre-emptive buying of goods like motor vehicles ahead of Trump's tariffs faded, while monthly inflation maintained a moderate pace of increase. But Wall Street investors took the consumer spending data as another sign that the Federal Reserve may resume rate cuts in July, sending stock indexes back to record highs. Bessent's more optimistic tone on trade also helped shares, and an influential Wall Street economist who had been a skeptic of Trump's tariffs appeared to reverse course. Torsten Slok, chief economist at Apollo Global Management, asked in a blog: "Has Trump outsmarted everyone on tariffs?" Slok said that extending the deadline by a year would give countries and U.S. domestic businesses time to adjust to the new world with permanently higher tariffs while reducing uncertainty, which would help markets.
