South Korea's Exports Accelerate, Fueled by Chip Demand
Exports from Asia's fourth-largest economy rose 5.9% from a year earlier to $60.82 billion, following a 4.3% gain in June, according to preliminary data released by the trade ministry on Friday.
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Countries push for last-minute deals as Thursday tariff deadline looms
An array of trade crosscurrents continued in Tuesday afternoon. There has been a push for last-minute deals, continued fuzziness on previously announced trade commitments—and an indication from President Trump that a deal to delay tariffs on China is "close." It all comes as global importers brace for the Thursday morning deadline. That's when President Trump promises to implement a central plank of his trade agenda: a tiered approach to "reciprocal" tariffs from 10% to 50%. Meanwhile, talks continued on varied fronts. For example, the Swiss president announced she would fly to Washington to try to win last-minute concessions. She added Tuesday that "the aim is to present a more attractive offer to the United States" to avert a 39% tariff on goods from her nation. Meanwhile India faces a divergent situation, with Trump telling CNBC Tuesday morning "we settled on 25% [tariffs], but I think I am going to raise that very substantially over the next 24 hours." India has slammed Trump's threats as unjustified and has seen its chances of a deal dwindle with top aides for Indian Prime Minister Narendra Modi also reportedly traveling this week — but not to the US but instead to Moscow. It's part of flurry of last minute moves and a message from Trump that he's full-speed ahead with no plans to delay a tariff increase starting Thursday. For rolling updates on tariffs, check out our liveblog > He even teased during the CNBC appearance that he probably won't run for president again, but that he'd like to, in part because, in his view, "people love the tariffs." (Trump is, of course, barred by the Constitution from running for a third term, but he's often floated the idea.) Switzerland and India are two countries currently on the outside looking in but even nations that recently struck a trade deal continued to try and prepare for the tariff piece to take effect. Japan's top trade negotiator is also reportedly due in Washington, D.C. this week for talks to ensure that a plan proceeds to cut auto tariffs to 15%. Likewise, talks with the EU continue as negotiators there are reportedly still pushing for exemptions, such as on wine and spirits. Trump also weighed in Tuesday morning on talks with China. Markets are closely watching for any signs of an agreement to delay a tariff snapback scheduled for Aug. 12, with Trump saying, "We're getting very close to a deal." Trump also suggested it was likely that "at some point in the not too distant future" he would meet with President Xi Jinping. The president also added that new sector-specific tariffs on semiconductors and pharmaceuticals are likely and that at least those pharmaceutical tariffs could be announced "within the next week or so." Read more: What Trump's tariffs mean for the economy and your wallet New details for some nations — and a focus on India and Switzerland There is also some new clarity on some technical details around how the new tariff landscape will likely work beginning at 12:01 a.m. ET on Thursday. US customs officials this week offered additional technical guidance in a new document about how it'll handle some tariff exemptions. The news there may give some select importers a short-term breather. But with a full tally, according to Bloomberg Economics, the average US tariff rate is now expected to rise to 15.2% if duties go forward as planned. That's a jump from current rates of 13.3% and another jump from the 2.3% duties seen in 2024 before Trump took office. That overall landscape set to be in effect Thursday will cover nearly every country on the globe. It also comes after Trump and his team set "bespoke" rates largely based on the trade deficit, with many of America's top trading partners seeing a key new standard of 15% tariff, while others will see higher rates. Read more: 5 ways to tariff-proof your finances Countries from the European Union to South Korea to Japan also struck deals at that 15% rate, but open questions remain. Other Asian countries have struck deals in the 19%-20% range. Trade Representative Jamieson Greer recently said on CBS that the published rates included many agreements, "some of these deals are announced, some are not," with other nations simply being dictated tariffs based on the level of the trade deficit. Switzerland is one nation for which the US has dictated tariffs. Its delegation will be in Washington on Tuesday, set to push for lower rates. But on Tuesday morning, Trump suggested that it would be an uphill climb and that a recent call with the country didn't go well because "they essentially pay no tariffs," even as talks are clearly set to continue there. As for India, any immediate offramp appears unlikely because of that nation's connections with Russia and Russian oil. A note Tuesday from Capital Economics suggested that India could, in theory, offer concessions to diversify its energy sources, "but we doubt that India would make a wholehearted effort to wean itself off Russian oil [as it could upset relations and] it would not play well to be seen caving to Trump's demands." At the same time, reports from Bloomberg and the Times of India revealed that two top aides to Indian Prime Minister Narendra Modi are traveling not to the US but to Russia in the coming days and weeks— even amid Trump's ever-escalating threats. Trump on Tuesday morning suggested talks are on ice for now and will be complicated when they resume, adding that "the sticking point with India is that tariffs are too high." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
Yahoo
4 minutes ago
- Yahoo
Prime Minister Carney announces new support measures for softwood lumber industry
KELOWNA — Prime Minister Mark Carney's government is preparing financial supports for the forestry sector as the U.S. ratchets up duties on Canadian softwood lumber. Carney is promising an aid package for the industry that includes $700 million in loan guarantees and $500 million for long-term supports to help companies diversify export markets and develop their products. It comes in the wake of heightened trade tensions with the U.S. over softwood lumber, a longtime point of friction in the Canada-U.S. trade relationship. The U.S. Commerce Department recently announced it intends to hike anti-dumping duties on Canadian softwood to just over 20 per cent. That's a marked increase since the last time the U.S. reviewed the rate, which previously was just over 7 per cent. Carney also says the government will introduce a training program for workers which will include some $50 million for the forestry sector. This report by The Canadian Press was first published Aug. 5, 2025. The Canadian Press 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
4 minutes ago
- Yahoo
Linamar's Hasenfratz urges Canada to hold the line on CUSMA amid rising tariff uncertainty
Linamar executive chair Linda Hasenfratz is urging Ottawa to defend the CUSMA trade pact, warning that any move to impose tariffs on auto parts could severely disrupt the industry's deeply integrated North American supply chain. Automakers have been hit hard by U.S. President Donald Trump's trade war due to tariffs on exported vehicles and metals, which have negatively impacted their bottom lines. Yet, within the automotive industry, the vast majority of products crossing the border, particularly parts, are CUSMA-compliant and operating under zero duties. Still, there's a risk that could change. Hasenfratz, board chair of the Association of Equipment Manufacturers, is urging the federal government to work hard to maintain the CUSMA agreement, warning that dismantling it would have a devastating impact on the economy. 'While its spirit and substance have been undermined by the Trump administration, the Canada-U.S.-Mexico Agreement has thus far been key to Canada's perceived safety net,' said CIBC Capital Markets economist Avery Shenfeld. Canada's advantage from the CUSMA carve-out is only as strong as the agreement itself, which will lapse in 2026 unless all parties agree to renew it, he says. 'The cloud of uncertainty will hang over capital spending plans in a broad range of Canadian export sectors,' Shenfeld added, noting that Canada could lose its special exemption at any time. 'I still believe that if they put tariffs on parts, it would bring the industry to its knees because it's such an integrated supply chain of parts going back-and-forth the border multiple times,' Hasenfratz said. Trying to apply a tariff on each of those crossings would be enormously expensive, she says. After decades of free trade, trying to 'unscramble the eggs,' as many people have said, would be difficult, costly, and wouldn't create value, she adds. 'Let's address the concerns that exist and make sure that people are feeling comfortable with the trade agreement we have in any areas that are felt to be lacking,' Hasenfratz said. If CUSMA stays intact, Linamar stands to benefit as its customers look to onshore products currently sourced from Asia and Europe. With new international trade deals in place, clients are comparing tariff costs, and that's prompting many to consider localizing their supply chains. 'I see this as a real opportunity for us to potentially get some new business and we're quoting on such opportunities.' Hasenfratz is optimistic that Canada's automotive sector will remain a pillar of the economy. Suppliers, she notes, play an essential role and are poised for growth. She also believes Canada will continue to be a home for vehicle assembly due to its productivity, talent pool, and green, low-cost energy. These fundamentals are how one should decide where to manufacture, Hasenfratz says. 'Don't make long-term decisions on short-term tactics. Make long-term decisions on long-term fundamentals, and that's something Canada has in spades.' 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
