Asim Munir USA visit: J-10 jet maker AVIC Chengdu share price surges 10% ahead of Pak Army chief's meet with Trump
The clashes between the two countries intensified after India launched 'Operation Sindoor' following a deadly attack on tourists in Pahalgam, Kashmir, which resulted in the death of 26 people.
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Mint
19 minutes ago
- Mint
Donald Trump says ‘first tariff letters' to be sent at 9.30 PM IST today
US President Donald Trump confirmed that he would start sending other countries the first letters on tariffs and trade deals on Monday, ahead of a deadline for the paused levies to take effect. 'I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th,' Trump said on his Truth Social network Sunday. So far, Washington has finalized deals only with the United Kingdom and Vietnam, while reaching a temporary agreement with China to reduce exceptionally high tariffs on each other's goods. Trump said he planned to send '12, maybe 15' tariff notification letters on Monday, PTI reported. He added, 'I think we'll have most countries done by July 9, either a letter or a deal,' noting that some agreements had already been reached. US Commerce Secretary Howard Lutnick confirmed that the new tariffs would take effect on August 1 but rejected the notion that the date was a delay tactic, AFP reported. Also Read: Donald Trump's tariff letters to hit 12 countries as trade deadline chaos looms 'The President is setting the rates and the deals right now,' Lutnick said. Senior advisor Bessent also dismissed suggestions that August 1 marked a new deadline. 'It's not a new deadline. We are saying this is when it's happening. If you want to speed things up, go ahead. If you want to stick with the old rates, that's your decision,' he explained, as reported by AFP. Bessent noted that the strategy was to apply 'maximum pressure,' citing the European Union as an example of a negotiating partner now making significant progress after initial reluctance. Still, unease persisted among several countries. Japan's Prime Minister Shigeru Ishiba stated on Sunday that he 'won't easily compromise' in trade talks with Washington. Meanwhile, BRICS leaders representing fast-growing economies such as Brazil, Russia, India, and China meeting in Rio de Janeiro expressed 'serious concerns' over what they described as 'indiscriminate' and potentially illegal import tariffs, warning of their impact on global trade. I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. In response, Trump lashed out at BRICS, warning, 'Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy.'
Time of India
28 minutes ago
- Time of India
Trump letters and who's talking: State of play as tariff deadline nears
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel U.S. President Donald Trump said on Sunday his administration is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, with the higher rates scheduled to take effect on August promises to work on 90 deals in 90 days, Trump and his team have been able to complete only a limited deal with Britain and a not well-defined agreement with Vietnam. A long-promised deal with India has remained the state of play for several U.S. trading partners facing deadlines this week:U.S. officials said they were making good progress with the 27-member European Union, after its top trade negotiator Maros Sefcovic met with officials in Washington last week. EU diplomats said talks were continuing but they had not achieved a breakthrough as of EU diplomat said the bloc's regulations on social media and other technology companies, stricter than those in the U.S., were not up for negotiation, and a 17% tariff proposed by the U.S. side on agriculture and food exports remained a big officials have said they are open to a U.S. deal that would apply a universal 10% tariff on many of its exports, but want to secure exemptions from sectoral tariffs already in place or planned for pharmaceuticals, alcohol, semiconductors, and commercial aircraft, Bloomberg EU is also pushing for U.S. quotas and exemptions to effectively ease Washington's 25% tariff on automobiles and auto parts, as well as its 50% tariff on steel and aluminum, the report said, citing people familiar with the says it is continuing to seek an agreement with the U.S. while defending its national interest. Japan's tariff negotiator Ryosei Akazawa held "in-depth exchanges" over the phone with U.S. Commerce Secretary Howard Lutnick on Thursday and Saturday, the Japanese government discussions came after Trump this week hammered Japan over what he said was Tokyo's reluctance to import U.S.-grown rice, and accusing Japan of engaging in "unfair" autos trade. He has also called on Japan to import more U.S. Monday, Trump said Japan could be among those receiving a tariff letter, and suggested it could face duties of up to 35%.Trump has long promised a trade deal with India, but talks have stalled on disagreements over U.S. tariffs on auto components, steel and agricultural which is facing 26% tariffs on its exports to the U.S., has signaled it is ready to slash its high tariff rates for the U.S. but has not conceded on Washington's demands for opening up the agriculture and dairy Friday, New Delhi also proposed retaliatory duties against the U.S. at the World Trade Organization , saying Washington's separate 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's has offered to cut duties on key imports from the United States to "near zero" and to buy $500 million worth of U.S. wheat as part of its tariff talks to avert a 32% tariff rate. State-owned carrier Garuda Indonesia also plans to buy more Boeing planes as part of a $34 billion pact with U.S. partners due to be signed this by some other countries of excessive red tape, Indonesia eased import licensing requirements for some goods and waived import restrictions on plastics, chemical products and other industrial raw materials on June 30, a goodwill gesture ahead of the July 9 deadline. Indonesia has also invited the U.S. to jointly invest in a state-owned Indonesian minerals project as part of its tariff frequent rounds of talks and some preliminary agreements, South Korea had said it would seek an extension on Trump's July 9 deadline, although talks will continue this Sung-lac, President Lee Jae Myung's national security adviser, plans to visit Washington during July 6-8 to discuss a range of bilateral issues. The country's trade minister, Yeo Han-koo was also due to meet with U.S. Trade Representative Jamieson Greer and other U.S. Korea already imposes virtually no tariffs on U.S. imported goods under a free-trade agreement, and so the U.S. has focused on other issues, including foreign exchange rates and defense costs. Trump often complains about the cost-sharing arrangement for the 28,500 U.S. troops stationed in South is making a last-ditch effort to avert a 36% tariff by offering greater market access for U.S. farm and industrial goods, along with increased purchases of U.S. energy and Boeing jets, Finance Minister Pichai Chunhavajira told Bloomberg News on proposals have included reducing its own tariffs, purchasing more American goods and increasing initial proposal included measures to enhance market access for U.S. exports and tackle transshipment violations, as well as Thai investment that would create U.S. jobs. Bangkok said also pledged to import more U.S. natural gas and cut tariffs on imports of corn from the United is exploring what concessions it can make to avert a 31% tariff rate on goods it ships to the U.S., including granting the U.S. greater market access for produce like seafood and citrus as home to pharmaceutical giants Roche and Novartis, both big U.S. investors, Switzerland also wants assurances that it can avert pharmaceutical tariffs that Trump has threatened to impose at a later date.
Mint
an hour ago
- Mint
Indian shares muted as consumer stocks offset broader losses amid tariff uncertainty
(Reuters) -Indian shares were largely muted on Monday as gains in consumer stocks - led by Godrej Consumer - offset broader losses, while investors remained cautious amid growing uncertainty over U.S. tariffs. The Nifty 50 fell 0.1% to 25,436.9 points and the BSE Sensex lost 0.09% to 83,351.23, as of 10:37 a.m. IST. The broader, more domestically focussed small-caps and mid-caps traded flat. Eight of the 13 major sectors declined. In contrast, consumer stocks rose 1.2%, driven by a 5% jump in Godrej Consumer Products after it projected a double-digit growth in revenue in the June quarter. In tariff-related news, the U.S. is close to finalising trade agreements with several countries and will notify other nations of higher tariff rates by July 9, President Donald Trump said on Sunday. The new rates are set to take effect from August 1. However, Trump did not provide further clarity or formal documentation, leaving investors uncertain about the scope of the changes. "Markets are holding their breath for trade deal clarity - it could reshape foreign flows and hit sectors unevenly," said Aishvarya Dadheech, chief investment officer at Fident Asset Management. The president also warned that countries "aligning with the anti-American policies" of the BRICS bloc would face an additional 10% tariff, with no exceptions. India is a part of the BRICS bloc. "With valuations stretched after a 15% run-up since March, the twin triggers of a trade breakthrough and solid June-quarter earnings will decide where equities head next," Dadheech said. Both the Nifty and Sensex remain about 3% below their record highs hit on September 27, 2024. Among individual stocks, Dhanlaxmi Bank jumped 3.4% after the lender said its total business grew 15.8% in the June quarter. Shilpa Medicare rose 2% after the Brazilian health regulator concluded its inspection of the company's unit with no major observations. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Vijay Kishore and Sonia Cheema)
