Putin says will speak with Trump on phone Thursday
'I will talk to the US president today,' Putin told Russian media Thursday during a visit to an exhibition centre in Moscow.
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Business Recorder
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India ready for trade deals but not to meet deadlines, minister says
NEW DELHI: India is ready to make trade deals in the national interest, but not just to meet deadlines, Trade Minister Piyush Goyal said on Friday when asked whether a deal could be reached with the U.S. in time for a July 9 deadline set by Washington. U.S. President Donald Trump has threatened to impose a 26% tariff on all imported Indian goods, among the tariffs due to take effect next week on countries around the world who fail to reach agreements before a deadline he set in April. 'Free trade agreements are possible only when there is two-way benefit, it should be a win-win agreement,' Goyal told reporters. 'National interest will always be supreme. Keeping that in mind, if a good deal can be made, then India is always ready to make a deal with developed countries,' he said. 'India never does any trade deal on the basis of deadline or time frame…we will accept it only when it is completely finalised and in the national interest.' Indian officials returned from Washington this week after an extended visit to iron out lingering concerns on both sides. Trade talks between India and the U.S. have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods. Why are farm goods holding up the India-US trade deal? India is resisting opening up its agriculture and dairy sectors while asking for a favourable tariff for its goods entering the U.S. compared to countries like Vietnam and China. Separately, India proposed retaliatory duties against the U.S. at the World Trade Organization, saying Washington's 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's exports, according to an official notification. Prime Minister Narendra Modi and Trump had earlier agreed to sign a bilateral trade agreement to expand trade to $500 billion by 2030, up from $191 billion in 2024.
Business Recorder
2 hours ago
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South African rand falls, US bill and tariff updates in focus
JOHANNESBURG: The South African rand fell on Friday as traders mulled the impact of U.S. President Donald Trump's sweeping tax-cut and spending bill and as pressure mounted on countries to secure trade deals before the United States' July 9 deadline. At 1251 GMT, the rand traded at 17.6250 against the dollar, roughly down 0.6% on Thursday's close. The U.S. Republican-controlled House of Representatives narrowly passed Trump's 'One, Big, Beautiful Bill' of spending and tax cuts. 'The upside to this bill is that it will likely boost U.S. demand in the short-to-medium term. The downside is that forecasts are pessimistic on whether it will successfully generate enough GDP growth to outpace the increased spending,' ETM Analytics said in a research note. Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. policy and economic data in addition to local factors. South Africa and many other countries are scrambling to agree trade deals with the United States before the deadline. But the U.S. leader said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the U.S., a clear shift from earlier pledges to strike scores of individual deals. Traders' domestic focus will be on June foreign reserves data on Monday and May manufacturing production figures on Thursday for insight into the health of Africa's most-industrialised economy. The Johannesburg Stock Exchange's Top-40 index was last down 0.2%. South Africa's benchmark 2035 government bond was slightly weaker, as the yield rose 1 basis point to 9.745%.
Express Tribune
3 hours ago
- Express Tribune
Gaza ceasefire takes priority over Israel ties, says Saudi FM
Listen to article The local health ministry in Gaza says more than 57,000 Palestinians have been killed in Israel's assault on the region since an October 7 attack on Israel by the Palestinian Islamist group Hamas. According to Israel, 1,200 people were killed in that attack and more than 250 taken hostage into Gaza. Earlier, former US President Donald Trump has said that several more countries are expected to join the Abraham Accords, indicating a potential expansion of the Middle East peace agreements initiated during his administration. Speaking to reporters, Mr Trump also claimed that Iran no longer poses a nuclear threat. However, he voiced frustration over a recent call with Russian President Vladimir Putin, stating: 'I don't think President Putin wants to stop the war.' Mr Trump further announced that tariff notices would be sent out to 10 to 12 countries, with duties ranging from 10% to 70% set to be imposed on various nations.
