Latest news with #Commerce
Yahoo
2 hours ago
- Business
- Yahoo
South Korea Calls For ‘Mutually Beneficial' Trade Deal With US
(Bloomberg) -- South Korea called for a 'mutually beneficial' agreement on trade with the US during its new trade minister's first trip to Washington this week. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown Yeo Han-koo held talks that concluded Friday with US Commerce Secretary Howard Lutnick, Trade Representative Jamieson Greer and Interior Secretary Doug Burgum, as well as several lawmakers in Washington, ahead of the July 9 deadline to reinstate higher tariffs paused in April. Yeo introduced new South Korean President Lee Jae Myung's policy and reaffirmed his commitment to reaching a deal for both sides, according to the ministry in a statement released Saturday. 'The ongoing negotiations are not merely for tariffs but also an opportunity to establish a new framework for future cooperation,' Yeo said in the statement. 'We will fiercely engage in the discussions to ensure the two countries' momentum for cooperation won't be undercut by the tariffs, and to turn the current crisis into an opportunity.' South Korea is a key US ally and major manufacturing hub for cars, semiconductors and batteries. If the 25% across-the-board levies are implemented, that would further undermine an economy that is already facing slowing domestic consumption. The central bank last month slashed its 2025 GDP growth forecast to 0.8% from 1.5%. Yeo also conveyed industry concerns about recent developments in US export control policy, as Washington tightens restrictions on technology transfers to competitors such as China. Lutnick, speaking on Bloomberg Television, said Washington is working to finalize more trade deals with 10 other countries in the coming two weeks in line with the July 9 deadline, though he did not specify which nations. He also said Trump could extend the deadline to facilitate talks, and that negotiating partners will get a 'response.' A senior South Korean official, speaking to reporters in Washington, said Seoul has not yet been informed of any extension and is not in a situation to 'feel assured,' according to Yonhap News. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Apple Test-Drives Big-Screen Movie Strategy With F1 ©2025 Bloomberg L.P. 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
India Today
11 hours ago
- Business
- India Today
Cancel all deals: Trump claims he stopped India-Pak conflict with trade threat
US President Donald Trump has once again claimed that he prevented a potential nuclear war between India and Pakistan by threatening to cancel all trade agreements with both to reporters at the White House, Trump said, 'I asked Howard Lutnick to call and tell India & Pakistan that Trump wants to cancel all trade deals with both countries, if they continue the war. Both nations called back & then stopped fighting.'advertisementReferring to the conflict that reportedly ended on May 10 after four days of drone and missile strikes across the India-Pakistan border, Trump took credit for deescalating the situation. 'We did some great work. India and Pakistan. That was going to be maybe nuclear. We did that. We did a lot of work. I don't know if there's ever been a president that's done much more,' he said. Trump elaborated further, saying he directed senior officials to cut ties unless both sides stopped the fighting. 'Serbia, Kosovo is going to go at it, going to be a big war. I said, 'you go at it, there's no trade with the United States. That's what happened with India and Pakistan. I was negotiating with both of them and I said to Treasury Secretary Scott Bessent, I said to Commerce Secretary Howard Lutnick, cancel all deals with India and Pakistan. They're not trading with us because they're in a war,' he to Trump, the message prompted both nations to back down. 'They called back. 'What do we do?' I said, 'Look, you want to have trade with the United States. It's great, but you want to go and start using nuclear weapons on each other. We're not going to allow that.' And they both agreed, both have great leaders. They both agreed not to do it. So we did a lot,' Trump also expressed optimism about future trade ties with India, suggesting that new negotiations could open the Indian market further for US companies. 'Some of the bigger countries, India, I think we're going to reach a deal where we have the right to go in and trade. Right now it's restricted. You can't walk in there. You can't even think about it. We're looking to get a full trade barrier dropping, which is unthinkable and I'm not sure that that's going to happen, but as of this moment, we've agreed to go into India and trade,' he added, 'We're going to be trading in China. That's going to come a little bit down the road, but we're going to be trading in China. We have a lot of great things going and we're getting along with countries, but some will be disappointed. Because they're going to have to pay tariffs, and we've taken in already hundreds of billions of dollars in tariffs, no inflation.'advertisementWhile Trump has repeatedly claimed he 'helped settle' the tensions between India and Pakistan, India has maintained that the ceasefire understanding was the outcome of direct talks between the Directors General of Military Operations (DGMOs) of both a recent 35-minute phone conversation with Trump, Prime Minister Narendra Modi reportedly said that India does not and will "never accept" any form of mediation. He clarified that the discussions to end hostilities were initiated at Pakistan's request and conducted directly between the two militaries.- EndsMust Watch IN THIS STORY#Donald Trump#Pakistan
Bangkok Post
12 hours ago
- Business
- Bangkok Post
Reports of fake Thai rice on sale in China
The Commerce Ministry is monitoring reports of Cambodian-grown rice products distributed in China, which use packaging bearing the print of a Thai flag and a certification emblem for Thai jasmine rice. Sunanta Kangvalkulkij, director-general of the Ministry of Commerce's Department of International Trade Promotion (DITP), said the reports came from Thais living in China who spotted the emblem in Chinese supermarkets that looked similar to the official Thai Hom Mali Rice Certificate Mark (an ear of rice on a green background). This logo is issued by the Department of Foreign Trade to certify genuine Thai Hom Mali rice (Thai jasmine rice). DITP offices in China have looked into both online and offline channels where the rice is sold, including e-commerce platforms like Taobao, and Pinduoduo. Some products were labelled in Chinese as "Cambodian Jasmine Rice", some brands used the term "Thai Hom Mali Rice". This can cause confusion among Chinese consumers and lead them to mistakenly believe they are buying authentic Thai Hom Mali rice. As a result, there could be harm to the image of the rice and trust in the Chinese market, said Ms Sunanta. Several measures have been implemented by the DITP offices in seven Chinese cities, including consulting with Thai Hom Mali rice importers and online platforms to prevent the sale of incorrectly presented rice, and raising awareness among Chinese consumers of the correct Thai Hom Mali Rice Certificate Mark. Other measures include coordination with the Ministry of Commerce office in Beijing to discuss stricter controls on misleading products with the State Administration for Market Regulation (SAMR). Further legal action could be taken against offenders for false advertising and infringement of consumer rights, she said. Meanwhile, the National Rice Policy and Management Committee (NRPMC) on Thursday approved measures with a total budget of over 50 billion baht to support in-season rice farmers by stabilising rice prices for the 2025/2026 crop year. Thailand exported 3.05 million tonnes of rice during the first five months of this year, less than half of the annual target of 7.5 million tonnes.
Time of India
19 hours ago
- Business
- Time of India
US and China have signed a trade deal, says Donald Trump
BANGKOK: The US and China have signed an agreement on trade, President Donald Trump said late on Thursday. "We just signed with China the other day," Trump said. US Commerce secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. Neither Lutnick nor Trump provided any details about the agreement. Lutnick said the deal was "signed and sealed" two days earlier. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like A Brand New Small Electric Car For Seniors (The Price May Surprise You) Electric Cars | Search Ads Undo It was unclear if the latest agreement was different from the one Trump announced two weeks earlier that he said would make it easier for American industries to obtain much-needed needed magnets and rare earth minerals. That pact cleared the way for the trade talks to continue, while the US agreed to stop trying to revoke visas of Chinese nationals on US college campuses. Later, on Friday, Trump said his July 9 trade deadline was not a fixed date, telling reporters at the White House: "We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25%," he said. Live Events Beijing confirms framework China's Commerce Ministry said Friday that the two sides had "further confirmed the details of the framework." But its statement did not explicitly mention US access to rare earths, minerals used in high-tech applications that have been at the center of the negotiations. "China will approve the export applications of controlled items that meet the conditions in accordance with the law. The United States will cancel a series of restrictive measures taken against China accordingly. It is hoped that the United States and China will meet each other halfway," it said. "The president likes to close these deals himself. He's the dealmaker. We're going to have deal after deal," Lutnick said. China has not announced any new agreements, but said earlier this week that it was speeding up approvals of exports of rare earths, materials used in high-tech products such as EVs.
Observer
20 hours ago
- Business
- Observer
Shura calls for increasing Omanisation rates in manufacturing sector
MUSCAT: For the second consecutive day, the Majlis Ash'shura continued its discussion on the statement of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. The Council's members emphasised the need to intensify efforts and review strategies and policies to enhance the added value of the trade and industry sectors domestically, linking industries to available national resources. They also called for increasing Omanisation rates in the manufacturing sector, given its rapid growth, and stressed the importance of devising a plan to incentivise industrial companies to absorb national talent. During the session, the members of the Council highlighted the necessity of strengthening incentives and facilities to empower the industrial and commercial sectors. They also proposed establishing a national centre to support stalled industrial projects. Additionally, the members discussed the significance of foreign investment as a solution to economic and social challenges, such as job creation and industrial expansion. They urged the creation of an attractive and flexible investment environment characterised by integration among relevant entities, while addressing obstacles that may hinder foreign investment efforts. The session also touched on the growing importance of e-commerce in Oman, with a proposal to establish a unified e-commerce portal under the ministry's supervision to support local sellers and streamline licensing, payment and delivery services. These discussions took place during the Council's 14th regular session of the second annual convening (2024-2025) of its 10th term (2023-2027). The session was chaired by Khalid bin Hilal al Maawali, Chairman of Majlis Ash'shura, in the presence of its members and Shaikh Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis Ash'shura. - ONA
