Latest news with #EconomicProsperity
Miami Herald
30-06-2025
- Automotive
- Miami Herald
U.K.-U.S trade deal cutting tariffs on cars, beef, ethanol goes live
June 30 (UPI) -- A tariff-busting trade deal between Britain and the United States came into force Monday, slashing U.S. tariffs on imports of British cars, including Jaguar, Range Rover, Aston Martin and Mini by 17.5% to 10% and eliminating a 10% tariff on aerospace sales such as jet engines and aircraft parts. The Department of Business and Trade said in a news release that the "landmark" deal would protect significant numbers of British jobs and save two key industries hundreds of millions of dollars a year lost from higher prices to U.S. customers and stressed that Britain was the only country to have secured this deal with the United States. It said the auto industry employed hundreds of thousands of people, while removing the 10% tariff on imports of aero engines and aircraft parts would make companies in the sector, including Rolls Royce, a major global manufacturer of jet engines, more competitive and enable them to keep driving technological advances. The deal on cars is subject to a 100,000-unit annual quota, roughly equivalent to all vehicles sold to the United States in 2024, which were worth $12.4 billion with an average price of $121,000, according to Office for National Statistics figures. In return, Britain will axe tariffs of 20% and 19% on imports of U.S. beef and ethanol and hike the tariff-free quota to 13,000 tons and 370 million gallons a year, respectively. Hailing the so-called Economic Prosperity agreement, which was finalized with U.S. President Donald Trump two weeks ago on the sidelines of the G7 summit in Canada, Prime Minister Keir Starmer said the deal would benefit critical British industries. "Our historic trade deal with the United States delivers for British businesses and protects U.K. jobs. From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy," he said. "We will always act in the national interest -- backing British businesses and workers, delivering on our Plan for Change." Britain was the first country to negotiate a deal after Trump announced what he said were reciprocal tariffs on the United States' trading partners on April 2, as high as 49%. Britain escaped with a baseline 10% goods tariff, the lowest of any major trade partner. U.K. steel and aluminum exports to the United States were slapped with a 25% tariff, in line with all other countries, when Trump unveiled the new import duties in March -- which he said were aimed at reviving domestic production -- but received a interim exemption from a doubling to 50% imposed Trump on June 4. The Business and Trade Department insisted negotiations to permanently remove the entire tariff were on track despite the waiver expiration date fast approaching in just over a week on July 9, saying Starmer and Trumo "again confirmed, we will continue go further and make progress towards 0% tariffs on core steel products as agreed." Sheffield-based Marecgaglia told the BBC that even the initial 25% was making selling to the United States a "lot tougher," and that the potential hike to 50% would be a "massive headache." The company's stainless steel products are made in the United States, but the materials such as rods and bars are shipped from the U.K. "The lead times to get it to the plant are longer than the nine days left for the negotiations. That means I would be shipping something -- and a ship will probably have around $4.1 to $5.5 million of product on it -- and I don't know will I be paying $2.1 million duty on it or zero? said managing director Liam Bates. "So it gives us an extremely hard decision to make as to how we can continue production in the US," he added. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
30-06-2025
- Automotive
- UPI
U.K.-U.S trade deal cutting tariffs on cars, beef, ethanol goes live
A British-American trade deal meaning the vast majority of British car exports to the United States will be subject to a preferential 10% tariff rate, compared with 27.5% for all other countries, came into effect Monday. File Photo by Phil McCarten/UPI | License Photo June 30 (UPI) -- A tariff-busting trade deal between Britain and the United States came into force Monday, slashing U.S. tariffs on imports of British cars, including Jaguar, Range Rover, Aston Martin and Mini by 17.5% to 10% and eliminating a 10% tariff on aerospace sales such as jet engines and aircraft parts. The Department of Business and Trade said in a news release that the "landmark" deal would protect significant numbers of British jobs and save two key industries hundreds of millions of dollars a year lost from higher prices to U.S. customers and stressed that Britain was the only country to have secured this deal with the United States. It said the auto industry employed hundreds of thousands of people, while removing the 10% tariff on imports of aero engines and aircraft parts would make companies in the sector, including Rolls Royce, a major global manufacturer of jet engines, more competitive and enable them to keep driving technological advances. The deal on cars is subject to a 100,000-unit annual quota, roughly equivalent to all vehicles sold to the United States in 2024, which were worth $12.4 billion with an average price of $121,000, according to Office for National Statistics figures. In return, Britain will axe tariffs of 20% and 19% on imports of U.S. beef and ethanol and hike the tariff-free quota to 13,000 tons and 370 million gallons a year, respectively. Hailing the so-called Economic Prosperity agreement, which was finalized with U.S. President Donald Trump two weeks ago on the sidelines of the G7 summit in Canada, Prime Minister Keir Starmer said the deal would benefit critical British industries. "Our historic trade deal with the United States delivers for British businesses and protects U.K. jobs. From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy," he said. "We will always act in the national interest -- backing British businesses and workers, delivering on our Plan for Change." Britain was the first country to negotiate a deal after Trump announced what he said were reciprocal tariffs on the United States' trading partners on April 2, as high as 49%. Britain escaped with a baseline 10% goods tariff, the lowest of any major trade partner. U.K. steel and aluminum exports to the United States were slapped with a 25% tariff, in line with all other countries, when Trump unveiled the new import duties in March -- which he said were aimed at reviving domestic production -- but received a interim exemption from a doubling to 50% imposed Trump on June 4. The Business and Trade Department insisted negotiations to permanently remove the entire tariff were on track despite the waiver expiration date fast approaching in just over a week on July 9, saying Starmer and Trumo "again confirmed, we will continue go further and make progress towards 0% tariffs on core steel products as agreed." Sheffield-based Marecgaglia told the BBC that even the initial 25% was making selling to the United States a "lot tougher," and that the potential hike to 50% would be a "massive headache." The company's stainless steel products are made in the United States, but the materials such as rods and bars are shipped from the U.K. "The lead times to get it to the plant are longer than the nine days left for the negotiations. That means I would be shipping something -- and a ship will probably have around $4.1 to $5.5 million of product on it -- and I don't know will I be paying $2.1 million duty on it or zero? said managing director Liam Bates. "So it gives us an extremely hard decision to make as to how we can continue production in the US," he added.
Zawya
05-06-2025
- Business
- Zawya
Somaliland is open to trade, innovation and dialogue
The warm welcome I received in Nairobi this past week is a testament to the enduring spirit of African solidarity and the potential of regional partnership. My meeting with President William Ruto on May 29 was not only cordial and constructive, but a clear signal that Somaliland and Kenya are ready to deepen engagement on the basis of mutual respect, shared values, and a common vision for economic prosperity and security. The inauguration of Somaliland's expanded diplomatic mission in Nairobi marks a significant milestone in our bilateral relationship and our pursuit of international cooperation. Somaliland will continue to build bridges that reflect our readiness to contribute to peace, security, and economic development in the Horn of Africa. Somaliland's aspirations are grounded in a desire to be a responsible and reliable partner. We are not asking for favours, but offering partnership. A partnership based on mutual benefit, strategic interest, and the shared goal of a more stable and prosperous East Africa. With Kenya, this vision finds fertile ground. As one of Africa's most dynamic economies and democratic states, Kenya has long played a stabilising role in regional affairs. Our two nations share deep people-to-people ties, stemming from our historic legacies with the two countries share the same currency, banking, civil service and judicial systems for over half a century, and current growing commercial interests, and a strong convergence on key development priorities: inclusive economic growth, counterterrorism, and democratic governance. During my conversation with President Ruto, we reaffirmed our shared commitment to regional stability and explored new avenues for cooperation. From trade and infrastructure to security, there is ample room for collaboration. Somaliland is a stable partner to facilitate access to the Red Sea, enhancing maritime security, and strengthening commercial links across the Horn. We are investing heavily in the Port of Berbera, modernising our customs systems, and expanding road and telecom infrastructure. These are not just national projects; they are regional assets. Kenya's business community already understands this potential. I am excited to welcome a new air route directly between Nairobi and Hargeisa as one of the landmark issues to be agreed during my visit. Somaliland already receives a high number of Kenyan professionals every year and Kenyan enterprises are increasingly looking to Hargeisa as a destination for trade and investment. We want to build on this momentum. By establishing a formal diplomatic presence in Nairobi, we intend to streamline collaboration, facilitate business partnerships, and create new pathways for cultural and academic exchange. At the heart of this engagement is a simple proposition: Somaliland is open. Open to trade, to innovation, and to dialogue. Our message to the world is grounded in values: Democracy, security, opportunity. Somaliland has held successive peaceful elections, maintained one of the most secure environments in the Horn, and cultivated a pluralistic political culture that deserves to be part of the international conversation. Diaspora communities, students, entrepreneurs, and civil society actors are the lifeblood of regional integration. We believe in African solutions to African challenges, and this begins by strengthening our continental bonds. Somaliland's future will be shaped not just by our aspirations, but by our actions. We are working hard to create jobs for our youth, tackle climate vulnerabilities, reform our institutions, and modernise our economy. These are challenges Kenya also confronts, and we see opportunities to learn from each other, to co-invest in regional infrastructure, and to coordinate on key policy areas including energy transition, food security, and digital inclusion. In that spirit, I look forward to welcoming Kenyan delegations to Hargeisa in the months ahead. Our dialogue will be reciprocal, and our partnerships built on a foundation of trust and transparency. I also encourage regional think tanks, universities, and media to engage more deeply with Somaliland's story. We are more than a headline; we are a living example of resilience, innovation, and democratic promise in the Horn of Africa. To the people and Government of Kenya, I extend my sincere gratitude for your continued openness. In this time of regional flux and global uncertainty, let us reaffirm our shared purpose and invest in a future of African cooperation that delivers tangible results for our citizens. The work begins now. Together, Somaliland and Kenya can chart a path that not only serves our national interests but elevates the hopes of a region ready to rise. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
13-05-2025
- Business
- Yahoo
House GOP's Lucas backs Fed chair Powell: 'He's done an exceptional job'
A prominent House Republican who is in charge of a monetary policy task force told Yahoo Finance he still supports Jerome Powell as Federal Reserve chair on a day when President Trump once again criticized the central bank boss for not lowering interest rates. "I think under the circumstances, he's done an exceptional job, and he's had an exceptionally difficult time to be there — maybe the most complicated since the 1930s," Rep. Frank Lucas of Oklahoma said in an interview. Lucas does not believe that major changes will be made to the structure of the central bank and added that he thinks Powell will serve out the remainder of his term through May 2026, which Powell has also expressed. "We'll see who President Trump nominates at that point." The positive comments about Powell from a key House Republican demonstrate that the central bank chair does still have some prominent supporters in Congress, despite the recent attacks on his performance coming from the White House. Trump himself has repeatedly called for the Fed and Powell to ease their policy stance and did so again on Tuesday, saying on Truth Social, "What is wrong with Too Late Powell?" "No Inflation, and Prices of Gasoline, Energy, Groceries, and practically everything else, are DOWN!!! THE FED must lower the RATE, like Europe and China have done," Trump added. Read more: How much control does the president have over the Fed and interest rates? He has made the same points repeatedly in recent weeks, contending that Powell has a history of moving too late on monetary policy. "'Too Late' Jerome Powell is a FOOL, who doesn't have a clue," Trump said in a separate social media post last week. The White House studied removing Powell from his chairmanship, although Trump earlier this month appeared to rule out that possibility. Lucas is of the view that the president should be able to speak his mind about Fed policy. "I would simply say perhaps with the exception of President Eisenhower, every president since 1913 had strong opinions about how the Fed should conduct their business and has used the bully pulpit, the public discussion to try and drive policy," he said. "President Trump is well within his rights. I also think that Chairman Powell has a really complicated and hard job." The Fed is an independent agency from the White House, with a dual mandate from Congress to ensure stable prices and maximum employment. Lucas — who heads the House's Task Force on Monetary policy, Treasury Market Resilience, and Economic Prosperity — is leading efforts to review whether the central bank should focus more exclusively on fighting inflation amid a broad review of the central bank. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments When it comes to the structure of the central bank, Lucas said the fundamental nature of the Federal Reserve Act of 1913 is "solid," referring to the law that established the Federal Reserve System to provide the nation with a safer and more stable monetary and financial system. Instead, he added, the question becomes whether the Fed's dual mandate is still relevant. He is not expecting an overhaul. "My personal point of view, I suspect that while there may be discussion about the employment mandate, it's hard to believe that anything will change," Lucas told Yahoo Finance in an interview. However, he does not oppose some efforts by the Trump administration to exert more authority on some central bank matters outside of interest rates. In February, President Trump issued an executive order that makes clear that monetary policy will remain under the Fed's full control but that new financial regulations would need to be cleared with the Office of Management and Budget. Lucas said the president is right to do so. "I think the president's exactly right to advocate that the Federal Reserve system stay with its core mission," he said. "I also believe the simple answer to rules and regulations from a personal point of view is the Fed shouldn't be engaged in that, and that would simplify the whole matter." Lucas's task force is set to hold a hearing on Thursday exploring the recent volatility in the Treasury market and its broader market structure. Lucas said the goal is to explore theories about why investors and traders have caused sudden sell-offs in recent times and to discuss the regulatory changes that would help mitigate the volatility. "We want the treasuries to be calm, fluid, liquid, deep, and kind of boring," he said. Lucas stressed that the Treasury market is moving seven to eight times as much as 30 years ago, with only half the number of primary dealers, which he said have extremely deep pockets that can make the transactions. "Maybe we've just worked ourselves into a more complicated fashion, and with the input of our witnesses and the discussion of the panel, maybe we'll figure out how to work our way out of this box before we have a real major problem," he said. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
13-05-2025
- Business
- Yahoo
House GOP's Lucas backs Fed chair Powell: 'He's done an exceptional job'
A prominent House Republican who is in charge of a monetary policy task force told Yahoo Finance he still supports Jerome Powell as Federal Reserve chair on a day when President Trump once again criticized the central bank boss for not lowering interest rates. "I think under the circumstances, he's done an exceptional job, and he's had an exceptionally difficult time to be there — maybe the most complicated since the 1930s," Rep. Frank Lucas of Oklahoma said in an interview. Lucas does not believe that major changes will be made to the structure of the central bank and added that he thinks Powell will serve out the remainder of his term through May 2026, which Powell has also expressed. "We'll see who President Trump nominates at that point." The positive comments about Powell from a key House Republican demonstrate that the central bank chair does still have some prominent supporters in Congress, despite the recent attacks on his performance coming from the White House. Trump himself has repeatedly called for the Fed and Powell to ease their policy stance and did so again on Tuesday, saying on Truth Social, "What is wrong with Too Late Powell?" "No Inflation, and Prices of Gasoline, Energy, Groceries, and practically everything else, are DOWN!!! THE FED must lower the RATE, like Europe and China have done," Trump added. Read more: How much control does the president have over the Fed and interest rates? He has made the same points repeatedly in recent weeks, contending that Powell has a history of moving too late on monetary policy. "'Too Late' Jerome Powell is a FOOL, who doesn't have a clue," Trump said in a separate social media post last week. The White House studied removing Powell from his chairmanship, although Trump earlier this month appeared to rule out that possibility. Lucas is of the view that the president should be able to speak his mind about Fed policy. "I would simply say perhaps with the exception of President Eisenhower, every president since 1913 had strong opinions about how the Fed should conduct their business and has used the bully pulpit, the public discussion to try and drive policy," he said. "President Trump is well within his rights. I also think that Chairman Powell has a really complicated and hard job." The Fed is an independent agency from the White House, with a dual mandate from Congress to ensure stable prices and maximum employment. Lucas — who heads the House's Task Force on Monetary policy, Treasury Market Resilience, and Economic Prosperity — is leading efforts to review whether the central bank should focus more exclusively on fighting inflation amid a broad review of the central bank. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments When it comes to the structure of the central bank, Lucas said the fundamental nature of the Federal Reserve Act of 1913 is "solid," referring to the law that established the Federal Reserve System to provide the nation with a safer and more stable monetary and financial system. Instead, he added, the question becomes whether the Fed's dual mandate is still relevant. He is not expecting an overhaul. "My personal point of view, I suspect that while there may be discussion about the employment mandate, it's hard to believe that anything will change," Lucas told Yahoo Finance in an interview. However, he does not oppose some efforts by the Trump administration to exert more authority on some central bank matters outside of interest rates. In February, President Trump issued an executive order that makes clear that monetary policy will remain under the Fed's full control but that new financial regulations would need to be cleared with the Office of Management and Budget. Lucas said the president is right to do so. "I think the president's exactly right to advocate that the Federal Reserve system stay with its core mission," he said. "I also believe the simple answer to rules and regulations from a personal point of view is the Fed shouldn't be engaged in that, and that would simplify the whole matter." Lucas's task force is set to hold a hearing on Thursday exploring the recent volatility in the Treasury market and its broader market structure. Lucas said the goal is to explore theories about why investors and traders have caused sudden sell-offs in recent times and to discuss the regulatory changes that would help mitigate the volatility. "We want the treasuries to be calm, fluid, liquid, deep, and kind of boring," he said. Lucas stressed that the Treasury market is moving seven to eight times as much as 30 years ago, with only half the number of primary dealers, which he said have extremely deep pockets that can make the transactions. "Maybe we've just worked ourselves into a more complicated fashion, and with the input of our witnesses and the discussion of the panel, maybe we'll figure out how to work our way out of this box before we have a real major problem," he said. Click here for in-depth analysis of the latest stock market news and events moving stock prices 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
