Latest news with #HowardLutnick
Bloomberg
42 minutes ago
- Business
- Bloomberg
South Korea Calls For ‘Mutually Beneficial' Trade Deal With US
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. 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.
India Today
an hour 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
NHK
3 hours ago
- Business
- NHK
US, China reportedly sign deal aimed at easing trade tensions
US Commerce Secretary Howard Lutnick says the United States and China have signed a trade agreement after talks in London earlier this month. Lutnick was speaking in an interview with Bloomberg TV. Senior officials from Washington and Beijing met this month and agreed on a framework for easing trade tensions. Export restrictions on rare earth metals by Beijing and on semiconductor-related items by Washington have been focal points of the negotiations. A Chinese Commerce Ministry spokesperson said on Friday that the countries maintained close communication after the talks, and further confirmed the details of the framework. Regarding exports of rare earths, the spokesperson said China will review and approve eligible applications in accordance with the law, while the US will lift a series of restrictive measures imposed against Beijing in response.
The Star
5 hours ago
- Business
- The Star
S&P 500 hits new record high despite U.S.-Canada trade tensions
NEW YORK, June 27 (Xinhua) -- U.S. stock index S&P 500 closed at record high on Friday, despite a brief retreat following U.S. President Donald Trump's announcement on terminating all trade talks with Canada. The Dow Jones Industrial Average rose 432.43 points, or 1 percent, to 43,819.27, boosted by huge gains from Nike after a better-than-expected earnings report. The S&P 500 added 32.05 points, or 0.52 percent, to 6,173.07, a record close high for the first time since February. The Nasdaq Composite Index increased by 105.54 points, or 0.52 percent, to 20,273.46. Nine of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and communication services leading the gainers by adding 1.78 percent and 1.55 percent, respectively. Meanwhile, energy and health led the laggards by losing 0.50 percent and 0.17 percent, respectively. Equities initially moved higher in the morning following comments by U.S. Commerce Secretary Howard Lutnick, who told Bloomberg News late Thursday that a framework agreement between China and the United States on trade had been finalized. However, momentum faded after Trump posted on Truth Social that negotiations with Canada were off, injecting fresh uncertainty into global trade dynamics. "I can see where the risks are here -- if the trade is just hype from the White House and no deals are really forthcoming, then this market is going to roll over," Thierry Wizman, global FX and rates strategist at Macquarie Group. "Ultimately, this all comes back to growth in the U.S. economy and growth of earnings." On the economic front, U.S. personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose 0.1 percent in May on a seasonally adjusted basis, in line with expectations. The annual inflation rate came in at 2.3 percent, matching economists' forecasts. Core PCE price index, which strips out volatile food and energy costs, increased by 0.2 percent for the month and 2.7 percent year over year, slightly above expectations of 0.1 percent and 2.6 percent, respectively. U.S. investor sentiment improved in June as inflation fears pulled back, according to the University of Michigan's latest survey released Friday. The headline sentiment reading rose to 60.7, up 16.3 percent from May and close to the Dow Jones estimate for 60.5. The index was still 11 percent below the same month a year ago. "Consumers continue to be concerned about the potential impact of tariffs, but at this time they do not appear to be connecting developments in the Middle East with the economy," survey director Joanne Hsu said in a statement. In corporate news, Nike led gains across major indexes, with its shares surging 15.19 percent after the company reported quarterly earnings that topped Wall Street estimates. The sportswear giant also unveiled plans to offset potential tariff-related headwinds, which investors viewed positively. Large-cap technology stocks were mixed. Tesla fell 1.34 percent, while Alphabet and Amazon gained more than 2 percent. Broadcom and Microsoft posted modest losses, while Nvidia and Meta Platforms were up more than 1 percent, continuing their recent upward momentum. U.S. stock markets have shown resilience in recent weeks amid volatile geopolitical and economic headlines, as investors assess trade developments and incoming economic data for clues on the Fed's next moves.
Bloomberg
7 hours ago
- Business
- Bloomberg
Nvidia Closes In on a $4 Trillion Market Value
Bloomberg's Ed Ludlow discusses the prospects of Nvidia becoming the first company to reach a $4 trillion market capitalization. Plus, US Commerce Secretary Howard Lutnick says the US and China have reached an understanding on a trade deal. And data center builder Crusoe announces an energy partnership with Redwood Materials. (Source: Bloomberg)
