Latest news with #Jamieson Greer
Yahoo
17 hours ago
- Business
- Yahoo
Pakistan's Finance Minister in US to Push for Trade Deal
(Bloomberg) -- Pakistan's Finance Minister held meetings with US officials on Friday to negotiate Washington's demands as part of trade talks ahead of an August deadline. Why the Federal Reserve's Building Renovation Costs $2.5 Billion The Dutch Intersection Is Coming to Save Your Life Milan Corruption Probe Casts Shadow Over Property Boom Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint How San Jose's Mayor Is Working to Build an AI Capital A delegation led by Muhammad Aurangzeb held a 'productive meeting' with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer in Washington, according to a statement by Pakistan's government, confirming a visit that was earlier reported by Bloomberg News. 'Both parties expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries,' the statement said. Pakistan had earlier expected to wrap up a trade deal with the US by early July, but the talks are taking longer than expected. Relations between Islamabad and Washington are showing signs of improvement in recent months after a prolonged diplomatic chill. Last month, US President Donald Trump welcomed Pakistan's army chief, Asim Munir, for rare talks at the White House that was followed by Pakistan recommending Trump for a Nobel Peace Prize. Pakistan, which is warming up to the crypto industry, also signed a letter of intent with Trump family's World Liberty Financial in April to accelerate blockchain adoption in the country. Since Munir's visit, trade negotiations have made 'encouraging headway,' the finance ministry said in a statement earlier this week. Pakistan has a relatively small trade deficit of $3 billion with the US compared with many other nations. Pakistan is trying to appease the US to seek reprieve from the 29% reciprocal tariffs initially imposed by Trump. The South Asian nation, already the second-largest buyer of US cotton by value after China, has offered to boost imports of American cotton and soybeans. The US is the largest export market for Pakistan. (Updates with statement from the Government of Pakistan.) A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover ©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
Arab News
2 days ago
- Business
- Arab News
Pakistan's finance chief eyes ‘step-change' US investment after Washington trade talks
KARACHI: Pakistan and the United States are exploring a shift in their economic engagement from a trade-focused relationship to one anchored in long-term investment, Finance Minister Muhammad Aurangzeb said in a video message after high-level talks in Washington on Friday. The meeting between Aurangzeb, US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer followed a virtual discussion last month during which both sides agreed to push negotiations forward 'at the earliest.' The talks come after the US imposed a 29 percent 'reciprocal tariff' on Pakistani exports under President Donald Trump's trade measures announced in April, a move Islamabad said could undercut its fragile, export-led recovery. 'One thing we discussed was that we have to move beyond the immediate trade imperative for it to be brought into the next level and bring in a real step change,' Aurangzeb said after his interaction with US officials. 'So, the investment imperative will come forward, and areas have already been identified in terms of minerals and mining, in terms of AI [artificial intelligence], in terms of digital infrastructure [and] crypto,' he continued. 'We feel that this will be a real game changer, God willing, in terms of the relationship and the economic relationship between Pakistan and the United States.' The Pakistani finance chief said both sides were committed to resolving outstanding trade issues to move 'toward the finishing line' and begin investment-related discussions 'very quickly.' He also hinted at forthcoming announcements 'at the leadership level,' which he said would reflect all the hard work and efforts that have been put in both by Pakistan and on the US side. 'We begin with trade, and then it will very quickly be followed through with investment discussions between the two countries and real execution of the investment upside,' he said, calling the next phase a 'real win-win for Pakistan and the United States.' Pakistan's finance ministry has said the US remains its largest trading partner while emphasizing Islamabad's interest in expanding cooperation beyond textiles to other sectors. The US is Pakistan's top export destination, with shipments totaling $5.44 billion in the 2023-24 fiscal year. From July 2024 to February 2025, exports rose 10 percent from a year earlier, according to official data.
Yahoo
2 days ago
- Business
- Yahoo
Pakistan's finance minister in US to push for trade deal
(Bloomberg) — Pakistan's Finance Minister held meetings with US officials on Friday to negotiate Washington's demands as part of trade talks ahead of an August deadline. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint How San Jose's Mayor Is Working to Build an AI Capital Milan Corruption Probe Casts Shadow Over City's Property Boom LA Homelessness Drops for Second Year A delegation led by Muhammad Aurangzeb held a 'productive meeting' with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer in Washington, according to a statement by Pakistan's government, confirming a visit that was earlier reported by Bloomberg News. 'Both parties expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries,' the statement said. Pakistan had earlier expected to wrap up a trade deal with the US by early July, but the talks are taking longer than expected. Relations between Islamabad and Washington are showing signs of improvement in recent months after a prolonged diplomatic chill. Last month, US President Donald Trump welcomed Pakistan's army chief, Asim Munir, for rare talks at the White House that was followed by Pakistan recommending Trump for a Nobel Peace Prize. Pakistan, which is warming up to the crypto industry, also signed a letter of intent with Trump family's World Liberty Financial in April to accelerate blockchain adoption in the country. Since Munir's visit, trade negotiations have made 'encouraging headway,' the finance ministry said in a statement earlier this week. Pakistan has a relatively small trade deficit of $3 billion with the US compared with many other nations. Pakistan is trying to appease the US to seek reprieve from the 29% reciprocal tariffs initially imposed by Trump. The South Asian nation, already the second-largest buyer of US cotton by value after China, has offered to boost imports of American cotton and soybeans. The US is the largest export market for Pakistan. A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover Why Access to Running Water Is a Luxury in Wealthy US Cities ©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
Yahoo
5 days ago
- Business
- Yahoo
US trade chief Greer says wants US trade deficit on downward path
By David Lawder and Andrea Shalal (Reuters) -U.S. Trade Representative Jamieson Greer said on Wednesday that his trade policy goal was to put the $1.2 trillion U.S. trade deficit on a downward path and to stem the loss of U.S. advanced manufacturing capacity. Greer, in remarks to a reindustrialization summit in Detroit, said that President Donald Trump's expanded tariff program was already bearing fruit in terms of spurring new industrial investments in the U.S. This includes $4 billion from General Motors to move some production to the U.S. from Mexico, new steel and pharmaceutical plants, Greer said, adding that Trump was encouraging countries to move production to the U.S. to avoid his tariffs. Greer said in most substantial policy address since taking office in late February, that the U.S. industrial decline was due to long-running trade liberalization efforts by both Democratic and Republican administrations, including allowing China to join the World Trade Organization. The 2024 U.S. trade deficit of $1.2 trillion was "a state of affairs that is as unsustainable as it is unacceptable," Greer said. "It almost sounds like Monopoly money." To help remedy this, he said Trump's tariff policies called for a universal tariff rate of 10% on all countries, with higher rates for the most "problematic" ones, including China, which has the highest tariff rate of 55%. "Of course, the president signaled a willingness to negotiate with countries if they want to have an alternative relation with us and really join us in re industrializing. And countries have been responsive," Greer said. Trump himself drafted the recent letters that he has set to a number of countries informing them of tariff rates for their imports absent trade deals, Greer said. "He had a line in there that says there will be no tariff if you decide to build or manufacture product within the United States," Greer said. Greer also said that he also wanted to increase the manufacturing share of U.S. GDP and increase the median household income in the U.S. While tariffs were an important tool in this, there are others, including the recent enactment of a massive tax cut and spending bill that includes investments in energy, tax breaks for research and development and immediate expensing of capital investments against tax liabilities. As the top U.S. trade lawyer, Greer said, "my job is to clear the playing field of all the pitfalls, the obstacles, all the unfairness that has hindered U.S. re-industrialization." Sign in to access your portfolio
Reuters
5 days ago
- Business
- Reuters
US trade chief Greer says wants US trade deficit on downward path
July 16 (Reuters) - U.S. Trade Representative Jamieson Greer said on Wednesday that his trade policy goal was to put the $1.2 trillion U.S. trade deficit on a downward path and to stem the loss of U.S. advanced manufacturing capacity. Greer, in remarks to a reindustrialization summit in Detroit, said that President Donald Trump's expanded tariff program was already bearing fruit in terms of spurring new industrial investments in the U.S. This includes $4 billion from General Motors to move some production to the U.S. from Mexico, new steel and pharmaceutical plants, Greer said, adding that Trump was encouraging countries to move production to the U.S. to avoid his tariffs. Greer said in most substantial policy address since taking office in late February, that the U.S. industrial decline was due to long-running trade liberalization efforts by both Democratic and Republican administrations, including allowing China to join the World Trade Organization. The 2024 U.S. trade deficit of $1.2 trillion was "a state of affairs that is as unsustainable as it is unacceptable," Greer said. "It almost sounds like Monopoly money." To help remedy this, he said Trump's tariff policies called for a universal tariff rate of 10% on all countries, with higher rates for the most "problematic" ones, including China, which has the highest tariff rate of 55%. "Of course, the president signaled a willingness to negotiate with countries if they want to have an alternative relation with us and really join us in re industrializing. And countries have been responsive," Greer said. Trump himself drafted the recent letters that he has set to a number of countries informing them of tariff rates for their imports absent trade deals, Greer said. "He had a line in there that says there will be no tariff if you decide to build or manufacture product within the United States," Greer said. Greer also said that he also wanted to increase the manufacturing share of U.S. GDP and increase the median household income in the U.S. While tariffs were an important tool in this, there are others, including the recent enactment of a massive tax cut and spending bill that includes investments in energy, tax breaks for research and development and immediate expensing of capital investments against tax liabilities. As the top U.S. trade lawyer, Greer said, "my job is to clear the playing field of all the pitfalls, the obstacles, all the unfairness that has hindered U.S. re-industrialization."
