Latest news with #LabourDay
Mint
9 hours ago
- Business
- Mint
‘We can do whatever we want': Trump as July deadline for reciprocal tariffs nears; White House hints extension
US President Donald Trump in a White House briefing indicated that the July 9 deadline for reimposing broad US tariffs was not fixed and either it could be moved forward or push back considering the progress in negotiations. "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 per cent," he informed reporters at the White House. However, White House Press Secretary Karoline Leavitt stated that these deadlines are 'not critical'. 'Perhaps it could be extended, but that's a decision for the president to make,' she was quoted as saying. In April, Trump introduced a plan to impose reciprocal tariffs on almost all imports. Countries were caught off guard by the steep import tariffs, some reaching nearly 50%, that Trump introduced on what he dubbed 'liberation day.' It followed high volatile markets, including caution from investors. A week later he granted a 90‑day grace period, until July 8, for other countries to negotiate; after that, tariffs above 10 percent would kick in unless deals are reached. Treasury Secretary Scott Bessent also hinted the possibility of an extended timeline, saying that agreements might be finalised by the September 1 Labour Day holiday. "We're seeing strong interest from countries offering solid deals. We've got 18 key trading partners. If we can finalize agreements with 10 or 12 of them, and we're already engaging with another 20 significant economies, we could have trade wrapped up by Labour Day,' Fox Business Network quoted Bessent as saying. The US has, to date, only succeeded in securing limited trade agreements with China and the United Kingdom as less than two weeks remain for the 3 months halt to be over. According to CNBC, Trump asserted that while the US had managed agreements with 'four or five' countries, there were '200 countries plus' left. Trump stated that in the coming week, the US might send letters to these countries, outlining the costs they would need to bear to conduct business with the US. Meanwhile, Trump said that a "very big deal" with India is expected to be signed soon, adding that the US signed a trade pact with China. During a programme on his controversial One Big Beautiful Bill, he stated, 'Everybody wants to make a deal and be part of it. We just signed with China yesterday. We have one coming up—maybe with India. A very big one, where we are going to open up India. In the China deal, we are trying to open up China.' Union Commerce and Industry Minister Piyush Goyal too on June 10 had mentioned that both India and US were in the middle of negotiating a fair and equitable trade deal, ANI reported.
Straits Times
18 hours ago
- Business
- Straits Times
Tariff deals could be wrapped up by Labour Day, Bessent says, as talks pick up
US Treasury Secretary Scott Bessent speaking to members of the press at the US Capitol in Washington, DC, on June 27. PHOTO: AFP Tariff deals could be wrapped up by Labour Day, Bessent says, as talks pick up WASHINGTON - US Treasury Secretary Scott Bessent said on June 27 the Trump administration's various trade deals with other countries could be done by the Sept 1 Labour Day holiday, citing talks with 18 main US trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. After a week where tariffs took a back seat to the US strike on Iran's nuclear facilities and the massive tax and spending Bill in Congress, the Trump administration's trade negotiations have picked up. The United States sent a new proposal to the European Union on June 26 and India sent a delegation to Washington for more talks. 'So we have countries approaching us with very good deals,' Mr Bessent said, on Fox Business Network. 'We have 18 important trading partners... If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labour Day,' Mr Bessent said. He did not mention any changes to a July 9 deadline for countries to reach deals with the US or see tariffs spike higher, but has previously said that countries negotiating in good faith could get deals. But President Donald Trump told reporters at the White House that he could extend the tariff deadline or 'make it shorter', adding that within the next week and a half, he would notify countries of their tariff rates. 'I'd like to just send letters out to everybody: Congratulations. You're paying 25 per cent' tariffs. New US-China export revisions Mr Bessent said the US and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva. As part of its retaliation against new US tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. During US-China talks in May in Geneva, Beijing committed to removing the measures imposed since April 2, but those critical materials were not moving as fast as agreed, Mr Bessent said, so the US put countermeasures in place. 'I am confident now that we - as agreed, the magnets will flow,' Mr Bessent said, adding that these materials would go to US firms that had received them previously on a regular basis. He did not disclose details of the latest agreement, which Trump administration officials said was reached earlier this week. Efforts to resolve the dispute included a phone call between Mr Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. China's commerce ministry said on June 27 the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for US military uses, according to an industry source. This has slowed down the licensing process. The Geneva deal faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, ethane, engines for Chinese-made aircraft and other goods to China. The US-China negotiations have yet to delve into the Trump administration's core complaints about China's state-led, export-driven economic model with just over six weeks to go before the Geneva tariff truce expires on Aug 10. News of the latest revision to the China deal comes as Mr Trump has a meeting scheduled on June 27 with the foreign ministers of the Democratic Republic of Congo and Rwanda, two African nations that are rich in critical minerals. India talks Indian government sources told Reuters that a trade delegation from New Delhi was back in Washington on June 27 aiming to sew up a limited US trade deal ahead of the July 9 deadline. Trump administration officials frequently count India among countries with which trade talks are at an advanced stage, along with Japan. But early optimism about a simple deal to reduce India's high tariffs has hit roadblocks over disagreements on US import duties for auto parts steel and farm goods, Indian officials with direct knowledge said. The US Trade Representative's office did not immediately respond to queries on talks with India or the European Union. Mr Trump said that his administration was looking to get a "full trade barrier dropping" deal with India. 'I'm not sure that that's going to happen, but as of this moment, we've agreed to that - go into India and trade,' Mr Trump said. Pre-tariff spending fades The latest negotiating activity comes amid signs on June 27 that uncertainty over Trump's tariffs is starting to take a toll on the economy. US consumer spending unexpectedly fell in May as the boost from the pre-emptive buying of goods like motor vehicles ahead of Mr Trump's tariffs faded, while monthly inflation maintained a moderate pace of increase. But Wall Street investors took the consumer spending data as another sign that the Federal Reserve may resume rate cuts in July, sending stock indexes back to record highs. Mr Bessent's more optimistic tone on trade also helped shares, and an influential Wall Street economist who had been a sceptic of Mr Trump's tariffs appeared to reverse course. Mr Torsten Slok, chief economist at Apollo Global Management, asked in a blog: 'Has Trump outsmarted everyone on tariffs?' Mr Slok said that extending the deadline by a year would give countries and US domestic businesses time to adjust to the new world with permanently higher tariffs while reducing uncertainty, which would help markets. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
New Straits Times
a day ago
- Business
- New Straits Times
US, China seal framework deal on trade, rare earths in focus
BEIJING: China confirmed Friday details on the framework of a trade deal with the United States, saying Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls. A top priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives and national defence equipment. China, which dominates global production of the elements, began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by President Donald Trump. The two sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat tariffs on each other's products. China also committed to easing some non-tariff countermeasures but US officials later accused Beijing of violating the pact and slow-walking export licence approvals for rare earths. They eventually agreed on a framework to move forward with their Geneva consensus following talks in London this month. A White House official told AFP on Thursday that the Trump administration and China had "agreed to an additional understanding for a framework to implement the Geneva agreement." That clarification came after the US president told an event that Washington had "just signed" a deal relating to trade with China, without providing further details. Beijing confirmed on Friday that an agreement had been reached. "It is hoped that the United States and China will meet each other halfway," a spokesperson for the commerce ministry said in a statement. It said both sides had "further confirmed the details of the framework." Under the deal, China "will review and approve applications for the export control items that meet the requirements in accordance with the law." "The US side will correspondingly cancel a series of restrictive measures against China," the commerce ministry said. US Treasury Secretary Scott Bessent said Friday that Washington could wrap up its agenda for trade deals by early September, indicating more agreements could be concluded although likely extending past an upcoming deadline. Speaking to Fox Business ahead of a July 9 deadline for steeper US duties to kick in on dozens of economies, Bessent reiterated that there are 18 key partners Washington is focused on pacts with. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labour Day," Bessent said. That holiday falls on September 1. About the July date, US Commerce Secretary Howard Lutnick told Bloomberg Television on Thursday that "we're going to do top 10 deals, put them in the right category, and then these other countries will fit behind." Countries have been moving to negotiate and reach trade pacts with Washington to avoid further tariff hikes following a 10 per cent levy Trump imposed on most trading partners in April. Wall Street's major indexes bounced on hopes for deals with China and others. The broad-based S&P 500 hit a new record in a stunning comeback from lows in April, while most stock markets rose in Europe and Asia indexes were mixed. The White House suggested Thursday that the Trump administration could extend the July deadline. Press secretary Karoline Leavitt told reporters Thursday: "Perhaps it could be extended, but that's a decision for the president to make." She added: "The deadline is not critical." "The president can simply provide these countries with a deal if they refuse to make us one by the deadline," she said.
Cision Canada
2 days ago
- Cision Canada
Polar Ice Vodka's "Cottage Crew" Delivers Long Weekend Drinks Right to Ontario Docks!
TORONTO, June 26, 2025 /CNW/ - This summer, Polar Ice Vodka is serving up the ultimate cottage country life hack: stay docked, relaxed and let the drinks come to you. With the launch of its Cottage Crew, Polar Ice is sending a high-energy team of brand ambassadors across Ontario lakes to bring ice-cold vodka samples right to cottagers' docks – bringing a refreshingly fun, no fuss Canadian twist straight to you. "There's nothing more Canadian than summers at the cottage," says Meghan Ouellet, Vodka Brand Manager at Corby Spirit and Wine. "We created the Cottage Crew to help celebrate those unforgettable long weekend moments - like watching the sunset from the dock with your friends, your playlist on, and an ice-cold Polar Ice beverage in hand." The Polar Ice branded speedboat will hit the waters in the provinces most iconic summer cottage destinations, including Lake Rosseau, Lake Joseph, Georgian Bay and Lake Muskoka during Canada's biggest summer celebrations: Canada Day (June 28 th & 29 th), the August Civic Holiday (August 2 nd & 3 rd), and Labour Day (August 30 th & 31 st) weekends. And because no celebration is complete without a proper toast, Polar Ice Vodka is rolling out a limited-edition Canada Day bottle – a spirited salute to where the brand is proudly made, to its cottage traditions, and everyone raising a glass to make this summer an unforgettable one. Exclusively for Ontario cottage-goers 19 and over, the Cottage Crew will be setting sail and making sure no fridge goes unstocked. Keep your eyes on the water and you just might spot them pulling up to your dock with a surprise delivery. For your best chance to spot the Cottage Crew, follow @PolarIceVodka on Instagram and keep your coolers open — they might be closer than you think! PLEASE ENJOY OUR PRODUCTS RESPONSIBLY. About Corby Spirit and Wine Corby Spirit and Wine Limited is a leading Canadian manufacturer, marketer and distributor of spirits, wines and ready-to-drink (RTD). Corby's portfolio of owned-brands includes some of the most renowned brands in Canada, including J.P. Wiser's ®, Lot 40 ®, and Pike Creek ® Canadian whiskies, Lamb's ® rum, Polar Ice ® vodka, McGuinness ® liqueurs, Ungava ® gin, Cabot Trail ® liqueur, Chic Choc ® Spiced rum, The Foreign Affair ® wines, and Ace Beverage Group's Cottage Springs ®, Cabana Coast ®, Liberty Village ®, and Good Vines ®. Through its affiliation with Pernod Ricard S.A., a global leader in the spirits and wine industry, Corby also represents leading international brands such as Absolut ® vodka, Chivas Regal ®, The Glenlivet ® and Ballantine's ® Scotch whiskies, Skrewball ® whiskey, Jameson ® Irish whiskey, Código 1530 ® and Olmeca Altos ® tequilas, Beefeater ® gin, Malibu ® rum, Kahlúa ® liqueur, Mumm ® champagne; and Jacob's Creek ®, Wyndham Estate ®, Stoneleigh ®, Campo Viejo ®, and Kenwood ® wines. Corby is a publicly traded company based in Toronto, Ontario, and listed on the Toronto Stock Exchange under the trading symbols CSW.A and CSW.B. For further information, please visit our website or follow us on LinkedIn, Instagram, or Twitter.
HKFP
3 days ago
- Politics
- HKFP
League of Social Democrats, one of Hong Kong's last pro-democracy groups, to disband
The League of Social Democrats (LSD), one of Hong Kong's last remaining pro-democracy groups, will soon disband, a source familiar with the matter has told HKFP. The political party will make an announcement about its shutdown on Sunday, the Hong Kong Economic Journal, a local newspaper, reported on Wednesday. In the LSD's WhatsApp group for reporters, the party's chairperson Chan Po-ying wrote in Chinese: 'Thank you all for your concern about whether the LSD will disband. For now, please understand [we] will not be making any comments.' News of the LSD's reported disbandment comes days before the fifth anniversary of the Beijing-imposed national security law on June 30 and the 28th anniversary of Hong Kong's handover to China on July 1. Founded in 2006, the LSD is known for advocating democratic reform and supporting the grassroots. It formerly had representation in the Legislative Council and the District Councils before an overhaul in 2021 effectively barred members of the opposition from standing. Third party to disband Since Beijing imposed a national security law in Hong Kong in 2020, dozens of political and civil society groups have dissolved. The LSD's looming disbandment will make it the third major pro-democracy party to meet its end in recent years. The Civic Party folded in March 2024. The Democratic Party, the city's largest opposition group with 30 years of history, announced in February that it would begin steps to disband. Even as public advocacy efforts have largely disappeared from Hong Kong's streets, the LSD has continued to make its presence known. It still holds small-scale petitions and invites reporters for coverage, most recently marking Labour Day outside the government headquarters with calls for more protection for the city's working class. Earlier this month, three LSD members, including Chan, were fined up to HK$6,600 after being found guilty of raising funds and displaying posters in public without a permit in 2023. During mitigation, vice-chair Dickson Chau said the LSD was the last activist group still setting up street booths to express its views in the city. 'We only want more people in society to express their views to the government. Unfortunately, the government's response is prosecution,' he said in Cantonese. Beijing inserted national security legislation directly into Hong Kong's mini-constitution in June 2020 following a year of pro-democracy protests and unrest. It criminalised subversion, secession, collusion with foreign forces and terrorist acts – broadly defined to include disruption to transport and other infrastructure. The move gave police sweeping new powers and led to hundreds of arrests amid new legal precedents, while dozens of civil society groups disappeared. The authorities say it restored stability and peace to the city, rejecting criticism from trade partners, the UN and NGOs.
