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Saba Yemen
14 hours ago
- Business
- Saba Yemen
Trump announces immediate end to all trade talks with canada
Washington - Saba: U.S. President Donald Trump announced the immediate termination of all trade discussions with Canada in response to Ottawa's decision to impose a digital services tax targeting American tech companies. In a post on the social media platform "Truth Social" on Friday, President Trump described Canada's digital services tax as a "direct and brazen attack on the United States." Trump stated, "Based on this outrageous tax, we are hereby ending all trade discussions with Canada, effective immediately." He added, "We will inform Canada of the tariffs they will pay to deal with the United States within the next seven days." The U.S. president further remarked, "We have just been informed that Canada—a country that has been very difficult to trade with, especially as it has imposed tariffs of up to 400% on our dairy farmers for years—has announced it will impose a digital services tax targeting American tech companies. This is a direct and blatant assault on our country." He continued, "Clearly, they are copying what the European Union did by imposing the same tax, which is now also in discussions with us on this matter." Canadian Prime Minister Mark Carney had announced last Monday that he and President Trump agreed to work toward a new economic and security agreement between their two countries within 30 days. The two leaders had met earlier on the sidelines of the G7 Summit in Alberta, where Trump reiterated his insistence on tariffs. A statement from the Canadian Prime Minister's Office said, "Prime Minister Carney and President Trump exchanged updates on key issues in the negotiations for a new economic and security relationship between Canada and the United States." Notably, the total value of U.S. goods trade with Canada reached approximately $762 billion in 2024, according to the Office of the U.S. Trade Representative. Meanwhile, the U.S. president escalated his threat to increase tariffs on certain countries by the July 9 deadline. Trump's remarks on Friday are the latest indication that some negotiations with major partners may extend beyond early July. However, the U.S. president is considering higher tariff rates for smaller economies that have not reached agreements with the United States. During a press conference at the White House, Trump stated, "At some point in the next week and a half, or maybe sooner, we will send a message. We have spoken with many countries, and we will simply inform them of what they must pay to do business with the United States." Whatsapp Telegram Email Print
Yahoo
10-06-2025
- Business
- Yahoo
India and US advance toward interim trade deal after four-day talks, say sources
By Manoj Kumar NEW DELHI (Reuters) -Indian and U.S. negotiators made progress in their latest round of talks in New Delhi on Tuesday on a bilateral trade deal, having focused on market access for industrial and some agricultural goods, tariff cuts and non-tariff barriers, Indian government sources said. "The negotiations held with the U.S. side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins," one of the sources said. The U.S. delegation, led by senior officials from the Office of the U.S. Trade Representative, held closed-door negotiations with Indian trade ministry officials headed by chief negotiator Rajesh Agrawal. Both sides discussed increasing bilateral digital trade, by improving customs and trade facilitation measures, the sources said, adding that "negotiations will continue" for early conclusion of the initial tranche of the trade pact. U.S. President Donald Trump and Indian Prime Minister Narendra Modi had agreed in February to conclude a bilateral trade agreement by fall 2025 and to more than double bilateral trade to $500 billion by 2030. The two sides are expected to sign an interim agreement by the end of the month, before the expiry of Trump's 90-day pause on reciprocal tariffs on major trading partners, including a 26% tariff on India. Commerce Minister Piyush Goyal, currently in Switzerland for talks with European trade partners, said India is prepared to proceed with the deal by first addressing simpler issues. The next phase of negotiations could tackle more complex matters, with the goal of signing the first tranche of the bilateral trade pact by September or October, the officials added. India resisted U.S. demands to open its markets to wheat, dairy and corn imports, while offering lower tariffs on high-value U.S. products such as almonds, pistachios and walnuts, one of the sources said. India also asked the U.S to revoke its 10% baseline tariff. However, the U.S. side opposed this, noting that even Britain was subject to this under its recent bilateral trade agreement. Additionally, India sought an exemption for its steel exports from a 50% tariff. A potential 26% tariff on India would be devastating to Indian goods - including rice, shrimp, textiles and footwear, which together comprise nearly one-fifth of India's merchandise exports - and could severely hit exports and dampen foreign investment inflows. India has pledged to increase purchases of American goods, including energy products like liquefied natural gas, crude oil, coal and defence equipment. India's exports to the U.S. rose 28% to $37.7 billion in the first four months of 2025, while imports increased to $14.4 billion, widening India's trade surplus, according to U.S. government data. (Additional reporting by Sarita Chaganti Singh and Khushi Malhotra; Editing by Andrea Ricci) 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
Business Recorder
10-06-2025
- Business
- Business Recorder
India and US advance toward interim trade deal after four-day talks
NEW DELHI: Indian and U.S. negotiators made progress in their latest round of talks in New Delhi on Tuesday on a bilateral trade deal, having focused on market access for industrial and some agricultural goods, tariff cuts and non-tariff barriers, Indian government sources said. 'The negotiations held with the U.S. side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins,' one of the sources said. The U.S. delegation, led by senior officials from the Office of the U.S. Trade Representative, held closed-door negotiationswith Indian trade ministry officials headed by chief negotiator Rajesh Agrawal. Both sides discussed increasing bilateral digital trade, by improving customs and trade facilitation measures, the sources said, adding that 'negotiations will continue' for early conclusion of the initial tranche of the trade pact. U.S. President Donald Trump and Indian Prime Minister Narendra Modi had agreed in February to conclude a bilateral trade agreement by fall 2025 and to more than double bilateral trade to $500 billion by 2030. India, US push to finalise interim tariff deal as Trump's deadline nears The two sides are expected to sign an interim agreement by the end of the month, before the expiry of Trump's 90-day pause on reciprocal tariffs on major trading partners, including a 26% tariff on India. Commerce Minister Piyush Goyal, currently in Switzerland for talks with European trade partners, said India is prepared to proceed with the deal by first addressing simpler issues. The next phase of negotiations could tackle more complex matters, with the goal of signing the first tranche of the bilateral trade pact by September or October, the officials added. India resisted U.S. demands to open its markets to wheat, dairy and corn imports, while offering lower tariffs on high-value U.S. products such as almonds, pistachios and walnuts, one of the sources said. India also asked the U.S to revoke its 10% baseline tariff. However, the U.S. side opposed this, noting that even Britain was subject to this under its recent bilateral trade agreement. Trump says US doing 'big deals' with Pakistan, India Additionally, India sought an exemption for its steel exports from a 50% tariff. A potential 26% tariff on India would be devastating to Indian goods - including rice, shrimp, textiles and footwear, which together comprise nearly one-fifth of India's merchandise exports - and could severely hit exports and dampen foreign investment inflows. India has pledged to increase purchases of American goods, including energy products like liquefied natural gas, crude oil, coal and defence equipment. India's exports to the U.S. rose 28% to $37.7 billion in the first four months of 2025, while imports increased to $14.4 billion, widening India's trade surplus, according to U.S. government data.
Yahoo
10-06-2025
- Business
- Yahoo
India and US advance toward interim trade deal after four-day talks, say sources
By Manoj Kumar NEW DELHI (Reuters) -Indian and U.S. negotiators made progress in their latest round of talks in New Delhi on Tuesday on a bilateral trade deal, having focused on market access for industrial and some agricultural goods, tariff cuts and non-tariff barriers, Indian government sources said. "The negotiations held with the U.S. side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins," one of the sources said. The U.S. delegation, led by senior officials from the Office of the U.S. Trade Representative, held closed-door negotiations with Indian trade ministry officials headed by chief negotiator Rajesh Agrawal. Both sides discussed increasing bilateral digital trade, by improving customs and trade facilitation measures, the sources said, adding that "negotiations will continue" for early conclusion of the initial tranche of the trade pact. U.S. President Donald Trump and Indian Prime Minister Narendra Modi had agreed in February to conclude a bilateral trade agreement by fall 2025 and to more than double bilateral trade to $500 billion by 2030. The two sides are expected to sign an interim agreement by the end of the month, before the expiry of Trump's 90-day pause on reciprocal tariffs on major trading partners, including a 26% tariff on India. Commerce Minister Piyush Goyal, currently in Switzerland for talks with European trade partners, said India is prepared to proceed with the deal by first addressing simpler issues. The next phase of negotiations could tackle more complex matters, with the goal of signing the first tranche of the bilateral trade pact by September or October, the officials added. India resisted U.S. demands to open its markets to wheat, dairy and corn imports, while offering lower tariffs on high-value U.S. products such as almonds, pistachios and walnuts, one of the sources said. India also asked the U.S to revoke its 10% baseline tariff. However, the U.S. side opposed this, noting that even Britain was subject to this under its recent bilateral trade agreement. Additionally, India sought an exemption for its steel exports from a 50% tariff. A potential 26% tariff on India would be devastating to Indian goods - including rice, shrimp, textiles and footwear, which together comprise nearly one-fifth of India's merchandise exports - and could severely hit exports and dampen foreign investment inflows. India has pledged to increase purchases of American goods, including energy products like liquefied natural gas, crude oil, coal and defence equipment. India's exports to the U.S. rose 28% to $37.7 billion in the first four months of 2025, while imports increased to $14.4 billion, widening India's trade surplus, according to U.S. government data. (Additional reporting by Sarita Chaganti Singh and Khushi Malhotra; Editing by Andrea Ricci) Sign in to access your portfolio
CNBC
10-06-2025
- Business
- CNBC
China emboldened by leverage in critical minerals, says Former USTR Negotiator
Wendy Cutler, a former negotiator in the Office of the U.S. Trade Representative and Vice President of the Asia Society Policy Institute tells CNBC's Squawk Box Asia that China's hold on critical minerals gives it enormous negotiating power.
