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Express Tribune
07-07-2025
- Business
- Express Tribune
Trump imposes 25% tariffs on Japan, South Korea ahead of trade deal deadline
US President Donald Trump attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. REUTERS Listen to article US President Donald Trump said Monday he was slapping 25 percent tariffs on Japan and South Korea, in his first letters to trading partners ahead of a deadline to reach a deal with Washington. Trump had said at the weekend that starting from Monday he would send a first batch of up to 15 letters to countries informing them that he would reimpose harsh levies that he had postponed in April. In near-identically worded letters to the Japanese and South Korean leaders, Trump said the tariffs would apply from August 1 because their trading relationships with Washington were "unfortunately, far from Reciprocal." Trump warned the countries, both key US allies in East Asia, of an escalation if they responded to the new US tariffs. But he also said he was ready to modify levies "downwards" if Japan and South Korea changed their trade policies. Japan's Prime Minister Shigeru Ishiba said Sunday that he "won't easily compromise" in trade talks with Washington. Trump originally announced sweeping tariffs on world economies on what he called "Liberation Day" on April 2, claiming the United States was being "ripped off." More Read: Rubio to attend ASEAN meeting in first visit to Asia Amid market turmoil, Trump then suspended the initial tariffs for 90 days, a deadline that expires on Wednesday. But the Trump administration has said that the duties will not "boomerang" back until August 1, apparently extending the deadline despite denials from officials. While the Trump administration has signaled hopes of striking dozens of deals by early July -- at one point boasting of "90 deals in 90 days" -- there have been limited results so far. Washington has unveiled pacts with only Britain and Vietnam, while the United States and China agreed to temporarily lower tariff levels on each other's products that earlier reached three-digits. Treasury Secretary Scott Bessent said there would be a number of deals coming up. "We are going to have several announcements in the next 48 hours," Bessent told CNBC in an interview Monday. "We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said. There was no immediate response from the White House on whether Trump would formally extend the Wednesday deadline for the tariffs to snap back. Asked about Trump's letters, Bessent said these would inform partners of the tariff rate their products face when trading with the United States, unless they want to "come back and try to negotiate." Bessent told CNBC Monday that he would "be meeting with my Chinese counterpart sometime in the next couple of weeks." Also Read: US professors take Trump's immigration policies to court over pro-Palestinian activities The two sides have so far held high-level talks in Geneva and London. But Washington and Beijing's pause on tit-for-tat tariffs is due to expire in mid-August. On whether he was disappointed in the number of trade deals achieved so far, Trump's trade adviser Peter Navarro maintained that he is "happy with the progress we've had." "Every country that we run a major deficit with is fully engaged," he told CNBC on Monday. Trump has also threatened another 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "Anti-American policies" after they slammed his duties at a summit. For now, partners are still rushing to avert Trump's tariffs altogether. The European Commission said that EU chief Ursula von der Leyen had a "good exchange" with Trump on trade when the pair spoke Sunday.
The Star
05-06-2025
- Business
- The Star
Elon Musk gets more time to respond to US SEC lawsuit over Twitter stake
FILE PHOTO: Tesla CEO Elon Musk attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. REUTERS/Hamad I Mohammed/File Photo (Reuters) -The U.S. Securities and Exchange Commission has given Elon Musk six more weeks to respond to its civil lawsuit accusing the world's richest person of waiting too long in 2022 to reveal his large stake in Twitter, the social media company he later bought and renamed X. In a filing in federal court in Washington, D.C., the SEC and Musk agreed to push back the deadline for Musk's response to July 18 from June 6, calling it "reasonable and in the interest of conserving judicial resources." The SEC has said Musk's 11-day delay in disclosing his initial 5% Twitter stake let him to buy more than $500 million of the company's shares at artificially low prices, at the expense of unsuspecting investors. The agency's lawsuit seeks to force Musk to pay a civil fine and give up profits he didn't deserve. (Reporting by Jonathan Stempel in New York; Editing by Leslie Adler)
Express Tribune
05-06-2025
- Politics
- Express Tribune
Trump says Iran 'slowwalking'
US President Donald Trump attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. REUTERS US President Donald Trump accused Tehran on Wednesday of "slowwalking" on a nuclear deal. In a post on Truth Social on Wednesday, Trump said he spoke with Russian President Vladimir Putin who "suggested that he will participate in the discussions with Iran". "It is my opinion that Iran has been slowwalking their decision on this very important matter, and we will need a definitive answer in a very short period of time!" Trump said.
Epoch Times
24-05-2025
- Business
- Epoch Times
US Treasury Grants Sanctions Relief to Syria
The United States on Friday granted sanctions relief to Syria to help the country rebuild its economy following the collapse of Bashar al-Assad's regime last year. It follows President Donald Trump's surprise announcement during his recent Middle East tour that he intended to lift sanctions. The Treasury said it has issued a general license, known as GL25, which will effectively lift sanctions by authorizing transactions with the new Syrian government, as well as Syria's financial sector and petroleum-related services. It also authorizes transactions with certain The move is expected to pave the way for new investment and private sector activity in Syria, which the Treasury said aligns with President Donald Trump's 'America First strategy.' 'This is just one part of a broader U.S. government effort to remove the full architecture of sanctions imposed on Syria due to the abuses of the Bashar al-Assad regime,' the Treasury said in a Related Stories 5/21/2025 5/13/2025 'The United States government is committed to supporting a Syria that is stable, unified, and at peace with itself and its neighbors,' it added, noting that sanctions relief was granted with the understanding that Syria will not provide a safe haven for terrorist organizations. The State Department also Secretary of State Marco Rubio said the waiver would help to facilitate the provision of electricity, energy, water, and sanitation in Syria, and enable the flow of humanitarian aid across the war-torn country. 'Today's actions represent the first step in delivering on the President's vision of a new relationship between Syria and the United States,' Rubio said in a The Syrian Foreign Ministry issued a The move follows Trump's meeting with al-Sharaa in Saudi Arabia on May 14. Rubio stated that Trump has made clear his expectation to al-Sharaa that sanctions relief must be followed by 'prompt action by the Syrian government on important policy priorities.' 'President Trump is providing the Syrian government with the chance to promote peace and stability, both within Syria and in Syria's relations with its neighbors,' Rubio said. Prior to the meeting, Trump 'I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness,' Trump said during the Saudi-U.S. Investment Forum in Riyadh on May 13. The United States The European Council also Ryan Morgan and Reuters contributed to this report.
The Star
23-05-2025
- Business
- The Star
How Trump's trade war is upending global economy
U.S. President Donald Trump attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. REUTERS/Brian Snyder/File Photo U.S. President Donald Trump's tariff decisions since he took office on January 20 have shocked financial markets and sent a wave of uncertainty through the global economy. Here is a timeline of the major developments: February 1 - Trump imposes 25% tariffs on Mexican and most Canadian imports and 10% on goods from China, demanding they curb the flow of fentanyl and illegal immigrants into the United States. February 3 - Trump suspends his threat of tariffs on Mexico and Canada, agreeing to a 30-day pause in return for concessions on border and crime enforcement. The U.S. does not reach such a deal with China. February 7 - Trump delays tariffs on de minimis, or low-cost, packages from China until the Commerce Department can confirm that procedures and systems are in place to process them and collect tariff revenue. February 10 - Trump raises tariffs on steel and aluminium to a flat 25% "without exceptions or exemptions". March 3 - Trump says 25% tariffs on goods from Mexico and Canada will take effect from March 4 and doubles fentanyl-related tariffs on all Chinese imports to 20%. March 5 - The president agrees to delay tariffs for one month on some vehicles built in Canada and Mexico after a call with the CEOs of General Motors and Ford and the chair of Stellantis. March 6 - Trump exempts goods from Canada and Mexico under a North American trade pact for a month from the 25% tariffs. March 26 - Trump unveils a 25% tariff on imported cars and light trucks. April 2 - Trump announces global tariffs with a baseline of 10% across all imports and significantly higher duties on some of the U.S.' biggest trading partners. April 9 - Trump pauses for 90 days most of his country-specific tariffs that kicked in less than 24 hours earlier following an upheaval in financial markets that erased trillions of dollars from bourses around the world. The 10% blanket duty on almost all U.S. imports stays in place. Trump says he will raise the tariff on Chinese imports to 125% from the 104% level that took effect a day earlier. This pushes the extra duties on Chinese goods to 145%, including the fentanyl-related tariffs imposed earlier. April 13 - The U.S. administration grants exclusions from steep tariffs on smartphones, computers and some other electronics imported largely from China. April 22 - The Trump administration launches national security probes under Section 232 of the Trade Act of 1962 into imports of both pharmaceuticals and semiconductors as part of a bid to impose tariffs on both sectors. May 4 - Trump imposes a 100% tariff on all movies produced outside the U.S. May 9 - Trump and British Prime Minister Keir Starmer announce a limited bilateral trade agreement that leaves in place 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports. May 12 - The U.S. and China agree to temporarily slash reciprocal tariffs. Under the 90-day truce, the U.S. will cut the extra tariffs it imposed on Chinese imports to 30% from 145%, while China's duties on U.S. imports will be slashed to 10% from 125%. May 13 - The U.S. cuts the low value "de minimis" tariff on China shipments, reducing duties for items valued at up to $800 to 54% from 120%. May 23 - Trump says he is recommending a straight 50% tariff on goods from the European Union starting on June 1. He also warned Apple it would face 25% tariff if phones it sold in the U.S. were manufactured outside of the country. - Reuters
