Latest news with #TradeNegotiations
NHK
08-07-2025
- Business
- NHK
US says Japan to get 25% rate if no deal
US President Donald Trump says he'll slap a 25 percent tariff on goods from Japan next month if Tokyo doesn't reach a trade deal with the US. Trump signed an executive order extending the original July 9 deadline to August 1. He later told reporters that the tariff letters he sent out on Monday were more or less a final offer, though there is room for some negotiation. Japan had been facing a 24 percent tariff. Trump's letter said the 25 percent figure is "far less" than what is needed to eliminate the "trade deficit disparity" with Tokyo. He warned that if Japan hikes tariffs, the US will match that amount, and tack it onto the new 25 percent rate. Trump has been accusing Tokyo of carrying out "unfair" trade practices, specifically in the agricultural and auto sectors. The letter said the relationship with Japan had been "far from Reciprocal." Japanese Prime Minister Ishiba Shigeru told reporters that Tokyo wants to avoid an easy compromise. He added that his government will do its best to seek what it needs and protect what needs protecting in negotiations. Michael Beeman, a former US trade official in the first Trump administration, told NHK that the contents of the letter were shocking. He added that the letter felt and looked "pretty aggressive." The deadline extension for instituting the tariffs is the last chance to find a compromise between the two nations and reach a deal, he said.
Yahoo
07-07-2025
- Business
- Yahoo
China's central bank asks financial institutions about dollar weakness: Source
(Reuters) -China's central bank has asked some financial institutions about their views on recent U.S. dollar weakness, people with knowledge of the matter said. In the survey conducted last week, the People's Bank of China ( asked questions related to the U.S. dollar's movements and the causes of its recent weakness and outlook for the Chinese yuan exchange rate, the sources said. The PBOC did not immediately respond to Reuters' request for comment. While the PBOC did not explicitly state the purpose of its recent survey, one of the sources said he interpreted it as a sign authorities are concerned about a sharp appreciation of the yuan against the weakening dollar (DX=F). Another source directly involved in the survey said it seemed to be an assessment of the dollar's outlook as trade negotiations with the U.S. progress. The survey comes days before U.S. President Donald Trump's 90-day pause on tariffs on imports from dozens of countries expires on Wednesday, and a month before a reprieve on triple-digit tariffs on China expires. U.S. trade and economic policies this year have weighed heavily on the dollar. The dollar index, which reflects the U.S. currency's performance against a basket of six others, has had its worst first half of the year since 1973, declining some 11%. It has fallen by 6.6% since April 2 alone. China's yuan has been relatively stable, however, and is up just 1.3% since Trump's April 2 "Liberation Day" tariffs.
Reuters
07-07-2025
- Business
- Reuters
Exclusive: China's central bank asks financial institutions about dollar weakness, sources say
July 7 (Reuters) - China's central bank has asked some financial institutions about their views on recent U.S. dollar weakness, people with knowledge of the matter said. In the survey conducted last week, the People's Bank of China (PBOC) asked questions related to the U.S. dollar's movements and the causes of its recent weakness and outlook for the Chinese yuan exchange rate, the sources said. The PBOC did not immediately respond to Reuters' request for comment. While the PBOC did not explicitly state the purpose of its recent survey, one of the sources said he interpreted it as a sign authorities are concerned about a sharp appreciation of the yuan against the weakening dollar. Another source directly involved in the survey said it seemed to be an assessment of the dollar's outlook as trade negotiations with the U.S. progress. The survey comes days before U.S. President Donald Trump's 90-day pause on tariffs on imports from dozens of countries expires on Wednesday, and a month before a reprieve on triple-digit tariffs on China expires. U.S. trade and economic policies this year have weighed heavily on the dollar. The dollar index , which reflects the U.S. currency's performance against a basket of six others, has had its worst first half of the year since 1973, declining some 11%. It has fallen by 6.6% since April 2 alone. China's yuan has been relatively stable, however, and is up just 1.3% since Trump's April 2 "Liberation Day" tariffs.
Reuters
02-07-2025
- Business
- Reuters
Rupee dips alongside Asian peers; tariff deadline, Fed cut path in focus
MUMBAI, July 2(Reuters) - The Indian rupee weakened slightly on Wednesday, tracking modest declines in its regional peers while investors kept their focus on a looming U.S. tariff deadline as well as cues on the future path of the Federal Reserve's benchmark policy rates. The rupee dipped about 0.2% to 85.6850 per U.S. dollar as of 11:15 a.m. IST. Asian currencies were mostly lower as well, while the dollar index rose 0.1% to 96.7, supported by stronger-than-expected U.S. economic data that lent credence to the Fed's stance of being patient on cutting interest rates. Fed Chair Jerome Powell on Tuesday reiterated that the U.S. central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering interest rates. Traders expect the rupee to be range-bound in the near term, with the U.S. non-farm payrolls report due on Thursday and developments on U.S.-India trade negotiations expected to provide directional cues. At this juncture, the rupee is expected to log two-way price action with resistance pegged in the 85.45-85.50 zone, a trader at a mid-sized private bank said. Persistent dollar bids from state-run banks around that level have also prompted speculation among traders that the Reserve Bank of India may be stepping in to absorb dollar inflows. The United States could reach a trade deal with India, President Donald Trump said on Tuesday, paving the way for the South Asian country to avoid a 26% levy that was announced on April 2 and paused till July 9. "We continue to forecast USD/INR to move lower with supportive domestic factors and a possible trade deal with the U.S., with the implicit assumption of a status quo in geopolitical conflicts," MUFG said in a note. The firm expects USD/INR to decline to 84 by the first quarter of calendar year 2026.
The Independent
30-06-2025
- Business
- The Independent
Owning a cat in the US will get more expensive because of tariffs
Thailand's pet food producers are bracing for the end of a 90-day pause on US tariffs, set to expire on July 9. The pause temporarily reduced a steep 36 percent tariff on Thai pet food exports to the US, which is the largest foreign supplier. If no deal is reached, the 36 percent tariff could be reinstated, potentially leading to higher pet food prices for American consumers and forcing Thai producers to suspend shipments. Thai officials are hopeful of negotiating a lower tariff, possibly 10 percent, before the deadline, with trade talks reportedly making good progress. While some Thai companies face challenges, others have benefited from higher tariffs imposed on Chinese imports, allowing them to compete better in the US market.
