Latest news with #UStrade
Yahoo
a day ago
- Business
- Yahoo
Trump says Vietnam trade deal is 'pretty well set'
By Andrea Shalal WASHINGTON (Reuters) -U.S. President Donald Trump said on Tuesday that a trade agreement with Vietnam was nearly complete. Trump told reporters at Joint Base Andrews near Washington that he could release details of the Vietnam trade agreement, but did not think it was necessary. The U.S. president announced earlier this month that he had struck a preliminary trade deal with the Communist country, which would cut planned U.S. tariffs on imports from Vietnam to 20% from the 46% level he had threatened in April. At the time, Trump also said goods that Washington deemed to be illegally transshipped through Vietnam to other countries would be subject to a 40% levy. The agreement has not been finalized and details have not been released, leaving questions over how Washington will define an illegal transshipment and how much value Vietnam must add to imported products to avoid the 40% tariff. It also remains unclear which products would fall under Trump's 20% tariff. Vietnam has not confirmed the specific tariff rates, celebrating what it described as an agreement on a joint statement about a trade framework. Asked if he planned to release details of the trade pact with Vietnam, Trump told reporters, "Well, I might. I don't think it matters how much you release of the deal. We have a Vietnam deal, and I would say that that deal is being pretty well set." Vietnam has nearly tripled its exports to the United States since the start of the U.S.-China trade war in 2018, when the first Trump administration imposed wide-ranging tariffs on Beijing, pushing some manufacturers to move production south. At the same time, Vietnam vastly expanded imports from China, with their inflow almost exactly matching the value and swings of exports to the United States, each totalling around $140 billion in 2024, data from the U.S. and Vietnam show.
Yahoo
a day ago
- Business
- Yahoo
Trump says Vietnam trade deal is 'pretty well set'
By Andrea Shalal WASHINGTON (Reuters) -U.S. President Donald Trump said on Tuesday that a trade agreement with Vietnam was nearly complete. Trump told reporters at Joint Base Andrews near Washington that he could release details of the Vietnam trade agreement, but did not think it was necessary. The U.S. president announced earlier this month that he had struck a preliminary trade deal with the Communist country, which would cut planned U.S. tariffs on imports from Vietnam to 20% from the 46% level he had threatened in April. At the time, Trump also said goods that Washington deemed to be illegally transshipped through Vietnam to other countries would be subject to a 40% levy. The agreement has not been finalized and details have not been released, leaving questions over how Washington will define an illegal transshipment and how much value Vietnam must add to imported products to avoid the 40% tariff. It also remains unclear which products would fall under Trump's 20% tariff. Vietnam has not confirmed the specific tariff rates, celebrating what it described as an agreement on a joint statement about a trade framework. Asked if he planned to release details of the trade pact with Vietnam, Trump told reporters, "Well, I might. I don't think it matters how much you release of the deal. We have a Vietnam deal, and I would say that that deal is being pretty well set." Vietnam has nearly tripled its exports to the United States since the start of the U.S.-China trade war in 2018, when the first Trump administration imposed wide-ranging tariffs on Beijing, pushing some manufacturers to move production south. At the same time, Vietnam vastly expanded imports from China, with their inflow almost exactly matching the value and swings of exports to the United States, each totalling around $140 billion in 2024, data from the U.S. and Vietnam show.
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Here's How Inflation Has Changed Since 2015
Inflation reports have taken on elevated significance of late as the president and Federal Reserve chair disagree on rate strategy and the expected impact of new U.S. tariffs on price moves. Here's how key inflation measures have evolved over the past decade.
CTV News
4 days ago
- Business
- CTV News
CTV National News: Mexico and EU targeted by Trump's tariffs
Watch U.S. President Donald Trump is targeting two more of its major trading partners with 30 per cent tariffs. Colton Praill reports.
New Straits Times
08-07-2025
- Business
- New Straits Times
Stocks sell off, dollar gains as Trump plans 25pct tariffs on Japan, South Korea
NEW YORK: Major stock indexes declined while the dollar strengthened on Monday as USPresident Donald Trump unveiled sharply higher UStariffs on goods from Japan, South Korea and other countries in the latest development in the UStrade war. Longer-dated USTreasury yields rose. Trump on Monday began telling trade partners including Japan and South Korea that the higher UStariffs will start August 1. Trump in April capped all of the so-called reciprocal tariffs with trading partners at 10 per cent until July 9 to allow for negotiations. Only two agreements, with Britain and Vietnam, have been reached. "Trade, inflation and earnings are going to be the next three catalysts that will drive the market higher or lower, depending on how they unfold," said Adam Sarhan, chief executive of 50 Park Investments in New York. "But markets like certainty, and today's news increases the level of uncertainty, hence the selloff," he said. Tariffs are expected to increase prices and to slow down growth, though uncertainty over the ultimate policies may be a bigger drag as it leads businesses to postpone decisions. S&P 500 companies next week are expected to begin reporting results on the second quarter. The Dow Jones Industrial Average fell 422.17 points, or 0.94 per cent, to 44,406.36, the S&P 500 fell 49.37 points, or 0.79 per cent, to 6,229.98 and the Nasdaq Composite fell 188.59 points, or 0.91 per cent, to 20,412.52. U.S.-listed shares of Japanese automotive companies fell, with Toyota Motor down 4 per cent and Honda Motor off by 3.9 per cent. Also, electric vehicle maker Tesla shares fell 6.8 per cent after CEO Elon Musk announced the formation of a USpolitical party named the "American Party." MSCI's gauge of stocks across the globe fell 5.80 points, or 0.63 per cent, to 919.93. The pan-European STOXX 600 index closed up 0.44 per cent. The yield on benchmark US10-year notes was last up 5.7 basis points on the day at 4.397 per cent. The interest rate sensitive two-year yield rose 1.9 basis points to 3.901 per cent. The dollar's rise was most notable against the yen. It was up 1.09 per cent at 146.130. The euro slipped 0.57 per cent to US$1.172 having rallied over 13 per cent so far this year. The dollar index, which measures the currency against six major counterparts, rose 0.517 per cent to 97.467, reaching a one-week high. Minutes of the last Federal Reserve meeting are also due this week. Investors are weighing how many times the Fed is likely to cut interest rates this year after jobs data for June on Thursday showed that employers added more jobs than economists had forecast. Oil prices rose as signs of strong demand offset the impact of a higher-than-expected OPEC+ output hike for August and concerns about possible tariff impacts. Brent crude futures rose US$1.28, or 1.9 per cent, to settle at US$69.58. USWest Texas Intermediate crude gained 93 cents or 1.4 per cent, to settle at US$67.93.
