Latest news with #globaltradewar
Irish Times
07-07-2025
- Business
- Irish Times
Trump says US nears trade deals as tariff deadline delayed
The United States is close to finalising several trade pacts in coming days and will notify other countries of higher tariff rates by July 9th, President Donald Trump said on Sunday, with the higher rates set to take effect on August 1st. Since taking office, Mr Trump has set off a global trade war that has roiled financial markets and sent policymakers scrambling to protect their economies, through efforts such as deals with the United States and other countries. In April, Mr Trump unveiled a base tariff rate of 10 per cent on most countries and additional duties ranging up to 50 per cent, although he later delayed the effective date for all but 10 per cent until July 9th. The new date offers countries a three-week reprieve. Mr Trump, whose remarks to reporters on Sunday came just before his return to Washington from a weekend golfing in New Jersey, had flagged the August 1st date earlier, but it was unclear if all tariffs would increase then. READ MORE Asked to clarify, commerce secretary Howard Lutnick told reporters the higher tariffs would take effect on August 1st, but Mr Trump was 'setting the rates and the deals right now'. In a posting on his Truth Social website, Trump later said the US would start delivering tariff letters from noon US eastern time on Monday. In a separate post, he rolled out a new tariff policy, calling for countries 'aligning themselves with the anti-American policies' of the Brics developing nations to be charged an extra 10 per cent tariff, with no exceptions to be granted. Brics includes Brazil, China, India and Russia, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. Mr Trump has close ties to leaders of some of those countries, such as Saudi Arabia and UAE, and has been touting the prospect of a trade deal with India for weeks. On Sunday, Brics leaders condemned attacks on Gaza and Iran, called for reforms to global institutions and warned that the rise in tariffs threatened global trade. It was not immediately clear if Mr Trump's latest tariff threat would derail trade talks with India, Indonesia and other Brics nations, however. Earlier on Sunday, US treasury secretary Scott Bessent told CNN's State of the Union that several big trade agreements would be announced in the next few days, adding that talks with the European Union had made good progress. Mr Trump would also send letters to 100 smaller countries with which the United States does not have much trade, notifying them of higher tariff rates, he added. 'President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1st you will boomerang back to your April 2nd tariff level,' Mr Bessent said. 'So I think we're going to see a lot of deals very quickly.' Kevin Hassett, who heads the White House National Economic Council, told CBS's Face the Nation programme there might be wiggle room for countries engaged in earnest negotiations. 'There are deadlines, and there are things that are close, and so maybe things will push back past the deadline,' Mr Hassett said, adding that Mr Trump would decide. Stephen Miran, chairman of the White House Council of Economic Advisers, told ABC News' This Week programme that countries needed to make concessions to get lower tariff rates. 'I hear good things about the talks with Europe. I hear good things about the talks with India,' Mr Miran said. 'And so I would expect that a number of countries that are in the process of making those concessions ... might see their date rolled.' Mr Bessent told CNN the Trump administration was focused on 18 important trading partners that account for 95 per cent of the US trade deficit. But he said there had been 'a lot of foot-dragging' among countries in finalising trade deals. Thailand, keen to avert a 36 per cent tariff, is now offering greater market access for US farm and industrial goods and more purchases of US energy and Boeing jets, finance minister Pichai Chunhavajira told Bloomberg News on Sunday. India and the United States are likely to make a final decision on a mini trade deal in the next 24 to 48 hours, local Indian news channel CNBC-TV18 reported on Sunday, with average tariffs of 10 per cent on Indian goods shipped to the US, it said. Mr Hassett told CBS News that framework agreements already reached with Britain and Vietnam offered guidelines for other countries. He said Mr Trump's pressure was prompting countries to move production to the United States. The Vietnam deal was 'fantastic', Mr Miran said. 'It's extremely one-sided. We get to apply a significant tariff to Vietnamese exports. They're opening their markets to ours, applying zero tariff to our exports.' – Reuters
Bloomberg
10-06-2025
- Business
- Bloomberg
Ireland Needs Fiscal Rule as Economic Risk Grows, Watchdog Warns
The Irish government should commit to a domestic fiscal rule so it can better plan spending as the economy enters uncertain territory, the state's fiscal watchdog warned. A global trade war stoked by US President Donald Trump is likely to have an outsized impact on Ireland, the strategic tax base for several multinational firms. Sticking to a fiscal rule would set a sustainable growth rate for spending net of tax changes, the Irish Fiscal Advisory Council said in its June fiscal assessment report.
Bloomberg
06-06-2025
- Business
- Bloomberg
Economists Slash Singapore GDP, CPI Growth Forecasts on Tariffs
Economists have cut growth forecasts for Singapore's gross domestic product and consumer prices as uncertainties of the global trade war leave the Lion City vulnerable to risks. Singapore's economy is expected to expand only 0.2% year-on-year in the third quarter this year, according to the median prediction of 13 economists in a Bloomberg survey conducted this month. That's a sharp cut from the 1.3% predicted growth in an earlier survey conducted in March.
Bloomberg
08-05-2025
- Business
- Bloomberg
Private Credit Fund Results Expose Pockets of Market Stress
From a custom tile maker to a funeral service provider, a number of companies financed by private lenders started showing signs of stress in the first quarter, according to recent results from business development companies. Market watchers say the trend is likely to accelerate as effects of the global trade war weigh on borrowers. Oaktree Specialty Lending Corp. marked down its position in Mosaic Companies, which makes specialty tiles for floors and walls, by 76%, after a sale of the company stalled.
