Latest news with #trade talks
Yahoo
15 hours ago
- Business
- Yahoo
Pakistan's finance minister in US to push for trade deal
(Bloomberg) — Pakistan's Finance Minister held meetings with US officials on Friday to negotiate Washington's demands as part of trade talks ahead of an August deadline. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint How San Jose's Mayor Is Working to Build an AI Capital Milan Corruption Probe Casts Shadow Over City's Property Boom LA Homelessness Drops for Second Year A delegation led by Muhammad Aurangzeb held a 'productive meeting' with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer in Washington, according to a statement by Pakistan's government, confirming a visit that was earlier reported by Bloomberg News. 'Both parties expressed optimism that ongoing trade talks would yield positive outcomes, benefiting the economies of both countries,' the statement said. Pakistan had earlier expected to wrap up a trade deal with the US by early July, but the talks are taking longer than expected. Relations between Islamabad and Washington are showing signs of improvement in recent months after a prolonged diplomatic chill. Last month, US President Donald Trump welcomed Pakistan's army chief, Asim Munir, for rare talks at the White House that was followed by Pakistan recommending Trump for a Nobel Peace Prize. Pakistan, which is warming up to the crypto industry, also signed a letter of intent with Trump family's World Liberty Financial in April to accelerate blockchain adoption in the country. Since Munir's visit, trade negotiations have made 'encouraging headway,' the finance ministry said in a statement earlier this week. Pakistan has a relatively small trade deficit of $3 billion with the US compared with many other nations. Pakistan is trying to appease the US to seek reprieve from the 29% reciprocal tariffs initially imposed by Trump. The South Asian nation, already the second-largest buyer of US cotton by value after China, has offered to boost imports of American cotton and soybeans. The US is the largest export market for Pakistan. A Rebel Army Is Building a Rare-Earth Empire on China's Border What the Tough Job Market for New College Grads Says About the Economy How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P. 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
Bloomberg
2 days ago
- Business
- Bloomberg
China Spy Agency Accuses Foreign Agents of Stealing Rare Earths
China's spy agency has accused overseas intelligence agencies of stealing controlled rare earth materials, reiterating its intent to curb smuggling even as Beijing agrees to review applications to export the vital industrial resource after trade talks with the US. Without naming any country, the Chinese Ministry of State Security accused foreign entities of orchestrating the trafficking of these items, which Beijing sees as a strategic asset and has used as a bargaining chip in tariff negotiations with Washington.
Yahoo
2 days ago
- Business
- Yahoo
Nordic Finance Heads Urge EU to Stand Firm in US Trade Talks
(Bloomberg) -- Scandinavian finance chiefs said the European Union needs to stand firm in its tariff talks with the US as the bloc seeks to end the costly uncertainty triggered by the protracted trade talks. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The EU should act swiftly and remain open to using all available tools as it approaches the negotiation deadline, Swedish Finance Minister Elisabeth Svantesson said. 'We shouldn't rule out any options, but we need to be tough,' Svantesson told Bloomberg Television in an interview on Thursday. 'We have to be quite frank, quite quick now, to reach a deal because we have waited so long.' The US has set a deadline of August 1 after which it has said tariffs of 30% will be imposed on EU goods triggering a scramble by the bloc's leaders to strike a better deal before that date. EU Trade Commissioner Maros Sefcovic has expressed frustration at the US administration for its move as Brussels believed it was very close to an agreement before the latest salvo. The Nordic nations have had the least favorable view of the US in western Europe after Donald Trump got re-elected as the president, according to public opinion polls. A growing number of EU member states want to trigger its most powerful trade tool, the so-called anti-coercion instrument, against the US should the two sides fail to reach an agreement, Bloomberg reported on Wednesday. The US has resisted lowering agricultural tariffs, exemptions for cars and wine. While it's important the EU remains constructive in the trade talks and seeks to find solutions, the bloc should be firm that it is ready to defend its own interests, Denmark's Minister for Economic Affairs Stephanie Lose said in a separate interview on Thursday. 'The European Union will not stand up for everything,' Lose said. 'We will of course be ready to take the necessary countermeasures.' She added it's still too early to say what such measures might look like. The EU has already prepared a list of countermeasures to target US goods worth €72 billion ($84 billion), including Boeing Co. aircraft, automobiles and bourbon if it decides to retaliate against Trump's tariff policy. How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Forget DOGE. Musk Is Suddenly All In on AI How Hims Became the King of Knockoff Weight-Loss Drugs The Quest for a Hangover-Free Buzz What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. 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
Zawya
5 days ago
- Business
- Zawya
Asian shares rise, dollar strengthens ahead of US earnings; JGB yields surge
TOKYO: Asian shares climbed and the dollar held gains on Tuesday as trade talks remained in the spotlight in a week that will see key readings on U.S. inflation and bank earnings. Oil prices edged lower after U.S. President Donald Trump issued a 50-day deadline for Russia to end the war in Ukraine to avoid energy sanctions. Japanese government bonds yields jumped to multi-decade high as a critical upper house election neared. Trump signalled he was open to discussions on tariffs after his weekend threat to impose 30% duties on the European Union and Mexico from August 1. Japan is reportedly trying to schedule high-level talks with the U.S. this Friday. Market reaction to the tariff uncertainty has been rather benign, making earnings in the United States this week all the more important for cues, said National Australia Bank strategist Rodrigo Catril. "It'll be interesting to see what companies are saying, in particular in terms of the forward-looking outlook, in terms of where they see the next quarter, how they see their margins, are they going to get squeezed, or are they planning to pass it on," Catril said in a NAB podcast. "I think that this idea of complacency is also because we're not quite sure how this whole thing is going to play out," he added. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4%, after U.S. stocks ended the previous session with meagre gains. Japan's Nikkei gauge added 0.2%. The EU accused the U.S. of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached. Trump said he was open to further discussions with the EU and other trading partners. Japan's Prime Minister Shigeru Ishiba is arranging to meet U.S. Treasury Secretary Scott Bessent in Tokyo on Friday, the Yomiuri newspaper reported, ahead of an August 1 deadline before 25% tariffs are due to take effect. Ishiba also has an election to contend with on Sunday, with polls showing his ruling coalition may lose their majority in the upper house to political opponents who are advocating for expansive spending. The benchmark 10-year JGB yield jumped to 1.595%, highest since October 2008, while the 30-year yield hit an all-time high of 3.195%. Meanwhile, the U.S. earnings season is set to begin on Tuesday, with second-quarter reports from major banks. S&P 500 profits are expected to rise 5.8% year-over-year, according to LSEG data. The outlook has dimmed sharply since the early April forecast of 10.2% growth, before Trump launched his trade war. Investors are also waiting for U.S. consumer price data for June, due on Tuesday, and will monitor for any upward pressure on prices from tariffs. The dollar was little changed at 147.71 yen after touching a three-week high. The euro was flat at $1.1672. U.S. crude dipped 0.3% to $66.80 a barrel. Trump announced new weapons shipments for Ukraine on Monday, and threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days. Gold inched up 0.1% at $3,348.35 per ounce, while spot silver gained 0.1% to $38.15 per ounce, after hitting its highest level since September 2011 in the previous session. In early trades, the pan-region Euro Stoxx 50 futures were up 0.1%, German DAX futures were up 0.1%, and FTSE futures were up 0.2%. U.S. stock futures, the S&P 500 e-minis, were down 0.1%.
Reuters
5 days ago
- Business
- Reuters
Asian shares rise, dollar strengthens ahead of US earnings; JGB yields surge
TOKYO, July 15 (Reuters) - Asian shares climbed and the dollar held gains on Tuesday as trade talks remained in the spotlight in a week that will see key readings on U.S. inflation and bank earnings. Oil prices edged lower after U.S. President Donald Trump issued a 50-day deadline for Russia to end the war in Ukraine to avoid energy sanctions. Japanese government bonds yields jumped to multi-decade high as a critical upper house election neared. Trump signalled he was open to discussions on tariffs after his weekend threat to impose 30% duties on the European Union and Mexico from August 1. Japan is reportedly trying to schedule high-level talks with the U.S. this Friday. Market reaction to the tariff uncertainty has been rather benign, making earnings in the United States this week all the more important for cues, said National Australia Bank strategist Rodrigo Catril. "It'll be interesting to see what companies are saying, in particular in terms of the forward-looking outlook, in terms of where they see the next quarter, how they see their margins, are they going to get squeezed, or are they planning to pass it on," Catril said in a NAB podcast. "I think that this idea of complacency is also because we're not quite sure how this whole thing is going to play out," he added. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.4%, after U.S. stocks ended the previous session with meagre gains. Japan's Nikkei (.N225), opens new tab gauge added 0.2%. The EU accused the U.S. of resisting efforts to strike a trade deal and warned of countermeasures if no agreement is reached. Trump said he was open to further discussions with the EU and other trading partners. Japan's Prime Minister Shigeru Ishiba is arranging to meet U.S. Treasury Secretary Scott Bessent in Tokyo on Friday, the Yomiuri newspaper reported, ahead of an August 1 deadline before 25% tariffs are due to take effect. Ishiba also has an election to contend with on Sunday, with polls showing his ruling coalition may lose their majority in the upper house to political opponents who are advocating for expansive spending. The benchmark 10-year JGB yield jumped to 1.595%, highest since October 2008, while the 30-year yield hit an all-time high of 3.195%. Meanwhile, the U.S. earnings season is set to begin on Tuesday, with second-quarter reports from major banks. S&P 500 profits are expected to rise 5.8% year-over-year, according to LSEG data. The outlook has dimmed sharply since the early April forecast of 10.2% growth, before Trump launched his trade war. Investors are also waiting for U.S. consumer price data for June, due on Tuesday, and will monitor for any upward pressure on prices from tariffs. The dollar was little changed at 147.71 yen after touching a three-week high. The euro was flat at $1.1672. U.S. crude dipped 0.3% to $66.80 a barrel. Trump announced new weapons shipments for Ukraine on Monday, and threatened sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days. Gold inched up 0.1% at $3,348.35 per ounce, while spot silver gained 0.1% to $38.15 per ounce, after hitting its highest level since September 2011 in the previous session. In early trades, the pan-region Euro Stoxx 50 futures were up 0.1%, German DAX futures were up 0.1%, and FTSE futures were up 0.2%. U.S. stock futures, the S&P 500 e-minis , were down 0.1%.
