Kremlin says it is hard to imagine talks with U.S. on new nuclear arms reduction treaty
Kremlin spokesman Dmitry Peskov was answering a question about the prospects for a replacement for the New Strategic Arms Reduction Treaty, or New START, which runs out in February, 2026.
The treaty caps the number of strategic nuclear warheads that the United States and Russia can deploy, and the deployment of land- and submarine-based missiles and bombers to deliver them.
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16 minutes ago
- Yahoo
Pakistan says deal concluded with US on tariffs, Trump cites oil reserves agreement
By Kanishka Singh, Asif Shahzad and Ariba Shahid WASHINGTON/ISLAMABAD (Reuters) -The U.S. and Pakistan have struck a deal that will result in lower tariffs for the South Asian nation as well as an agreement in which Washington will help develop Islamabad's oil reserves, the two sides said. "We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves," U.S. President Donald Trump wrote on social media on Wednesday. "We are in the process of choosing the Oil Company that will lead this Partnership." Trump's social media post did not provide further details. Pakistani Foreign Minister Ishaq Dar also confirmed the deal's conclusion on social media, without elaborating further. Trump did not mention any agreement on tariffs. But Pakistan's finance ministry said on Thursday the trade deal "will result in reduction of reciprocal tariffs especially on Pakistani exports to the United States", but did not give details of what the tariffs would be. "This deal marks the beginning of a new era of economic collaboration especially in energy, mines and minerals, IT, cryptocurrency and other sectors," it said. Pakistan faced a potential 29% tariff on exports to the United States under tariffs announced by Washington in April on countries around the world. Tariffs were subsequently suspended for 90 days so negotiations could take place. Last week, Dar said the U.S. and Pakistan were "very close" to a trade deal that could come within days, after he met with Secretary of State Marco Rubio on Friday. Dar and Rubio had discussed expanding trade and ties in critical minerals and mining, both sides said after that meeting. Other Pakistani officials have also visited the U.S. in recent weeks for talks. Under Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization. U.S. total goods trade with Pakistan was an estimated $7.3 billion in 2024, according to the website of the office of the U.S. trade representative, up from around $6.9 billion in 2023. The U.S. goods trade deficit with Pakistan was $3 billion in 2024, a 5.2% increase over 2023. Washington has also aimed to build stronger ties with Asian powers in recent years to counter its rival China's influence in the region. Pakistan is designated by Washington as a "major non-NATO ally." Trump also said Washington was still negotiating with Pakistan's rival India on trade after announcing earlier in the day that the U.S. will impose a 25% tariff on goods imported from India starting on Friday. Pakistan has also recently said it "appreciated the pivotal role" by Trump and Rubio "in de-escalating tensions between Pakistan and India by facilitating a ceasefire." Trump has repeatedly taken credit for the India-Pakistan ceasefire he announced on social media on May 10 after Washington held talks with both sides. India disputes Trump's claims that the ceasefire resulted from his intervention and trade threats. India's position is that New Delhi and Islamabad must resolve problems directly with no outside involvement. The latest escalation in the decades-old India-Pakistan rivalry was triggered by a deadly April 22 militant attack in India-administered Kashmir that India blamed on Pakistan. Islamabad denied responsibility. India struck Pakistan on May 7 and the two nations exchanged deadly hostilities until the ceasefire was declared on May 10. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
22 minutes ago
- Yahoo
Trump issues blitz of tariff announcements on copper, Brazil, South Korea, small-value imports
By Ernest Scheyder, David Shepardson, Gabriel Araujo and Ju-min Park (Reuters) -U.S. President Donald Trump on Wednesday issued a blitz of tariff announcements ranging from changes to previously threatened levies on imports of copper, goods from Brazil and South Korea, to ending an exemption from tariffs for small-value shipments from overseas. The wave of announcements came as the clock ticked down toward an August 1 deadline for higher U.S. tariff rates, as Trump presses on with his bid to reshape global trade. Capping a day that began with Trump announcing a 25% tariff rate on goods from India, after months of negotiations between Washington and New Delhi failed to produce a trade deal, Trump said a 50% tariff on copper pipes and wiring would kick in on Friday. Trump plans to sign new executive orders on Thursday imposing higher tariff rates on several countries that have been unable to reach negotiated trade deals with the United States, Politico reported, citing a White House official. Details of the copper levy fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes. The surprise move dragged down U.S. copper prices more than 17% on the Comex exchange and unwound a premium over the London global benchmark that had grown in recent weeks, with shipments diverted there in anticipation of higher domestic prices. "Markets are now busily repricing refined copper much lower after Trump's epic backflip on his own import tariff policy," said Tom Price, an analyst at the London brokerage Panmure Liberum. "Someone must have finally got through to (Trump) that the U.S. economy simply can't afford this new trade-hit." Trump first teased the copper tariff in early July, implying that it would apply to all types of the red metal, ranging from cathodes produced by mines and smelters to wiring and other finished products. Yet the proclamation released by the White House said the tariff will apply only to pipes, tubes and other semi-finished copper products, as well as products that copper is heavily used to manufacture, including cable and electrical components. The move aids manufacturers, but does little to boost the constrained U.S. copper mining industry, which for years has asked Washington for permitting reform or other steps that could fuel growth. The move is essentially a boost for Chile and Peru, two of the world's largest copper miners and major suppliers to the United States. BRAZIL 'NOT WORST-CASE SCENARIO' Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a "witch hunt" against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from the heavier levies. That came as a relief for many in Brasilia, who since Trump announced the tariffs had been urging protections for major exporters caught in the crossfire. Shares of planemaker Embraer and pulpmaker Suzano rose. "We're not facing the worst-case scenario," Brazilian Treasury Secretary Rogerio Ceron told reporters. "It's a more benign outcome than it could have been." The new tariffs will go into effect on August 6, not August 1 as Trump announced originally. SOUTH KOREA 'SHIPBUILDING DEAL' Trump also announced the U.S. will charge a 15% tariff on imports from South Korea as part of a deal that eases, for now, tension with a top-10 trading partner and key Asian ally. Imports from South Korea, a powerhouse exporter of computer chips, cars and steel, had faced a 25% rate. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea," Trump wrote on Truth Social, shortly after he met with South Korean officials at the White House. Trump said Seoul had agreed to invest $350 billion in the United States in projects selected by him and to purchase $100 billion of liquefied natural gas and other energy products. South Korean Finance Minister Koo Yoon-cheol said on Thursday that a shipbuilding partnership package dubbed "Make America Shipbuilding Great Again" was key to the tariffs agreement. The shipbuilding partnership worth about $150 billion will be led by South Korean shipbuilders to rebuild the U.S. shipbuilding industry, Koo said. 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Goods shipped through the postal system will face one of two tariffs: either an "ad valorem duty" equal to the effective tariff rate of the package's country of origin or, for six months, a specific tariff of $80 to $200 depending on the country of origin's tariff rate.
Yahoo
4 hours ago
- Yahoo
Trump says US will set 15% tariff on South Korean imports under new deal
By Trevor Hunnicutt and Ju-min Park WASHINGTON/SEOUL (Reuters) -President Donald Trump said on Wednesday the U.S. will charge a 15% tariff on imports from South Korea as part of a deal that eases, for now, tension with a top-10 trading partner and key Asian ally. The arrangement, announced shortly after Trump met with Korean officials at the White House, came during a blizzard of trade policy announcements ahead of a self-imposed August 1 deadline. That is when Trump has promised higher tariffs will kick in on U.S. imports from a range of countries. Imports from South Korea, a powerhouse exporter of computer chips, cars and steel, faced a 25% rate. "I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea," Trump wrote on Truth Social. Trump said South Korea had agreed to invest $350 billion in the United States in projects selected by Trump and to purchase $100 billion of liquefied natural gas and other energy products, the U.S. president said. Both steps have been major priorities for Trump, a Republican, in other trade deals. After Trump's announcement, South Korean President Lee Jae Myung said the country's tariff deal with the United States would put South Korea on an equal or better footing compared with other countries. The claim could not be immediately verified. He also said the countries had agreed to set up a $350 billion investment fund, out of which $150 billion was aimed at a shipbuilding partnership. Reuters has not seen the text of the deal or analyzed its terms. It was not immediately clear how the investment deals would be structured, where the financing would come from, over what time frame they would be implemented and to what extent their terms would be binding on the parties involved. Trump said additional South Korean investments would be announced later. Lee will visit the White House "within the next two weeks" for a meeting with Trump, the U.S. president added. Trump also said South Korea would accept American products, including cars, trucks and agriculture into its markets and impose no import duties on them. Under the deal, the U.S. would also lower tariffs on South Korean-made autos to 15%, from 25%, the South Korean presidential office said. They also said computer chips and pharmaceutical tariffs imposed on the country's U.S.-bound exports would not be worse than other countries, and that South Korea's rice and beef markets would not be open. South Korean Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo had been in Washington for talks with senior U.S. officials and were believed to have met with Trump shortly before the deal announcement. Pressure had been mounting on South Korea since Japan clinched a deal to cut Trump's threatened tariffs to 15% earlier this month. Amid the last-minute push by government officials to reach a tariff deal, South Korea's Samsung Electronics inked a $16.5 billion chip deal with Tesla. South Korean battery maker LG Energy Solution also signed a $4.3 billion deal to supply Tesla with energy storage system batteries, a person familiar with the matter told Reuters. Sign in to access your portfolio
