Trump says he will set tariffs on steel and semiconductor chips in coming weeks
'I'll be setting tariffs next week and the week after on steel and on, I would say, chips,' Trump told reporters aboard Air Force One as he headed to a meeting with Russian President Vladimir Putin in Alaska.
He said the rates would be lower at the start to allow companies to build up domestic manufacturing in the U.S., rising sharply later, following a pattern he has also outlined for tariffs on pharmaceuticals. He gave no exact rates.
'I'm going to have a rate that is going to be lower at the beginning - that gives them a chance to come in and build – and very high after a certain period of time,' he said.
Trump said he felt confident that companies would opt to manufacture in the United States, rather than face high tariffs.
Trump has upended global trade by imposing sharply higher duties on nearly all countries' exports to the United States, along with tariffs on specific sectors, such as automotive.
Trump says gold will not face tariffs after customs confusion
Trump in February raised tariffs on steel and aluminum to a flat 25%, but he announced in May that he would double the rate to 50% to boost domestic manufacturers.
It was not immediately clear if another tariff increase on the metals was in the offing.
Trump said last week he would impose a tariff of 100% on imports of semiconductors, but companies that committed to building up manufacturing in the United States would be exempt.
His remarks were made in tandem with an announcement that Apple would be investing an additional $100 billion in its home market.
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Business Recorder
an hour ago
- Business Recorder
Trump-Putin summit ends with no ceasefire in Ukraine war
WASHINGTON/MOSCOW: A highly anticipated summit between U.S. President Donald Trump and Russian President Vladimir Putin yielded no agreement to resolve or pause Moscow's war in Ukraine, although both leaders described the talks as productive before heading home. During a brief appearance before the media following Friday's nearly three-hour meeting in Alaska, the two leaderssaid they had made progress on unspecified issues. But they offered no details and took no questions, with the normally loquacious Trump ignoring shouted questions from reporters. 'We've made some headway,' Trump said, standing in front of a backdrop that read, 'Pursuing Peace.' 'There's no deal until there's a deal,' he added. The talks did not initially appear to have produced meaningful steps toward a ceasefire in the war in Ukraine, the deadliest conflict in Europe in 80 years, a goal Trump had set ahead of the summit. But simply sitting down face-to-face with the U.S. president represented a victory for Putin, who had been ostracized by Western leaders since Russia's full-scale invasion of Ukraine in 2022. Following the summit, Trump told Fox News' Sean Hannity that he would hold off on imposing tariffs on China for buying Russian oil after making progress with Putin. He did not mention India, another major buyer of Russian crude, which has been slapped with a total 50% tariff on U.S. imports that includes a 25% penalty for the imports from Russia. 'Because of what happened today, I think I don't have to think about that now,' Trump said of Chinese tariffs. 'I may have to think about it in two weeks or three weeks or something, but we don't have to think about that right now.' Trump says Putin summit a prelude to real Ukraine dealmaking Trump has threatened sanctions on Moscow as well but has thus far not followed through, even after Putin ignored a Trump-imposed ceasefire deadline earlier this month. In the Fox News interview, Trump also suggested a meeting would now be set up between Putin and Ukrainian President Volodymyr Zelenskiy, which he might also attend. He gave no further details on who was organizing the meeting or when it might be. Putin made no mention of meeting Zelenskiy when speaking to reporters earlier. He said he expected Ukraine and its European allies to accept the results of the U.S.-Russia negotiation constructively and not try to 'disrupt the emerging progress.' He also repeated Moscow's long-held position that what Russia claims to be the 'root causes' of the conflict must be eliminated to reach a long-term peace, a sign he remains resistant to a ceasefire. There was no immediate reaction from Kyiv to the summit, the first meeting between Putin and a U.S. president since the war began. 'Gotta make a deal' Trump signaled that he discussed potential land swaps and security guarantees for Ukraine with Putin, telling Hannity: 'I think those are points that we negotiated, and those are points that we largely have agreed on.' 'I think we're pretty close to a deal,' he said, adding: 'Ukraine has to agree to it. Maybe they'll say no.' When asked by Hannity what he would advise Zelenskiy, Trump said, 'Gotta make a deal.' Trump warns of make-or-break chance with Putin as pressure mounts 'Look, Russia is a very big power, and they're not,' Trump added. The war has killed or injured well over a million people from both sides, including thousands of mostly Ukrainian civilians, according to analysts. Zelenskiy has ruled out formally handing Moscow any territory and is also seeking a security guarantee backed by the United States. Trump said he would call Zelenskiy and NATO leaders to update them on the Alaska talks. Trump was due to arrive back in Washington early on Saturday morning. As the two leaders were talking, the war raged on, with most eastern Ukrainian regions under air raid alerts. Governors of Russia's Rostov and Bryansk regions reported that some of their territories were under Ukrainian drone attacks. Russia's air defense systems intercepted and destroyed 29 Ukrainian drones overnight over various Russian regions, including 10 downed over the Rostov region, RIA agency reported on Saturday, citing the Russian defense ministry. The anticlimactic end to the closely watched summit was in stark contrast to the pomp and circumstance with which it began. When Putin arrived at an Air Force base in Alaska, a red carpet awaited him, where Trump greeted the Russian president warmly as U.S. military aircraft flew overhead. Putin is wanted by the International Criminal Court, accused of the war crime of deporting hundreds of children from Ukraine. Russia denies the allegations, and the Kremlin has dismissed the ICC warrant as null and void. Russia and the United States are not members of the court. 'Next time in Moscow' Zelenskiy, who was not invited to Alaska, and his European allies had feared Trump might sell out Ukraine by essentially freezing the conflict and recognizing - if only informally - Russian control over one-fifth of Ukraine. Trump had sought to assuage such concerns on Friday ahead of the talks, saying he would let Ukraine decide on any possible territorial concessions. Trump will seek to squeeze Ukraine ceasefire deal out of Putin at Alaska summit Asked what would make the meeting a success, he told reporters: 'I want to see a ceasefire rapidly … I'm not going to be happy if it's not today … I want the killing to stop.' The meeting also included U.S. Secretary of State Marco Rubio; Trump's special envoy to Russia, Steve Witkoff; Russian foreign policy aide Yury Ushakov; and Russian Foreign Minister Sergei Lavrov. Trump, who said during his presidential campaign that he would end the Ukraine war within 24 hours, conceded on Thursday it had proven a tougher task than he had expected. He had said if Friday's talks went well, quickly arranging a second, three-way summit with Zelenskiy would be more important than his encounter with Putin. Trump ended his remarks on Friday by telling Putin, 'I'd like to thank you very much, and we'll speak to you very soon and probably see you again very soon.' 'Next time in Moscow,' a smiling Putin responded in English. Trump said he might 'get a little heat on that one' but that he could 'possibly see it happening.' Zelenskiy said ahead of Friday's summit that the meeting should open the way for a 'just peace' and three-way talks that included him, but added that Russia was continuing to wage war. 'It's time to end the war, and the necessary steps must be taken by Russia. We are counting on America,' Zelenskiy wrote on Telegram.
Express Tribune
3 hours ago
- Express Tribune
Oil and gas output hits 20-year low
Amid renewed hopes of US investment in Pakistan's oil sector, spurred by recent tweets from former US President Donald Trump hinting at greater American involvement in local exploration and implying potential crude supply to India, Pakistan has recorded its weakest oil and gas production in more than two decades. Industry data for fiscal year 2025 (FY25) shows a steep double-digit drop in both crude oil and natural gas output, deepening concerns over energy security and foreign exchange pressures. Analysts warn the downturn, driven by structural imbalances, regulatory measures, and surplus imported LNG, could deepen in the year ahead, adding pressure to the country's foreign exchange reserves and energy security. Pakistan's oil and gas sector recorded its weakest output in more than two decades during fiscal year 2025 (FY25), as surplus regasified liquefied natural gas (RLNG) in the system forced a curtailment of local production. According to a report by Topline Securities, hydrocarbon output fell sharply, with crude oil volumes down 12% year-on-year (YoY) and natural gas output slipping 8% YoY. The downturn accelerated in the final quarter, with oil production dropping 8% quarter-on-quarter (QoQ) and 15% YoY, while gas production contracted by 7% QoQ and 10% YoY, underscoring persistent strain on the sector. The surplus RLNG was driven in part by a policy shift that diverted captive industrial users from natural gas to the national power grid. Compounding the pressure, the government imposed an "off-grid levy" on captive gas consumption at a rate of Rs791 per million British thermal units (mmbtu), pushing the total cost to Rs4,291/mmbtu. This made electricity generation via gas more expensive than grid supply, further discouraging industrial gas use and reducing demand for domestic production. Oil output averaged 62,400 barrels per day (bpd) in FY25, with volumes falling across major fields by between 3% and 46%. Key producers such as Makori East, Nashpa, Maramzai, Pasakhi, and Mardankhel all saw declines. The Tal Block, which accounts for roughly 17% of Pakistan's total oil production, posted a steep 22% YoY decline in the fourth quarter alone. Within the block, production from the Maramzai and Mardankhel fields plunged by 54% and 52% YoY, respectively, highlighting the severity of the downturn. Gas output averaged 2,886 million cubic feet per day (mmcfd) in FY25, with major fields also under pressure. Qadirpur and Nashpa recorded the steepest contractions in the fourth quarter, down 36% and 34% YoY, respectively, largely due to curtailment by the Sui gas companies. Even the Sui field itself, Pakistan's largest gas producer, reported consistent declines, reflecting the sector-wide impact of the RLNG oversupply and shifting demand patterns. The cutback in domestic production has had significant macroeconomic consequences. Topline Securities estimates that the increased reliance on imported fuels, necessitated by the reduced local output, placed an additional strain of more than $1.2 billion on Pakistan's foreign exchange reserves during FY25. Analysts warn that this not only inflates the import bill but also exposes the country to greater vulnerability from global fuel price swings and potential supply disruptions. Looking ahead, the outlook remains challenging. Topline projects that oil production will hover between 58,000-60,000 bpd in FY26, while gas output is expected to remain in the range of 2,750-2,850 mmcfd. Without a reversal of current policies or new investment in exploration and production (E&P), FY26 could mark the third consecutive year of declining hydrocarbon volumes. There is, however, a potential opening for recovery. The government is set to renegotiate its long-term RLNG supply agreement with Qatar in March 2026. Industry observers believe that more flexible contract terms could give domestic E&P companies the space to ramp up production, provided field maintenance and capital expenditure remain on track. Balancing imported LNG supply with the need to sustain indigenous production, they note, will be critical to ensuring Pakistan's energy security and protecting its fragile foreign exchange position.
Express Tribune
3 hours ago
- Express Tribune
Reserves edge up, rupee gains for 4th week
Pakistan's foreign exchange reserves recorded a slight improvement during the week ended August 8, 2025, with the State Bank of Pakistan (SBP) holdings rising $11 million to $14.243 billion. According to data released by the central bank, the country's total liquid foreign reserves stood at $19.497 billion. Of this, commercial banks held net reserves of $5.254 billion, while the SBP accounted for the remaining $14.243 billion. Moreover, on Friday, the SBP injected around Rs12 trillion into the banking system through a reverse repo auction. The market operation included Rs191 billion for seven-day tenors at 11.04% and Rs11.812 trillion for 14-day tenors at 11.01%. The Pakistani rupee extended its upward momentum, marking its fourth consecutive week of gains against the US dollar. According to Ismail Iqbal Securities, the local currency appreciated 0.06% day-on-day to close at 282.06 against the greenback. On a calendar-year-to-date basis, however, the rupee has depreciated 1.25%, while in the current fiscal year to date, it has gained 0.60%. AKD Securities noted that the rupee gained for the fourth consecutive week against the US dollar. Meanwhile, gold prices in Pakistan fell, tracking global trends, where the yellow metal edged higher but remained on course for a weekly loss as hotter-than-expected US inflation data dampened prospects of near-term interest rate cuts. Market attention has shifted to the much-anticipated meeting between US President Donald Trump and Russian President Vladimir Putin. In the local market, the price of gold per tola dropped Rs1,000 to Rs357,100, according to the All Pakistan Sarafa Gems and Jewellers Association. The price of 10-gram gold also declined, settling at Rs306,155, after a decrease of Rs858. Earlier in the week, on Wednesday, gold had slipped by Rs200 per tola to Rs358,100. Interactive Commodities Director Adnan Agar noted that the gold market has seen limited movement, with prices fluctuating within a narrow range of about $10 to $15. "The market is relatively stable because of the Russia-US summit. Any significant shift will likely be seen on Monday once the outcome of talks becomes clear," he said. Spot gold rose 0.2% to $3,342.62 per ounce by 11:16 am EDT (1516 GMT), but was down 1.7% for the week, according to Reuters.
