US commerce secretary says trade documents wanted by Japan are ‘weeks away'
WASHINGTON : US commerce secretary Howard Lutnick said in a CNBC interview yesterday that documents memorialising trade agreements with Japan and South Korea – a sensitive topic in Tokyo – are 'weeks away' from being ready.
Japanese Prime Minister Shigeru Ishiba, who is facing calls to step down after the ruling coalition's loss in the July upper house election, has come under attack for not insisting on getting the details of the US-Japan trade deal in writing.
He has said Japan skipped this to avoid delaying a reduction in US tariffs on Japanese goods.
Lutnick told CNBC the US has reached a common understanding with both Japan and South Korea on these trade agreements.
Under the deal reached last month, the US agreed to reduce tariffs on Japanese car imports to 15% from the previous 27.5%, but did not announce when the change would take effect.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
27 minutes ago
- The Star
Grab users in Singapore shocked by fares of over S$1,000 due to display glitch
Several social media users shared screenshots of the drastic jump in Grab fares. - TAN KWEE YONG/FACEBOOK, SINGAPORT ATRIUM SALE/FACEBOOK SINGAPORE: Some Grab customers in Singapore were taken aback on Wednesday (Aug 20) after the ride-hailing mobile app briefly displayed fares that exceeded S$1,000 due to a glitch. The unusually high fares, even for short trips within the country, were visible for about 20 minutes from around noon. In response to queries, a Grab spokesperson said the price spike was the result of a temporary display error. 'We encountered a temporary system issue that led to abnormally high prices being wrongly displayed in our app,' the company said in a statement. 'The issue has been resolved, and the app is now functioning as usual. We deeply regret the inconvenience caused.' Bloomberg reported that users in neighbouring Malaysia also experienced similar pricing anomalies. Several users took to social media to share screenshots of the drastic jump in fares. Among them was Facebook user Tan Kwee Yong, who wrote: 'I never knew (travelling) from my military camp to another military camp (would) cost a quarter of my pay.' His fare was listed as $1,511.80. In another screenshot, the cost of a ride from Tampines to Kinex mall in Katong was listed as $1,012. One user commented: 'I wonder if anyone checked the fare or simply clicked on book.' Grab's system is designed such that bookings with unusually high fares would not have typically gone through. However, the company is in the midst of doing checks, and those who were charged the high fares would be compensated. Grab, which is backed by US-based Uber Technologies, is the dominant ride-hailing operator in Singapore, as well as other markets in the region, including Malaysia and Thailand. Uber exited South-East Asia in 2018, transferring its operations to Grab in exchange for a stake in the company. Grab now faces stiff competition from Indonesia's GoTo Group and several smaller rivals in the region. - The Straits Times/ANN
The Star
36 minutes ago
- The Star
China, US trade talks boost investor optimism
Following the latest round of economic and trade talks between China and the United States in Stockholm, Sweden, last month, multinational corporations across sectors are reinforcing their commitment to the Chinese market, reflecting growing optimism for mutually beneficial bilateral cooperation. Business leaders highlighted China's vast consumer base, resilient supply chains and drive for industrial upgrading as reasons that the country remains a critical market despite geopolitical friction. They said sustained dialogue between the two sides would help steady investor expectations and bolster confidence in long-term business ties. China and the US extended on Aug 12 the pause on tariff hikes on each other's goods for another 90 days, according to a joint statement on the China-US economic and trade meeting in Stockholm released by the Ministry of Commerce last week. Nathaniel Madarang, president for the Asia-Pacific region at US tire manufacturer Goodyear Tire & Rubber, said that stable and healthy China-US economic and trade relations are essential for driving mutual economic growth and innovation, as shown by the substantial trade volumes and jobs they support. As China's auto industry is being reshaped by technology and changing consumer demand, Madarang said the country will see strong growth in the electric vehicle, sport utility vehicle and luxury car segments. He said that in order to stay competitive, Goodyear has introduced its latest SUV tire products in China and other Asia-Pacific markets. Quin Liu, chief commercial officer at Logitech International, the Swiss maker of computer peripherals and software, said that his company will invest more in research and development in Suzhou, Jiangsu province, in the coming years, adding that free trade and reduced geopolitical friction are key to supporting the growth of multinationals operating in China, the US and beyond. "More than half of the products we make in China are shipped to global markets," said Liu, adding that China's industrial ecosystem has evolved into an innovation hub, helping multinationals tap local talent and deepen partnerships. Foreign-invested companies recorded foreign trade value of 7.46 trillion yuan ($1.04 trillion) in the first seven months of 2025, up 2.6 percent year-on-year and accounting for 29 percent of China's total trade. Meanwhile, their exports reached 4.1 trillion yuan, an increase of 4.9 percent year-on-year, data from the General Administration of Customs showed. According to Zhao Fujun, a researcher specialising in international economic cooperation at the Beijing-based Development Research Center of the State Council, in order to reinforce long-term investor confidence, China has pressed ahead with institutional opening-up as well as efforts to enhance market transparency and policy predictability, and to address concerns raised by foreign companies. For instance, the National Development and Reform Commission reiterated in July that China's policy on attracting foreign investment remains unchanged, pledging to further ease market access and expand openness while ensuring that foreign companies enjoy equal treatment in areas ranging from public procurement to standard-setting. Yin Zheng, executive vice-president of China and East Asia operations at French industrial conglomerate Schneider Electric, said that as China enters a new era of green and innovation-led growth, global investment in China is increasingly focusing on customised innovation, supply chain efficiency, high-end manufacturing, and digital and green solutions. Reflecting this trend, US materials science company Corning plans to localise the production of high-end optical fibers in Shanghai. Lin Chunmei, president and general manager of Corning China, said the move aims to meet surging demand for denser, faster data transmission in artificial intelligence data centers, where fibre specifications far exceed those of conventional facilities. Foreign direct investment in China's manufacturing sector amounted to 109.06 billion yuan between January and June, while high-tech industries attracted 127.87 billion yuan. FDI inflows from Switzerland, Japan and the United Kingdom rose by 68.6 percent, 59.1 percent and 37.6 percent year-on-year, respectively, according to data from the Ministry of Commerce. - China Daily/ANN
New Straits Times
an hour ago
- New Straits Times
Gold hits near 3-week low on stronger dollar, Fed symposium in focus
NEW YORK: Gold edged higher on Wednesday but remained near a three-week low as the dollar strengthened, while investors awaited the Federal Reserve's Jackson Hole symposium later this week for potential signals on monetary policy. Spot gold was up 0.2 per cent at US$3,321.83 per ounce, as of 0601 GMT, after reaching its lowest level since Aug 1. US gold futures for December delivery rose 0.2 per cent to US$3,364.30. A stronger dollar and improving risk appetite from recent geopolitical developments are weighing on gold prices, with markets looking out for Fed Chair Jerome Powell's speech in Jackson Hole, OANDA senior market analyst Kelvin Wong said. The US dollar index climbed to a more than one-week high, making gold less affordable for buyers using other currencies. Powell is due to speak at the Kansas City Federal Reserve's Jackson Hole symposium on Friday and investors are watching for any clues on monetary policy trajectory. Minutes of the Fed's July meeting, due later in the day, are anticipated to offer further insights into the central bank's policy stance. "The macroeconomic backdrop is likely to turn supportive, with Fed resuming its interest rate cuts from September. Higher tariffs will impact economic growth, keeping investment strong for gold," ANZ said in a note. Gold typically performs well in a low-interest-rate environment and amid heightened uncertainties. Meanwhile, US President Donald Trump ruled out deploying ground troops to Ukraine on Tuesday but suggested air support could be part of a deal to end Russia's war in the region. Ukrainian President Volodymyr Zelenskiy hailed the White House talks as a "major step forward" towards ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump. Elsewhere, spot silver fell 0.5 per cent to US$37.20 per ounce, platinum gained 0.6 per cent to US$1,314.25 and palladium was down 0.6 per cent to US$1,108.25.
