India chases Trump tariff deal in wake of UK trade accord
NEW DELHI -- On July 9, U.S. President Donald Trump's sweeping global trade tariffs are set to kick in, potentially upending economies and businesses around the world.
Like its international peers and rivals, India is scrambling to cut a deal to avoid punitive extra costs in shipping goods to its biggest export destination -- a 26% levy. Unlike most others, New Delhi at least has a fresh blueprint demonstrating what it must do to get trade pacts over the line, taking some tough decisions along the way: Its free trade agreement (FTA) with the U.K., announced last month.
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Japan Times
17 minutes ago
- Japan Times
Japan won't fixate on July 9 in U.S. trade talks, says Akazawa
Japan won't fixate on the looming date for so-called reciprocal tariffs to go back to higher levels, Tokyo's top trade negotiator said, signaling that the Asian nation stands ready for the possibility that talks will drag on. "To avoid any misunderstanding, I would like to confirm that I have not said at all that July 9 is the deadline for negotiations between Japan and the U.S.,' Economic Revitalization Minister Ryosei Akazawa told reporters on Friday in Tokyo. "Japan and the U.S. are in regular communication through various channels, and we will continue to consider what is most effective and engage in appropriate consultations.' Akazawa deflected a question over whether Japan will seek an extension of the deadline for the across-the-board tariffs. The U.S. is poised to return the duties to their original levels on July 9 for many nations, which would mean an increase to 24% from 10% at present for Japan. U.S. Treasury Secretary Scott Bessent has indicated the U.S. may grant an extension to countries that are negotiating in good faith. Prime Minister Shigeru Ishiba and U.S. President Donald Trump failed to reach a deal earlier this week on the sidelines of the Group of Seven leaders' summit in Canada, despite holding three phone calls to discuss the tariffs prior to their in-person meeting. Akazawa on Friday said he's yet to schedule the next round of negotiations with his U.S. counterparts and that Japan won't set a specific deadline for the talks. He once again described the trade discussions as similar to "walking through fog,' a phrase he used before the G7 gathering. The Japanese trade negotiator also hinted at some trouble in vying for time with the U.S. when various matters including rising tensions in the Middle East compete for Washington's attention. "It is also possible that the U.S. side may find it difficult to allocate sufficient time domestically to make substantial progress in the Japan-U.S. negotiations,' Akazawa said. "This is truly the case for both sides. We are not solely doing the tariff negotiations.' Akazawa spoke a day after Ishiba met with opposition party leaders, who came away from the conference with the notion that Japan's trade surplus in autos with the U.S. is a sticking point between the two sides. As with other nations, Japan has also been slapped with a 25% tariff on cars and related parts as well as a 50% levy on steel and aluminum. "Both Japan and the U.S. have national interests that can't be compromised,' Akazawa said. "Protecting the profits of the automotive industry, which is our key industry, is in Japan's interest.'
The Mainichi
2 hours ago
- The Mainichi
Tokyo stocks dip in morning amid uncertainty over Mideast conflict
TOKYO (Kyodo) -- Tokyo stocks edged down Friday morning, amid heightened uncertainty as the Israel-Iran conflict in the Middle East intensified. The 225-issue Nikkei Stock Average fell 42.77 points, or 0.11 percent, from Thursday to 38,445.57. The broader Topix index was down 8.23 points, or 0.29 percent, at 2,783.85. The U.S. dollar fell to the lower 145 yen range in Tokyo on selling following its three-week high in the upper 145 yen level overnight, dealers said. At noon, the dollar fetched 145.24-26 yen compared with 145.68-73 yen at 4 p.m. in London and 145.39-41 yen in Tokyo at 5 p.m. Thursday. The euro was quoted at $1.1517-1521 and 167.27-35 yen against $1.1461-1462 and 166.64-68 yen in Tokyo late Thursday afternoon. U.S. markets were closed Thursday for a public holiday. In the stock market, investors refrained from trading actively amid uncertainty over whether Israel and Iran will seek a diplomatic solution, with U.S. President Donald Trump saying he will decide within two weeks whether to strike Tehran, brokers said. "Investors were finding it difficult to tilt their positions to either buy or sell as it is unclear whether the situation in the Middle East will peak out or deteriorate due to actions to be taken by the United States," said Maki Sawada, a strategist in the Investment Content Department of Nomura Securities Co.
Yomiuri Shimbun
2 hours ago
- Yomiuri Shimbun
Japan's Nikkei Stock Average Trades Lower as Uncertainties in Middle East Conflict Weigh
Yomiuri Shimbun file photo The Tokyo Stock Exchange TOKYO, June 20 (Reuters) – Japan's Nikkei share average reversed early gains to trade lower on Friday as geopolitical risks surrounding the Middle East conflict weighed on sentiment. As of 0208 GMT, the Nikkei .N225 was down 0.1% at 38,442.36, after rising as much as 0.4% earlier in the session. The index is set to rise 1.6% for the week. The broader Topix .TOPX fell 0.29% to 2,784.02 but is on course to post a 1% weekly gain. 'With the absence of market-moving catalysts, uncertainties surrounding the Middle East tensions dragged investor sentiment,' said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities. The White House said on Thursday that U.S. President Donald Trump will make a decision within the next two weeks whether to support Israel in its ongoing conflict with Iran. 'On top of the uncertainties about the conflict in the region, the outlook of the U.S. tariff plans remains unclear,' said Arisawa. Uniqlo-brand owner Fast Retailing 9983.T fell 2.1%, dragging the Nikkei the most. Game maker Konami Group 9766.T lost 1.7%. Department store operator Retailing 3086.T fell 2.87% to become the worst performer of the Nikkei. Chip-testing equipment maker Advantest 6857.T jumped 4.6% to become the biggest support to the Nikkei. Chip-making equipment maker Tokyo Electron 8035.T reversed early gains to trade 0.25% lower. Machinery maker Amada 6113.T rose 5% to become the top performer of the Nikkei. Of more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 37% rose and 57% fell, while 4% traded flat.
