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Business Standard
3 minutes ago
- Business Standard
Bangladesh offers to buy 25 jets from Boeing to sway Trump on tariffs
Dhaka last week also signed an initial agreement with US wheat growers to import 700,000 tonnes of the grain annually over five years Bloomberg Bangladesh has offered to buy 25 jets from Boeing Co., using the recent US-Indonesia trade deal as a model, in hopes of persuading President Donald Trump to lower tariffs on the country. Rahman will join a high-level delegation, led by Commerce Adviser Sk. Bashir Uddin, that is scheduled to meet officials from the US Trade Representative on July 29-31. The talks come just days before a new tariff structure takes effect on Aug. 1. While acknowledging that the aircraft would take years to be delivered, Rahman pointed to Indonesia's commitment to purchase 50 Boeing jets as precedent. 'We're offering a serious package,' he said. Earlier this month, Trump imposed a 35 per cent tariff on goods from Bangladesh, a key garment supplier to the US. The South Asian nation is now seeking a lower rate, closer to those granted to other regional trade partners — 20 per cent for Vietnam and 19 per cent for Indonesia and the Philippines. Dhaka last week also signed an initial agreement with US wheat growers to import 700,000 tonnes of the grain annually over five years. 'We're also increasing imports of cotton and soybeans — these will be more effective in reducing our trade gap, as we need these all year round,' Rahman said. The moves are part of Bangladesh's strategy to narrow a goods trade surplus of around $6 billion with the US. Rahman said Bangladesh's package, combining large-scale commodity imports with a potential Boeing deal, deserves a better tariff rate than what was offered to Vietnam. 'If they take our commitments to essential commodities into account, our percentage should be even better than Vietnam's,' he said.
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Business Standard
3 minutes ago
- Business Standard
Asian shares mixed as Wall Street rally lifts US stocks to fresh records
Stock markets in Asia were mixed on Monday after US stocks rose to more records as they closed out another winning week. US futures and oil prices were higher ahead of trade talks in Stockholm between US and Chinese officials. European futures rose after the European Union forged a deal with the Trump administration calling for 15 per cent tariffs on most exports to the US. The agreement announced after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland staves off far higher import duties on both sides that might have sent shock waves through economies around the globe. Tokyo's Nikkei 225 index lost 1 per cent to 41,056.81 after doubts surfaced over what exactly the trade truce between Japan and US President Donald Trump, especially the $550 billion pledge of investment in the US by Japan, will entail. Terms of the deal are still being negotiated and nothing has been formalized in writing, said an official, who insisted on anonymity to detail the terms of the talks. The official suggested the goal was for a $550 billion fund to make investments at Trump's direction. Hong Kong's Hang Seng index gained 0.4 per cent to 25,490.45 while the Shanghai Composite index lost 0.2 per cent to 3,587.25. Taiwan's Taiex rose 0.3 per cent. CK Hutchison, a Hong Kong conglomerate that's selling ports at the Panama Canal, said it may seek a Chinese investor to join a consortium of buyers in a move that might please Beijing but could also bring more U.S. scrutiny to a geopolitically fraught deal. CK Hutchison's shares fell 0.6 per cent on Monday in Hong Kong. Elsewhere in Asia, South Korea's Kospi was little changed at 3,195.49, while Australia's S&P/ASX 200 rose 0.3 per cent to 8,688.40. India's Sensex slipped 0.1 per cent. Markets in Thailand were closed for a holiday. On Friday, the S&P 500 rose 0.4 per cent to 6,388.64, setting an all-time for the fifth time in a week. The Dow Jones Industrial Average climbed 0.5 per cent to 44,901.92, while the Nasdaq composite added 0.2 per cent, closing at 21,108.32 to top its own record. Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3 per cent after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50 per cent. But Intell fell 8.5 per cent after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars. Companies are under pressure to deliver solid growth in profits to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, Aug 1. Apart from trade talks, this week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the US government money on its debt repayments. Fed Chair Jerome Powell has said he is waiting for more data about how Trump's tariffs affect the economy and inflation before making a move. The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates. In other dealings early Monday, US benchmark crude oil gained 24 cents to $65.40 per barrel. Brent crude, the international standard, also added 24 cents to $67.90 per barrel. The dollar rose to 147.72 Japanese yen from 147.71 yen. The euro slipped to $1.1755 from $1.1758. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
14 minutes ago
- Time of India
'Only got 99.9% of what he asked': Vance hails Trump for EU-US deal; slams American media for downplaying it
US vice president JD Vance praised Donald Trump for securing a major trade agreement with the European Union, saying European media outlets are applauding the deal. 'The entire European press is singing the president's praises right now, amazed at the deal he negotiated on behalf of Americans,' Vance said wrote on Sunday (local time) on social media platform X. However, he also drew a satire at American media houses, saying, 'Tomorrow the American media will undoubtedly run headlines like 'Donald Trump Only Got 99.9 Percent of What He Asked For'.' The remarks came after President Trump announced that the United States and the European Union had 'reached a deal' on trade, calling it 'a good deal for everybody.' Under the agreement, the US will impose a 15% tariff on products imported from the EU, a move aimed at averting a deeper trade rift. European Commission President Ursula von der Leyen also described the outcome as 'a good deal', according to AFP. Speaking to reporters in Scotland, where the talks were held at Trump's Turnberry golf resort, the president revealed that the EU has committed to $600 billion in new investments in the US, along with $750 billion in energy purchases. 'It was a very interesting negotiation. I think it's going to be great for both parties,' he said. Meanwhile, vice president Vance would be heading to his home state of Ohio on Monday to continue promoting the GOP's major tax-and-border legislation. He's scheduled to visit a steel plant in Canton, about 60 miles south of Cleveland, where he'll highlight the bill's 'benefits for hardworking American families and businesses,' according to his office. While few details have been shared ahead of the visit, NBC News reports that his remarks will centre on how the bill supports local industry. This will be Vance's second trip this month to pitch the legislation, which combines several conservative priorities and has been branded by Republicans as the 'One Big, Beautiful Bill.' As its lead spokesperson on the road, Vance has taken a front seat in selling the plan to the public. Earlier in West Pittston, Pennsylvania, he told workers at an industrial machine shop that the bill lets people keep more of what they earn, pointing to new tax deductions on overtime as a key example.
