Oil Prices Steady After U.S.-Japan Trade Agreement - Jordan News
The European Union recently passed its 18th sanctions package against Russia, including a lower price cap on Russian oil. However, analysts warned that lack of U.S. participation could undermine the effectiveness of those measures, according to Reuters.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Jordan News
6 hours ago
- Jordan News
Despite Trump's Threats, India Continues Buying Russian Oil - Jordan News
A New York Times report published on Saturday stated that Indian officials have confirmed the country's continued purchase of oil from Russia, despite U.S. President Donald Trump's threats of imposing sanctions. اضافة اعلان The Reuters energy bulletin 'Power Up' provides the latest updates on the global energy sector. No immediate comments were issued by the White House, India's Ministry of External Affairs, or the Ministry of Petroleum and Natural Gas when asked for a response. Last month, Trump warned in a post on Truth Social that India could face additional sanctions if it continued to buy arms and oil from Russia. However, he later downplayed the issue, saying he 'doesn't care what India does with Russia.' On Friday, Trump told reporters that he had heard India was planning to stop buying oil from Russia. However, two senior Indian officials denied this to The New York Times, confirming there has been no change in policy. One of them stated that the government 'has not issued any instructions to oil companies' to reduce imports from Russia. Earlier, Reuters had reported that some state-owned Indian refiners paused purchases of Russian oil last week due to shrinking discounts in July. On July 14, Trump threatened to impose a 100% tariff on countries buying Russian oil unless Moscow reaches a major peace agreement with Ukraine. It is worth noting that Russia remains India's largest oil supplier, accounting for approximately 35% of India's total oil imports, according to Reuters.
Roya News
2 days ago
- Roya News
Taiwan to seek lower tariff after Trump's 'temporary' 20% levy
Taiwan vowed on Friday to seek a lower tariff after Donald Trump imposed a "temporary" 20 percent levy on its shipments to the United States as part of his trade war. The US president's announcement was part of a sweep of measures -- reaching 41 percent -- against dozens of global partners as they scrambled for deals with Washington to avert the painful tolls. The figure is down from the 32 percent toll imposed in his April 2 "Liberation Day", since when Taipei and Washington have held four rounds of face-to-face talks and multiple video conferences to resolve the issue. On Friday Taiwan President Lai Ching-te said on Facebook they were still working to strike an agreement "The US has announced a temporary 20 percent tariff for Taiwan, with the possibility of further reductions should an agreement be reached," he wrote. "The government will continue to strive for a reasonable tariff rate and complete the final stages of the tariff negotiations." While Trump had set Friday as the deadline for agreements to be made, he delayed it until the end of next week. No timeline was given for Taiwan, which could mean the island was caught in the middle of US-China trade negotiations, said Alicia Garcia-Herrero, chief economist for Asia Pacific at Natixis. Washington and Beijing held two days of talks this week aimed at reaching a deal to extend a truce in their trade war and prevent the reimposition of sky-high tariffs on August 12. "The conditions on Taiwan might be relevant for China, imagine export controls," Garcia-Herrero told AFP. After US tech giant Nvidia announced it will resume sales of its H20 AI chips to China, Garcia-Herrero said "there could be other stuff that China needs from Taiwan that the US can offer". 'This is the ceiling' Taiwan is a global powerhouse in chip manufacturing, with more than half the world's semiconductors and nearly all of the high-end ones made there. The owner of a Taiwanese machinery exporter to the United States said he was worried that lower tariff rates on Japan and South Korea -- 15 percent -- would advantage his competitors there. He told AFP the recent appreciation in the Taiwan dollar against the greenback had also "put a lot of pressure on us, creating a double whammy". The uncertainty over tariffs was hurting US sales, said textile producer Eddie Wang, with clients "feeling overwhelmed" and reluctant to place orders. Soaring demand for AI-related technology has fuelled Taiwan's trade surplus with the United States -- and put it in Trump's crosshairs. Around 60 percent of Taiwan's exports to the United States are information and communications technology, which includes chips. In a bid to avoid the tariffs, Taipei has pledged to increase investment in the United States, buy ore of its energy and increase its own defence spending. Economist Sun Ming-te said the 20 percent levy was "probably the best outcome Taiwan can achieve with the US under the current conditions."
Jordan Times
2 days ago
- Jordan Times
US Fed's preferred inflation gauge ticks up more than expected
WASHINGTON — The US Federal Reserve's preferred inflation gauge picked up in June, government data showed Thursday, adding to signs that President Donald Trump's tariffs are filtering through to consumers. The personal consumption expenditures (PCE) price index climbed 2.6 per cent in June from a year ago, said the Commerce Department in a report. This was a pick-up from May's 2.4 per cent figure, and above the 2.5 per cent median forecast expected from economists surveyed by Dow Jones Newswires and The Wall Street Journal. Excluding the volatile food and energy sectors, the PCE price index held steady at 2.8 per cent last month, data showed. The figures came a day after the US central bank decided to hold off further interest rate cuts for a fifth consecutive policy meeting, citing somewhat elevated inflation and heightened uncertainty. Trump imposed wide-ranging tariffs on most trading partners after returning to the White House in January, alongside steeper rates on imports of steel, aluminum and autos. These duties, so far, have had a limited effect on inflation but Fed policymakers are waiting to see how they impact consumer prices via data from the summer months — given that they take time to filter through. The latest data could give the Fed further reason to stand pat on interest rates, as officials keep an eye on inflation, as long as the jobs market continues showing resilience. On Friday, Trump is set to implement a fresh set of tariff rates on dozens of economies, a move that analysts warn could further impact costs.
