logo
Trump says Pakistani officials visiting US to negotiate trade deal ahead of potential 29% tariff

Trump says Pakistani officials visiting US to negotiate trade deal ahead of potential 29% tariff

Yahoo2 days ago

Pakistani officials will be visiting the U.S. next week in an effort to reach a deal to lower tariffs imposed against the Asian country, President Donald Trump said on Friday.
Pakistan faces a potential 29% tariff on its exports to America because of a $3 billion trade surplus with the U.S., following the tariffs Trump announced last month against countries around the world.
Trump noted that he would have no interest in making a deal with Pakistan or its neighbor, India, if they were to reignite a war with each other.
Trump Doubles Steel Tariffs To 50% In Bid To Boost Us Industry
The two countries were involved in a conflict for four days earlier this month, using fighter jets, missiles, drones and artillery to conduct their worst fighting in decades.
"As you know, we're very close to making a deal with India," Trump told reporters at Joint Base Andrews on Friday after departing Air Force One.
Read On The Fox Business App
Indian Trade Minister Piyush Goyal visited Washington recently to advance trade talks, with both sides seeking to sign an interim agreement by early July.
Trump has imposed a 26% tariff on India's shipments to the U.S.
Best Buy Lowers Revenue Outlook For Fiscal Year 2026 Due To Tariffs
India is likely to allow U.S. firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with the Trump administration.
Reuters contributed to this report.Original article source: Trump says Pakistani officials visiting US to negotiate trade deal ahead of potential 29% tariff

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

ASX-listed James Hardie secures $3.5 billion credit to fund AZEK deal
ASX-listed James Hardie secures $3.5 billion credit to fund AZEK deal

Yahoo

time5 minutes ago

  • Yahoo

ASX-listed James Hardie secures $3.5 billion credit to fund AZEK deal

(Reuters) -ASX-listed James Hardie said on Monday it had secured new senior credit facilities for a total of $3.5 billion with broad support, including 30 participating banks to support its operations and acquisition of U.S.-listed AZEK. The multi-billion dollar loan facility can be broken down into a $1 billion revolving credit facility and a $2.5 billion senior secured term loan A, split into two tranches. The fibre-cement maker had offered to buy the U.S. artificial decking maker for $8.75 billion in March, while markets were concerned about a slowdown in the U.S. housing sector. With the new credit facilities, bridge facility commitments with certain lenders in connection with the pending acquisition were reduced from $4.3 billion to $1.7 billion. New housing stock in the U.S. is near a two-decade high and tariffs and an immigration crackdown under President Donald Trump are seen as likely to slow construction further. In May, the building material firm forecast tepid earnings growth for its North American business, the company's biggest market and profit engine, while reporting a drop in annual profit. Back in Australia, market scrutiny has also increased on such large corporate buyouts after investors raised questions about the AZEK deal. In a separate announcement, James Hardie terminated its American depositary shares (ADS) program, believing it will become unnecessary after the company lists its share on the New York Stock Exchange. James Hardie's ASX-listed shares jumped as much as 3.2% to A$36.57, their highest level in over a week, and were last trading up 2.9%. The stock has lost more than 8% in value since the buyout deal was announced in March. Sign in to access your portfolio

Warning to Australia over fears China's military actions could trigger 'nuclear cascade'
Warning to Australia over fears China's military actions could trigger 'nuclear cascade'

Yahoo

time14 minutes ago

  • Yahoo

Warning to Australia over fears China's military actions could trigger 'nuclear cascade'

Alarm bells are ringing over the Chinese-led military build up taking place in Australia's region, with fears a "nuclear cascade" could unfold as more nations seek to obtain weapons of mass destruction. Australia's Defence Minister has warned about an Indo-Pacific arms race, but at the same time has signalled Australia preparedness to increase military spending. Australia's Defence Minister Richard Marles has warned of the developing dynamic of China's arms build up and Russia's strategic ties with North Korea, saying the arms control framework previously developed by Western allies to combat nuclear proliferation during the Cold War might not be enough to meet today's challenges. The US called on Australia to increase defence spending as leaders met over the weekend at Asia's top security summit in Singapore. Mr Marles noted that Australia's defence budget will rise to about 2.3 per cent of GDP within the decade, from the two per cent it currently hovers at, saying the planned expansion represented the "single biggest peacetime increase in defence expenditure in Australia's history". "So we are beginning this journey," he said. The former Fox News host and now US Defence Secretary, Pete Hegseth, has personified the changing nature of the White House after the re-election of Donald Trump, but his message on China has been broadly the same to his predecessor, says Ely Ratner, the former Assistant Secretary of Defence for Indo-Pacific Security Affairs under the Biden administration. But he warned of a growing threat to stability in the region. "I think it is very complicated by the fact that China is undergoing the largest peacetime military build up in history," he told ABC radio on Monday. "They haven't explained why they think they need such a large arsenal of nuclear weapons and they're putting real pressure on other countries both in the region and in the world when it comes to nuclear weapons. It is quite a destabilising military build up we're seeing from China. He said the challenge is not just about how to manage nuclear armed nations like India and Pakistan which have been involved in recent skirmishes, but how to stop more nations feeling like they need to acquire them, leading to "the potential of nuclear cascades". "If China grows its nuclear arsenal to such a size that countries like South Korea … and then potentially others start thinking they might need their own nuclear weapons, then we're in a much more dangerous world," he warned this morning. When asked if allies like Australia could trust the Trump administration is committed to defence in the broader Indo-Pacific region, Mr Ratner said "I think for the time being the broad answer is yes". He added that he didn't believe China was more likely to invade Taiwan due to President Trump being in office, saying the Asian giant was in a "wait and see mode". Speaking at the summit on Saturday Mr Hegseth called on allies in the region to share the burden of deterrence by upgrading their own defences. "There's no reason to sugar coat it," he told the Shangri-La Dialogue. "The threat China poses is real, and it could be imminent", suggesting an invasion could take place within the next two years. Responding to questions from reporters on Sunday, Mr Albanese said Australia's position on Taiwan was "very clear" and included a bipartisan stance to support the status quo. China views Taiwan as its own territory, and slammed the US as the biggest "troublemaker for regional peace and stability". with AAP Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube.

US dollar declines as traders assess tariff outlook
US dollar declines as traders assess tariff outlook

Yahoo

time18 minutes ago

  • Yahoo

US dollar declines as traders assess tariff outlook

By Kevin Buckland TOKYO (Reuters) -The U.S. dollar edged lower on Monday, giving back some of its gains from last week, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to constrict growth and unleash inflation. The greenback starts the week on the back foot after Trump said late on Friday that he plans to double duties on imported steel and aluminum to 50% from Wednesday. The U.S. currency has been whipsawed for weeks by Trump's on-again-off-again trade war, falling when a flare up in tensions stokes worries of a potential U.S. recession. The dollar witnessed weekly tumbles of 3% against major peers in the days after the April 2 "Liberation Day" tariffs and 1.9% two weeks ago, when Trump threatened 50% levies on Europe. Last week, the greenback got a bit of respite, rising 0.3% after talks with the European Union got back on track and a U.S. trade court blocked the bulk of Trump's tariffs on the grounds that he overstepped his authority. Although an appeals court reinstated the duties a day later as it considers the case, and Trump's administration said it had other avenues to implement the levies if it loses in court, many analysts said it shows there are still checks in place on the President's power. The dollar dropped 0.3% to 143.57 yen as of 0023 GMT, giving back some of its more than 1% rally from last week. The euro gained 0.2% to $1.1372, and sterling advanced 0.3% to $1.3489. The Australian dollar added 0.3% to $0.6454. The U.S. dollar index, which measures the currency against six major peers, eased 0.2% to 99.214. The dollar has also been weighed down by fiscal worries in recent weeks, amid a broad "Sell America" theme that has seen dollar assets from stocks to Treasury bonds dropping. Those concerns come into particular focus this week as the Senate starts considering Trump's sweeping tax cut and spending bill, which will add an estimated $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade. Many senators have already said the bill will need major revisions, and Trump said he welcomes changes. The fate of section 899 of the bill could be crucial, according to Barclays analysts. "S899 would give the U.S. free rein to tax companies and investors from countries deemed to have 'unfair foreign taxes' (and) could be seen as a tax on the U.S. capital account at a time when investor nervousness towards U.S. assets has grown," they said in a research report. "Actively reducing foreigners' total return on their U.S. investments would dent inflows and weigh on the dollar, all else equal," they added. "While dollar sentiment/positioning remains close to extreme negativity, the path ahead is by no means clear cut."

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store