Former Nigerian President dies at 82
15/07/2025
South Africa's police minister suspended amid corruption allegations
15/07/2025
Sierra Leone's Tiwai Reserve joins UNESCO World Heritage list
15/07/2025
South Africa faces legal action over birth certificate backlog
15/07/2025
Ukraine's Zelensky proposes new PM, defence minister in major reshuffle
15/07/2025
Ukraine cautiously welcomes US support
15/07/2025
EU plans countermeasures to Trump's tariffs
15/07/2025
Bastille Day fireworks in pictures
15/07/2025
US President Trump gives Moscow 50-day ultimatum over Ukraine war
15/07/2025
Israel strikes military tanks in southern Syria
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France 24
an hour ago
- France 24
What is the status of US tariff negotiations?
Many of these tariff hikes were part of a package first announced in April, under which dozens of economies were due to face higher levies -- up from a 10 percent level -- over their trade surpluses with the United States. The twice-postponed deadline for duties to take effect is now Friday, August 1. But Washington has expanded its group of targets coming up against these tariffs, while announcing agreements with the European Union, Britain, Vietnam, Japan, Indonesia and the Philippines. A deal with the European Union unveiled on Sunday sees a 15 percent tariff imposed on European exports to the United States, down from the 30 percent that Trump earlier threatened. Where do other US trade talks stand? South Korea: Heightened pressure Seoul is racing to reach a deal with Washington, as Tokyo's success in landing an agreement has "amped up the pressure for South Korea," a government source told AFP. Local media reported that Seoul was preparing to propose more than $100 billion in investment as part of a broader agreement, with expected participation by major firms such as Samsung and Hyundai Motor. The South Korean government did not confirm this. But South Korean officials have outlined proposals to deepen collaboration in sectors like shipbuilding, semiconductors and batteries. National Security Advisor Wi Sung-lak has told reporters that the two countries are in "the final and most crucial phase of negotiations" to avert Trump's proposed 25 percent duty. India: Cautious optimism Indian Commerce Minister Piyush Goyal told Bloomberg Television Thursday that he was optimistic his country could reach an agreement with the United States to avert Washington's 26 percent tariff threat. Goyal insisted there were not any sticking points in the US-India relationship or in trade talks, and clarified that immigration rules —- including those around H-1B visas for skilled workers -- had not come up in negotiations. Despite Goyal's remarks, local media reported the prospects of an interim deal before August 1 had dimmed. Taiwan: Working hard Taiwanese Premier Cho Jung-tai said Thursday that officials are "working hard" on negotiations, amid worries that an unfavorable tariff level could hit the self-ruled island's economy. Vice President Hsiao Bi-khim said Taipei's negotiating team was "working almost 24 hours a day to achieve trade balance and Taiwan's industrial interests, and even to further deepen cooperation." Canada, Mexico: Deal unclear Although Canada and Mexico were spared from Trump's "reciprocal" tariffs announced in April, goods from both countries entering the United States generally face a separate 25 percent duty if they fall outside a North American trade pact. This figure stands to jump to 30 percent for Mexico come August 1, while the level for Canada was set at 35 percent. Mexican President Claudia Sheinbaum said her administration was "doing everything" possible to avert the duties and that she would speak with Trump if necessary to try to reach a pact. Trump told reporters Friday there was no deal with Canada so far. Brazil: Political nature Brazil is girding for a virtual trade embargo on its planes, grains and other goods if Trump's threatened 50 percent tariff on its exports takes effect on August 1. The United States runs a trade surplus with Latin America's biggest economy, which was not originally expected to face steeper tariffs under Trump's "reciprocal" duties plan. Trump has not attempted to hide the political motivation in targeting Brazil, citing a judicial "witch hunt" against his right-wing ally, former president Jair Bolsonaro, when he unveiled the tariff rate. The political nature of the spat makes a last-minute deal appear less likely. burs-jug-bys/sst © 2025 AFP
Fashion Network
5 hours ago
- Fashion Network
US, China to resume tariff talks in effort to extend truce
The Stockholm talks, led by U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, come right on the heels of Trump's biggest trade deal yet, with the European Union accepting a 15% tariff on its goods exports to the U.S. and agreeing to make significant EU purchases of U.S. energy and military equipment. That deal struck with European Commission President Ursula von der Leyen on Sunday in Scotland also calls for $600 billion in investments in the U.S. by the EU, Trump told reporters. No similar breakthrough is expected in the U.S.-China talks, but trade analysts said that another 90-day extension of a tariff and export control truce struck in mid-May was likely. An extension of that length would prevent further escalation and help create conditions for a potential meeting between Trump and Chinese President Xi Jinping in late October or early November. Spokespersons for the White House and U.S. Trade Representative's office did not immediately respond to requests for comment on a South China Morning Post report quoting unnamed sources as saying the two sides would refrain from introducing new tariffs or take other steps that could escalate the trade war for another 90 days. Trump's administration is poised to impose new sectoral tariffs that will impact China, including on semiconductors, pharmaceuticals, ship-to-shore cranes and other products. "We're very close to a deal with China. We really sort of made a deal with China, but we'll see how that goes," Trump told reporters before his meeting with von der Leyen, providing no further details. Previous U.S.-China trade talks in Geneva and London in May and June focused on bringing U.S. and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips and other goods halted by the United States. So far, the talks have not delved into broader economic issues. They include U.S. complaints that China's state-led, export-driven model is flooding world markets with cheap goods, and Beijing's complaints that U.S. national security export controls on tech goods seek to stunt Chinese growth. "Stockholm will be the first meaningful round of U.S.-China trade talks," said Bo Zhengyuan, Shanghai-based partner at China consultancy firm Plenum. Trump has been successful in pressuring some other trading partners, including Japan, Vietnam and the Philippines, into deals accepting higher U.S. tariffs of 15% to 20%. Analysts say the U.S.-China negotiations are far more complex and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on U.S. industries. In the background of the talks is speculation about a possible meeting between Trump and Xi in late October. Trump has said he will decide soon whether to visit China in a landmark trip to address trade and security tensions. A new flare-up of tariffs and export controls would likely derail any plans for a meeting with Xi. "The Stockholm meeting is an opportunity to start laying the groundwork for a Trump visit to China," said Wendy Cutler, vice president at the Asia Society Policy Institute. Bessent has already said he wants to work out an extension of the August 12 deadline to prevent tariffs snapping back to 145% on the U.S. side and 125% on the Chinese side. Still, China will likely request a reduction of multi-layered U.S. tariffs totaling 55% on most goods and further easing of U.S. high-tech export controls, analysts said. Beijing has argued that such purchases would help reduce the U.S. trade deficit with China, which reached $295.5 billion in 2024. China is currently facing a 20% tariff related to the U.S. fentanyl crisis, a 10% reciprocal tariff, and 25% duties on most industrial goods imposed during Trump's first term. Bessent has also said he would discuss with He the need for China to rebalance its economy away from exports toward domestic consumer demand. The shift would require China to put an end to a protracted property crisis and boost social safety nets to encourage household spending. Michael Froman, a former U.S. trade representative during Barack Obama 's administration, said such a shift has been a goal of U.S. policymakers for two decades. "Can we effectively use tariffs to get China to fundamentally change their economic strategy? That remains to be seen," said Froman, now president of the Council on Foreign Relations think tank.
Fashion Network
5 hours ago
- Fashion Network
US and EU clinch deal with 15% US tariff on most EU exports to avert trade war
"We have a trade deal between the two largest economies in the world, and it's a big deal. It's a huge deal. It will bring stability. It will bring predictability," she said. The deal, which also includes $600 billion of EU investments in the United States and $750 billion of EU purchases of U.S. energy over Trump's second term, will indeed bring clarity for EU companies. Even so, the baseline 15% tariff will be seen by many in Europe as a poor outcome compared with the initial European ambition of a zero-for-zero tariff deal, although it is better than the threatened 30% rate. German Chancellor Friedrich Merz welcomed the deal, saying in a statement that a trade conflict had been averted that would have hit Germany's export-driven economy and its large auto sector hard. But Bernd Lange, the German Social Democrat who chair's the trade committee of the European Parliament, said he was "quite critical" because the tariffs were imbalanced and the pledged $600 billion of investment would likely come at the expense of EU industry. The euro rose around 0.2% against the dollar, sterling and yen within an hour of the deal's being announced. The deal mirrors key parts of the framework agreement the United States clinched with Japan last week. "We are agreeing that the tariff ... for automobiles and everything else will be a straight-across tariff of 15%," Trump said. That rate will not, however, apply to steel and aluminium, for which a 50% tariff will remain in place, although von der Leyen said it would be cut and replaced with a quota system. Von der Leyen said the rate also applied to semiconductors and pharmaceuticals, and there would be no tariffs from either side on aircraft and aircraft parts, certain chemicals, certain generic drugs, semiconductor equipment, some agricultural products, natural resources and critical raw materials. "We will keep working to add more products to this list," she said, adding that the situation on spirits was still to be established. Eric Winograd, chief economist at AllianceBernstein in New York, noted the similarity with Japan's U.S. deal. "We will need to see how long the sides stick to the deal. From a market perspective, it is reassuring in the sense that having a deal is better than not having a deal," he said. Trump, who is seeking to reorder the global economy and reduce decades-old U.S. trade deficits, has so far reeled in agreements with Britain, Japan, Indonesia and Vietnam, although his administration has failed to deliver on a promise of "90 deals in 90 days." He has periodically railed against the European Union, saying it was "formed to screw the United States" on trade. Arriving in Scotland, Trump said the EU wanted "to make a deal very badly" and said, as he met von der Leyen, that Europe had been "very unfair to the United States". His main bugbear is the U.S. merchandise trade deficit with the EU, which in 2024 reached $235 billion, according to U.S. Census Bureau data. The EU points to the U.S. surplus in services, which it says partially redresses the balance. Trump also talked on Sunday about the "hundreds of billions of dollars" that tariffs were bringing in. On July 12, Trump threatened to apply a 30% tariff on imports from the EU starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal. The EU had prepared countertariffs on 93 billion euros ($109 billion) of U.S. goods in the event there was no deal, and Trump had pressed ahead with 30% tariffs. Some member states had also pushed for the bloc to use its most powerful trade weapon, the anti-coercion instrument, to target U.S. services in the event of a no-deal.
