
Trump officially extends tariff truce until August 1: White House
The suspension was originally set to expire tomorrow, July 9, after Trump announced in April a 90-day pause on the elevated tariffs—just days after implementing them—to give countries time to negotiate trade agreements.
Earlier today, Trump notified Japan and South Korea that he would impose a 25% tariff on goods from both countries.
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Asharq Al-Awsat
an hour ago
- Asharq Al-Awsat
EU to Keep US Trade Countermeasures on Hold Until August
The EU will extend its suspension of countermeasures to US tariffs until early August as it aims for a negotiated solution on trade with the United States, European Commission President Ursula von der Leyen said on Sunday. US President Donald Trump escalated his global trade war on Saturday and threatened to impose a 30% tariff on imports from the European Union from Aug. 1, separate from sector-specific duties, despite months of intense talks. Announcing the extension of the halt on retaliatory measures, von der Leyen told reporters the bloc would "continue to prepare further countermeasures so we are fully prepared." A first package of countermeasures to US tariffs on steel and aluminium that would hit 21 billion euros ($24.6 billion) in US goods was suspended in April for 90 days to allow time for negotiations. The suspension had been due to expire on Monday. A second package has been in the works since May and would target 72 billion euros of US goods, but these measures have not yet been made public and the final list requires approval by member states. Von der Leyen added that use of the EU's Anti-Coercion Instrument was not yet on the table. "The (anti-coercion) instrument is created for extraordinary situations, we are not there yet," Reuters quoted her as saying. The instrument allows the bloc to retaliate against third countries that put economic pressure on EU members to change their policies. Possible retaliatory steps could include restricting EU market access to goods and services, and other economic measures related to areas including foreign direct investment, financial markets and export controls.


Arab News
2 hours ago
- Arab News
Pakistani commerce minister embarks on ‘pivotal' UK visit to deepen economic ties
ISLAMABAD: Pakistani Commerce Minister Jam Kamal Khan has embarked on a 'pivotal' official visit to the United Kingdom (UK) from July 14 till July 20 to strengthen economic ties between the two countries, Khan's ministry said on Sunday. The minister is accompanied by Commerce Secretary Jawad Paul and this high-level visit aims to deepen bilateral commercial ties, strengthen institutional frameworks, and open new avenues for trade and investment between Pakistan and the UK. Khan will engage with major Chambers of Commerce in London and Birmingham to advance bilateral trade and explore opportunities in emerging sectors, besides highlighting Pakistan's export potential and fostering greater business-to-business collaboration. 'One of the central moments of the visit will be the signing of the Terms of Reference (ToRs) for the Pakistan-UK Trade Dialogue,' the commerce ministry said. 'This formalization marks a significant step toward institutionalizing bilateral trade cooperation, injecting greater standardization, transparency, and predictability into the economic relationship between the two countries.' The UK maintains zero-tariff access of Pakistan's exports post-Brexit, making it Pakistan's largest European and third-largest individual export partner, according to the Pakistani foreign ministry. The Pakistan-UK trade in goods and services reached £4.7 billion in 2024, an increase of 7.3 percent, or £320 million, compared to the previous year, according to the UK government data. Of this £4.7 billion, UK exports to Pakistan amounted to £2.2 billion, while its imports from Pakistan amounted to £2.5 billion. During his visit, the Pakistani commerce minister is scheduled to meet with members of the UK's All Parties Parliamentary Group (APPG), where he will advocate for stronger political support in enhancing trade and investment flows, according to the commerce ministry. These discussions will aim to align parliamentary efforts with Pakistan's broader economic diplomacy goals and strengthen long-term partnerships. 'Khan will interact with leading UK-based multi-million-dollar companies from key sectors such as food processing, information technology, engineering, fintech, and capital investment. These meetings aim to showcase Pakistan's economic potential and attract targeted investments into high-growth industries,' the commerce ministry said. 'The visit also includes important meetings with the UK Pakistan Business Council, Pakistan Britain Business Council, and UK Pakistan Chamber of Commerce & Industry. These discussions will focus on strengthening institutional trade linkages and leveraging diaspora-led initiatives to boost trade volumes and visibility in the UK market.' Pakistan is currently striving to draw overseas investment amid a gradually healing macroeconomic environment after a prolonged downturn that forced Islamabad to seek external financing from friendly nations and multiple loan programs from the International Monetary Fund (IMF). Khan's visit follows another trip to the UK in June by Pakistan's Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif's aide on privatization, Muhammad Ali, who held meetings with executives from renowned firms, including TTB Partners, STJ Partners, Deutsche Bank, Berenberg Bank, and Amundi Fund Group, to spotlight Pakistan's privatization roadmap and its growing potential as a hub for strategic, long-term investment. The Pakistani commerce ministry said Khan's visit marks a 'renewed thrust in Pakistan's efforts to advance economic diplomacy, diversify export markets, and solidify its commercial footprint in global markets like the United Kingdom.'


Al Arabiya
2 hours ago
- Al Arabiya
White House's Hassett says Trump's latest tariffs ‘are real' unless deals improve
US President Donald Trump has seen some trade deal offers and thinks they need to be better, White House Economic Adviser Kevin Hassett said on Sunday, adding that Trump will proceed with threatened tariffs on Mexico, the European Union and other countries if they don't improve. 'Well, these tariffs are real if the President doesn't get a deal that he thinks is good enough,' Hassett told ABC's This Week program. 'But you know, conversations are ongoing, and we'll see where the dust settles.' Hassett told ABC's 'This Week' program that Trump's threatened 50 percent tariff on goods from Brazil reflect Trump's frustration with the South American country's actions as well as its trade negotiations with the US.