
US, Turkiye conclude 3rd round of talks to discuss tariffs, trade ties
A Turkish trade delegation visited the United States recently to discuss bilateral trade ties, particularly global repercussions of reciprocal US trade policies, the former's trade ministry announced.
The delegation, led by deputy trade minister Mustafa Tuzcu, met US deputy trade representative Bryant Trick.
A Turkish trade delegation visited the US recently to discuss trade ties, particularly global repercussions of reciprocal US trade policies, the former's trade ministry announced. Both sides discussed additional steps that can be taken to continue the momentum achieved in the last decade to achieve the $100-billion bilateral trade volume target. They took note of emerging areas of cooperation as well.
Both sides discussed additional steps that can be taken to continue the momentum achieved in the last decade to achieve the $100-billion bilateral trade volume target, the ministry also said.
Bilateral trade volume was around $32 billion in 2024.
Both sides noted emerging areas of cooperation like new technologies, innovation, manufacturing, artificial intelligence, cybersecurity, defense and energy, according to Turkish media reports.
The May 22 visit followed trade minister Omer Bolat's online meeting in April with US secretary of commerce Howard Lutnick and US trade representative Jamieson Greer. This was the third round of talks.
Turkiye faces 10-per cent US reciprocal tariffs.
Fibre2Fashion News Desk (DS)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


News18
4 hours ago
- News18
Guns Over Growth: Pakistan's Defence Budget Hike A Survival Tactic After Op Sindoor Exposed Failures?
Last Updated: The defence budget hike has prompted concerns that funds will be diverted towards rehabilitating and building terror camps destroyed during Operation Sindoor, sources said. Pakistan is prioritising military spending over development, as evidenced by a significant 20 per cent increase in the defence budget, announced weeks after India's Operation Sindoor destroyed several terror sites in the country. This decision by the Shehbaz Sharif-led government appears to be an attempt to satisfy Field Marshal General Asim Munir's demands. The recent escalation in military expenditures underscores urgent requirements following India's precision strikes between May 7-10, 2025, which revealed critical weaknesses in Pakistan's air defence systems, top intelligence sources have told CNN-News18. Intelligence sources confirm that Chinese and Turkish systems, including HQ-9 SAMs and Bayraktar TB2 drones, were unable to intercept Indian drones and missiles. Major losses occurred at the Nur Khan airbase, necessitating a complete strategy overhaul. These failures highlighted Pakistan's technological inferiority, shared by China, in countering India's SkyStriker kamikaze drones and SCALP cruise missiles. China, aiming to enter the Tier 1 weapon market, is perpetuating a false narrative of success from Operation Sindoor, sources said. This budget increase, likely influenced by China, grants more control to Rawalpindi at the expense of Pakistan's economic stability. Despite a $22 billion debt crisis and fresh IMF loans, Pakistan has diverted funds towards military spending, ignoring warnings of fiscal unsustainability. The budget hike has prompted concerns that funds will be diverted towards rehabilitating and building terror camps destroyed during Operation Sindoor, sources said. Intelligence sources also suggest that Pakistan's spending will target vulnerabilities exposed during the conflict, including the acquisition of J-35 stealth fighters, with the first batch of 30 arriving in August 2025 at a 50 per cent discount from China. Pakistan is also acquiring PL-17 missiles with a 400km range to counter Indian AWACS and refuelers, following the failure of PL-15 missiles. Additionally, Pakistan aims to modernise its navy with Type 039B submarines and Jinnah-class frigates to secure sea lanes amid Indian naval superiority. Another significant focus of the budget increase is on Space and ISR capabilities, intending to enhance interactions with Chinese BeiDou satellites for real-time battlefield surveillance, especially after India's actions left Pakistan's reconnaissance capabilities blinded. Furthermore, the budget hike is seen as a measure to suppress domestic threats, such as those from Balochistan and Khyber Pakhtunkhwa, under the guise of addressing external threats from India. According to intelligence sources, Pakistan's defence budget increase is a survival tactic following the battlefield failures exposed during Operation Sindoor. First Published: June 11, 2025, 11:14 IST


Fibre2Fashion
4 hours ago
- Fibre2Fashion
Regulations could further dampen UK retail jobs in 2025 & beyond: BRC
Future regulations could further dampen UK retail jobs this year and beyond, according to the British Retail Consortium's (BRC) 'Retail Employment in 2025' report, which said though the Employment Rights Bill aims at improving employment practices, several aspects of the bill could raise costs and reduce employment without improving the life of workers. A recent survey of retail human resource directors showed that 61 per cent believed the bill would reduce flexibility in job offerings (versus 23 per cent saying flexibility will stay unchanged and 7 per cent saying such flexibility will increase), while over half believed it would reduce staff numbers for their company. Retail employment in the United Kingdom has already reduced by over 350,000 since 2015. Over 250,000 of these jobs have been part-time roles and over 280,000 have been jobs held by women. This is despite the total number of jobs in the economy rising. Future regulations could further dampen UK retail jobs this year and beyond, a British Retail Consortium report said. Though the Employment Rights Bill aims at improving employment practices, several aspects of the bill could raise costs and reduce employment without improving the life of workers, it said. Employment costs have risen significantly, posing a major challenge to the retail sector. Employment costs have risen significantly, posing a major challenge to the UK retail industry. Over the last decade, the minimum wage has almost doubled from £6.50 per hour to £12.21 per hour for those over 21. This is far outpacing inflation, which has risen by around a third over the same time period, the report observed. The rise in National Living Wage in April 2025 is expected to add £2.74 billion to wage bills of UK retailers. Together, the changes to National Living Wage and employer national insurance contributions have raised the cost of hiring a full-time worker by 10 per cent, and a part-time worker by over 13 per cent. The disproportionate impact on part-time workers, mainly as a result of the changing employer National Insurance minimum threshold, has meant that many flexible jobs are now at risk, with the BRC estimating that up to 160,000 part-time roles—more than one-in-ten—could be lost in the next three years. Retail jobs of the future will be characterised by increased flexibility, technology integration, continuous skills development and a strong emphasis on inclusivity and diversity, ensuring a better work-life balance, noted the report. Both the Growth and Skills Levy and the Employment Rights Bill will significantly affect how the industry drives future investment in its retail workforce, it added. Fibre2Fashion News Desk (DS)


Fibre2Fashion
7 hours ago
- Fibre2Fashion
Port in Cambodia's Preah Sihanouk, China's Jiangyin Port sign pact
Cambodia's Preah Sihanouk province and China's Jiangsu province recently signed a strategic cooperation agreement between Sihanoukville Autonomous Port and the latter's Jiangyin Port. Preah Sihanouk provincial governor Mang Sineth and Zhao Jianjun, governor of Wuxi city in Jiangsu province, signed the agreement in the Chinese city. The three key objectives of the agreement are promoting the development of the Preah Sihanouk Special Economic Zone (SSEZ), attracting investment from Wuxi city to Preah Sihanouk province and fostering people-to-people exchanges, according to a statement from the Preah Sihanouk provincial administration. Cambodia's Preah Sihanouk province and China's Jiangsu province recently signed a strategic cooperation agreement between Sihanoukville Autonomous Port and the latter's Jiangyin Port. The three key aims of the pact are promoting the development of the Preah Sihanouk Special Economic Zone, attracting investment from Wuxi city to Preah Sihanouk province and fostering people-to-people exchanges. Zhao said the target is to attract 300 companies to the Preah Sihanouk Special Economic Zone and create 80,000 jobs. He sought support for the development of the solar and green energy sector and stressed on the need to reduce transportation costs, according to a Cambodian media outlet. Direct flights between Wuxi city and Preah Sihanouk province commenced on May 18, 2025. In the first four months this year, bilateral trade between Cambodia and China reached $5.69 billion, a 27-per cent increase year on year (YoY), according to Cambodian government statistics. Cambodian exports to China saw a slight dip of 1.7 per cent YoY year-on-year during the period, totalling $478.63 million, while imports from China jumped significantly by 30.5 per cent YoY, reaching $5.21 billion. Fibre2Fashion News Desk (DS)