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Japan Today
15-05-2025
- Business
- Japan Today
APEC warns of tariff impact on trade as China, U.S. trade reps meet
FILE PHOTO: A view of the Balboa Port is pictured after Hong Kong's CK Hutchison Holdings Ltd agreed to sell its interests in a key Panama Canal port operator to a BlackRock Inc-backed consortium, amid pressure from U.S. President Donald Trump to curb China's influence in the region, Panama City, Panama, March 4, 2025. REUTERS/Enea Lebrun/File Photo By Jihoon Lee The Asia-Pacific Economic Cooperation (APEC) grouping warned on Thursday that exports in the region will barely grow this year amid the onset of U.S. tariffs, as the U.S. and Chinese trade representatives met on the sidelines of the gathering. The 21-member APEC bloc projected exports in the region would rise by only 0.4% this year, compared with 5.7% last year, in a regional trends analysis report released at its 2025 meeting of ministers responsible for trade in South Korea's resort island of Jeju. The bloc also cut its regional economic growth forecast for this year to 2.6% from 3.3% previously. "Trade growth is set to decline sharply across APEC due to lower external demand, particularly in manufacturing and consumer goods, while rising uncertainty over goods-related measures weighs on services trade," APEC said in a statement. The Trump administration's sweeping tariffs have targeted more than half of the APEC grouping, where regional average tariff rates fell to 5.3% by 2021, from 17% in 1989, when the non-binding economic forum was established. This period saw merchandise trade increase more than nine-fold. Still, in a sign of potential further progress to address trade friction between the world's biggest economies, U.S. Trade Representative Jamieson Greer met Chinese trade envoy Li Chenggang on the sidelines of the gathering, South Korea's Trade Minister Cheong In-kyo told reporters without elaborating. The meeting comes after Greer and Li agreed to slash steep tariffs at their first face-to-face talks in Geneva on May 10-11. For two days from Thursday, trade representatives of the member economies will discuss multilateral trade and other cooperation agendas, including reform of the World Trade Organization amid current challenges. The Trump administration views the WTO as a body that has enabled China to gain an unfair export advantage and has recently moved to pause U.S. funding to the institution. RIPPLE EFFECTS OF TARIFFS As host of the annual conference, South Korea Trade Minister Cheong will highlight how global economy and trade face added strain from uncertainties and will urge the bloc to foster dialogue to tackle political and economic challenges, according to prepared remarks relayed by his ministry. Ahead of the main sessions, APEC policy director, Carlos Kuriyama, attributed the downgrading of the regional export outlook to the impact of U.S. tariffs and warned the reach of their ripple effects is still greater. "We notice U.S. tariffs are affecting not just goods trade, it's also affecting services trade and financial markets. That's why governments are having trade talks, but they are still not back to before early April," Kuriyama told reporters. Greer is also scheduled to hold a bilateral meeting with his South Korean counterpart, three weeks after their opening round of trade talks in Washington, D.C. He will also have his first face-to-face meeting with New Zealand and meet with representatives from other Asian countries. "We're moving as quickly as we possibly can with folks who want to be ambitious," Greer told CNBC television before he departed for Jeju on Tuesday. His office declined to comment on his schedule for bilateral meetings. The APEC gathering is being attended by trade ministers and envoys from member countries including Japan, Canada, Mexico and Russia. The trade ministers' meeting is being held as part of a second round of senior officials' meetings ahead of an APEC leaders' summit this year in Gyeongju, South Korea. APEC accounts for about half of global trade and 60% of global GDP. © Thomson Reuters 2025.
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Business Standard
27-04-2025
- Business
- Business Standard
Trump demands free passage for US ships through Panama, Suez canals
Trump's focus has been on Chinese commercial shipping and shipbuilding, with the ultimate goal of promoting a revival of US shipbuilding Bloomberg President Donald Trump called for 'free of charge' passage of American ships through the Panama and Suez canals, renewing his focus of expanding US influence over critical commercial and naval waterways. While Trump began pushing for an exit of Chinese port operators around the Panama Canal soon after returning to the White House in January, the post on his Truth Social network on Saturday also turned attention to the Suez Canal, which cuts through Egypt to link the Mediterranean and the Red Sea. 'Those Canals would not exist without the United States of America,' Trump said, adding that he's asked Secretary of State Marco Rubio to 'immediately take care of' the situation. Trump's focus — with tariffs and other measures, such as proposed fees at US ports — has been on Chinese commercial shipping and shipbuilding, with the ultimate goal of promoting a revival of US shipbuilding. The US government argues that China's dominance in ship construction was achieved unfairly and harms US interests. US commercial shipbuilding, once a global leader, has shriveled since the 1980s due to subsidy cuts and foreign competition. Panama in February promised free passage for US warships through the canal, used mostly by the US and China, after Trump criticised Chinese influence over the waterway and threatened to 'take it back.' A plan by CK Hutchison Holdings Ltd to sell its Panamanian port assets to a consortium led by Blackrock Inc. has run into opposition from China and a financial dispute with Panama.
India Today
27-04-2025
- Business
- India Today
Trump demands free passage for US ships through Panama and Suez canals
President Donald Trump on Saturday called for US military and commercial vessels to be granted free passage through both the Panama and Suez Canals, intensifying his push to reassert American influence over vital global shipping a post on his Truth Social platform, Trump said he had instructed Secretary of State Marco Rubio to 'immediately take care of, and memorialise, this situation,' arguing that the United States played a foundational role in the existence and continued operation of both canals would not exist without the United States of America," Trump declared. The Panama Canal, completed by the US in the early 20th century and handed over to Panama in 1999, remains a critical artery for global trade—especially between the Atlantic and Pacific 40 per cent of US container traffic passes through it each year. The canal is also a key route for both American and Chinese READ: Why Trump and Zelenskyy got front-row seats at Pope Francis' funeralSince returning to the White House in January, Trump has renewed pressure on Chinese port operators near the Panama Canal and floated aggressive measures to curb Beijing's maritime February, Panama promised to grant free passage to US warships after Trump criticized China's growing footprint near the waterway and hinted at potential action to "take it back."advertisementTensions have also flared over a proposed sale of Panamanian port assets from Hong Kong-based CK Hutchison Holdings Ltd to a consortium led by US investment giant BlackRock Inc., a deal opposed by China and financial hurdles with latest remarks extended that attention to the Suez Canal, which connects the Mediterranean to the Red Sea through Egypt. The canal is a strategic chokepoint for US naval operations and global commerce, particularly energy call for toll-free access aligns with Trump's broader strategy to revitalize the US shipbuilding industry and challenge China's dominance in commercial shipping. "We're not going to let other countries control what we built," Trump said in a recent interview, hinting that both economic and military options remain on the table.(With inputs from Reuters)Tune InMust Watch
Mint
26-04-2025
- Business
- Mint
Trump Says US Ships Need Free Travel Through Panama, Suez Canals
President Donald Trump called for 'free of charge' passage of American ships through the Panama and Suez canals, renewing his focus of expanding US influence over critical commercial and naval waterways. While Trump began pushing for an exit of Chinese port operators around the Panama Canal soon after returning to the White House in January, the post on his Truth Social network on Saturday also turned attention to the Suez Canal, which cuts through Egypt to link the Mediterranean and the Red Sea. 'Those Canals would not exist without the United States of America,' Trump said, adding that he's asked Secretary of State Marco Rubio to 'immediately take care of' the situation. Trump's focus — with tariffs and other measures, such as proposed fees at US ports — has been on Chinese commercial shipping and shipbuilding, with the ultimate goal of promoting a revival of US shipbuilding. The US government argues that China's dominance in ship construction was achieved unfairly and harms US interests. US commercial shipbuilding, once a global leader, has shriveled since the 1980s due to subsidy cuts and foreign competition. Panama in February promised free passage for US warships through the canal, used mostly by the US and China, after Trump criticized Chinese influence over the waterway and threatened to 'take it back.' A plan by CK Hutchison Holdings Ltd to sell its Panamanian port assets to a consortium led by Blackrock Inc. has run into opposition from China and a financial dispute with Panama. This article was generated from an automated news agency feed without modifications to text. First Published: 27 Apr 2025, 03:20 AM IST
Bloomberg
09-04-2025
- Business
- Bloomberg
CK Hutchison Rejects Accusations Over Panama Ports Payments
CK Hutchison Holdings Ltd rejected accusations it failed to pay about 1.2 billion balboas ($1.2 billion) to the Panamanian state over the concession contract to run the two key ports in the Central American country. The accusations are 'absolutely contrary to reality.' and the company has invested more than 1.695 billion balboas, Panama Ports Co., a unit of the Hong Kong-listed conglomerate, said in a statement. That surpasses the 50 million balboas required under the original concession contract and the 1 billion balboas agreed under the addendum to operate the Balboa and Cristobal port terminals. Panama's comptroller general confirmed this in 2020 after a thorough audit process, the company said.
