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Daily Mail
5 days ago
- Business
- Daily Mail
Trump's tariff czar reveals the four countries on verge of trade deals…including a 'nasty' one
President Donald Trump 's top trade negotiator shared that the U.S. may be close to finalizing tariff deals with several major partners in coming weeks. U.S. Trade Representative Jamieson Greer told CNBC that an imminent deal could be struck with the E.U. after Trump threatened increasing the 'nasty' union's rate to 50 percent earlier this month. Greer also shared that he has been in nearly constant contact with India 's top trade representative, claiming to have calls with them 'every day.' In addition, the trade rep. revealed that he plans on forwarding negotiations with Malaysia and Vietnam at the upcoming Organization for Economic Co-operation and Development (OECD) meeting next week. He also said he will be talking to E.U. representatives at the gathering. Though not all news has been positive; China, Greer said, has 'violated' a trade agreement made with the U.S. in Geneva earlier this month - echoing a major complaint highlighted by Trump the same day. A handshake agreement between the world's two largest economies came earlier this month and was widely seen as a way to tamper tensions between the pair. China was hit with a tariff rate in excess of 145 percent earlier this year before the agreement, but the rate then came down to around 30 percent. Trump said he expects to talk to Chinese President Xi Jinping during an Oval Office press conference with DOGE leader Elon Musk on Friday. 'I'm sure that I'll speak to President Xi and hopefully we'll work that out, but its a violation of the agreement,' he said. The president said he is sure they will talk as the countries remain at odds over trade. Earlier in the day the 78-year-old commander in chief sent off a salvo on Truth Social lambasting China for violating the Geneva deal. 'Two weeks ago China was in grave economic danger! The very high tariffs I set made it virtually impossible for China to trade into the United States marketplace which is, by far, number one in the world,' his post began. 'We went, in effect, cold turkey with China, and it was devastating for them. Many factories closed and there was, to put it mildly, 'civil unrest,'' it continued. 'The bad news is that China, perhaps not surprisingly to some, has totally violated its agreement with us.' The agreement made between Greer, Treasury Sec. Scott Bessent and some top Chinese officials in Geneva in May stipulated that the two countries would unwind tariffs and trade restrictions on certain critical minerals. Greer accused China of slow-walking that process during his interview Friday. 'The Chinese are slow-rolling their compliance, which is completely unacceptable and it has to be addressed,' he stated. Soon after, a spokesperson for the Chinese embassy in D.C., Liu Pengyu, hit back at the claims. 'Recently, China has repeatedly raised concerns with the US regarding its abuse of export control measures in the semiconductor sector and other related practices,' they said in a statement. 'China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva.' The spokesperson's complaint comes after a Reuters report that the U.S. ordered some companies to stop shipping goods to China without certain licensing. Products ranging from semiconductors, chemicals, software and aviation equipment are among the restricted items, sources shared. The president announced a 90 day pause on some tariffs earlier this year, with many steep rates coming back into effect this summer if U.S. trade partners do not sign deals. Vietnam was hit especially hard by the White House's 'Liberation Day' tariff announcement in April. On a massive board showcasing the rates to be imposed held aloft by Trump on stage, Vietnam was slapped with one of the highest tariffs at 46 percent. Malaysia, meanwhile, was hit with a 24 percent rate under Trump's reciprocal tariff plan while India faces a 27 percent rate. Earlier this week, Trump was dealt a devastating blow, albeit a temporary one. A three-judge panel at the U.S. New York-based Court of International Trade ruled that parts of the president's tariff regime was unlawful. The ruling argued that Trump had wrongfully invoked an emergency law to justify the levies. Erupting with frustration, some in the White House vented that the move was akin to a 'judicial coup' against the president's executive authority. The pause was short-lived, though, after an appeals court issued a stay on the panel's ruling that have allowed the tariffs to remain. The appeals court demanded to hear from the Trump administration and the litigating parties, Democratic-led states and a group of small businesses. The case remains ongoing, though the White House has multiple tools at its disposal to implement tariffs in other ways if the court rules against it.
Zawya
16-05-2025
- Business
- Zawya
Kenya looks to EU for more exports amid Trump tariffs
In the face of the Trump tariffs, Kenya says it is looking to the European Union to absorb more exports under their Economic Partnership Agreement (Epa). US President Donald Trump in March announced a 10 percent tariff on goods from most African countries, prompting them to seek markets elsewhere. Speaking at the second EU-Kenya Business Forum in Nairobi this week, the Cabinet Secretary for Investment, Trade and Industry, Lee Kinyanjui, said that Kenya is seeking to expand its exports to the EU's 27 member states by leveraging its horticultural and textile sectors, both of which have been affected by the Trump tariffs. Read: Pain of Trump's tariffs on African economiesHe added that Kenya's exports have increased under the Epa.'We see good progress and, in a moment of a time of turbulence such as now, it pays to have good, stable trading partners such as the EU,' the minister said.'We want to diversify our products, whether it's textiles or any other commodity. And this is one bloc - the EU - but there are many others that we are trying to build. The point is to expand our markets so that, when there is turbulence on one side, we can balance with the other.'The CS conceded that Kenya's exports to the US have been affected by tariffs, 'but now we don't want to over-rely on one particular market.''What we want is a diversified market. Send your 20 or 30 percent to the US and another 30 or 40 percent to another place, and that is how the world works,' he said. Kenya and the EU signed an Epa December 18, 2023 and Kenya ratified it on April 24, 2024, before it entered into force on July 1, 2024. This deal has met opposition from a section of the East African Community, due to concerns about its potential impact on regional trade and the African Continental Free Trade Area (AfCFTA). Latest trade figures shared by both the EU and Kenya's Ministry of Trade indicate trade between the EU and Kenya reached €3.4 billion ($3.8 billion) in 2023, with an increase of 13 percent in the past year and of 53 percent in the past 10 years in favour of the EU. In 2023, Kenya exported to the EU goods valued at $1.07 billion against imports of $1.6 billion. Filippo Amato, Trade Counsellor at the EU Delegation to Kenya, also noted the increase in the volume of trade between EU and Kenya from 2023 to 2024 - 13 percent but also acknowledged that 'the balance of trade is still in favour of the EU, but that gap is not huge.'The Southern and Eastern Africa Trade Information and Negotiations Institute (Seatini), an African think tank, has consistently expressed concerns that the Kenya-EU Epa could disrupt EAC regional integration. Read: Kenya trade pact with EU, UK hit headwinds over tariffs on alcohol'We appreciate the position of Kenya, given that failure to conclude the Epa would have locked the country out of the EU market. However, it should be noted that Kenya mainly exports vegetables, fruits and flowers to the EU to the tune of $1.3 billion, while importing mineral and chemical products such as cement, palm oil, coated, flat, rolled iron, soap, machinery,' said Jane Nalunga, Seatini executive director.'Kenya should prioritise the EAC regional integration because the EAC trade provides prospects for industrial development and structural development.'The chairman of the Kenya Private Sector Alliance, Dr Jas Bedi, while supporting the new drive by Kenya, said: 'Trade thrives on predictability, a quality currently lacking in the broader, increasingly polarised global trade environment. The EU gives us this kind of stability.''Even though the Agoa is not yet over, there is a need to diversify our markets, and the EU and other regions offer Kenya a chance to seek alternatives,' Dr Bedi noted. During the meeting meant to launch of the European Chamber of Commerce in Kenya (EuroCham Kenya), the ministers focused on addressing bilateral trade issues and agreed to initiate negotiations on the protocol on rules of origin."The EU-Kenya Epa is a landmark achievement,' said Maroš Šefčovič, EU Commissioner for Trade. 'It is the most ambitious deal that the EU has ever concluded with a sub-Saharan partner. It reflects the shared commitment to strengthen and diversify our economies, create good jobs and foster sustainable growth." © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
