Latest news with #FinanceMinister
Yahoo
2 days ago
- Business
- Yahoo
Thailand-U.S. trade talks should be concluded before August 1, minister says
BANGKOK (Reuters) -Thailand's trade talks with the United States are expected to be concluded before August 1, and U.S. tariffs on the country are not expected to be as high as 36%, its finance minister said on Tuesday. The United States was Thailand's largest export market last year, accounting for 18.3% of total shipments, or $54.96 billion. Washington has put its deficit with Thailand at $45.6 billion. Thailand is ready to negotiate and its proposal remains the same, Finance Minister Pichai Chunhavajira told reporters. "The United States has already opened the way for further negotiations, and we will continue the discussions," he said. Asked whether the talks could be done before the August 1 deadline, Pichai said, "Yes, it can be done in time. We're definitely ready and now we'll see how the U.S. decides." U.S. tariffs on Thailand could be announced on August 1 or August 2, Pichai said. "This is roughly where things stand. I think it's very close now," he added. "I believe we definitely should not face 36%." Earlier this month, Pichai said the country made more concessions in addition to an earlier improved trade proposal that offered zero tariffs on many U.S. products. He said U.S. tariff rates on Thailand are expected to align with other countries in the region. Vietnam and Indonesia now face U.S. tariffs of 20% and 19%, respectively, significantly lower than the levels announced in April.
RNZ News
3 days ago
- Business
- RNZ News
Businesses should pass Paywave costs on through prices, Nicola Willis says
Photo: RNZ / Samuel Rillstone The Finance Minister says when a ban on contactless card payment surcharges comes into effect, businesses should pass on the cost to customers as they would any other business cost, if they can't absorb the bill. The government plans to ban surcharges on contactless card payments no later than May 2026. Commerce and Consumer Affairs Minister Scott Simpson announced the change on Monday afternoon, declaring: "That pesky note or sticker on the payment machine will become a thing of the past." "Shoppers will no longer be penalised for their choice of payment method, whether that's tapping, swiping or using their phone's digital wallet." The ban builds on the Commerce Commission's recent decision to reduce the interchange fees imposed on businesses for accepting Visa and Mastercard payments. Finance Minister Nicola Willis told First Up that change has led to an average reduction in costs for a typical retailer - a small business - of about $500 each week. "So our concern has been, now that reduction has happened, how do we make sure that gets passed through to you, when you're at the shop. What's to stop the retailer just charging you the same fee even though their costs has dropped." Banning the payway fee was the simplest and most transparent thing to do, Willis said. Businesses need to treat the interchange fee like any other cost in their business "and just include it in the price tag on the shelf", she said. "It'll make it easier for people to compare what they're really having to pay. Just think about how many times you've been at the counter and then suddenly you learn that it's a 2.5 or a 3.5 percent surcharge and that gets added to the price of whatever it is you're buying. That's not very transparent." Photo: The sector is warning prices may need to rise at restaurants and cafes due the ban. Asked if she thinks the ban will lead to inflationary prices, the minister said "I think that overall, people will charge the price that they think they can get away with". The change doesn't include international credit card payments or online payments. Willis said these payments were usually much more expensive to process and people using these systems have to pay a bit more because they are protected from things like online scams and fraud. Consumer NZ chief executive Jon Duffy told Morning Report with a reduction in the interchange fee, businesses would be making a profit off the surcharges if they remained in place. "Retailers still pay a small amount ot offer those services, we think that once... the decrease comes into effect it will be less than 1 percent of the total cost of the transaction," Duffy said. Many businesses would absorb this into the prices though there may be some who need to increase prices to cover the cost, he said. "But it would be just the same as if their... power bill or their rent went up." Consumer NZ was a bit disappointed online transactions were not included but it was understandable for now, he said. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Bloomberg
3 days ago
- Business
- Bloomberg
Chile Seeks Copper Tariff Exemption as Talks Begin in Washington
Chile, by far the biggest shipper of copper to the US, will push for an exemption from a planned US tariff on the metal when trade talks begin in Washington on Monday, Finance Minister Mario Marcel said. Speaking in an interview with Radio Duna, Marcel made reference to exemptions on certain raw materials in other agreements, such as UK steel. The minister vowed not to punish its own taxpayers by imposing any reciprocal tariff if the US proceeds with a 50% copper levy.
Yahoo
3 days ago
- Business
- Yahoo
Freeport-McMoran stock falls amid Chile's copper tariff negotiations
-- Freeport-McMoran (NYSE: FCX) stock fell as much as 5% Monday before paring the decline to 3% as Chile's Finance Minister expressed optimism about securing an exception to potential U.S. copper tariffs. Chilean Finance Minister Mario Marcel indicated during a Radio Duna interview that he expects copper to be excluded from U.S. tariff plans during ongoing negotiations in Washington. Marcel noted that similar exceptions have been made for raw materials in other trade agreements, citing precedents with the United Kingdom (TADAWUL:4280) regarding steel and Indonesia concerning copper. "We expect these conversations starting today in Washington to also cover the copper issue, because it wouldn't be very useful to have a trade agreement that excludes more than half of our exports to the U.S., such as copper and wood," Marcel stated. The potential 50% tariff on copper imports to the United States has created uncertainty for major producers like Freeport-McMoran, which operates significant copper mining assets globally. The Chilean government's stance appears focused on diplomatic solutions rather than retaliatory measures. Marcel explicitly ruled out implementing counter-tariffs on U.S. imports, explaining that "a tariff is a tax on imports that local consumers have to pay... We are not going to punish our taxpayers by applying a tariff on imports from the U.S." The outcome of these negotiations remains crucial for Freeport-McMoran and the broader copper market, as Chile represents one of the world's largest copper producers. Any resolution regarding the proposed tariffs could significantly impact global copper trade flows and pricing. Related articles Freeport-McMoran stock falls amid Chile's copper tariff negotiations GE Vernova hit with downgrades on its valuation after sharp rally Analyst bullish on Texas Instruments on earnings lift as capex winds down
Malay Mail
4 days ago
- Business
- Malay Mail
Anwar urges Malaysians to judge govt and its policies on facts, not ‘hatred or sentiment'
KULIM, July 27 — Prime Minister Datuk Seri Anwar Ibrahim has urged the public to assess the government's efforts and policies based on facts, rather than being swayed by political sentiment. Bernama reported him saying that although the government has implemented various initiatives, there are still parties spreading inaccurate information — such as claims that fuel and goods prices are rising — when, in fact, the opposite is true. 'This is a free, democratic country, but we must offer clarification. During an interview (at the gathering in Dataran Merdeka), for instance, there were questions about fuel prices going up, when in reality they have gone down. There are many such falsehoods. 'This shows that it's all just political sentiment and hatred, not based on facts. So, we suggest that the people evaluate based on facts. If there are shortcomings, we're open to improvement,' he told reporters after attending the Organisational Strengthening Seminar and PKR Federal Territories President's Tour here today. Anwar, who is also Finance Minister, acknowledged that government initiatives may not be perfect, but said the administration is constantly looking for ways to address any issues that arise. 'I'm not claiming that everything we do is perfect, but we always listen and adjust where needed,' he said. Earlier, Anwar arrived at the closed-door event at around 12.30pm, where he delivered the President's address and met with PKR members in attendance. Meanwhile, Anwar said he is open to the opposition tabling a motion of no confidence against his leadership as Prime Minister in the Dewan Rakyat. The PKR president and Pakatan Harapan chairman also described the move as a legitimate part of the democratic process. 'We're open to it — this is the proper process. If they want to table it (the motion), go ahead. He (Datuk Seri Hamzah Zainudin) has been saying he wants to do it for three years now,' he said. He was responding to remarks made by Hamzah, who is also the Opposition Leader, during a rally at Dataran Merdeka yesterday. Hamzah had claimed that the opposition is currently considering submitting the motion to Dewan Rakyat Speaker Tan Sri Johari Abdul in the near future.
