Latest news with #GovernorsMeeting
CTV News
9 hours ago
- Politics
- CTV News
CTV National News: New England states welcome eastern Canadian premiers
Watch Massachusetts' governor hosted several Canadian premiers and New England state governors in an effort to show unity. Sarah Plowman has the details.
IOL News
24-04-2025
- Business
- IOL News
Trade war is "tax without revenue", says Sarb Governor Lesetja Kganyago
From left to right: National Treasury director-general Duncane Pieterse, finance minister Enoch Godongwana, and Sarb Governor Lesetja Kganyago at the 2nd G20 Finance Ministers and Central Bank Governors Meeting in Washington, D.C. South African Reserve Bank (Sarb) Governor, Lesetja Kganyago, has likened the prevailing uncertainty in the global trade and economy caused by the trade war over import tariffs as a 'tax without revenue'. Speaking during a media briefing in Washington D.C. on Thursday, Kganyago said the 2nd G20 finance ministers and central bank governors meeting reflected on the current economic developments and the extent of the uncertainty that engulfed the financial markets as a result of the trade measures that had been taken with respect to the impact on trade and the response in the form of tariffs, and what that actually meant for financial stability. Kganyago said the tit-for-tat that was taking place over tariffs meant that countries might actually not be talking to each other, adding that they were coming to the point where the tensions have become so elevated that countries were speaking past each other. 'There was also a need to take immediate and coordinated efforts as needed to de-escalate and reduce the current volatility and uncertainty, and to provide policy clarity. Basically, uncertainty was seen as a tax without revenue, and that we cannot let the uncertainty become the new certainty,' Kganyago said. 'There are time limits that have been set. Some tariffs are supposedly off the table for a period of 90 days. It's ticking every day. The days are becoming fewer. 'And in an environment where every country is negotiating bilaterally, these things could actually take a lot of time, meaning that the uncertainty might be with us for long, and that there was a call that says that you have got to actually be de-escalating, and the way to de-escalate is to actually be engaged in dialogue.' Kganyago said the meeting also reflected on the benefits from globalization, and members were supporting an open, rules-based, and transparent trading system with the World Trade Organizations at its core. He said there was also a big reflection that the current rules might have to be relooked in a bid to have a much fairer trade. 'There was also a reflection on the global imbalances, and that was strongly emphasized, and that we need to look at the root causes and review both the internal and global policies that intensify these imbalances and increased trade barriers and trade tensions that we had seen, and that the IMF should actually be playing a key role in assessing the country-specific policies,' he said. Finance Minister Enoch Godongwana said the meeting opened with discussing the international financial architecture, which focuses, among other things, on the continued agenda of the reform of the multinational banks. Godongwana said the key item was that work has been done, but what the G20 needed to do was to develop a reporting mechanism for the banks, which it hoped to be concluded by the end of September. 'The issues also continue to deal with the debt vulnerabilities, particularly in emerging economies and the African continent. In this regard, the common framework is an instrument. We will be publishing case studies of countries that have gone through that process,' Godongwana said. 'On the focus, another focus agenda was on the African continent. As you would be aware, given the fact that the presidency [of the G20] now is on the African continent, we've given a spin and a focus on Africa. 'Then a key of those challenges that need to be done on the African continent, and deepening some of the institutional arrangements we've had, like the combat with Africa, replenishing the African Fund, African Development Fund, and generally, how do we deal with the cost of capital and access to capital for the African continent. Those are some of the challenges that we grappled with this morning.' BUSINESS REPORT
Korea Herald
16-04-2025
- Business
- Korea Herald
Korea's top policymakers to visit US next week amid push for tariff relief
Seoul treads carefully as Washington proposes linking trade relief to military, energy deals Korea's top economic policymakers are set to visit the United States next week in a coordinated diplomatic push to ease US President Donald Trump's tariffs on Korean exports. The Ministry of Economy and Finance confirmed on Thursday that Deputy Prime Minister and Finance Minister Choi Sang-mok will travel to Washington, where he is scheduled to meet with his US counterpart, US Treasury Secretary Scott Bessent. While the exact schedule and attendees are still being finalized, the meeting is expected to focus on pressing trade issues between the two allies. 'The US Department of the Treasury proposed a meeting with Secretary Bessent on major trade-related issues in conjunction with Deputy Prime Minister Choi's visit next week,' the ministry told reporters. Choi's trip to Washington will coincide with the G20 Finance Ministers and Central Bank Governors Meeting, scheduled for April 23–24, which will take place on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank. The high-stakes trip underscores Seoul's efforts to protect key industries and maintain economic stability amid growing global protectionism. In a parallel effort, Korea's Trade Minister Ahn Duk-geun is also coordinating plans to visit Washington as early as next week to meet with senior US officials, including Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. The talks will focus on negotiating potential revisions or exemptions from the newly announced US duties on Korean goods. On April 10, the Trump administration announced a 90-day pause on country-specific "reciprocal tariffs" to bring some 70 countries, including key US partners such as Korea, Japan, the UK, Australia and India, to the negotiation table while keeping a separate 10 percent universal tariff in place. For the three-month period, the reciprocal tariff rate on Korean goods exported to the US was lowered from an initial 25 percent to 10 percent. Product-specific tariffs will remain, such as the 25 percent duties on steel and automobiles. In an interview with Bloomberg on Tuesday, Bessent outlined the administration's strategy of sequential negotiations with Asian partners. 'We had Vietnam in last week. We've got the Japanese in on Wednesday. … South Korea next week,' he said. Bessent also said that early participants in the negotiation process would likely secure more favorable terms, describing it as a 'first mover advantage.' In a phone call on April 8 between Trump and Acting President and Prime Minister Han Duck-soo, the US administration floated the idea of a broader "package deal" approach, proposing discussion on multiple issues in tandem. These include tariffs, a reduction of Korea's trade surplus with the US, cooperation in the shipbuilding sector, Korean purchases of US liquefied natural gas, a joint investment in the Alaska pipeline, and an increase in Korea's contribution to the cost of stationing US troops here. However, the Korean government made it clear that it does not intend to pursue a package deal that links trade negotiations with defense cost-sharing. 'In my conversation with President Trump, we agreed to strengthen cooperation in three key areas — shipbuilding, trade balance and energy — to reinforce the strong Korea-US alliance,' Han said during a visit to Kia Motors' Gwangju plant on Tuesday. 'Based on this cooperation, we are working to ease the burden on industries most affected by the steep US tariffs, particularly the automotive, components, steel and aluminum sectors.'
