Latest news with #Howard Lutnick
Khaleej Times
10 hours ago
- Business
- Khaleej Times
Pakistan's finance minister heads to US to finalise trade deal
Pakistan's Finance Minister Muhammad Aurangzeb has left for his second visit to the United States in two weeks to finalise a trade deal with Washington, his office said late on Monday. The trip comes after Foreign Minister Ishaq Dar said on Friday that the U.S. and Pakistan were "very close" to a trade deal that could come within days, but comments from the U.S. after Dar met with Secretary of State Marco Rubio mentioned no timeline. "A final discussion on the Pakistan-U.S. trade dialogue will take place during the visit," Pakistan's Finance Ministry said in a statement, adding that a trade agreement will benefit both countries. Aurangzeb said he held "productive trade talks" in meetings with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Ambassador Jamieson Greer during his previous visit on July 18. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Islamabad's efforts to avoid steep U.S. duties on exports. Pakistan faces a 29% tariff on exports to the U.S. under President Donald Trump's measures to target countries with large trade surpluses with Washington. Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more U.S. goods, including crude oil, and to open up investment opportunities through concessions for U.S. firms in Pakistan's mining sector. U.S.-Pakistan relations enjoyed a major boost when Trump hosted Pakistan's army chief Field Marshal Asim Munir at the White House last month for an unprecedented meeting. Pakistan aims to expand bilateral trade relations into both traditional and non-traditional sectors, the finance ministry said. There is significant potential for partnerships in key sectors such as information technology, minerals, and agriculture, it added.
Al Arabiya
16 hours ago
- Business
- Al Arabiya
Pakistan's finance minister heads to US to finalize trade deal
Pakistan's Finance Minister Muhammad Aurangzeb has left for his second visit to the United States in two weeks to finalize a trade deal with Washington, his office said late on Monday. The trip comes after Foreign Minister Ishaq Dar said on Friday that the US and Pakistan were 'very close' to a trade deal that could come within days, but comments from the US after Dar met with Secretary of State Marco Rubio mentioned no timeline. 'A final discussion on the Pakistan-US trade dialogue will take place during the visit,' Pakistan's Finance Ministry said in a statement, adding that a trade agreement will benefit both countries. Aurangzeb said he held 'productive trade talks' in meetings with US Commerce Secretary Howard Lutnick and US Trade Representative Ambassador Jamieson Greer during his previous visit on July 18. The negotiations, focused on reciprocal tariffs, are part of a broader push to reset economic ties at a time of shifting geopolitical alignments and Islamabad's efforts to avoid steep US duties on exports. Pakistan faces a 29 percent tariff on exports to the US under President Donald Trump's measures to target countries with large trade surpluses with Washington. Pakistan's surplus was around $3 billion in 2024. To offset the imbalance and ease tariff pressures, Islamabad has offered to import more US goods, including crude oil, and to open up investment opportunities through concessions for US firms in Pakistan's mining sector. US-Pakistan relations enjoyed a major boost when Trump hosted Pakistan's army chief Field Marshal Asim Munir at the White House last month for an unprecedented meeting. Pakistan aims to expand bilateral trade relations into both traditional and non-traditional sectors, the finance ministry said. There is significant potential for partnerships in key sectors such as information technology, minerals, and agriculture, it added.
Reuters
21 hours ago
- Business
- Reuters
South Korea Finance Minister Koo to target mutually beneficial US trade deal
SEOUL, July 29 (Reuters) - South Korean Finance Minister Koo Yun-cheol said on Tuesday he would try to derive a mutually beneficial trade agreement with the United States, in comments ahead of his departure to Washington to meet U.S. Treasury Secretary Scott Bessent. Seoul officials are scrambling in an all-out push to clinch a trade deal ahead of an August 1 deadline to avert punishing tariffs threatened by U.S. President Donald Trump against the country's key industrial exports to the United States. Koo's plan to travel to Washington last week for talks with Bessent was postponed due to the U.S. treasury chief's scheduling conflict. "Treasury Secretary Bessent holds the important position of overseeing trade negotiations in the Trump administration," Koo said in brief remarks to reporters. "We will make the best effort to derive an agreement based on our national interest that would allow South Korea and the United States to co-exist," he said. Koo said he would be joining Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo who have been holding talks with U.S. officials including Commerce Secretary Howard Lutnick for an "all-out response."
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Trump Administration Weighs Patent System Overhaul to Raise Revenue
The Trump administration is considering a plan to raise tens of billions of dollars with a new fee that would transform the patent system, a radical move that would likely fuel pushback from businesses. Commerce Department officials are discussing charging patent holders 1% to 5% of their overall patent value, a shift that could dramatically increase fees, according to people familiar with the matter. The idea is being considered by Commerce Secretary Howard Lutnick as part of his plans to raise revenue and narrow the government's budget deficit.
Washington Post
a day ago
- Business
- Washington Post
Trump's retreat on China chip ban triggers policy spat
Democratic lawmakers took Commerce Secretary Howard Lutnick and his team to task for 'the administration's abrupt and inexplicable decision to reverse course and allow the sale of certain advanced semiconductors' to China, reflecting concerns within both parties that the administration's concessions in trade talks could have longer-term security ramifications. The criticism was conveyed in letters sent to Lutnick on Sunday night and Monday morning. U.S. and Chinese officials are meeting in Stockholm this week for another round of trade talks amid indications that pro-business Silicon Valley voices are winning out over security hawks in steering the Trump administration's China policy.
