Latest news with #MorrisTown
Malay Mail
26-05-2025
- Business
- Malay Mail
Trump says US wants tanks and ships over t-shirts and socks amid tariff talks
MORRISTOWN (United States), May 26 — US President Donald Trump said on Sunday his tariff policy was aimed at promoting the domestic manufacturing of tanks and technology products, not sneakers and T-shirts. Speaking to reporters before boarding Air Force One in New Jersey, Trump said he agreed with comments from Treasury Secretary Scott Bessent on April 29 that the US does not necessarily need a 'booming textile industry' – comments that drew criticism from the National Council of Textile Organizations. 'We're not looking to make sneakers and T-shirts. We want to make military equipment. We want to make big things. We want to make, do the AI thing,' Trump said. 'I'm not looking to make T-shirts, to be honest. I'm not looking to make socks. We can do that very well in other locations. We are looking to do chips and computers and lots of other things, and tanks and ships,' Trump said. The American Apparel & Footwear Association said in response to Trump's remarks that tariffs were not good for the industry. 'With 97 per cent of the clothes and shoes we wear being imported, and with clothes and shoes already the most highly tariffed industry in the U.S., we need to focus on common sense solutions that can move the needle,' AAPA President Steve Lamar said in a statement. 'More tariffs will only mean higher input costs for US manufacturers and higher prices that will hurt lower income consumers.' Trump, who has upended world markets with the broad imposition of tariffs, revived his harsh trade rhetoric on Friday when he pushed for a 50 per cent tariff on European Union goods starting June 1 and warned Apple he may impose a 25 per cent levy on all imported iPhones bought by US consumers. But he dialed back on the EU threat on Sunday, extending a deadline for those tariffs until July 9 to allow for talks between Washington and the 27-nation bloc. Trump won the 2016 and 2024 US presidential elections in part by appealing to working class voters hurt by the loss of US manufacturing jobs over many years. He has sought to make good on his promises to boost manufacturing with import tariffs and heralding investments by companies and foreign nations into the United States, even as the US economy remains dependent on supply chains with other countries where many goods, including textiles, are produced less expensively. — Reuters
Malay Mail
26-05-2025
- Business
- Malay Mail
‘Controlled by the USA': Trump defends US$14b Nippon-US Steel deal amid political scrutiny
MORRISTOWN (United States), May 26 — President Donald Trump said on Sunday that the United States will have control over US Steel as part of the company's partnership with Japanese firm Nippon Steel. As part of the deal announced on Friday, Nippon Steel plans to invest US$14 billion into US Steel's operations, including up to US$4 billion in a new steel mill. Trump said on Friday the merger would create 70,000 jobs. Pressed for more details of the agreement, Trump said on Sunday: 'It will be controlled by the United States, otherwise I wouldn't make the deal.' Speaking to reporters as he left for Washington after a weekend at his New Jersey golf club, Trump said relevant lawmakers had pressed him to make the deal. 'It's an investment and it's a partial ownership, but it will be controlled by the USA,' he said. The merger would create the world's third-largest steel producer by volume, following China's Baowu Steel Group and Luxembourg-based ArcelorMittal, according to World Steel Association data. While no details were released, investors have expressed confidence that terms will be similar to those agreed in 2023. Investors have said that eventually US Steel will no longer be publicly traded and they will receive a cash payout for their shares. The deal has been one of the most highly anticipated on Wall Street after it morphed into the political arena with fears that foreign ownership would mean job losses in Pennsylvania, where US Steel is headquartered. — Reuters
Reuters
26-05-2025
- Business
- Reuters
Trump says US will control US Steel as part of Nippon deal
MORRISTOWN, New Jersey, May 25 (Reuters) - President Donald Trump said on Sunday that the United States will have control over U.S. Steel (X.N), opens new tab as part of the company's partnership with Japanese firm Nippon Steel (5401.T), opens new tab. As part of the deal announced, opens new tab on Friday, Nippon Steel plans to invest $14 billion into U.S. Steel's operations, including up to $4 billion in a new steel mill. Trump said on Friday the merger would create 70,000 jobs. Pressed for more details of the agreement, Trump said on Sunday: "It will be controlled by the United States, otherwise I wouldn't make the deal." Speaking to reporters as he left for Washington after a weekend at his New Jersey golf club, Trump said relevant lawmakers had pressed him to make the deal. "It's an investment and it's a partial ownership, but it will be controlled by the USA," he said. The merger would create the world's third-largest steel producer by volume, following China's Baowu Steel Group and Luxembourg-based ArcelorMittal ( opens new tab, according to World Steel Association data. While no details were released, investors have expressed confidence that terms will be similar to those agreed in 2023. Investors have said that eventually U.S. Steel will no longer be publicly traded and they will receive a cash payout for their shares. The deal has been one of the most highly anticipated on Wall Street after it morphed into the political arena with fears that foreign ownership would mean job losses in Pennsylvania, where U.S. Steel is headquartered.
Arab News
26-05-2025
- Business
- Arab News
Trump says he will delay EU tariffs until July 9
MORRISTOWN, New Jersey: US President Donald Trump on Sunday backed off his threat to speed up 50 percent tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to 'reach a good deal.' Trump threatened on Friday to intensify his trade war after expressing frustrations that trade talks were not moving quickly enough, saying he wanted steep new import taxes to start on June 1. The threat roiled global markets. Trump relented after European Commission President Ursula von der Leyen told him during a phone call that the EU needed more time to come to an agreement and asked him to delay the tariffs until July, the deadline he had originally set when he announced new tariffs in April. Trump told reporters on Sunday that he had granted the request. He said that von der Leyen told him 'we will rapidly get together to see if we can work something out.' Von der Leyen said in a social media post that the EU was ready to move quickly in trade talks. Von der Leyen said in a post on X on Sunday that she had a 'good' phone call with Trump. In early April, Trump had set a 90-day window for trade talks for the EU and the US which was to end on July 9.
CNA
25-05-2025
- Business
- CNA
Trump extends deadline to reach EU trade deal until Jul 9
MORRISTOWN, New Jersey: US President Donald Trump said on Sunday (May 25) that he had agreed to extend a deadline for trade talks with the European Union until Jul 9, after the head of the EU executive body said the bloc needed more time to "reach a good deal". Trump told reporters on Sunday that he had granted the request. He said that Ursula von der Leyen, president of the European Commission, told him that "we will rapidly get together to see if we can work something out". Von der Leyen said earlier on Sunday in a social media post that the EU was ready to move quickly in trade talks with the US but needed more time to strike a deal. Von der Leyen said in a post on X that she had a "good" phone call with Trump. Trump had said on Friday that he was dissatisfied with the pace of trade talks with the EU and threatened to put 50 per cent tariffs on all EU goods from Jun 1.
