Latest news with #RobertKaproth
CNA
16-05-2025
- Business
- CNA
US tells Vietnam trade deficit 'unsustainable' and major concern during tariff talks: Report
HANOI: The United States has told Vietnam its trade deficit with the Southeast Asian country is "unsustainable" and a major concern, Vietnamese state media reported on Friday (May 16), as the two countries hold negotiations on tariffs. Vietnam has been holding talks with the US, its largest export market, to persuade US President Donald Trump's administration to take a benign view of its huge trade surplus with America, after Trump in April announced a "reciprocal" tariff rate of 46 per cent on Vietnamese goods, to take effect in July. Robert Kaproth, a senior US Treasury official, said in a Thursday meeting with Vietnam's deputy finance minister Cao Anh Tuan that the country must take measures to combat illegal transhipment and other kinds of trade fraud, Vietnam News Agency reported on Friday. Tuan asked Kaproth to help facilitate Vietnam's imports of American high-tech products, as part of their efforts to narrow the trade deficit, which exceeded US$123 billion last year. "Vietnam has demand for products that are strengths of the US in the fields of energy, high technology, aviation, machinery and equipment, and agricultural products," Tuan said, according to the report. The US Treasury did not immediately respond to a request for comment on the report. In a bid to reduce its trade surplus with Washington, Hanoi has recently taken several measures, including cutting tariffs on a wide range of goods destined for the US and stepping up its crackdown on Chinese goods being shipped to the US via its territory. Vietnam Prime Minister Pham Minh Chinh said the first round of tariff negotiations with the US took place earlier this month, noting that the country is among the first the US has agreed to hold tariff negotiations with. Vietnam foreign ministry spokesperson Pham Thu Hang said at a regular press conference on Thursday that "Vietnam is actively promoting a balanced and sustainable trade relation with the US".
CNA
16-05-2025
- Business
- CNA
US tells Vietnam trade deficit 'unsustainable' and major concern during tariff talks
HANOI :The United States has told Vietnam its trade deficit with the Southeast Asian country is "unsustainable" and a major concern, Vietnamese state media reported on Friday, as the two countries hold negotiations on tariffs. Vietnam has been holding talks with the U.S., its largest export market, to persuade the U.S. President Donald Trump's administration to take a benign view of its huge trade surplus with America, after Trump in April announced a "reciprocal" tariff rate of 46 per cent on Vietnamese goods, to take effect in July. Robert Kaproth, a senior U.S. Treasury official, said in a Thursday meeting with Vietnam's deputy finance minister Cao Anh Tuan the country must take measures to combat illegal transshipment and other kinds of trade fraud, Vietnam News Agency reported on Friday. Tuan asked Kaproth to help facilitate Vietnam's imports of American high-tech products, as part of their efforts to narrow the trade deficit, which exceeded $123 billion last year. "Vietnam has demand for products that are strengths of the United States in the fields of energy, high technology, aviation, machinery and equipment, and agricultural products," Tuan said, according to the report. The U.S. Treasury did not immediately respond to a request for comment on the report. In a bid to reduce its trade surplus with Washington, Hanoi has recently taken several measures, including cutting tariffs on a wide range of goods destined for the U.S. and stepped up its crackdown on Chinese goods being shipped to the U.S. via its territory. Vietnam Prime Minister Pham Minh Chinh said the first round of tariff negotiations with the U.S. took place earlier this month, noting that the country is among the first the U.S. has agreed to hold tariff negotiations with. Vietnam foreign ministry spokesperson Pham Thu Hang said at a regular press conference on Thursday that "Vietnam is actively promoting a balanced and sustainable trade relation with the U.S."
Business Recorder
15-05-2025
- Business
- Business Recorder
South Korea stocks fall as rally from US-China trade talks loses steam
SEOUL: Round-up of South Korean financial markets: South Korean shares declined on Thursday, as a tech-led rally triggered by U.S.-China trade talks began to lose steam. The won strengthened, while the benchmark bond yield rose. The benchmark KOSPI closed down 19.21 points, or 0.73%, at 2,621.36. Among index heavyweights, chipmaker Samsung Electronics fell 0.17%, while peer SK Hynix lost 2.67%. Battery maker LG Energy Solution slid 2.07%. Hyundai Motor and sister automaker Kia Corp dropped 2.13% and down 1.30%, respectively. Steelmaker POSCO Holdings shed 0.79%, while drugmaker Samsung Biologics fell 0.70%. South Korea's deputy finance minister Choi Ji-young met with Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5, a South Korean government official said on Wednesday. South Korean shares rise for third day on chip boost Of the total 935 traded issues, 298 shares advanced, while 593 declined. Foreigners were net buyers of shares worth 264.4 billion won ($189.34 million). The won was quoted at 1,394.5 per dollar on the onshore settlement platform, 0.72% higher than its previous close. In offshore trading, the won was quoted at 1,390.1 per dollar, up 1.2%, while in non-deliverable forward trading its one-month contract was quoted at 1,386.9. The KOSPI has risen 9.25% so far this year, while the won has strengthened 5.6% against the dollar in the same period. In money and debt markets, June futures on three-year treasury bonds lost 0.05 point to 107.50. The most liquid three-year Korean treasury bond yield was flat at 2.365%, while the benchmark 10-year yield rose 2 basis points to 2.737%.
CNA
15-05-2025
- Business
- CNA
South Korea's deputy finance minister discussed forex with US Treasury official
SEOUL :South Korea's deputy finance minister Choi Ji-young met with Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5, a South Korean government official said on Wednesday. The two met on the sidelines of the 58th ADB Annual Meeting in Milan, Italy, after Seoul and Washington said in April they would try to come up with a trade package aimed at removing U.S. tariffs before a pause on reciprocal tariffs is lifted in July. The U.S. and South Korea on April 25 agreed to craft a trade package going forward where tariffs, economic security, investment and forex policies would be discussed. On Wednesday, the won gained 1.4 per cent against the dollar to 1,398.40 as of 0830 GMT, extending gains to breach the key psychological level of 1,400 per dollar. The won was the worst performer among emerging Asian currencies last year, having fallen more than 14 per cent against the dollar. "News that U.S. and South Korea are discussing forex could be part of the reason why the won is up, but we need to monitor further to see flows behind this as the gains were quite substantial in the afternoon," a local forex dealer said, asking not to be named due to the sensitivity of the matter. U.S. Trade Representative Jamieson Greer is due to meet Ahn Duk-geun, Seoul's trade minister, on Friday on the sidelines of the APEC meeting in South Korea to discuss a broad range of trade issues, according to officials.
Reuters
15-05-2025
- Business
- Reuters
South Korea's deputy finance minister discussed forex with US Treasury official
SEOUL, May 14 (Reuters) - South Korea's deputy finance minister Choi Ji-young met with Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5, a South Korean government official said on Wednesday. The two met on the sidelines of the 58th ADB Annual Meeting in Milan, Italy, after Seoul and Washington said in April they would try to come up with a trade package aimed at removing U.S. tariffs before a pause on reciprocal tariffs is lifted in July. The U.S. and South Korea on April 25 agreed to craft a trade package going forward where tariffs, economic security, investment and forex policies would be discussed. On Wednesday, the won gained 1.4% against the dollar to 1,398.40 as of 0830 GMT, extending gains to breach the key psychological level of 1,400 per dollar. The won was the worst performer among emerging Asian currencies last year, having fallen more than 14% against the dollar. "News that U.S. and South Korea are discussing forex could be part of the reason why the won is up, but we need to monitor further to see flows behind this as the gains were quite substantial in the afternoon," a local forex dealer said, asking not to be named due to the sensitivity of the matter. U.S. Trade Representative Jamieson Greer is due to meet Ahn Duk-geun, Seoul's trade minister, on Friday on the sidelines of the APEC meeting in South Korea to discuss a broad range of trade issues, according to officials.
