Latest news with #Trade
Bloomberg
a day ago
- Business
- Bloomberg
New Zealand Export Values Drop In Another Sign of Weak Economy
New Zealand posted its first quarterly decline in exports in almost two years, adding to signs that the momentum apparent in the economy at the start of the year has faded. The value of exports fell 3.7% in the second quarter after a 10.6% surge in the three months through March, Statistics New Zealand said Tuesday in Wellington. It's the first drop since the third quarter of 2023.
Ya Biladi
2 days ago
- Business
- Ya Biladi
Argentina invites economic leaders to join trade mission in Casablanca
Estimated read time: 1' The Argentine Ministry of Foreign Affairs, Trade, International Affairs, and Worship is extending an invitation to economic leaders to join a «multisectoral trade mission to Morocco». This significant event is scheduled for «October 7 and 8 in Casablanca», as detailed by the ministry in a statement. The invitation is specifically targeted at «companies in the sectors of software, automotive spare parts, and pharmaceuticals for human consumption». The ministry highlights that «Morocco stands out as a strategic market for the international expansion of Argentine offerings, due to its robust economic growth, openness to global trade, and a strategic location that serves as a natural bridge between Europe and Africa». The trade mission's agenda will feature «business-to-business meetings with carefully selected local partners, tours of key institutions within Morocco's business landscape, and networking events with both public and private sector representatives».
Straits Times
2 days ago
- Business
- Straits Times
EU to ramp up retaliation plans as US tariff deal prospects dim
European Commissioner for Trade Maros Sefcovic speaks to the media ahead of a European Union Foreign Affairs Council (Trade) meeting to discuss EU-U.S. relations, in Brussels, Belgium July 14, 2025. REUTERS/Yves Herman BRUSSELS - The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. An increasing number of EU members, including Germany, are now considering using wide-ranging "anti-coercion" measures which would let the bloc target U.S. services and other sectors in the absence of a deal, diplomats say. The European Commission, which negotiates trade agreements on behalf of the 27-member bloc, had appeared on course for a agreement in which the EU would still have faced a 10% U.S. tariff on most of its exports, with some concessions. Such hopes now seem dashed after President Donald Trump's threat to impose a 30% tariff by August 1, and following talks between EU Trade Commissioner Maros Sefcovic and U.S. counterparts in Washington last week. Sefcovic, who has said a 30% tariff would "practically prohibit" transatlantic trade, delivered a sober report on the current state of play to EU envoys on Friday, diplomats told Reuters. U.S. counterparts had come up with diverging solutions during his meetings, including a baseline rate that could be well above 10%, the EU diplomats added. "Each interlocutor seemed to have different ideas. No one can tell (Sefcovic) what would actually fly with Trump," one diplomat said. Top stories Swipe. Select. Stay informed. Singapore Subsidies and grants for some 20,000 people miscalculated due to processing issue: MOH Singapore 2 workers stranded on gondola dangling outside Raffles City Tower rescued by SCDF Business Why Singapore and its businesses stand to lose with US tariffs on the region Singapore Medallions with Singapore Botanic Gardens' iconic landmarks launched to mark milestone-filled year Life WP chairwoman Sylvia Lim to publish memoir with Epigram Books in 2027 Business $1.1 billion allocated to three fund managers to boost Singapore stock market: MAS Singapore Jail for man who conspired with another to bribe MOH agency employee with $18k Paris trip Singapore Jail, caning for man who held metal rod to cashier's neck in failed robbery attempt Prospects of easing or removing 50% U.S. tariffs on steel and aluminium and 25% on cars and car parts appear limited. 'NUCLEAR OPTION' Washington has also rejected the EU's demand for a "standstill" arrangement, whereby no further tariffs would be imposed after a deal is struck. The rationale, according to diplomats, is that Trump's hands cannot be tied on national security, the basis of Section 232 trade investigations into pharmaceuticals, semiconductors and timber. Accordingly, the mood has pivoted among EU countries, EU diplomats say, and they are more ready to react, even though a negotiated solution is their preferred option. The EU has one package of tariffs on 21 billion euros ($24.5 billion) of U.S. goods that is currently suspended until August 6. The bloc must still decide on a further set of countermeasures on 72 billion euros of U.S. exports. Discussions have also increased on using the EU's wide-ranging "anti-coercion" instrument (ACI) that allows the bloc to retaliate against third countries that put economic pressure on member states to change their policies. Brought in more with China in mind, it would allow the bloc to target U.S. services, limit U.S. companies' access to public procurement or financial services markets or restrict U.S. investment. France has consistently advocated using the ACI, but others have baulked at what some see as a nuclear option. Trump has warned he will retaliate if other countries take action against the United States. European Commission President Ursula von der Leyen said a week ago that the ACI was created for extraordinary situations, adding: "We are not there yet." The Commission would need a qualified majority of 15 countries making up 65% of the EU population to invoke it. It would not do so unless it was confident of passing it, but there are now growing signs of support building, with Germany among the countries saying it should be considered, EU diplomats say. ($1 = 0.8590 euros) REUTERS
The Star
2 days ago
- Business
- The Star
Marcos goal: A trade deal unique to US-Philippine ties
MANILA: Negotiating a bilateral trade deal that will result in collaborations 'only the United States and the Philippines will be able to take advantage of' will be the top priority of President Ferdinand Marcos Jr., who left Manila on Sunday (July 20) morning for his three-day official visit to Washington. In his pre-departure speech at Villamor Air Base in Pasay City, Marcos said his meeting with US President Donald Trump was 'essential to continuing to advance our national interests and strengthening our alliance.' 'My top priority for this visit is to push for greater economic engagement, particularly through trade and investment between the Philippines and the United States,' he said. 'I intend to convey to President Trump and his Cabinet officials that the Philippines is ready to negotiate a bilateral trade deal that will ensure strong, mutually beneficial and future-oriented collaborations that only the United States and the Philippines will be able to take advantage of,' the president said. Also high on his agenda is the proposed 20-per cent US tariff on Philippine exports taking effect on Aug. 1, which he hopes to address through constructive and mutually beneficial dialogue with the Trump administration. 'And we will see how much progress we can make when it comes to the negotiations with the United States concerning the changes that we would like to institute so as to be able to alleviate the effects of a very severe tariff schedule on the Philippines,' Marcos said. The United States is the country's biggest trading partner as well as its leading export destination in 2024, accounting for 16.6 per cent of $73.27 billion in export sales, according to data from the Philippine Statistics Authority. Over the past five years, US foreign investment in the Philippines has amounted to P165.93 billion (US$2.90 billion), according to the Philippine Embassy in Washington. As he did in his past trips abroad, the president is expected to meet with business leaders to explore opportunities that will help grow the country's economy. Accompanying Marcos are Foreign Secretary Ma. Theresa Lazaro, Defence Secretary Gilberto Teodoro Jr., Trade Secretary Cristina Roque, National Security Adviser Eduardo Año, Presidential Communications Office acting Secretary Dave Gomez, Special Assistant to the President for Investment and Economic Affairs Frederick Go and Philippine Ambassador to the United States Jose Manuel Romualdez. In his absence, Marcos appointed Executive Secretary Lucas Bersamin, Justice Secretary Jesus Crispin Remulla and Agrarian Reform Secretary Conrado Estrella III as government caretakers. 'The order of the president is to continue the work while he's away. Anyway, we keep in constant communication with him during all the time that he is away from the country,' Bersamin said. Aside from economic issues, Marcos and Trump are also expected to discuss ways to enhance defence cooperation and maritime security, as well as efforts to maintain regional stability amid evolving geopolitical challenges. The President is first scheduled to meet separately with US Secretary of State Marco Rubio and US Defence Secretary Pete Hegseth on July 21. The following day, he will meet with Trump at the White House. He will then conclude his brief visit with his regular briefing with the Philippine media delegation before returning to Manila on July 22. Due to a tight schedule, Malacañang said the president would be unable to meet with the Filipino community in the United States. Marcos is the first head of state from the Association of South-East Asian Nations to meet with President Trump since his return to the White House in January 2025, underscoring the continued strength of Philippines-US relations. According to Marcos, his visit to the United States was built on the active exchanges between the longtime military allies since Trump assumed the presidency. These include the meeting between Rubio and then-Foreign Secretary Enrique Manalo in February; Hegseth's visit to Manila in March; the visit of a bipartisan US congressional delegation in April; and the courtesy visit to Malacañang by US Director of National Intelligence Tulsi Gabbard in June. Manila and Washington have an enduring, nearly 80-year-old alliance founded on deep historical and cultural ties. The Philippines gained its independence from the United States on July 4, 1946, with diplomatic relations formally established on the same day. The 1951 Mutual Defence Treaty provides a strong foundation for the robust security partnership between the two countries. - Philippine Daily Inquirer/ANN
New Straits Times
4 days ago
- Business
- New Straits Times
Johor drafting measures to tackle rising food, transport and housing costs
KULAI: The Johor government is formulating mitigation measures to address rising food, transportation and housing costs, particularly in Johor Baru. State Investment, Trade, Consumer Affairs and Human Resources Committee chairman Lee Ting Han said a discussion on the matter was held today with the relevant state executive councillors. The meeting also touched on efforts to improve public transportation services and expand the Muafakat Johor bus network, while seeking ways to ease the people's financial burden. "We take note of public concerns raised during on-the-ground engagement and through social media. "The people of Johor are worried about what's to come, given the state's rapid economic growth. "So, how do we ensure that people can benefit from this growth, so that everyone, especially the younger generation, chooses to remain in Johor and has access to promising career prospects? "These are some of the challenges we must address," he told a press conference after attending the Sirim Silaturasa 2025 event at the Sirim Johor office today. He was commenting on a recent statement by Menteri Besar Datuk Onn Hafiz Ghazi, who said that Johor Bahru's cost of living had surpassed that of several other major Malaysian cities. Lee said that supply and demand are among the factors contributing to the rising costs, in addition to the state's rapid economic growth. "On housing, we've received feedback that rental rates are quite high. "As announced by the menteri besar, we will accelerate the construction of affordable housing. "Initially, we aimed to build 30,000 units by 2030, but the menteri besar has raised the target to 100,000 units by that time. "We are now making plans to meet this target," he said. Lee said Onn Hafiz is expected to announce initiatives addressing these concerns in the upcoming Johor Budget 2026, scheduled in November. – Bernama
