Latest news with #TradeAgreements
Bloomberg
a day ago
- Business
- Bloomberg
Trump's Preliminary ‘Napkin' Deals on Trade Face Scrutiny
Frameworks. Preliminary accords. Tariff deals. Trade agreements. These are just a few of the words used to describe what President Donald Trump is inking with economies like the European Union, Japan and a handful of others on the homestretch before his Aug. 1 deadline. Deborah Elms of the Hinrich Foundation in Singapore offered another: the napkin deal.
Bloomberg
17-07-2025
- Business
- Bloomberg
US Tariffs Risks Turning Global Trade Into 'Arm-Wrestling Match', Singapore FM Says
Global trade risks becoming a 'bilateral arm-wrestling match' following President Donald Trump's approach of slapping tariffs on its partners, according to Singapore's Foreign Minister Vivian Balakrishnan. Such an imposition may trigger a strong temptation from the other side to impose reciprocal tariffs. 'Instead of a rules-based global system that promotes trade, you now have a system where every trade agreement becomes a bilateral arm-wrestling match,' he said in a fireside chat during the Aspen Security Forum in Colorado on Wednesday. 'You end up in an escalatory spiral.'
Arab News
07-07-2025
- Business
- Arab News
Rubio to make first visit to Indo-Pacific region for ASEAN meeting
WASHINGTON: US Secretary of State Marco Rubio will visit Malaysia later this week to attend a meeting of Southeast Asian Nations in his first visit to the Indo-Pacific region as America's top diplomat, the State Department said in a statement. Rubio will travel July 8-12 and will take part in meetings in Kuala Lumpur with the 10-member Association of Southeast Asian Nations, whose ministers are gathering there, the State Department said. Rubio will seek to firm up US relationships with partners and allies in the region, who have been unnerved by President Donald Trump's global tariff offensive. The trip is part of a renewed US focus on the Indo-Pacific and represents an effort by the Trump administration to look beyond the conflicts in the Middle East and Europe that have so far consumed much of its attention. Last week, Rubio hosted counterparts from Australia, India and Japan and announced a joint initiative to ensure supply of critical minerals, a vital sector for high-tech applications dominated by Washington's main strategic rival China. Trump also announced he reached a trade agreement with important Southeast Asian partner and ASEAN member Vietnam and could reach one with India, but cast doubt on a possible deal with Japan, Washington's main Indo-Pacific ally and a major importer and investor in the United States. Rubio has yet to visit Japan, or neighboring South Korea, the other major US ally in Northeast Asia, since taking office in January, even though Washington sees the Indo-Pacific as its main strategic priority given the perceived threat posed by China. ASEAN countries have been nervous about Trump's tariff offensive and have questioned the willingness of his 'America First' administration to fully engage diplomatically and economically with the region. 'There is a hunger to be reassured that the US actually views the Indo-Pacific as the primary theater of US interests, key to US national security,' said Greg Poling, director of the Southeast Asia Program at Washington's Center for Strategic and International Studies. Other ASEAN countries may be encouraged by Vietnam's deal with Trump. 'This should smooth the way for continued pragmatic security engagement between the US and Vietnam, and hopefully provide a pathway for others in Southeast Asia to get similar deals without having to give up much,' Poling said.
Zawya
07-07-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets gain on US trade progress
Most Gulf equities ended higher on Monday as U.S. President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieves for several countries. The White House is close to finalising several trade agreements in the coming days and will notify other countries of higher tariffs by July 9, with the new rates effective August 1, Trump said on Sunday. Saudi Arabia's benchmark index rose 0.3%, helped by a 0.8% gain in oil giant Saudi Aramco. Oil shrugged off the impact of OPEC+ hiking output more than expected for August as well as concerns about the potential impact of U.S. tariffs, with prices mostly reversing early losses as a tight physical market lent support. In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. The uncertainty surrounding oil prices, especially with OPEC+ gradually increasing production, remains a key risk for the Saudi market, said Joseph Dahrieh, managing principal at Tickmill. "However, the market could find support as Saudi Arabia expands its share in the oil market," he said. Dubai's benchmark index gained 0.9%, hitting a 17-year high, driven by financial shares. Emirates NBD jumped 2.3%, while Dubai Islamic Bank rose 1%. According to Dahrieh, the Dubai stock market's strong fundamentals suggest potential for further growth, while U.S. trade policy risks could continue to weigh on sentiment. In Abu Dhabi, the index added 0.3%, with Burjeel Holdings surging 14.7% after announcing expansion into Saudi Arabia. Meanwhile, Trump announced plans to impose an additional 10% tariff on countries aligning with the "anti-American policies" of the BRICS bloc, which includes the United Arab Emirates. While Saudi Arabia attended a BRICS meeting in April, it has not formally joined the group. Qatar's benchmark index added 0.5%, helped by a 1.5% increase in Qatar International Islamic Bank. Outside the Gulf, Egypt's blue-chip index finished 0.4% higher, with electronic payments provider Fawry climbing 2.4%. SAUDI ARABIA rose 0.3% to 11,345 ABU DHABI up 0.3% to 10,007 DUBAI advanced 0.9% to 5,803 QATAR gained 0.5% to 10,801 EGYPT added 0.4% to 33,038 OMAN was up 0.3% to 4,578 KUWAIT increased 0.5% to 9,193 (Reporting by Amna Mariyam and Ateeq Shariff in Bengaluru)
Bloomberg
23-06-2025
- Politics
- Bloomberg
Thailand Targets Cambodian Scam Centers as Border Dispute Rages
Thailand announced a raft of security and trade measures to cripple transnational crime syndicates in Cambodia, as Prime Minister Paetongtarn Shinawatra seeks an upper hand in a simmering border dispute with its neighbor. Bangkok will restrict border crossings to Cambodia across seven provinces, and halt exports of goods including fuel that abet transnational criminal activities, Paetongtarn told reporters on Monday after chairing a meeting of officials and security agencies.
