Latest news with #US-Vietnam
Yahoo
41 minutes ago
- Business
- Yahoo
Shoe Stocks Mixed as US-Vietnam Trade Deal Framework Revealed
Shoe stocks remained mixed at the end of Wednesday's trading session following word that the U.S. and Vietnam have set some parameters for a trade deal. U.S. President Donald Trump said on Truth Social that 'Vietnam will pay the United States a 20 percent Tariff on any and all goods sent into our Territory, and a 40 percent Tariff on a Transshipping.' He added that Vietnam will also give the U.S. 'total access' to their markets for trade. After pointing out that the access is something Vietnam has never done before, Trump also said the U.S. will be able to sell American product 'into Vietnam at zero tariff.' More from WWD US-Vietnam Trade Deal for 20 Percent Tariff Raises Some Big Questions Tariff Fears Prompted Some Shoe Firms To Get Out of China Fast: But Did They Move Too Quickly? Samuel L. Jackson Lends His Voice to New Adidas Originals Superstar Campaign There is no confirmation yet on the Vietnam Ministry of Industry and Trade website. Among the footwear firms that saw gains on Wall Street include: Caleres Inc., up 5.1 percent to $13.49; Designer Brands Inc., up 4.8 percent to $2.83; Nike Inc., up 4.1 percent to $76.39; Wolverine World Wide Inc., up nearly 4 percent to $19.84; Steve Madden Ltd., up 3.3 percent to $26.04; On Holding AG, up 2.9 percent to $53.70; Rocky Brands Inc., up 2.7 percent to $23.65, and Under Armour Inc., up 1.9 percent to $6.87. Shoe stocks that fell on the news include: Allbirds Inc., down 4.3 percent to $10.48; Asics ADR, down 1.3 percent to $25.31; Foot Locker Inc., down 0.8 percent to $24.75; Puma SE, down 0.7 percent to $2.71, and Crocs Inc., down 0.4 percent to $106.74. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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First Post
8 hours ago
- Business
- First Post
China fumes over US-Vietnam deal targeting trans-shipping, vows to safeguard interests
The agreement with Vietnam reduces tariffs on Hanoi's exports from a threatened 46% to 20%, while maintaining a 40% duty on 'trans-shipped' goods — a measure widely seen as targeting Chinese products re-exported to the US read more A day after President Donald Trump announced a new trade agreement with Vietnam, China on Thursday slammed the deal, amid concerns in Beijing that the US is leveraging its 'liberation day' tariff negotiations with other countries to undermine China's export-driven economy. According to a Financial Times report, the agreement with Vietnam reduces tariffs on Hanoi's exports from a threatened 46% to 20%, while maintaining a 40% duty on 'trans-shipped' goods — a measure widely seen as targeting Chinese products re-exported to the US. STORY CONTINUES BELOW THIS AD The agreement is the second seen as targeting China since President Trump outlined his 'liberation day' increases in tariffs on April 2, added the report. In May, the US and UK agreed a deal that included strict security requirements for steel and pharmaceuticals that were widely seen as intended to squeeze China out of British supply chains. More from World When asked about the deal with Vietnam, an important trading partner with China, the ministry of foreign affairs in Beijing said trade negotiations should not hurt the interests of 'third parties'. 'Relevant negotiations and agreements should not target or undermine the interests of any third party,' Financial Times quoted the ministry as saying. Dozens of countries are scrambling to secure trade agreements with the US ahead of the July 9 deadline, when President Trump's suspended 'reciprocal' tariffs are set to take effect. For Vietnam — one of the most trade-dependent nations, with the US accounting for 30% of its exports — the urgency was especially high. However, analysts noted that the steep final tariffs and the added levy on trans-shipping highlight the high cost Hanoi paid to strike the deal. Deal aimed at China? 'The new US-Vietnam deal is not just about trade; it is clearly aimed at China . . . it is meant to block the flow of Chinese goods that often move through Vietnam to dodge existing US duties,' Financial Times quoted Julien Chaisse, an expert on international economic law at the City University of Hong Kong, as saying. 'This fits a much wider trend: the US is lining up bilateral deals with countries near China to tighten economic co-operation and, at the same time, [make] it harder for Beijing to stretch its supply chain influence.' STORY CONTINUES BELOW THIS AD Many Southeast Asian nations benefited from the US-China trade war by becoming alternative hubs for Chinese manufacturers avoiding US tariffs. However, this 'China plus one' strategy led to significant trade surpluses with the US. 'The key lesson for other countries from this deal, and that agreed previously by the UK, is that they will be expected to curtail some trade with China,' Financial Times quoted Capital Economics' chief Asia economist Mark Williams and senior Asia economist Gareth Leather as writing in a note. 'That will be seen as a provocation in Beijing, particularly if similar conditions are included in any other deals agreed over coming days.' China's commerce ministry on Thursday also said that it firmly opposed any countries reaching a trade deal at its expense, adding that it would safeguard its rights and interests. According to the report, citing analysts, the Vietnam deal, as well as others that Beijing deems as endangering its interests, could also undermine US-China trade talks. STORY CONTINUES BELOW THIS AD Trump recently claimed a tariff truce with Beijing has been signed, but concerns remain over Chinese restrictions on the flow of rare-earth exports and US export controls on advanced technology such as semiconductors. With inputs from agencies
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Business Standard
10 hours ago
- Business
- Business Standard
Rupee rises on trade deal hopes; settles 38 paise stronger at 85.32/$
The Indian rupee extended its gains through the day on Thursday, amid optimism over signing trade deals with the US, along with a decline in crude oil prices. The domestic currency closed 38 paise higher at 85.32 against the dollar on Thursday, according to Bloomberg. Asian currencies traded mixed during the session as caution loomed over the US reciprocal tariff deadline. The unit has depreciated by around 0.21 per cent in June and has fallen by 0.18 per cent in the first six months of the calendar year. The US and Vietnam signed a trade deal that'll levy a 20 per cent tariff on exports to America and a 40 per cent levy on goods deemed to be transshipped, US President Donald Trump said. Vietnam agreed to drop all tariffs on US imports, he said. On Wednesday, Trump said that the US and India will soon finalise a trade deal with 'much lower tariffs,' which would enable fairer competition between the two countries. The dollar index traded marginally higher after the US-Vietnam trade deal. The measure of the greenback against a basket of six major currencies was up 0.06 per cent at 96.83. The index has fallen 10.86 per cent so far this year. In commodities, crude oil fell after Wednesday's uptick as Iran suspended cooperation with the UN nuclear watchdog. Brent crude price was down 1.01 per cent at $68.41 per barrel, while WTI crude prices were lower by 1.05 per cent at 66.74, as of 3:35 PM IST.
Fibre2Fashion
10 hours ago
- Business
- Fibre2Fashion
ICE cotton rises on stronger crude; market wary of tariff expiry
ICE cotton futures rose and closed higher on Wednesday, supported by rising grain prices and stronger crude oil. Costlier crude oil makes polyester fibre more expensive, thereby boosting demand for natural fibre cotton. However, trading activity remained limited due to ongoing uncertainty surrounding trade, particularly as the 90-day tariff pause is set to end on July 9. ICE's most active December 2025 contract settled at 68.63 cents per pound (0.453 kg), up 0.60 cent. Other nearby contracts posted gains ranging from 47 to 59 points. ICE cotton futures closed higher on Wednesday, supported by stronger crude oil and grain prices. Rising oil prices made polyester costlier, improving cotton's competitiveness. Trading activity was subdued due to the US holiday week and uncertainty over the 90-day tariff pause ending July 9. Market sentiment was also influenced by weather conditions and tariff developments with Vietnam. NYMEX crude oil rose over 3 per cent following geopolitical tensions linked to Iran's suspension of cooperation with the IAEA and the announcement of a new US-Vietnam trade deal. The rise in crude prices has made polyester—a key substitute for cotton—more expensive, thereby enhancing cotton's relative competitiveness. Trading volume on July 2 stood at 25,879 contracts, the lowest since December 31 (18,138 contracts). The previous day's cleared volume was 37,864 contracts, reflecting reduced market participation. The decline in activity is attributed to the US holiday week, which dampened overall market momentum. Uncertainty around the impending expiry of the 90-day tariff pause also discouraged active trading. Vietnam is expected to remove tariffs on US goods, while the US plans to impose 20 per cent tariffs on Vietnamese products. Market analysts noted that higher CBOT grain prices and a weaker dollar provided bullish cues for cotton. Weather conditions are favourable in Texas but unfavourable in the Delta region, with the net impact on the crop remaining uncertain. Demand has been modest—acceptable but not strong—with expectations for higher global consumption in the coming year. The USDA's report dated June 30 estimates US cotton planting for 2025 at 10.1 million acres, exceeding analysts' expectations of 9.74 million acres. ICE deliverable inventory declined slightly to 40,488 bales as of July 1, from 40,683 bales the previous day. Currently, ICE cotton for December 2025 is trading at 68.77 cents per pound (up 0.14 cent), cash cotton at 66.92 cents (up 0.49 cent), the July 2025 contract at 66.77 cents (up 0.49 cent), the October 2025 contract at 68.26 cents (up 0.09 cent), the March 2026 contract at 69.98 cents per pound (up 0.08 cent), and the May 2026 contract at 70.97 cents (up 0.04 cent). A few contracts remained at their previous closing levels, with no trading recorded today. Fibre2Fashion News Desk (KUL)
The Sun
11 hours ago
- Business
- The Sun
Indonesia to boost US imports to avoid tougher tariffs: minister
JAKARTA: Indonesia's chief economic minister told AFP on Thursday that Jakarta would step up its energy, agriculture and merchandise imports from the United States to avoid tougher tariffs due to come into force next week. Trump announced sweeping, harsher-than-expected global levies in April, punishing allies like security partner Indonesia for running a trade surplus with the economic superpower. Trump announced a deal with Vietnam on Wednesday under which the country would face a minimum 20 percent tariff. Any similar agreement would mean Jakarta will escape the threat of a more severe 32 percent tariff on top of a baseline 10 percent. 'Indonesia will counterbalance with US energy, agriculture and merchandise imports,' minister Airlangga Hartarto told AFP. Jakarta had earlier said it would aim to boost oil and gas imports from the United States as part of a deal to avoid tougher tariffs by the July 9 deadline. Airlangga said negotiations were ongoing with the US government and private companies, with a memorandum of understanding expected soon. 'Indonesia is in the process with US and Indonesian state and private companies in the negotiations with US counterparts,' he said, adding that Jakarta was 'hopeful' for an MOU to be signed soon. The United States is one of Indonesia's top trading partners, and Jakarta enjoyed a $16.8 billion trade surplus with Washington in 2024, according to Indonesian government data. Data from the US trade representative office shows Washington's goods trade deficit with Jakarta was $17.9 billion in 2024, up 5.4 percent increase on the year prior. The US-Vietnam deal came a week before the threatened US reimposition of steep tariffs on dozens of economies, including the European Union and Japan. Many countries are still scrambling to reach deals with Washington that would protect them from the measures. Those higher tariffs are part of a package Trump initially imposed citing a lack of 'reciprocity' in trading relationships, before announcing a temporary lowering to 10 percent. Since then, Washington has announced a pact with Britain and a deal to temporarily lower retaliatory duties with China. – AFP
