Latest news with #USCommerce
Yahoo
18 hours ago
- Business
- Yahoo
US commerce secretary says trade documents wanted by Japan are 'weeks away'
TOKYO (Reuters) -U.S. Commerce Secretary Howard Lutnick said in a CNBC interview on Tuesday that documents memorializing trade agreements with Japan and South Korea -- a sensitive topic in Tokyo -- are "weeks away" from being ready. Japanese Prime Minister Ishiba, who is facing calls to step down after the ruling coalition's loss in the July upper house election, has come under attack for not insisting on getting the details of the U.S.-Japan trade deal in writing. He has said Japan skipped this to avoid delaying a reduction in U.S. tariffs on Japanese goods. Lutnick told CNBC the United States has reached a common understanding with both Japan and South Korea on these trade agreements. Under the deal reached last month, the U.S. agreed to reduce tariffs on Japanese car imports to 15% from the previous 27.5%, but did not announce when the change would take effect. 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
Reuters
18 hours ago
- Business
- Reuters
US commerce secretary says trade documents wanted by Japan are 'weeks away'
TOKYO, Aug 20 (Reuters) - U.S. Commerce Secretary Howard Lutnick said in a CNBC interview on Tuesday that documents memorializing trade agreements with Japan and South Korea -- a sensitive topic in Tokyo -- are "weeks away" from being ready. Japanese Prime Minister Ishiba, who is facing calls to step down after the ruling coalition's loss in the July upper house election, has come under attack for not insisting on getting the details of the U.S.-Japan trade deal in writing. He has said Japan skipped this to avoid delaying a reduction in U.S. tariffs on Japanese goods. Lutnick told CNBC the United States has reached a common understanding with both Japan and South Korea on these trade agreements. Under the deal reached last month, the U.S. agreed to reduce tariffs on Japanese car imports to 15% from the previous 27.5%, but did not announce when the change would take effect.
Free Malaysia Today
12-08-2025
- Business
- Free Malaysia Today
China hopes for ‘positive' outcomes as US tariff deadline nears
US commerce secretary expects Donald Trump to extend the 90-day tariff pause for a further period. (EPA Images pic) BEIJING : Beijing is looking to Washington for 'positive' trade outcomes as a tariff truce between the world's two biggest economies remains in limbo, hours before higher tit-for-tat duties are due to return. While the US and China slapped escalating tariffs on each other's products this year – reaching prohibitive triple-digit levels and snarling trade – both countries in May agreed to temporarily lower these levels. But their 90-day halt in steeper levies is due to expire Tuesday, with all eyes now on a path forward. 'We hope that the US will work with China to follow the important consensus reached during the phone call between the two heads of state,' said Chinese foreign ministry spokesman Lin Jian in a statement. He added that Beijing also hopes Washington will 'strive for positive outcomes on the basis of equality, respect and mutual benefit.' Although both sides reached a pact to de-escalate tensions after high-level talks in Geneva in May, their truce has been shaky. In June, key economic officials convened in London as disagreements emerged and US officials accused their counterparts of violating the pact. Policymakers again met in Stockholm last month. But even as both countries appeared to be seeking to push back the reinstatement of duties, US trade envoy Jamieson Greer said last month that president Donald Trump will have the 'final call' on any such extension. Last week, US commerce secretary Howard Lutnick said in an interview that it is likely Trump will further the pause by another 90 days. The White House did not immediately respond to queries on the matter on Monday. Trump said in a social media post late Sunday that he hoped China would 'quickly quadruple its soybean orders,' adding that this would be a way to balance trade with the US. For now, fresh US tariffs on Chinese goods this year stand at 30%, while Beijing's corresponding levy on US products is at 10%. Since returning to the presidency in January, Trump has slapped a 10% 'reciprocal' tariff on almost all trading partners, aimed at addressing trade practices Washington deemed unfair. This surged to varying, steeper levels last Thursday for dozens of economies. Major partners like the European Union, Japan and South Korea now see a 15% US duty on their products, while the level went as high as 41% for Syria. The 'reciprocal' tariffs exclude sectors that have been separately targeted, such as steel and aluminium, and those that are being investigated, like pharmaceuticals and semiconductors. Trump has also taken separate aim at individual countries such as Brazil over the trial of former president Jair Bolsonaro, who is accused of planning a coup, and India over its purchase of Russian oil.
South China Morning Post
07-08-2025
- Business
- South China Morning Post
90-day extension of US-China tariff truce is likely, US Commerce Secretary Lutnick says
A 90-day extension of a US-China tariff truce is likely, US Commerce Secretary Howard Lutnick said on Thursday, the most concrete signal from the US side about moving the deadline since bilateral talks concluded in Stockholm last week. 'I think we're going to leave that to the trade team and to the president to make those decisions, but it feels like likely that they're going to come to an agreement and extend that for another 90 days,' he said on Fox News when asked if the truce, which is set to expire on Tuesday, would be extended. Lutnick made similar comments last week while the talks were under way July 28 and 29, noting that a 90-day extension was a likely outcome of negotiations. But after the talks, only the Chinese side declared a consensus on extending the pause on tariff increases. US Trade Representative Jamieson Greer said in a CBS interview last Friday that the two sides were 'working towards' an extension. The commerce secretary spoke hours after US President Donald Trump's sweeping worldwide tariffs came into effect on Thursday, imposing at least 10 per cent on imports from about 90 countries, after multiple rounds of delays since they were first announced in April. Since April, the US has gradually increased tariffs on Chinese imports to as much as 145 per cent. In retaliation, Beijing imposed tariffs of up to 125 per cent and introduced export controls on strategic raw materials.
CNA
31-07-2025
- Business
- CNA
Thailand awaits more details as US says trade deal reached ahead of tariff deadline
US Commerce Secretary Howard Lutnick said Washington has secured trade deals with Thailand and Cambodia. Thailand's finance minister said he is expecting more information on the precise rate of tariffs, while Cambodia's deputy prime minister said he is not aware any new agreement had been reached. Without a deal, Thailand and Cambodia could face 36% tariffs imposed by the US — their top export market. AP Correspondent Jeremy Koh reports.
