Latest news with #USTR
Yahoo
5 hours ago
- Business
- Yahoo
Global Markets, U.S. Futures Lower on Trade Tensions
Global stocks and U.S. futures started the new month lower after Trump threatened to double tariffs on steel and aluminum, and trade tensions escalated between China and the U.S.
Reuters
6 hours ago
- Business
- Reuters
Swiss economic output increases as firms rush to beat US tariffs
ZURICH, June 2 (Reuters) - The Swiss economy grew by 0.8% in the first three months of 2025, the government said on Monday, as companies rushed through exports to avoid looming U.S. tariffs. The quarterly figure, which was adjusted for the impact of sporting events, was an uptick from the revised 0.6% increase in the last three months of 2024. It was better than the flash forecast for a 0.7% increase released earlier this month and also above the long term average for Swiss quarterly GDP growth of 0.4%. The figures included growth in services and a big boost from higher exports as companies sent products to the U.S. to avoid the higher tariffs threatened by President Donald Trump. "In particular, exports to the U.S. rose sharply, pointing to possible front-loading in connection with U.S. trade policy," said the State Secretariat for Economic Affairs (SECO). Swiss exports to the United States increased by 17.4% in the first three months of 2025, compared with the previous three months, much higher than the 3.6% increase in overall exports, according to data from the Swiss customs office. Trump's administration imposed a 31% tariff on Swiss imports in April, although the figure has since been temporarily reduced to 10%.
Yahoo
10 hours ago
- Business
- Yahoo
South Korea to minimise impact of 50% tariff on steel products, ministry says
SEOUL (Reuters) -South Korea's Industry Ministry said on Monday it will respond to the looming 50% U.S. tariff on steel products as part of its trade discussions with Washington in order to minimise the impact on industry. U.S. President Donald Trump said on Friday he planned to increase tariffs on imported steel and aluminum to 50% from 25% starting Wednesday, ratcheting up pressure on global steel producers and deepening his trade war. South Korea is the fourth-biggest exporter of steel to the United States, behind Canada, Mexico and Brazil last year, according to American Iron and Steel Institute data. South Korea's Industry Ministry said in a statement that it had held an emergency meeting with officials from the country's major steelmakers, including POSCO and Hyundai Steel. Shares of South Korean steelmakers lost ground on Monday, with POSCO and Hyundai Steel falling 3% and SeAH Steel Corp down 6.3% in morning trade. The 50% tariffs will add challenge to Korean steel exporters which have refrained from sharply boosting exports to the U.S. to avoid Washington scrutiny, despite rising U.S. steel prices, an industry executive told Reuters. "It will be a burden to exporting companies, if there are no additional steel price increases in the U.S," he told Reuters, asking not to be identified due to the sensitivity of the issue. Despite tariffs, South Korea's steel shipments to the United States rose 12% in April from a year earlier, according to trade data. Steel and aluminum tariffs were among the earliest put into effect by Trump when he returned to office in January. The tariffs of 25% on most steel and aluminum imported to the U.S. went into effect on March 12. Industry officials said the tariffs have increased steel prices in the United States, impacting several sectors, including home appliances, cars, and construction. TRADE TALKS South Korea, a major U.S. ally, has called for the exemption of tariffs on steel, autos and others items, during talks with the United States. Seoul agreed in late April to craft a trade package by the end of the 90-day pause on Trump's reciprocal tariffs in July, but it has been difficult for negotiators to make big decisions due to a political leadership vacuum. In late March, Hyundai Steel announced a plan to build a $5.8 billion factory in Louisiana in response to U.S. tariffs, but the factory will not open until 2029. In April, Hyundai Steel's bigger rival POSCO signed a preliminary deal to make an equity investment in the factory project.
Yahoo
5 days ago
- Business
- Yahoo
Democrat Warren raises concerns that US tariff deals will favor Big Tech over workers
By David Lawder (Reuters) -Democratic U.S. Senator Elizabeth Warren on Wednesday expressed concern the Trump administration's tariff negotiations would favor big technology firms at the expense of consumers and workers. In a letter to U.S. Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, Warren said Big Tech has long sought to use trade negotiations to "undermine pro-consumer, pro-competition policies." She asked for details on the officials' interactions with tech industry executives. WHY IT'S IMPORTANT Warren has for years argued in favor of stronger regulation on big technology firms. President Donald Trump has taken a stance favorable to the technology sector, taking aim at foreign governments' regulatory restrictions and digital services taxes aimed at capturing revenue from Meta, Apple, Alphabet's Google, Amazon and other U.S. tech firms. Trump in February ordered a revival of tariff retaliation probes over digital services taxes, and Greer and Bessent have raised U.S. opposition to digital services taxes as part of trade negotiations. In her letter, Warren said she was concerned by a list of 10 digital trade grievances against U.S. trading partners posted by USTR on X, including the European Union's Digital Services Act and Digital Markets Act and South Korea's cross-border data flow restrictions. KEY QUOTE: Warren said that given the industry's large donations, presence at Trump's inauguration and its success in lobbying for temporary tariff exemptions, "I am gravely concerned renegotiated trade deals will be used to advance Big Tech's anti-consumer agenda while doing nothing to promote U.S. manufacturing or help American workers." Spokespersons for USTR, the Treasury and the Commerce Department did not immediately respond to a request for comment.
Hindustan Times
5 days ago
- Business
- Hindustan Times
Democrat Warren raises concerns that US tariff deals will favor Big Tech over workers
-Democratic U.S. Senator Elizabeth Warren on Wednesday expressed concern the Trump administration's tariff negotiations would favor big technology firms at the expense of consumers and workers. In a letter to U.S. Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, Warren said Big Tech has long sought to use trade negotiations to "undermine pro-consumer, pro-competition policies." She asked for details on the officials' interactions with tech industry executives. WHY IT'S IMPORTANT Warren has for years argued in favor of stronger regulation on big technology firms. President Donald Trump has taken a stance favorable to the technology sector, taking aim at foreign governments' regulatory restrictions and digital services taxes aimed at capturing revenue from Meta, Apple, Alphabet's Google, Amazon and other U.S. tech firms. Trump in February ordered a revival of tariff retaliation probes over digital services taxes, and Greer and Bessent have raised U.S. opposition to digital services taxes as part of trade negotiations. In her letter, Warren said she was concerned by a list of 10 digital trade grievances against U.S. trading partners posted by USTR on X, including the European Union's Digital Services Act and Digital Markets Act and South Korea's cross-border data flow restrictions. KEY QUOTE: Warren said that given the industry's large donations, presence at Trump's inauguration and its success in lobbying for temporary tariff exemptions, "I am gravely concerned renegotiated trade deals will be used to advance Big Tech's anti-consumer agenda while doing nothing to promote U.S. manufacturing or help American workers." Spokespersons for USTR, the Treasury and the Commerce Department did not immediately respond to a request for comment.
