Latest news with #USTradeRep
BreakingNews.ie
9 hours ago
- Business
- BreakingNews.ie
Europe's Trade Commissioner has ‘productive engagements' over US deal
Europe's Trade Commissioner says he has had a series of productive engagements throughout the week with his US counterpart. On social media, Maroš Šefčovič says no time or effort spared - their focus is on securing a forward looking deal. Advertisement Both sides are under pressure to reach a deal before July 9th, when a series of reciprocal tariffs are due to come into force. A series of productive engagements throughout this week with @USTradeRep Ambassador @jamiesongreer and Secretary @howardlutnick . No time or effort spared - our focus and priority remain clear: securing a forward-looking deal. — Maroš Šefčovič🇪🇺 (@MarosSefcovic) June 20, 2025 It comes as European shares rose on Friday after declining for three straight sessions, as a stall in the United States' involvement in the Middle East conflict helped soothe investor concerns. The pan-European STOXX 600 was up 0.6 per cent at 538.85 points. The benchmark is set to log a second consecutive weekly fall. Israel and Iran's air war entered a second week and European officials sought to draw Tehran back to the negotiating table. Advertisement The White House said President Donald Trump will decide within the next two weeks about whether to join Israel in the war. That helped improve market sentiment, spurring some interest in risk assets that were sold off earlier in the week on uncertainty around how long the conflict would go on. "The investors are taking a little bit more risk on their shoulders... it is perhaps because the U.S. is now giving itself two weeks and maybe some diplomatic opening window there to resolve the situation in Iran," said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank. Banks rose 1.3 per cent, leading broader gains. Travel and leisure stocks SXTP were also up 1.3 per cent, led by a 4.8 per cent gain in Europe's largest travel operator TUI after Barclays upgraded the stock to "overweight" from "underweight". Advertisement Conversely, energy shares SXEP were at the bottom of the index with a 0.3 per cent decline but were headed for a weekly gain. Ireland Tariffs and gender-based violence on agenda for No... Read More Investors also remain wary of the approaching July 8th tariff-pause deadline, with little progress on trade deals with Washington. European Commission President Ursula von der Leyen is still aiming to reach a deal by July 9th. "Geopolitical tensions are kind of hiding the other worries in the market, which are trade negotiations being delayed with the U.S. occupied with what to do with the Middle East," said Ozkardeskaya. Trump's tariffs have been a source of turmoil and volatility in the last few months, and have already begun to upend global supply chains and threatened economic growth. Additional reporting Reuters
Time of India
04-05-2025
- Business
- Time of India
'Harming America's textiles sector': US claims 'unfair trade practices' by China, India and others
United States Trade Representative The United States on Saturday called out multiple countries, among them China and India, over their " unfair trade practices " which it alleged were "harming" America's textiles and apparels sector. In a social media post, the United States Trade Representative (USTR) said that China's domestic manufacturers were enjoying "unfair competitive advantages" due to non-market policies and practices by China in the textiles and apparel sector. — USTradeRep (@USTradeRep) "These policies are enabling Chinese manufacturers to charge artificially low prices for their products. US textile and apparel manufacturers have been negatively impacted with 28 plants closing in the past 22 months," USTR wrote. Further, it noted that China accounted for 21% of $79.3 billion worth of apparels imported by the United States in 2024. Chinese e-commerce firms, it stated, were responsible for over 30% of all daily de minimis shipments into America, flooding the US market with "cheap apparel products" while bypassing tariffs and evading trade enforcement mechanisms. "The influx of cheap apparel has decimated local industries, particularly in the southeast United States," USTR said. India According to USTR, American exporters were being "disadvantaged" as the Indian textile industry was benefitting from "high tariffs, opaque quality control rules, and a web of unpredictable import licensing requirements." On the other hand, the playing field was "uneven" for US manufacturers as India's export promotion schemes and production-linked incentives provided Indian manufacturers with a "competitive edge." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scarlett Johansson, 40, Shows Off Her Real Size In A New Vacation Photos 33 Bridges Undo European Union USTR accused the European Union (EU) of imposing new "non-tariff barriers," leaving US exporters with "burdensome compliance costs." The "barriers" mentioned by USTR are: eco-design requirements under the EU Strategy for Sustainable and Circular Textiles; "steep" extended producer responsibility fees, and digital product passports with "unrealistic implementation timelines." Which other countries did USTR call out? In its social media post, the USTR also called out Bangladesh, Vietnam, Kenya, Cambodia, Turkey, and Peru. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
07-04-2025
- Business
- Yahoo
Bessent opening trade negotiations with Japan
Treasury Secretary Scott Bessent announced Monday the U.S. is opening trade negotiations with Japan. Bessent, in a post on the social platform X, said President Trump has tasked him and U.S. Trade Representative Jamieson Greer to lead the talks. 'Following a very constructive phone discussion with the Government of Japan, @POTUS @realDonaldTrump has tasked me and @USTradeRep to open negotiations to implement the President's vision for the new Golden Age of Global Trade with @JPN_PMO Shigeru Ishiba and his Cabinet,' Bessent wrote. He was responding to a statement from Trump following his phone call Monday morning with Japanese Prime Minister Shigeru Ishiba, who Trump said is 'sending a top team to negotiate.' Trump, in the same post, said 'tough but fair parameters are being set' for the talks but added that Japan has 'treated the U.S. very poorly on Trade.' 'They don't take our cars, but we take MILLIONS of theirs,' Trump wrote. 'Likewise Agriculture, and many other 'things.' It all has to change, but especially with CHINA!!!' Trump's 25 percent tariff on auto imports, along with the 24 percent tariff on Japanese goods, dealt a hefty blow to the country's economy, which is heavily reliant on exports. A readout of the call from the Japanese prime minister's office said Ishiba 'expressed strong concerns that the tariff measures by the U.S. could weaken investment capacity among Japanese companies,' noting Japan has been the largest investor in the U.S. for the past five years. Ishiba, according to the readout, 'urged a reconsideration' of Trump's tariffs and encouraged 'broader cooperation' between the two countries in a way 'that benefits both Japan and the United States in a mutual manner, including enhancement of investment, rather than imposing tariffs.' 'The two leaders confirmed that they will continue to have candid and constructive discussions,' the readout added. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
