Latest news with #market access
Yahoo
3 days ago
- Business
- Yahoo
Markets hope for one thing from US-China tariff talks: another 90-day extension
US and Chinese trade negotiators are meeting this week for at least two days of trade talks as most of the immediate term focus — at least from markets — remains on whether recent de-escalatory signals between the two superpowers will translate into a further delay of punishing additional tariffs. Trump officials also hope this third gathering of the trade teams in recent months will provide an opportunity to pivot to longer-term issues even as a short-term deadline of Aug. 12 remains front of mind. The talks are being closely watched for whether they move the countries toward a face-to-face later this year between Presidents Trump and Xi Jinping as well as whether negotiators can solidify recent gains, such as a lessening of tensions around semiconductors and rare earth minerals. "We have a good relationship with China," President Trump said Monday just after his team stepped into the talks. He signaled his focus could be on market access, saying "I'd love to see China open up their country." Chinese state media also confirmed Monday that talks were underway at the Rosenbad building in Stockholm without providing additional details. The talks come during another crucial week for Trump's trade agenda, with a separate deadline looming this Friday for other countries to strike a deal after a pact was announced with the European Union Sunday setting 15% tariffs. Other major trading partners from Canada to South Korea are still in talks. Yet the recent momentum on trade for Trump could have a limited impact on the more complex talks with China. Zoe Liu, a senior fellow at the Council on Foreign Relations, noted on Yahoo Finance Monday morning that she does not think "the EU's model is going to be a good template for negotiation" — pointing to how China has already proved a willingness to retaliate and that the country has key points of leverage and "knows exactly where to hit back." Terry Haines, Pangaea Policy Founder, added that potential carrots from China could also have less impact. He noted how foreign investment has been a key piece of recent deals — both with Europe and another pact with Japan — but that in the China context "they don't want Chinese investment in a lot of areas" — citing an effort to remove the influence of Chinese money in areas ranging from social media app TikTok to land purchases in the US. Overall talks seen as 'going in the right direction' The China talks are being led on the US side by Treasury Secretary Scott Bessent with He Lifeng, the China's vice premier for economic policy, representing his country U.S. Trade Representative Jamieson Greer is also at the table and added during an NBC appearance Monday that "I can't say at this point" whether a tariff extension is in the offing but that "the conversations are constructive and they're going in the right direction." It is the third get together in as many months between the negotiators, with previous gatherings having taken place in Geneva and London. Bessent has previously called a tariff extension with China "likely" and echoed Trump's optimistic tone in multiple appearances, saying that "trade is in a very good place with China." He also said other key topics on the table this week could be ongoing issues around fentanyl trafficking as well China's consumption of Russian and Iranian oil. That latter issue could also be in sharp focus after Trump said Monday said he plans to shorten a previously announced 50-day deadline with Russia, which he noted will end with either a deal to end the war or global economic retribution. Trump — appearing alongside UK Prime Minister Keir Starmer in Scotland — said that he plans to shorten that deadline to 10-12 days from now and that he is very disappointed in Russian president Vladimir Putin because "we just don't see any progress being made." "There's no reason to wait," he added of the deadline that he says could end in either secondary sanctions or tariffs which China as a major consumer of Russian oil is watching closely. Also in focus with China this week will be whether recent apparent progress over issues like semiconductors and rare earth minerals will continue after ecent talks resulted in key concessions like a plan to allow the resumption of Nvidia (NVDA) sending AI chips to China. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices 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
Yahoo
3 days ago
- Business
- Yahoo
Markets hope for one thing from US-China tariff talks: another 90-day extension
US and Chinese trade negotiators are meeting this week for at least two days of trade talks as most of the immediate term focus — at least from markets — remains on whether recent de-escalatory signals between the two superpowers will translate into a further delay of punishing additional tariffs. Trump officials also hope this third gathering of the trade teams in recent months will provide an opportunity to pivot to longer-term issues even as a short-term deadline of Aug. 12 remains front of mind. The talks are being closely watched for whether they move the countries toward a face-to-face later this year between Presidents Trump and Xi Jinping as well as whether negotiators can solidify recent gains, such as a lessening of tensions around semiconductors and rare earth minerals. "We have a good relationship with China," President Trump said Monday just after his team stepped into the talks. He signaled his focus could be on market access, saying "I'd love to see China open up their country." Chinese state media also confirmed Monday that talks were underway at the Rosenbad building in Stockholm without providing additional details. The talks come during another crucial week for Trump's trade agenda, with a separate deadline looming this Friday for other countries to strike a deal after a pact was announced with the European Union Sunday setting 15% tariffs. Other major trading partners from Canada to South Korea are still in talks. Yet the recent momentum on trade for Trump could have a limited impact on the more complex talks with China. Zoe Liu, a senior fellow at the Council on Foreign Relations, noted on Yahoo Finance Monday morning that she does not think "the EU's model is going to be a good template for negotiation" — pointing to how China has already proved a willingness to retaliate and that the country has key points of leverage and "knows exactly where to hit back." Terry Haines, Pangaea Policy Founder, added that potential carrots from China could also have less impact. He noted how foreign investment has been a key piece of recent deals — both with Europe and another pact with Japan — but that in the China context "they don't want Chinese investment in a lot of areas" — citing an effort to remove the influence of Chinese money in areas ranging from social media app TikTok to land purchases in the US. Overall talks seen as 'going in the right direction' The China talks are being led on the US side by Treasury Secretary Scott Bessent with He Lifeng, the China's vice premier for economic policy, representing his country U.S. Trade Representative Jamieson Greer is also at the table and added during an NBC appearance Monday that "I can't say at this point" whether a tariff extension is in the offing but that "the conversations are constructive and they're going in the right direction." It is the third get together in as many months between the negotiators, with previous gatherings having taken place in Geneva and London. Bessent has previously called a tariff extension with China "likely" and echoed Trump's optimistic tone in multiple appearances, saying that "trade is in a very good place with China." He also said other key topics on the table this week could be ongoing issues around fentanyl trafficking as well China's consumption of Russian and Iranian oil. That latter issue could also be in sharp focus after Trump said Monday said he plans to shorten a previously announced 50-day deadline with Russia, which he noted will end with either a deal to end the war or global economic retribution. Trump — appearing alongside UK Prime Minister Keir Starmer in Scotland — said that he plans to shorten that deadline to 10-12 days from now and that he is very disappointed in Russian president Vladimir Putin because "we just don't see any progress being made." "There's no reason to wait," he added of the deadline that he says could end in either secondary sanctions or tariffs which China as a major consumer of Russian oil is watching closely. Also in focus with China this week will be whether recent apparent progress over issues like semiconductors and rare earth minerals will continue after ecent talks resulted in key concessions like a plan to allow the resumption of Nvidia (NVDA) sending AI chips to China. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
South China Morning Post
6 days ago
- Business
- South China Morning Post
US-India trade talks seen unlikely to produce deal by August 1 deadline
Months of intense negotiations appear unlikely to produce a trade deal between the US and India before the August 1 deadline, despite US President Donald Trump having teased one for months as 'coming soon', according to three people familiar with the situation. One person described the current state of discussions as a 'total mess' behind the scenes as Trump and his trade representative, Jameison Greer, continue to push for a pact that would secure greater market access for American produce, dairy, and poultry in India. 'Despite bullish comments by India's trade minister, securing a deal by August 1 seems nearly impossible', said Rick Rossow, chair in US-India Policy Studies at the Center for Strategic and International Studies, a Washington think tank. He said that while 'negotiations seemed to move pretty fast in the early days', the closing stages are 'always the most difficult'. Indian Minister of State for External Affairs Kirti Vardhan Singh on Thursday told the Indian Parliament that negotiations with the US were 'active' and revolved around 'enhanced mutual market access, reduction of tariffs and non-tariff barriers and closer integration of supply chains'. Rajesh Agarwal, India's chief negotiator and Commerce Department special secretary, was in Washington last week for trade talks but the July 14-17 negotiation ended without any announcement.
Yahoo
24-07-2025
- Business
- Yahoo
US, Philippines strike tariff deal
This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. The U.S. and the Philippines reached terms on a deal focused on tariffs and market access, President Donald Trump posted on Truth Social Tuesday. Under the 'concluded' trade deal, imports from the Philippines would be subject to a 19% tariff, according to Trump. Meanwhile, U.S. exports would have full market access to the country and face 'ZERO tariffs,' the president said. Earlier this month, Trump said imports from the Philippines were scheduled to incur a 20% tariff starting Aug. 1. Trump initially announced a lower rate of 17% in April, which was later paused. 'We do a lot of business with [the Philippines], it's a lot of income coming in for both groups,' Trump said at the Oval Office Tuesday, prior to announcing the deal. 'But I was surprised to see the kind of numbers — they are very big — and they are going to get bigger under what we're doing and what we're proposing.' As of publication time, the White House has yet to reveal official documentation of the agreement. However, Philippines President Ferdinand Marcos Jr. said during a Wednesday media briefing that U.S. automobiles were a major area of the deal. 'We will open that market, and no longer charge tariffs on that,' Marcos said. The proposed pact is also meant to increase imports of U.S. soy and wheat products, as well as pharmaceuticals, Marcos said. 'We managed to bring down the 20% tariff rate for the Philippines to 19,' said Marcos. 'Now, 1% might seem like a very small concession, however when you put it into real terms it is a significant achievement.' In 2024, the U.S. had a $5 billion trade deficit with the Philippines, with imports accounting for 0.4% of U.S. trade, according to data from the U.S. International Trade Comission. Meanwhile, the U.S. exported about $9 billion in products to the Philippines last year. The tariff deal announcement was one of several from the Trump administration this week. The White House unveiled terms of a trade agreement framework with Indonesia Tuesday, while Trump said the U.S. had reached a deal with Japan Tuesday evening. Officials from Japan later confirmed certain details of the pact, such as a 15% duties on imports from the country, including for cars and auto parts. Previously, the U.S. and the UK finalized certain terms of a deal, while negotiations are ongoing for a pact with China. Trump also said earlier this month that the U.S. had struck a deal with Vietnam, but the country has not provided confirmation through official channels. Recommended Reading Who are the United States' top trading partners? 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
Yahoo
17-07-2025
- Business
- Yahoo
Trump says India and US very close to finalising trade deal
Washington and Delhi are "very close" to finalising a trade deal, US President Donald Trump has said, as high-level talks between the two sides continue. "We're very close to a deal with India where they open it [the market] up," Trump told reporters at the White house on Wednesday. Later in the day, he reiterated that the deal with India was "very close" when asked about upcoming trade agreements in an interview with broadcaster Real America's Voice. India and the US have been locked in intense negotiations over the past few months, aiming to reach an agreement before steep tariffs kick in. Trump had first announced 27% tariffs on Indian goods in 2 April as part of a wider trade policy move. While the tariffs were initially paused until 9 July, the US later extended the deadline to 1 August. An Indian delegation is in the US this week for discussions on the agreement, Reuters reported, citing sources in the Indian government. Last month, a team of Indian officials extended their stay in Washington for another round of talks, raising questions about what was holding up the agreement. Both sides have sounded optimistic about the deal. On Tuesday, Trump signalled a potential breakthrough, saying that the US would gain "access" to the Indian market as part of the agreement. Suggesting that the deal with India was following a similar track to a recent agreement with Indonesia, where Jakarta granted full access to American companies Trump said: "India is basically working along that same line. We are going to have access to India." Is the 'big, beautiful' India-US trade deal in trouble? Indian Commerce Minister Piyush Goyal said this week that talks are progressing at a fast pace. However, a couple of weeks ago, he had cautioned that India did not negotiate trade agreements based on deadlines and would only enter deals that served its national interest. While the two sides have been negotiating for months, key sticking points persist, particularly over agricultural access, auto components and tariffs on Indian steel. For years, Washington has pushed for greater access to India's farm sector, seeing it as a major untapped market. But India has fiercely protected it, citing food security, livelihoods and interests of millions of small farmers. Until recently, the US was India's largest trading partner, with bilateral trade reaching $190bn. Trump and Modi have set a target to more than double this figure to $500bn. India has already reduced tariffs on a range of goods - including Bourbon whiskey and motorcycles - but the US continues to run a $45bn (£33bn) trade deficit with India, which Trump is keen to reduce. Meanwhile, Trump has recently renewed his aggressive tariff plans from earlier this year. He has issued warning letters to dozens of countries, signalling his intent to impose steep tariffs starting 1 August. The list of targeted nations includes all of America's major trading partners - the European Union, Canada, Mexico, Japan and South Korea. On Wednesday, in addition to the deal with India, he said the US "could possibly make a deal with (the) EU" soon. Follow BBC News India on Instagram, YouTube, Twitter and Facebook. 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
