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South China Morning Post
6 days ago
- Business
- South China Morning Post
Lutnick ‘optimistic' for US-India deal, urges New Delhi to step back from Brics
US Commerce Secretary Howard Lutnick said he is optimistic that the United States and India will reach a trade agreement soon, but urged New Delhi to open its markets, reduce arms purchases from Moscow, and scale back its alignment with Brics – a bloc that India leads along with China, Russia, Brazil and South Africa. 'I think India is trying hard to be one of the earlier countries [to reach a trade deal with the US], which I appreciated,' Lutnick said in a keynote speech at an event promoting US-India economic ties in Washington on Monday. 'But what I hope to achieve is we would like market access. We would like our businesses to have reasonable access to the markets of India … We want to have the trade deficit reduced,' he told the US-India Strategic Partnership Forum's Leadership Summit. 'Now in exchange for that, what India is going to want is ... certain key markets … to make sure that they have special access to the American marketplace,' he added. Despite the ongoing trade saga between China and the US, the official did not mention Beijing, but urged Delhi to distance itself further from Russia and China, citing the Russia-India arms trade and de-dollarisation efforts undertaken by the Brics grouping. Brics – an acronym for founding members Brazil, Russia, India, China and South Africa – is an association of 10 leading emerging markets. The other member states are Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Reuters
27-05-2025
- Business
- Reuters
Successful US-India trade deal could energise exports, Indian finance ministry says
May 27 (Reuters) - A successful trade deal between India and the U.S. could energise exports and open up new market access, India's finance ministry said in its monthly economic review on Tuesday. "A successful U.S.-India trade agreement could flip current headwinds into tailwinds, opening up new market access and energising exports," the report said. It also said that the government's direct tax exemptions, fiscal measures and rate cuts from the central bank could accelerate recovery and lift growth towards the upper end of forecasts of 6.3% to 6.8%.
Zawya
20-05-2025
- Business
- Zawya
South Africa clarifies position on Tanzanian banana imports
The Department of Agriculture has dismissed speculations regarding an alleged ban on the import of bananas from Tanzania into South Africa. This follows recent media reports suggesting that Tanzanian authorities are considering banning South African agricultural imports, based on speculations that South Africa does not permit banana imports from Tanzania. In a statement issued this week, the department stressed that there is a strong and cooperative relationship between the two countries regarding agricultural trade, and that South Africa has never imposed a ban on banana imports from Tanzania. The department explained that the National Plant Protection Organisation of South Africa (NPPOZA), operating under the department's authority, has previously been working closely with its Tanzanian counterpart to negotiate market access for various plant and plant product commodities between the two nations. 'Tanzanian avocados have been exported to South Africa over the past four years and have a counter-seasonal advantage to local produce, which closes the gap for local consumption. The two technical counterparts from both South Africa and Tanzania are currently in negotiations to facilitate market access to allow the safe trade of bananas from Tanzania into South Africa,' the department said. According to the department, in February 2025, the department received an official market access application from Tanzania to export bananas to South Africa. This triggered the scientific pest risk analysis (PRA) process by NPPOZA, which is a mandatory step in determining phytosanitary import requirements to prevent the spread of harmful pests and diseases. 'The processes will be conducted in accordance with relevant phytosanitary regulatory frameworks and relevant standards of the International Plant Protection Convention (IPPC). It is mutually beneficial for both nations to allow the PRA process to proceed, so that scientifically justified phytosanitary import conditions can be developed, conditions which aim to safeguard biosecurity,' the department explained. The department highlighted the critical need to ensure biosecurity in agricultural trade, citing the example of Fusarium oxysporum f. sp. cubense Tropical Race 4 (TR4), the most destructive banana disease recorded in history, which poses a serious threat to the banana industry globally. Once the envisaged PRA process has been concluded, the department said, a draft phytosanitary import requirements will be finalised and officially notify Tanzanian authorities. Only after both countries agree with the drafted phytosanitary import requirements, will the importation of bananas from Tanzania commence. 'As a requirement and in accordance with the World Trade Organisation (WTO) and IPPC's international prescripts, when dealing with agricultural trade matters, parties officially notify each other in case there will be a ban or lifting of a ban of a particular imported produce, or product,' the department said. The department reiterated that South Africa has never issued any ban on Tanzanian banana imports, as market access had never been formally granted or denied. South Africa has never received any official notification or intent from Tanzanian authorities indicating a ban on South African exports.
Al Arabiya
14-05-2025
- Business
- Al Arabiya
China, EU discuss global economic uncertainty, says central bank
China and the European Union had in-depth exchanges on global economic uncertainties during a financial working group meeting held in Brussels on Tuesday and Wednesday, the People's Bank of China said on Wednesday. The two sides discussed optimizing market access, cross-boarder data transfer and supervision of banking and insurance industries. Chinese and EU central bankers, financial and securities regulators attended the meeting.
CBS News
09-05-2025
- Business
- CBS News
Trump announces "breakthrough trade agreement" with U.K. Here's what to know.
Trump says there could be trade deals announced this week President Trump on Thursday announced a trade agreement with the United Kingdom. Speaking from the Oval Office, Mr. Trump said a "breakthrough" deal with the U.K. would include "billions of dollars of increased market access for American exports," specifically agricultural products. He added that the U.K. would "reduce or eliminate" numerous nontariff barriers. The final details are being written and will be delivered in the coming weeks, the president said. "We still have our 10% tariff on which will produce $6 billion of revenue for the United States," said Commerce Secretary Howard Lutnick during the White House briefing, referring to a 10% tax on imported goods from all U.S. trade partners, including Britain, imposed by Mr. Trump in April. U.K. Prime Minister Keir Starmer said the deal would boost trade between the two countries and create jobs. "This is a really fantastic, historic day in which we can announce this deal between our two great countries," Starmer said over the phone during the White House announcement. "I think it's a real tribute to the history that we have of working so closely together." Britain says the deal will cut tariffs on U.K. cars from 27.5% to 10% and eliminate tariffs on steel and aluminum, adding that the agreement sets a quota of 100,000 U.K. vehicles that can be imported to the U.S. at a 10% tariff. News of a potential deal inflated investor confidence Thursday, with markets making gains in early trading. Following the trade deal announcement, the S&P 500 soared 55 points, or 1%, to 5,686 points. The Dow Jones Industrial Average rose 408 points, or 1% and the Nasdaq Composite climbed 1.3%. More trade deals are also in the works, according to President Trump. Treasury Secretary Scott Bessent is traveling to Switzerland this weekend, where he will meet with a Chinese trade delegation. Mr. Trump imposed levies of as high as 145% on Chinese imports, leading the country to fire back with 125% tariffs on American goods. For businesses, consumers and investors, progress on the trade front can't come soon enough amid ongoing uncertainty on where the U.S. economy is headed. A 10% baseline tariff on most imported goods has been in effect since April 5, while so-called reciprocal tariffs against other countries — with the exception of China — are paused until July. Where do negotiations stand? The announcement Thursday of a deal with the U.K. marks what could be the first of other trade agreements, with Mr. Trump and his team in negotiation mode with foreign leaders from Canada, Italy, India, Japan and other trading partners since announcing his "Liberation Day" tariffs on April 2. Mr. Trump has not specified when agreements with other countries would be announced, but said that more deals are to follow. "We have many meetings planned today and tomorrow," the president said Thursday during the announcement from the Oval Office. "And every country wants to be making deals." While testifying on Capitol Hill earlier this week, Treasury Secretary Scott Bessent addressed the timeline for trade deals: "I'd be surprised if we don't have more than 80% or 90% of those wrapped up by the end of the end of the year. And that may be much sooner," he said, referring to countries with which the U.S. has trade deficits. Some experts, however, believe negotiations will take longer. Han-koo Yeo, a senior fellow with the Peterson Institute for International Economics believes that countries with whom the Trump administration is negotiating will have it in their interest to move slowly in their trade discussions. That's because of the longterm implications these deals will have, the former South Korean trade minister told CBS MoneyWatch. Negotiations will likely drag past May into June, according to Ian Bremmer, president of the Eurasia Group, although some countries might be motivated to act quickly. "Everyone facing negotiations has been told to submit letters with their 'best offers,'" Bremmer said in an email to CBS MoneyWatch, "and smaller countries that desperately want/need deals are complying." Who is the U.S. negotiating with? Bessent told the House committee Tuesday that the U.S. has 18 "important trading relationships" and is currently negotiating with 17 to reach deals. "Many of our trading partners have approached us with very good offers and we are in the process of renegotiating those," he said. The Trump administration in recent weeks has discussed trade and tariffs with Canada, Italy, India and Japan. It's unclear which deals will be announced first, but Clayton Allen, who covers politics and policy in Washington for Eurasia Group, said to look for deals with Japan, South Korea, the United Kingdom and India — countries that have been engaged in trade negotiations with the U.S. the longest. Eurasia predicts a deal with Japan could come in mid-June. China absent from negotiations for now What Bessent did make clear to Congress on Tuesday is that the U.S. has not yet entered into active trade talks with China. President Trump in April said that he had spoken with Chinese President Xi Jinping amid tariff tensions, but China denied any talks between Beijing and Washington had taken place. The Treasury secretary, however, is set to meet with a high-level Chinese delegation this weekend while conducting trade talks in Switzerland, the Trump administration announced Tuesday. A post from the Chinese Embassy on X confirmed the meeting. "Based on full consideration of global expectations, China's interests, and the appeals of the U.S. business community and consumers, #China has decided to agree to engage with the #US side," the posts reads. "As China's lead on China-U.S. economic and trade affairs, Vice Premier He Lifeng will hold talks with U.S. Treasury Secretary Scott Bessent during his visit to #Switzerland from May 9 to 12." A spokesperson for the embassy said in a statement Wednesday that the U.S. has reached out to China "through various channels" and that the talks are being held "at the request of the U.S. side." The spokesperson added that China "firmly oppose[s] the U.S. abuse of tariffs." In a press briefing on Thursday, Commerce Ministry spokesman He Yadong reiterated this stance, saying the U.S. "needs to show sincerity to talk and be prepared to rectify its wrongdoing and cancel unilateral tariffs," according to Bloomberg. What could trade agreements look like? The U.S.-U.K. trade pact gave the world its first glimpse at what future deals might look like. But as Paul Ashworth, chief North America economist at Capital Economics, points out not all trade deals will necessarily be created equal. "For the rest of the world, this could offer something of a blueprint, but countries being threatened with even higher reciprocal tariffs would presumably have to offer more that the U.K., which only ever faced the 10% minimum," he said in a research note. Mr. Trump also signaled on Thursday that other countries should not expect to get the same treatment as the U.K. Asked whether the baseline 10% tariff on imported British goods would be a template for future trade deals, he said the answer is "no." "That's a low number," Mr. Trump said, adding, "Many, some will be much higher." While it's hard to predict what other potential tariff deals might include, Yeo, who has helped orchestrate several bilateral and mulitlateral trade negotiations in the past, said such agreements would likely be nonbinding "gentlemen's agreements" or memorandums of understanding. In other words, the U.S. could come to an agreement with a trading partner only to renege later on by issuing additional tariffs. "The framework deal is only as good as the nice piece of paper that you write it down on," said Eurasia's Allen. "Trade deals are very, very complex animals, and you're going to get probably top line agreement on some key issues of concern with a promise to come back and negotiate other things," he said. Asked by Ohio Rep. Dave Joyce about the format of the deals, Bessent on Tuesday said, "I expect that we can see a substantial reduction in the tariffs that we are being charged, as well as nontariff barriers, currency manipulation and the subsidies of both labor and capital investment." contributed to this report.
