Latest news with #negotiation
The Australian
7 hours ago
- Business
- The Australian
Trump agrees to small reduction in Philippine tariffs
US President Donald Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos. Welcoming Marcos to the White House, Trump called him a "very tough negotiator" and said: "We're very close to finishing a trade deal -- a big trade deal, actually." In a social media post shortly afterward, Trump said that while the Philippines would open up completely to US goods, he would still impose a 19 percent tariff on products from the Southeast Asian country, a major exporter of high-tech items and apparel. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs," Trump wrote on his Truth Social platform. The Philippines was among two dozen economies confronted by Trump with letters this month warning of 20 percent tariffs on all goods coming into the United States as of August 1. The 19 percent rate is still above the 17 percent threatened by Trump in April, when he threatened sweeping global tariffs. The trade rift comes despite increasingly close defense relations between the United States and the Philippines, a former US colony and treaty-bound ally that has seen high tensions with China. The United States last year, under Trump's predecessor Joe Biden, deployed ground-launched missiles in the Philippines. Washington has also eyed ammunition manufacturing in the Philippines, despite the closure in 1992 of the US naval base at Subic Bay due to heavy public pressure. "All of what we consider part of the modernization of the Philippine military is really a response to the circumstances that surround the situation in the South China Sea," Marcos said next to Trump. Trump devoted much of the appearance to attacks on his Democratic predecessors Biden and Barack Obama. "We are essentially concerned with the defense of our territory and the exercise of our sovereign rights," said Marcos. "Our strongest, closest, most reliable ally has always been the United States." - Trump eyes China visit - China and the Philippines have engaged in a series of confrontations in the contested waters of the South China Sea, which Beijing claims almost entirely, despite an international ruling that the assertion has no legal basis. Trump has frequently questioned allies over their military spending, pondering why the United States should defend them in the NATO alliance. He has voiced fewer doubts about the Philippines. Both Defense Secretary Pete Hegseth and Secretary of State Marco Rubio in meetings with Marcos on Monday vowed to honor the 1951 Mutual Defense Treaty with the Southeast Asian nation. The Trump administration has identified China as the top US adversary but the US president has also boasted of his relationship with Chinese counterpart Xi Jinping. Speaking alongside Marcos, Trump said he would "probably" visit China at Xi's invitation "in the not-too-distant future." He said of Marcos: "I don't mind if he gets along with China very well, because we're getting along with China very well." Trump added the Philippines had been "maybe tilting toward China" and "we untilted it very, very quickly." "I just don't think that would have been good for you," Trump said. The US president credited himself with the shift, although the turn towards Washington began after the 2022 election of Marcos, before Trump returned to power. Marcos's predecessor Rodrigo Duterte had flirted with closer relations with China and bristled at US criticism over human rights under Biden and Obama. Duterte is facing charges of crimes against humanity at the International Criminal Court over a sweeping campaign against drug users and dealers that rights groups say killed thousands. aue-bys-sct/aha NewsWire Police have released new images as they search for three missing children - including a seven-week-old baby - who have not been seen for almost a week. NewsWire A nurse at one of Australia's busiest hospitals has made a desperate plea after disturbing images were revealed.
Bloomberg
9 hours ago
- Business
- Bloomberg
Japan's Trade Negotiator Heads Into Meeting With Trump, NHK Says
Japan's chief trade negotiator Ryosei Akazawa has entered the White House to discuss tariffs with US President Donald Trump, public broadcaster NHK said citing government sources. Akazawa earlier met with US Treasury Secretary Scott Bessent for about 30 minutes, according to NHK, after Bessent suggested the two sides may be getting closer to an agreement.
Reuters
10 hours ago
- Business
- Reuters
US, China to discuss tariff deadline extension as Trump reaches Philippines deal
WASHINGTON, July 22 (Reuters) - U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said on Tuesday as President Donald Trump announced a deal with the Philippines and released terms of a previous deal with Indonesia. "I think trade is in a very good place with China," Bessent told Fox Business Network's Mornings With Maria program. He added that the meetings with his Chinese counterparts would take place next Monday and Tuesday with discussions over rebalancing the U.S.-China trade relationship. After Bessent announced the Stockholm meetings, Trump announced a new 19% tariff rate for goods from the Philippines following a visit to the White House by Philippine President Ferdinand Marcos Jr. Trump said there would be no Philippines tariffs on U.S. goods. Later, the Trump administration confirmed the same 19% tariff rate for Indonesia, down from an initial 32%, as it released terms of a deal reached last week that calls for Indonesia to eliminate tariff and non-tariff barriers on most U.S. goods. In a post on X, Swedish Prime Minister Ulf Kristersson welcomed the U.S.-China talks that his country will host next week, saying they were important for the global economy. "It is positive that both countries wish to meet in Sweden to seek mutual understanding," Kristersson said. A spokesperson for China's embassy in Washington said Beijing and Washington had finalized implementation details for a consensus on trade reached by Trump and President Xi Jinping. "Please stay tuned for further developments," the spokesperson added, without elaborating. Since mid-May, Bessent has met twice with Chinese Vice Premier He Lifeng in Geneva and London. The pair sought to work out and refine a temporary trade truce that dialed back dueling triple-digit retaliatory tariffs that threatened to cut off all trade between the world's two largest economies. U.S. Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick, China's Commerce Minister Wang Wentao and chief trade negotiator Li Chenggang also participated in those talks. So far, Beijing has agreed to end its export ban on rare earth metals and magnets to the U.S. Washington agreed to restart shipments to China of semiconductor design software and production materials, as well as commercial aircraft engines and other goods. The sides set a 90-day deadline to resolve deeper issues, including U.S. complaints about China's state-led and subsidized export-driven economic model that has created excess manufacturing capacity, flooding world markets with cheap goods. China denies that it subsidizes its industries and attributes their export success to innovation. Tariffs could snap back to 145% on the U.S. side and 125% on the Chinese side without a deal or negotiating extension. "We'll be working out what is likely an extension" at the Stockholm talks, Bessent said, adding that U.S. officials would discuss other issues, including reducing China's over-reliance on manufacturing and exports. "Hopefully we can see the Chinese pull back on some of this glut of manufacturing that they're doing and concentrate on building a consumer economy," Bessent said. Bessent's deputy, Michael Faulkender, told Bloomberg Television that the discussions would touch on Chinese export controls of rare earths, access to markets and the overall tariff rate. "There is enormous space for us to talk about what for decades has been practices by the Chinese government that give them unfair advantages in the global marketplace," he said. Bessent said he also wants to issue warnings to China about continuing to buy sanctioned Russian and Iranian oil and China's efforts to aid Russia's war against Ukraine. Bessent said there was bipartisan support in the U.S. Senate for legislation aimed at imposing tariffs of 100% on goods from countries that continue to buy Russian oil, namely China and India. "I'm going to be in touch with my European counterparts. The Europeans that have talked a big game about sanctioning Russia, and it'll be very important for the Europeans to also be willing to put on these high levels of secondary tariffs for sanctioned Russian oil." He said the U.S. was poised to announce "a rash of trade deals" with other countries, and Japan could be among these despite an election setback for Japan's ruling party and difficult negotiations. "I wouldn't be surprised if we aren't able to iron out something with Japan pretty quickly," Bessent said. Nonetheless, he said that for most countries, tariffs would "boomerang" back towards April 2 levels from the current 10%, but negotiations on trade deals could continue.
Khaleej Times
13 hours ago
- Business
- Khaleej Times
Trump agrees to small reduction in Philippine tariffs after trade talks
US President Donald Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos. Welcoming Marcos to the White House, Trump called him a "very tough negotiator" and said: "We're very close to finishing a trade deal — a big trade deal, actually." In a social media post shortly afterward, Trump said that while the Philippines would open up completely to US goods, he would still impose a 19 per cent tariff on products from the Southeast Asian country, a major exporter of high-tech items and apparel. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs," Trump wrote on his Truth Social platform. The Philippines was among two dozen economies confronted by Trump with letters this month warning of 20 per cent tariffs on all goods coming into the United States as of August 1. The 19 per cent rate is still above the 17 per cent threatened by Trump in April, when he threatened sweeping global tariffs. The trade rift comes despite increasingly close defence relations between the United States and the Philippines, a former US colony and treaty-bound ally that has seen high tensions with China. The United States last year, under Trump's predecessor Joe Biden, deployed ground-launched missiles in the Philippines. Washington has also eyed ammunition manufacturing in the Philippines, despite the closure in 1992 of the US naval base at Subic Bay due to heavy public pressure. "All of what we consider part of the modernization of the Philippine military is really a response to the circumstances that surround the situation in the South China Sea," Marcos said next to Trump. Trump devoted much of the appearance to attacks on his Democratic predecessors Biden and Barack Obama. "We are essentially concerned with the defense of our territory and the exercise of our sovereign rights," said Marcos. "Our strongest, closest, most reliable ally has always been the United States."
News.com.au
13 hours ago
- Business
- News.com.au
Trump agrees to small reduction in Philippine tariffs
US President Donald Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos. Welcoming Marcos to the White House, Trump called him a "very tough negotiator" and said: "We're very close to finishing a trade deal -- a big trade deal, actually." In a social media post shortly afterward, Trump said that while the Philippines would open up completely to US goods, he would still impose a 19 percent tariff on products from the Southeast Asian country, a major exporter of high-tech items and apparel. "It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs," Trump wrote on his Truth Social platform. The Philippines was among two dozen economies confronted by Trump with letters this month warning of 20 percent tariffs on all goods coming into the United States as of August 1. The 19 percent rate is still above the 17 percent threatened by Trump in April, when he threatened sweeping global tariffs. The trade rift comes despite increasingly close defense relations between the United States and the Philippines, a former US colony and treaty-bound ally that has seen high tensions with China. The United States last year, under Trump's predecessor Joe Biden, deployed ground-launched missiles in the Philippines. Washington has also eyed ammunition manufacturing in the Philippines, despite the closure in 1992 of the US naval base at Subic Bay due to heavy public pressure. "All of what we consider part of the modernization of the Philippine military is really a response to the circumstances that surround the situation in the South China Sea," Marcos said next to Trump. Trump devoted much of the appearance to attacks on his Democratic predecessors Biden and Barack Obama. "We are essentially concerned with the defense of our territory and the exercise of our sovereign rights," said Marcos. "Our strongest, closest, most reliable ally has always been the United States." - Trump eyes China visit - China and the Philippines have engaged in a series of confrontations in the contested waters of the South China Sea, which Beijing claims almost entirely, despite an international ruling that the assertion has no legal basis. Trump has frequently questioned allies over their military spending, pondering why the United States should defend them in the NATO alliance. He has voiced fewer doubts about the Philippines. Both Defense Secretary Pete Hegseth and Secretary of State Marco Rubio in meetings with Marcos on Monday vowed to honor the 1951 Mutual Defense Treaty with the Southeast Asian nation. The Trump administration has identified China as the top US adversary but the US president has also boasted of his relationship with Chinese counterpart Xi Jinping. Speaking alongside Marcos, Trump said he would "probably" visit China at Xi's invitation "in the not-too-distant future." He said of Marcos: "I don't mind if he gets along with China very well, because we're getting along with China very well." Trump added the Philippines had been "maybe tilting toward China" and "we untilted it very, very quickly." "I just don't think that would have been good for you," Trump said. The US president credited himself with the shift, although the turn towards Washington began after the 2022 election of Marcos, before Trump returned to power. Marcos's predecessor Rodrigo Duterte had flirted with closer relations with China and bristled at US criticism over human rights under Biden and Obama. Duterte is facing charges of crimes against humanity at the International Criminal Court over a sweeping campaign against drug users and dealers that rights groups say killed thousands.
