Latest news with #tradeDeal
Yahoo
10-07-2025
- Business
- Yahoo
Trump's BRICS Warning to India Adds New Twist to Trade Deal
(Bloomberg) -- President Donald Trump's threat to impose new tariffs on India over its participation in the BRICS forum puts New Delhi in a tough position as it races to finalize a favorable trade deal with the US. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Are Tourists Ruining Europe? How Locals Are Pushing Back Can Americans Just Stop Building New Highways? Denver City Hall Takes a Page From NASA Philadelphia Trash Piles Up as Garbage Workers' Strike Drags On Trump said Tuesday that India could face an additional 10% tariff alongside other members of BRICS — a bloc of emerging economies he has labeled 'Anti-American.' The remarks came just a day after the US leader said he was close to finalizing a trade deal that New Delhi hopes would give it reprieve from 26% reciprocal tariffs. The US president followed that warning by unveiling a new round of levies, including a 50% rate on Brazil, one of the highest so far announced for the tariffs which are set to hit in August. The letter to Brazil comes just after a two-day BRICS summit in Rio de Janeiro, in which leaders agreed on a joint statement that criticized trade-distorting tariffs. But while Brazil and South Africa have blasted Trump separately for his comments, India has refrained from responding publicly, a sign that it's treading a fine line in maintaining its relationship with Washington. Officials in New Delhi say they're not overly alarmed by Trump's latest threats for now. The US leader's view is that BRICS is seeking to undermine the dominance of the US dollar, which is not India's goal, the officials said, asking not to be identified because the discussions are private. India doesn't support moves for a single BRICS currency, and any participation in local currency trade arrangements are aimed solely at reducing risks, they said. India's Ministry of Commerce and Industry didn't respond to an email seeking comment. Senior Indian diplomat P Kumaran said at a press briefing on Tuesday that Prime Minister Narendra Modi and his Brazilian counterpart Luiz Inacio Lula da Silva had 'no discussion' on Trump's tariff threats during the Indian leader's state visit there. 'We didn't have an opportunity to discuss that.' With India set to assume the BRICS chairmanship in 2026, it will need to differentiate itself from members like China and Russia, who are seeking to build the bloc as a stronger opposition voice to the US. India would be banking on its strategic value and neutral currency stance to be treated differently by Washington. 'Trump is unhappy with some BRICS members who have been talking about an alternate reserve currency,' said Mohan Kumar, a former Indian envoy and lead negotiator at the World Trade Organization, who now teaches at OP Jindal Global University. 'India has time and again differentiated between local currency trade and de-dollarization and therefore doesn't fall in that category.' India has been cultivated by several US administrations over the years as a strategic partner and key regional counterweight to an increasingly assertive China. As recently as April, US Vice President JD Vance remarked that the fate of the 21st century 'is going to be determined by the strength of the United States and India partnership.' Those ties have recently come under strain, though, after Trump took credit for brokering a ceasefire between India and Pakistan in May. Modi has pushed back at Trump's claims he used trade as a bargaining tool to secure a truce. The Trump administration has also made overtures to Islamabad, including its powerful army chief, in the aftermath of the conflict, a source of concern in New Delhi. Much is riding on the success of the India-US trade deal, which both countries have pledged to finalize by the fall of this year. Shashi Tharoor, an opposition lawmaker who has led India's diplomatic outreach since the Pakistan conflict, said a trade deal would signify the strong ties between the two countries. 'The relationship with the US is in a good shape,' he said in an interview in London on Tuesday. If the terms of the trade deal are agreed, 'that will be a very, very healthy sign.' After months of talks, Indian trade negotiators have put forward their best offer to the Trump administration and are now awaiting a response. The latest tariff threats from Trump may also be a bargaining tool to secure more concessions from New Delhi. Trump has previously threatened to slap 100% levies on BRICS if they ditch the dollar in bilateral trade. 'We need to distinguish between President Trump's narrative and his action,' Kumar said. Follow Bloomberg India on WhatsApp for exclusive content and analysis on what billionaires, businesses and markets are doing. Sign up here. --With assistance from Prateek Mazumdar and Unni Krishnan. (Updates with details of US slapping 50% tariff on Brazil) Will Trade War Make South India the Next Manufacturing Hub? 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too ©2025 Bloomberg L.P. Sign in to access your portfolio
Japan Times
10-07-2025
- Business
- Japan Times
Trump's BRICS warning to India adds new twist to trade deal
U.S. President Donald Trump's threat to impose new tariffs on India over its participation in the BRICS forum puts New Delhi in a tough position as it races to finalize a favorable trade deal with the U.S. Trump said Tuesday that India could face an additional 10% tariff alongside other members of BRICS — a bloc of emerging economies he has labeled "anti-American.' The remarks came just a day after the U.S. leader said he was close to finalizing a trade deal that New Delhi hopes would give it reprieve from 26% reciprocal tariffs. The latest threat by the U.S. president followed a two-day BRICS summit in Brazil, in which leaders agreed on a joint statement that criticized trade-distorting tariffs. But while Brazil and South Africa have blasted Trump separately for his comments, India has refrained from responding publicly, a sign that it's treading a fine line in maintaining its relationship with Washington. Officials in New Delhi say they're not overly alarmed by Trump's latest threats for now. The U.S. leader's view is that BRICS is seeking to undermine the dominance of the U.S. dollar, which is not India's goal, the officials said, asking not to be identified because the discussions are private. India doesn't support moves for a single BRICS currency, and any participation in local currency trade arrangements are aimed solely at reducing risks, they said. India's Ministry of Commerce and Industry didn't respond to an email seeking comment. Senior Indian diplomat P Kumaran said at a press briefing on Tuesday that Prime Minister Narendra Modi and his Brazilian counterpart Luiz Inacio Lula da Silva had "no discussion' on Trump's tariff threats during the Indian leader's state visit there. "We didn't have an opportunity to discuss that.' With India set to assume the BRICS chairmanship in 2026, it will need to differentiate itself from members like China and Russia, who are seeking to build the bloc as a stronger opposition voice to the U.S. India would be banking on its strategic value and neutral currency stance to be treated differently by Washington. "Trump is unhappy with some BRICS members who have been talking about an alternate reserve currency,' said Mohan Kumar, a former Indian envoy and lead negotiator at the World Trade Organization, who now teaches at OP Jindal Global University. "India has time and again differentiated between local currency trade and de-dollarization and therefore doesn't fall in that category.' India has been cultivated by several U.S. administrations over the years as a strategic partner and key regional counterweight to an increasingly assertive China. As recently as April, U.S. Vice President JD Vance remarked that the fate of the 21st century "is going to be determined by the strength of the United States and India partnership.' Those ties have recently come under strain, though, after Trump took credit for brokering a ceasefire between India and Pakistan in May. Modi has pushed back at Trump's claims he used trade as a bargaining tool to secure a truce. The Trump administration has also made overtures to Islamabad, including its powerful army chief, in the aftermath of the conflict, a source of concern in New Delhi. Much is riding on the success of the India-U.S. trade deal, which both countries have pledged to finalize by the fall of this year. Shashi Tharoor, an opposition lawmaker who has led India's diplomatic outreach since the Pakistan conflict, said a trade deal would signify the strong ties between the two countries. "The relationship with the U.S. is in a good shape,' he said in an interview in London on Tuesday. If the terms of the trade deal are agreed, "that will be a very, very healthy sign.' After months of talks, Indian trade negotiators have put forward their best offer to the Trump administration and are now awaiting a response. The latest tariff threats from Trump may also be a bargaining tool to secure more concessions from New Delhi. Trump has previously threatened to slap 100% levies on BRICS if they ditch the dollar in bilateral trade. "We need to distinguish between President Trump's narrative and his action,' Kumar said.
New York Times
09-07-2025
- Business
- New York Times
Europe Waits, and Hopes, for a Trade Deal
The European Union is hoping for a rough draft of a trade deal with the United States this week, pushing frantically toward a resolution as other American trading partners receive letters threatening painfully high across-the-board tariffs. President Trump suggested on Tuesday that he could send such a letter to the European Union this week, even as he acknowledged progress in their negotiations. But Olof Gill, a spokesman for the E.U.'s executive arm, said at a news conference on Wednesday afternoon that it was his 'understanding' that the 27-nation bloc will not receive a simple White House decree informing them of its tariff rate. Instead, European officials have been working toward a bare-bones deal that can then be fleshed out. 'We are looking for a clear framework from which we can keep building,' Ursula von der Leyen, the president of the E.U.'s executive branch, told the European Parliament in Strasbourg, France, on Wednesday morning. Maros Sefcovic, the bloc's main trade negotiator, had a call with Howard Lutnick, the U.S. commerce secretary, on Tuesday, and was scheduled to speak to the U.S. trade representative, Jamieson Greer, on Wednesday evening, Mr. Gill said. The E.U. is now in 'the most sensitive phase of negotiations,' he said, adding that the goal was to have an agreement 'as quickly as possible,' ideally in the coming days. Mr. Trump had seemed to call that quick resolution into question on Tuesday. 'They're very tough, but now they're being very nice to us, and we'll see what happens,' he said of the Europeans. 'We're probably two days off from sending them a letter.' He then added, 'A letter means a deal.' The comments sowed confusion in Brussels on Wednesday, though officials were still hoping to avoid a broad-brush missive. Even if a negotiated agreement is reached, Europe is likely to feel economic pain. Any agreement is expected to include at least a 10 percent base line tariff, with some carve-outs for critical products like Airbus airplanes. Negotiators have been pushing for exemptions on sector-specific tariffs on products including cars and metals, but those details have been fluid. On Tuesday, Mr. Trump said that he wanted to eventually raise tariffs on pharmaceuticals — Europe's largest export to the United States — to 200 percent, and said that tariffs on copper and other products were coming soon. European countries including Germany have been pushing for a rapid deal that forestalls worse outcomes and ends months of paralyzing uncertainty. Germany's large auto sector has been particularly suffering. 'We would like to have an understanding quite soon' because sectorial tariffs 'are really harming us,' Bernd Lange, a member of the European Parliament from Germany, said on Wednesday.
CNA
09-07-2025
- Business
- CNA
Steven Okun on Trump's tariff war
The European Union says its working closely with US President Trump to strike a trade deal in the next few days. The European Commission chief reported a good conversation with the American leader. But Ursula von der Leyen is standing firm on national interests, with the European Union prepared for all scenarios. CNA's Loke Wei Sue speaks with Steven Okun, CEO of APAC Advisors, on the tariff war.
Yahoo
09-07-2025
- Business
- Yahoo
EU quotas for Ukraine 'disproportionate', agricultural lobby groups argue
The updated trade deal between EU and Ukraine has drawn criticism from a group of industry associations. The statement yesterday (8 July), a group of agricultural associations including farm lobby group Copa-Cogeca, acknowledged the revised agreement's aim to bring "long-term certainty and stability to our trade relations, which is vital for producers on both sides". However, they added: "The scale of the concession is disproportionate for some of these sensitive agricultural sectors, and leave producers exposed and unsupported, at a time when these sectors are already under pressure from previous and upcoming cumulative trade liberalisation." The EU and Ukraine reached an agreement in principle on the new trade deal on 30 June. Following disruptions to Black Sea shipping routes in June 2022 due to ongoing conflicts, the EU temporarily lifted duties and quotas on certain Ukrainian agricultural products. These measures saw some resistance from EU member states neighbouring Ukraine, who were concerned about the potential negative effects of lower-priced imports on their farming sectors. By 2024, the EU had implemented restrictions on the import of Ukrainian grains. Maroš Šefčovič, EU Commissioner for Trade and Economic Security, described the deal as setting out a 'long-term, predictable and reciprocal framework, benefiting exporters, businesses and farmers on both sides'. The EU emphasised that the agreement 'fully considers the sensitivities of certain EU agricultural sectors and stakeholders'. According to the agricultural trade bodies, the revised agreement includes increases in tariff-rate quotas for products such as sugar (+498%), honey (+583%), poultry (+30%), eggs (+300%), maize (+54%) and ethyl alcohol (+25%). The joint statement argued that 'although we recognise efforts to strike a balance in extending further concessions to Ukraine, serious concerns remain, particularly concerning the treatment of sensitive sectors'. It highlighted that the increased quotas pose 'significant challenges' for affected sectors, leaving producers 'exposed and unsupported' amid existing pressures from trade liberalisation. The group raised also concerns about full liberalisations, stating they present 'serious concerns — both immediate', as seen in the mushroom sector, and 'longer-term', particularly for dairy products. Additionally, the lobby group called for greater transparency on how "conditionality, particularly regarding production standards", will be enforced. They outlined that while Ukraine's legislative alignment with EU rules is a 'positive step, especially in the context of the accession process, enforcement under wartime conditions presents serious limitations'. The group added, 'Transposing legislation is one thing; ensuring effective implementation and compliance on the ground is quite another.' The statement, also written on behalf of bodies such as the European Confederation of Maize Production CEPM, the Association of Poultry Processors AVEC and European Industrial and Beverage Ethanol Association iEthanol, said the associations planned to conduct a "detailed analysis of the agreement's provisions" to further evaluate its implications. They also expressed commitment to ongoing dialogue with the European Commission to ensure problems are dealt with 'in a fair, transparent, and workable manner'. "EU quotas for Ukraine 'disproportionate', agricultural lobby groups argue" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
