Latest news with #tradeDeal
Arab News
21 minutes ago
- Business
- Arab News
US commerce secretary expects India trade deal soon
WASHINGTON: US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal soon with India to avoid tariffs threatened by President Donald Trump. 'You should expect a deal between the United States and India in the not too distant future,' he told the US-India Strategic Partnership Forum, which promotes relations between the two countries, calling himself 'very optimistic.' Trump has set a delayed deadline of July 9 for countries to avoid sweeping tariffs, as he seeks to shake up the global economy to correct what he says is unfairness to the United States. Lutnick, a strong advocate of tariffs, said he was a 'great fan' of India — but voiced longstanding concern about the emerging economy's use of tariffs. On tariff negotiations with India, 'bringing them down to a level that is reasonable and appropriate so we can be great trading partners with each other, I think is absolutely on the table,' Lutnick said. 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia,' he said. But he said that Trump believed in raising concerns and 'the Indian government is addressing it specifically and directly.'
Bloomberg
an hour ago
- Business
- Bloomberg
Lutnick Sees US-India Trade Deal in ‘Not-Too-Distant Future'
Commerce Secretary Howard Lutnick said he's 'very optimistic' about prospects for a trade deal between the US and India, adding he thinks trade negotiators have 'found a place that really works for both countries.' 'You should expect a deal between the United States and India in the not-too-distant future,' Lutnick said at the US-India Strategic Partnership Forum's Leadership Summit in Washington.
Bloomberg
a day ago
- Business
- Bloomberg
China Accuses US of Violating Trade Truce, Vows Firm Response
China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks. The Chinese Ministry of Commerce issued a statement on Monday rebuking the US president's claim that Beijing breached the consensus reached in Geneva last month. The dust-up threatened to upend trade relations even as Trump expressed hope Friday he will speak with Chinese President Xi Jinping, with White House economic adviser Kevin Hassett expecting a call to take place this week.
Al Arabiya
3 days ago
- Business
- Al Arabiya
Trump says Pakistani representatives coming to US next week for trade talks
US President Donald Trump said Friday that representatives from Pakistan will visit the United States next week as the South Asian country seeks to negotiate a trade deal. Pakistan is facing the prospect of a 29 percent tariff on its exports to the US due to a $3 billion trade surplus, under tariffs Washington announced last month on multiple countries. Trump said he had no interest in making a deal with either Pakistan or its neighbor India if the two were to engage in conflict. The nuclear-armed rivals exchanged fighter jets, missiles, drones, and artillery in four days of clashes this month — their worst fighting in decades. 'As you know, we're very close [to] making a deal with India,' Trump told reporters at Joint Base Andrews after departing Air Force One. Indian Trade Minister Piyush Goyal recently visited Washington to advance negotiations, with both sides aiming to sign an interim agreement by early July. India currently faces 26 percent tariffs on its shipments to the US. Reuters reported last week that India is likely to allow US firms to bid on contracts worth over $50 billion, mainly from federal entities.
Bloomberg
4 days ago
- Business
- Bloomberg
BOE's Bailey Urges Closer EU Trade to Reverse Brexit Damage
Bank of England Governor Andrew Bailey has urged the government to strike a deeper trade deal with the European Union to improve growth and 'minimize negative effects' of Brexit. In the text of a speech to be delivered at the Irish Association of Investment Managers in Dublin later Thursday, Bailey said 'the evidence on Brexit suggests that the changing trade relationship has weighed' on the UK economy by putting up barriers and hampering productivity.
