Latest news with #tradeNegotiations
Daily Mail
18 hours ago
- Business
- Daily Mail
Trump's tariff czar reveals the four countries on verge of trade deals…including a 'nasty' one
President Donald Trump 's top trade negotiator shared that the U.S. may be close to finalizing tariff deals with several major partners in coming weeks. U.S. Trade Representative Jamieson Greer told CNBC that an imminent deal could be struck with the E.U. after Trump threatened increasing the 'nasty' union's rate to 50 percent earlier this month. Greer also shared that he has been in nearly constant contact with India 's top trade representative, claiming to have calls with them 'every day.' In addition, the trade rep. revealed that he plans on forwarding negotiations with Malaysia and Vietnam at the upcoming Organization for Economic Co-operation and Development (OECD) meeting next week. He also said he will be talking to E.U. representatives at the gathering. Though not all news has been positive; China, Greer said, has 'violated' a trade agreement made with the U.S. in Geneva earlier this month - echoing a major complaint highlighted by Trump the same day. A handshake agreement between the world's two largest economies came earlier this month and was widely seen as a way to tamper tensions between the pair. China was hit with a tariff rate in excess of 145 percent earlier this year before the agreement, but the rate then came down to around 30 percent. Trump said he expects to talk to Chinese President Xi Jinping during an Oval Office press conference with DOGE leader Elon Musk on Friday. 'I'm sure that I'll speak to President Xi and hopefully we'll work that out, but its a violation of the agreement,' he said. The president said he is sure they will talk as the countries remain at odds over trade. Earlier in the day the 78-year-old commander in chief sent off a salvo on Truth Social lambasting China for violating the Geneva deal. 'Two weeks ago China was in grave economic danger! The very high tariffs I set made it virtually impossible for China to trade into the United States marketplace which is, by far, number one in the world,' his post began. 'We went, in effect, cold turkey with China, and it was devastating for them. Many factories closed and there was, to put it mildly, 'civil unrest,'' it continued. 'The bad news is that China, perhaps not surprisingly to some, has totally violated its agreement with us.' The agreement made between Greer, Treasury Sec. Scott Bessent and some top Chinese officials in Geneva in May stipulated that the two countries would unwind tariffs and trade restrictions on certain critical minerals. Greer accused China of slow-walking that process during his interview Friday. 'The Chinese are slow-rolling their compliance, which is completely unacceptable and it has to be addressed,' he stated. Soon after, a spokesperson for the Chinese embassy in D.C., Liu Pengyu, hit back at the claims. 'Recently, China has repeatedly raised concerns with the US regarding its abuse of export control measures in the semiconductor sector and other related practices,' they said in a statement. 'China once again urges the US to immediately correct its erroneous actions, cease discriminatory restrictions against China and jointly uphold the consensus reached at the high-level talks in Geneva.' The spokesperson's complaint comes after a Reuters report that the U.S. ordered some companies to stop shipping goods to China without certain licensing. Products ranging from semiconductors, chemicals, software and aviation equipment are among the restricted items, sources shared. The president announced a 90 day pause on some tariffs earlier this year, with many steep rates coming back into effect this summer if U.S. trade partners do not sign deals. Vietnam was hit especially hard by the White House's 'Liberation Day' tariff announcement in April. On a massive board showcasing the rates to be imposed held aloft by Trump on stage, Vietnam was slapped with one of the highest tariffs at 46 percent. Malaysia, meanwhile, was hit with a 24 percent rate under Trump's reciprocal tariff plan while India faces a 27 percent rate. Earlier this week, Trump was dealt a devastating blow, albeit a temporary one. A three-judge panel at the U.S. New York-based Court of International Trade ruled that parts of the president's tariff regime was unlawful. The ruling argued that Trump had wrongfully invoked an emergency law to justify the levies. Erupting with frustration, some in the White House vented that the move was akin to a 'judicial coup' against the president's executive authority. The pause was short-lived, though, after an appeals court issued a stay on the panel's ruling that have allowed the tariffs to remain. The appeals court demanded to hear from the Trump administration and the litigating parties, Democratic-led states and a group of small businesses. The case remains ongoing, though the White House has multiple tools at its disposal to implement tariffs in other ways if the court rules against it.
Fox News
2 days ago
- Business
- Fox News
Business Rundown: NVIDIA Soars & China Trade Tensions Flare
Back-to-back court decisions resulted in uncertainty ahead of the Trump tariffs. As trade negotiations reportedly stall, the President, on social media Friday morning, called out China for 'totally violating' our trade agreement. A bright spot this week in the market has been NVIDIA, whose stock soared off reports its earnings beat expectations, showing immense growth potential. FOX Business anchor Taylor Riggs is joined by Slatestone Wealth chief market strategist Kenny Polcari to break it all down. Photo Credit: AP Learn more about your ad choices. Visit
Daily Mail
3 days ago
- Business
- Daily Mail
Tariff talks with China 'a bit stalled' as Trump set to call Xi and Elon Musk leaves White House: Live updates
U.S. Treasury Secretary Scott Bessent has revealed tariff negotiations with China were 'a bit stalled.' He suggested President Donald Trump and his Chinese counterpart Xi Jinping would have to speak. Meanwhile, Trump announced he would hold a news conference with billionaire 'first buddy' Elon Musk. It is to mark his last day as a special advisor to Trump's administration. 11:52 Trump to hold farewell press conference for Elon Musk Trump announces surprise White House event with Elon Musk President Donald Trump announced Thursday that he would hold a press conference with beleaguered advisor and billionaire Elon Musk to mark his last day as a special advisor. 11:51 China tariff talks 'stalled' Treasury Secretary Scott Bessent said on Thursday trade negotiations with China were 'a bit stalled.' He suggested President Donald Trump and his Chinese counterpart Xi Jinping could get involved. I would say that they are a bit stalled. I believe that we will be having more talks with them in the next few weeks, and I believe we may, at some point, have a call between the president and party chair Xi. The world's two biggest economies agreed this month to pause reciprocal tariffs for 90 days, a surprise de-escalation in their bitter trade war following talks between top officials in Geneva. Under the May 12 truce, Washington agreed to temporarily reduce the tariff on Chinese imports to 30 percent from 145 percent, while China said it would lower its import duty on American goods to 10 percent from 125 percent.
Japan Times
3 days ago
- Business
- Japan Times
Tariff talks with U.S. a mix of slow progress, ever-present uncertainty
Both signs of progress and further uncertainty emerged in Japan's tariff negotiations with the United States, as the pace of high-level talks increased and a court order put most of the U.S. levies on shaky ground. Following Prime Minister Shigeru Ishiba's second phone call in a week with U.S. President Donald Trump on Thursday , Ryosei Akazawa, Japan's chief tariff negotiator, reaffirmed that Japan's stance hasn't changed in calling for the tariffs to be eliminated. 'We intend to maintain that stance while also doing our utmost to find common ground,' Akazawa, who is also economic revitalization minister, told reporters after landing in Washington on Thursday. 'We'd like to proceed with confidence in the negotiations.' On Wednesday, the U.S. Court of International Trade in Manhattan ruled Trump's 'reciprocal' tariffs to be unlawful , arguing the president had exceeded his authority to impose tariffs by invoking the International Emergency Economic Powers Act. The ruling came as a major blow to Trump's tariff plan, and added an extra layer of uncertainty as dozens of countries anxiously moved forward in trade negotiations with Washington. Wall Street opened higher on Thursday as the court order blocked most of Trump's tariffs, but fell back later in the day after a federal appeals court granted a temporary stay allowing the tariffs to remain in place during the appeals process. 'At this point, no final judicial decision has been made,' Akazawa said, noting the levels of escalation in the U.S. court system. 'Going forward, we intend to continue gathering the necessary information thoroughly, conducting proper analysis and responding appropriately.' Akazawa has suggested the possibility of buying more defense equipment from the U.S. as a way of reducing Japan's trade surplus with the U.S. | JIJI Bruce Aronson, a senior adviser at New York University's U.S.-Asia Law Institute, doubts the court decision will be very meaningful for Japan, as the 25% tariffs on automobiles, auto parts, steel and aluminum were not covered by the court order, and even the tariffs in question can be replaced by the Trump administration using other statutes. 'On first impression, you might think it helps strengthen Japan's hand, because the court ruled the 10% and the reciprocal tariffs are both illegal. On the other hand, at least some of them could be replaced by non-emergency tariffs over time,' Aronson said. 'Japan is not entirely off the hook for some of these things.' Japan continued to sweeten the pot in negotiations with the United States. It might offer aid in shipbuilding and buying more semiconductors from the U.S. as part of the negotiation, according to multiple news reports. Several reports after Ishiba and Trump's earlier call last week indicated the U.S. president might have pitched the F-47, Boeing's next-generation fighter, to Japan. Akazawa declined to comment on whether the jets had become a topic of discussion in the trade talks when asked by The Japan Times on Monday, while stressing Tokyo's stance that defense issues and trade talks should remain separate . On Thursday, he did suggest the possibility of buying more defense equipment from the U.S., saying that could be a way to reduce Japan's trade surplus with the U.S. He is set to hold a fourth round of high-level tariff talks with U.S. officials, meeting Treasury Secretary Scott Bessent on Friday morning in Washington.
Bloomberg
4 days ago
- Business
- Bloomberg
Japan's Akazawa Heads to US for Latest Round of Tariff Talks
Japan's top trade negotiator Ryosei Akazawa is headed to Washington for his fourth round of trade negotiations with the US, signaling that talks will continue as expected despite a US court ruling that declared the tariffs illegal. 'We are aware of the reports about the ruling and I will refrain from making any premature comments on the impact this may have on Japan-US negotiations,' Akazawa said Thursday, repeating comments made by the nation's chief cabinet secretary earlier in the day. 'But we intend to thoroughly examine the content of the ruling and its implications and respond appropriately.'
