Latest news with #tradeTensions
Globe and Mail
2 hours ago
- Business
- Globe and Mail
German Chancellor Friedrich Merz to meet Trump at the White House next week
German Chancellor Friedrich Merz will travel to Washington next week to meet U.S. President Donald Trump, with the war in Ukraine and trade tensions among the items on the agenda, the German government said Saturday. Merz's office said the new German leader, who took the helm of Europe's biggest economy on May 6, will meet Trump at the White House on Thursday – the first in-person meeting between the two. It said that the meeting will address bilateral relations and international issues such as Russia's war in Ukraine, the situation in the Middle East and trade policy. Merz has plunged into diplomatic efforts to try to secure a ceasefire and keep Western support for Ukraine intact since becoming Germany's leader. On Wednesday, he hosted Ukrainian President Volodymyr Zelensky in Berlin. Germany has a strong interest in defusing trade tensions between the European Union and the United states. Trump threatened to impose a 50% tariff on goods imported from the 27-nation bloc starting Sunday, but then pushed back the deadline to July 9.
Washington Post
4 hours ago
- Business
- Washington Post
New German leader Friedrich Merz will meet Trump at the White House next week
BERLIN — German Chancellor Friedrich Merz will travel to Washington next week to meet U.S. President Donald Trump , with the war in Ukraine and trade tensions among the items on the agenda, the German government said Saturday. Merz's office said the new German leader, who took the helm of Europe's biggest economy on May 6, will meet Trump at the White House on Thursday — the first in-person meeting between the two.
Associated Press
4 hours ago
- Business
- Associated Press
New German leader Friedrich Merz will meet Trump at the White House next week
BERLIN (AP) — German Chancellor Friedrich Merz will travel to Washington next week to meet U.S. President Donald Trump, with the war in Ukraine and trade tensions among the items on the agenda, the German government said Saturday. Merz's office said the new German leader, who took the helm of Europe's biggest economy on May 6, will meet Trump at the White House on Thursday — the first in-person meeting between the two. It said that the meeting will address bilateral relations and international issues such as Russia's war in Ukraine, the situation in the Middle East and trade policy. Merz has plunged into diplomatic efforts to try to secure a ceasefire and keep Western support for Ukraine intact since becoming Germany's leader. On Wednesday, he hosted Ukrainian President Volodymyr Zelenskyy in Berlin. Germany has a strong interest in defusing trade tensions between the European Union and the United states. Trump threatened to impose a 50% tariff on goods imported from the 27-nation bloc starting Sunday, but then pushed back the deadline to July 9.
Free Malaysia Today
19 hours ago
- Business
- Free Malaysia Today
Trump accuses China of violating tariff de-escalation deal
US President Donald Trump said he expects to eventually speak with Chinese leader Xi Jinping. (AFP pic) WASHINGTON : US President Donald Trump signalled renewed trade tensions with China today, arguing that Beijing had 'totally violated' a tariff de-escalation deal, while saying he expects to eventually speak with Chinese leader Xi Jinping. Trump's comments came after US treasury secretary Scott Bessent said that trade talks with China were 'a bit stalled', in an interview with broadcaster Fox News. Top officials from the world's two biggest economies agreed during talks in Geneva this month to temporarily lower staggeringly high tariffs they had imposed on each other, in a pause to last 90 days. But today, Trump wrote on his Truth Social platform: 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' without providing further details. The impasse came as China's slow-walking on export licence approvals for rare earths and other elements needed to make cars and chips fuelled US frustration, the Wall Street Journal reported today. Key to the tariff de-escalation pact was a demand that China resume rare earth exports, the report added, citing sources familiar with the matter. Earlier today, US trade representative Jamieson Greer told CNBC: 'The Chinese are slow-rolling their compliance, which is completely unacceptable.' While Greer did not go into specifics, he noted reports that Beijing continues to 'slow down and choke off things like critical minerals and rare earth magnets,' adding that the US trade deficit with China is still 'enormous'. Greer said that Washington was not seeing major shifts in Beijing's behaviour. Trump's deputy chief of staff Stephen Miller told reporters that with China failing to fulfil its obligations, 'that opens up all manner of action for the US to ensure future compliance'. Yesterday, Bessent suggested that there could be a call between Trump and Xi eventually. Trump told reporters this afternoon: 'I'm sure that I'll speak to President Xi, and hopefully we'll work that out.' US stock markets closed mixed, after fluctuating in the day on jitters that Trump could return to a more confrontational stance on China. Forthcoming deals? Washington is also in 'intensive talks' with other trading partners, Greer told CNBC, saying he has meetings next week with counterparts from Malaysia, Vietnam and the European Union. The meetings come as he heads to Organisation for Economic Cooperation and Development (OECD) talks in Europe. 'The negotiations are on track, and we do hope to have some deals in the next couple of weeks,' Greer said. Washington and Tokyo are making progress towards a deal, Kyodo News reported, citing Japan's tariffs envoy Ryosei Akazawa. Akazawa, who met with Bessent and commerce secretary Howard Lutnick in Washington, expects another round of talks before mid-June. But Trump's tariff plans are facing legal challenges. A US federal trade court ruled this week that the president overstepped his authority in tapping emergency economic powers to justify sweeping tariffs. It blocked the most wide-ranging levies imposed since Trump returned to office, although this ruling has been stayed for now as an appeals process is ongoing. The decision left intact, however, tariffs that Trump imposed on sector-specific imports such as steel and autos. Greer said it was important to get through the legal process so partners have a 'better understanding of the landing zone'. Since Trump returned to the presidency, he has slapped sweeping tariffs on most US trading partners, with especially high rates on Chinese imports. New tit-for-tat levies on both sides reached three digits before the de-escalation this month, where Washington agreed to temporarily reduce additional tariffs on Chinese imports from 145% to 30%. China, meanwhile, lowered its added duties from 125% to 10%. The US level is higher as it includes a 20% levy that Trump imposed on Chinese goods over the country's alleged role in the illicit drug trade – an accusation that Beijing has pushed back against. The high US-China tariffs, while still in place, forced many businesses to pause shipments as they waited for both governments to strike a deal.
The Independent
3 days ago
- Business
- The Independent
South Korea's central bank cuts borrowing costs to nurse the sluggish economy
South Korea's central bank cut its key interest rate and sharply lowered its growth outlook for the country's economy in 2025, as it moved Thursday to counter U.S. President Donald Trump's tariff hikes and weak domestic demand worsened by recent political turmoil. Following a monetary policy meeting, the Bank of Korea cut its benchmark interest rate by a quarter percentage point to 2.5%. It was its fourth cut since October, when it began lowering borrowing costs for the first time in years to support a weakening economy. The bank slashed its 2025 growth outlook to 0.8%, nearly halving its previous projection of 1.5% announced in February. Share prices jumped, with the Kospi gaining 1.7%. Although trade tensions have recently eased, the global economy is still expected to slow due to the lingering effects of increased tariffs. U.S.- China friction over trade and geopolitical uncertainties will continue to weigh on markets, the bank said in a statement. South Korea's domestic economic activity remained sluggish in April following a contraction in the first quarter driven by weak consumption and business investment, the bank said. It said job creation in manufacturing and other sectors was slow. Since beginning his second term, Trump has vowed to slap huge new tariffs on foreign products entering the United States, including those from Mexico, Canada and China, which he insists will create more domestic jobs and shrink the federal deficit. In recent weeks, South Korea has sent trade officials to Washington to discuss the Trump administration's trade measures, including reciprocal tariffs and potential product-specific duties on semiconductors and cars, which are major exports for the country's trade-dependent economy. A decision by a U.S. federal court saying Trump lacks the legal authority to impose such tariffs could upset his plans, but the White House has appealed and it's unclear what will happen in the longer run. Experts say South Korea's leverage in trade talks and its ability to tackle domestic economic challenges have been undermined by political instability after former President Yoon Suk Yeol's ill-fated imposition of martial law in December. Yoon was formally ousted from office in April, setting the stage for a snap presidential election next week.
