Latest news with #tradeagreement
CNA
4 hours ago
- Business
- CNA
China 'firmly rejects' US claim that it violated tariff deal
BEIJING: China said on Monday (Jun 2) it "firmly rejects" US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up. Beijing and Washington last month agreed to slash staggeringly high tariffs on each other for 90 days after talks between top officials in Geneva. But top Washington officials last week accused China of violating the deal, with Commerce Secretary Howard Lutnick saying Beijing was "slow-rolling" the agreement in comments to "Fox News Sunday". China hit back on Monday, saying Washington "has made bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts". "China firmly rejects these unreasonable accusations," its commerce ministry said in a statement. US President Donald Trump said last week that China had "totally violated" the deal, without providing details. Beijing's commerce ministry said it "has been firm in safeguarding its rights and interests, and sincere in implementing the consensus". It fired back that Washington "has successively introduced a number of discriminatory restrictive measures against China" since the Geneva talks. The ministry cited export controls on artificial intelligence chips, curbs on the sale of chip design software and the revocation of Chinese student visas in the United States. "We urge the US to meet China halfway, immediately correct its wrongful actions, and jointly uphold the consensus from the Geneva trade talks," the ministry said. If not, "China will continue to resolutely take strong measures to uphold its legitimate rights and interests", it added. TRUMP-XI TALKS? US officials have said they are frustrated by what they see as Chinese foot-dragging on approving export licences for rare earths and other elements needed to make cars and chips. But Washington's Treasury Secretary Scott Bessent looked to ease the pressure on Sunday, saying the two sides could arrange a call between their respective heads of state to resolve their differences. "I'm confident ... this will be ironed out" in a call between Trump and Chinese President Xi Jinping, Bessent said on CBS's "Face the Nation". He added, however, that China was "withholding some of the products that they agreed to release", including rare earths. On when a Trump-Xi call could take place, Bessent said: "I believe we will see something very soon." China has been less forthcoming, and the commerce ministry's statement on Monday did not mention any planned conversations between the two leaders. The Geneva deal was "an important consensus reached by the two sides on the principle of mutual respect and equality, and its results were hard-won", the ministry said. It warned Washington against "going its own way and continuing to harm China's interests".
Yahoo
a day ago
- Business
- Yahoo
EU deal shows Labour is getting on with the job while others moan, says MSP
Many readers will be aware of the groundbreaking trade agreement between the new United Kingdom Government and the European Union. With it came a major step towards resetting the UK's relationship with Europe and clearing up the previous government's mess in relation to Brexit. This development follows similar agreements with the US and India. All good news for Inverclyde which is a major hub for Scotland's exports. The new UK-EU trade deal will make it easier for Scottish businesses to trade with European countries while also improving our defence capability and strengthening our borders. But it is likely to bring real, tangible benefits to people's personal lives too. For example, supermarkets such as Morrisons have said that the deal has the potential to significantly reduce the cost of the weekly shop. Holiday-makers travelling to Europe will also be able to use e-Gates – ending those lengthy queues at passport control. And with more cooperation between the UK and the EU on energy, the deal will help to drive down energy bills in the long term. This agreement is aimed at rebuilding our economy and has rightly received overwhelming support from Scottish industry. Unfortunately Scottish First Minister John Swinney, UK Leader of the Opposition Kemi Badenoch and Nigel Farage all appear to oppose it. And while I am disappointed by the Scottish Government's lack of support, I am not surprised by it. The fact is that John Swinney's government has developed a habit of complaining from the sidelines while the new UK Government gets on with the job. The only thing the Scottish Government seemed to have done to improve relations with our EU neighbours is to overlook Inverclyde jobs and industry by sending ferry contracts to Poland. On the other hand, this new UK-EU deal is a serious move by a UK Government that is serious about rebuilding our country's economy and our friendships with partners abroad. And this action is bearing fruit with the positive news that the UK had the fast growing economy in the G7 for the first three months of 2025. Long may it continue.
The Independent
2 days ago
- Business
- The Independent
Starmer in race against time to stop Trump's shock 50% steel tariffs hitting UK
The UK faces a race against time to prevent Donald Trump 's swingeing new 50 per cent tariffs on steel hitting an already beleaguered critical industry. The US president sent shockwaves through the global economy when he announced on Friday that he would raise the tariffs from 25 per cent to 'further secure' the industry. 'We're going to bring it from 25 percent to 50 percent, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States. Nobody is going to get around that,' Trump told steel workers on a visit to a Pennsylvania plant. He later confirmed on his Truth Social platform that the change would be 'effective Wednesday, June 4'. A UK-US trade deal unveiled with much fanfare earlier this month should have exempted Britain from steel tariffs – but it has yet to be implemented. Ministers now face a scramble to ensure the agreement with the US is in place before Wednesday. The government is urgently seeking clarification from the US on what the latest announcement means for the UK, the Independent understands. Business secretary Jonathan Reynolds is also set to meet his US counterpart Jamieson Greer in a bid to secure an agreed timeline to lift the tariffs. But the face-to-face talks, after an OECD trade ministers summit in Paris, are thought to be scheduled for Wednesday, raising the prospect of an eleventh-hour showdown. Earlier this month President Trump hailed the trade agreement with the UK as a 'great deal for both countries', while the prime minister said the move would 'boost British businesses and save thousands of British jobs' and deliver on his promises to protect carmakers and save the UK's steel industry. Under its terms, levies on steel and aluminium were to be reduced to zero. However, a general 10 per cent tariff for other goods would remain and Britain agreed to scrap its tariff on ethanol coming into the UK from the US. But the Conservative leader Kemi Badenoch said the UK had been 'shafted' as she contrasted the amount UK business would have to pay with their costs before President Trump came to power. Last month MPs were forced to hold an unusual Saturday sitting to approve emergency plans to save British Steel 's Scunthorpe blast furnaces by taking control away from its Chinese owners. Although the new law stopped short of nationalisation, the government conceded it was "likely" British Steel would have to be taken into public ownership as Sir Keir warned the UK's economic and national security was "on the line". At the time, he said his government was 'turning the page on a decade of decline, where our manufacturing heartlands were hollowed out by the previous government. Our industry is the pride of our history - and I want it to be our future too." On Trump's new 50 per cent steel tariff announcement, a government spokesperson said: 'The UK was the first country to secure a trade deal with the US earlier this month and we remain committed to protecting British business and jobs across key sectors, including steel. 'We are engaging with the US on the implications of the latest tariff announcement and to provide clarity for industry.'
Khaleej Times
2 days ago
- Business
- Khaleej Times
Trump says US 'very close to making deal with India', trade talks with Pakistan next week
US President Donald Trump said on Friday representatives from Pakistan are going to the United States next week as the South Asian country seeks to make a deal on tariffs. Pakistan faces a potential 29% tariff on its exports to the United States due to a $3 billion trade surplus with the world's biggest economy, under tariffs announced by Washington last month on countries around the world. Trump said he would have no interest in making a deal with the South Asian country or its neighbor, India, if they were to engage in war with each other. The two nuclear-armed rivals used 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 making a deal with India," Trump told reporters at Joint Base Andrews after departing Air Force One. Indian Trade Minister Piyush Goyal visited Washington recently to advance trade talks, with both sides aiming to sign an interim agreement by early July. India faces 26% tariffs on shipments to the US Reuters reported last week that India is likely to allow US firms to bid for contracts worth over $50 billion, mainly from federal entities, as it negotiates a trade deal with Washington.
Malay Mail
2 days ago
- Business
- Malay Mail
Mat Sabu: Malaysia's agri-food sector secures RM17m in international deals at Thaifex-Anuga Asia 2025
BANGKOK, May 31 — Malaysian exhibitors have successfully inked two Memorandums of Understanding (MoUs) worth RM17 million at THAIFEX-Anuga Asia 2025, Asia's leading food and beverage trade show. Agriculture and Food Security Minister Datuk Seri Mohamad Sabu said the agreements, signed with partners from Thailand and the United States, reflect the growing international confidence in the quality and competitiveness of Malaysian products. 'These agreements with partners from Thailand and the United States are not just business transactions — they are a testament to the world's growing confidence in Malaysian products. 'Our entrepreneurs have proven that, with the right support, they can compete and excel on the global stage,' he said after officiating the Malaysian Pavilion here on Friday. Mohamad on a four-day working visit to Thailand said the Agriculture and Food Security Ministry has been actively supporting local entrepreneurs through strategic initiatives, ensuring they meet global standards while maintaining the unique quality and authenticity of Malaysian products. 'Our vision is clear: we want Malaysian products to become household names worldwide. With the dedication of our farmers, food producers, and government agencies, I am confident that we will see even greater achievements in the years to come,' he added. Mohamad also invited international buyers to explore Malaysia's diverse range of high-quality food products showcased at the pavilion. He said the strong performance at THAIFEX-Anuga Asia 2025 underscores Malaysia's growing influence in the global food and beverage arena. Mohamad added that with continued government backing, aggressive promotional campaigns, and industry collaboration, Malaysia is poised to expand its footprint as a leading agri-food exporter in Southeast Asia and beyond. Meanwhile, the Counsellor at the Agriculture Counsellor Office, Shaiful Naszri Wahid, said Malaysian agri-food products are gaining recognition due to their compliance with stringent international standards, including halal certification, organic farming practices, and sustainable sourcing. 'By using strategic trade platforms like Thailand, we can further elevate Malaysia's global visibility and build lasting trade partnerships across and beyond the region,' he said. With 137 Malaysian exhibitors showcasing high-quality products, the Malaysia Pavilion became a focal point for international buyers during the trade show, which was held at IMPACT Muang Thong Thani from May 27 to 31. — Bernama
