Latest news with #tradeagreements
Arab News
a day ago
- Business
- Arab News
US not rushing trade deals ahead of August deadline, will talk with China, Bessent says
* Treasury's Bessent says higher tariffs pressure countries to make deals * EU exploring broader counter-measures, diplomats say * Trump to meet with Philippine President Marcos on Tuesday * Japanese trade negotiator to return to Washington By Andrea Shalal and Susan Heavey WASHINGTON, July 21 : The Trump administration is more concerned with the quality of trade agreements than their timing, US Treasury Secretary Scott Bessent said on Monday ahead of an August 1 deadline for countries to secure trade deals or face steep tariffs. 'We're not going to rush for the sake of doing deals,' Bessent told CNBC. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said US President Donald Trump would decide. 'We'll see what the president wants to do. But again, if we somehow boomerang back to the August 1 tariff, I would think that a higher tariff level will put more pressure on those countries to come with better agreements,' he said. Trump has upended the global economy with a trade war that has targeted most US trading partners, but his administration has fallen far short of its plan to clinch deals with dozens of countries. Negotiations with India, the European Union, Japan, and others have proven more trying than expected. White House press secretary Karoline Leavitt told reporters Trump could discuss trade when he meets with Philippine President Ferdinand Marcos Jr. at the White House on Tuesday. She said the Trump administration remained engaged with countries around the world and could announce more trade deals or send more letters notifying countries of the tariff rate they faced before August 1, but gave no details. Leavitt's comments came as European Union diplomats said they were exploring a broader set of possible counter-measures against the US, given fading prospects for an acceptable trade agreement with Washington. An increasing number of EU members, including Germany, are now considering using 'anti-coercion' measures that would let the bloc target US services or curb access to public tenders in the absence of a deal, diplomats said. 'The negotiations over the level of tariffs are currently very intense,' German Chancellor Friedrich Merz told a press conference. 'The Americans are quite clearly not willing to agree to a symmetrical tariff arrangement.' US-CHINA TALKS SOON On China, Bessent said there would be 'talks in the very near future.' 'I think trade is in a good place, and I think, now we can start talking about other things. The Chinese, unfortunately ... are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil,' he said. 'We could also discuss the elephant in the room, which is this great rebalancing that the Chinese need to do.' US officials have long complained about China's overcapacity in various manufacturing sectors, including steel. Bessent told CNBC he would encourage Europe to follow the United States if it implements secondary tariffs on Russia. The Treasury chief, who returned from a visit to Japan on Sunday, said the administration was less concerned with the Asian country's domestic politics than with getting the best deal for Americans. Japan's chief tariff negotiator Ryosei Akazawa departed for trade talks in Washington on Monday morning, his eighth visit in three months, after the ruling coalition of Japanese Premier Shigeru Ishiba suffered a bruising defeat in upper house elections shaped in part by voter frustration over US tariffs. Indian trade negotiators returned to New Delhi after almost a week of talks in Washington, but officials were losing hope of signing an interim trade deal before the August 1 deadline, government sources said.
Khaleej Times
2 days ago
- Business
- Khaleej Times
US not rushing trade deals ahead of August deadline, will talk with China, Bessent says
The Trump administration is more concerned with the quality of trade agreements rather than their timing, U.S. Treasury Secretary Scott Bessent said on Monday ahead of an Aug. 1 deadline for securing a trade deal or facing steep tariffs. "We're not going to rush for the sake of doing deals," Bessent told CNBC in an interview. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said U.S. President Donald Trump would decide. "We'll see what the president wants to do. But again, if we somehow boomerang back to the August 1 tariff, I would think that a higher tariff level will put more pressure on those countries to come with better agreements," he said. On China, Bessent said there would be "talks in the very near future." "I think trade is in a good place and, I think, now we can start talking about other things. The Chinese unfortunately ... are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil," he said. "We could also discuss the elephant in the room, which is this great rebalancing that the Chinese need to do." Bessent told CNBC he would encourage Europe to follow the United States if it implements secondary tariffs on Russia. On Japan, Bessent said the administration was less concerned with its domestic politics than with getting the best deal for Americans.
Times of Oman
5 days ago
- Business
- Times of Oman
India's economy is in good shape, can grow faster with investment in infrastructure, trade: Sanjeev Sanyal
New Delhi: Prime Minister's Economic Advisory Council member and economist Sanjeev Sanyal on Friday stated that India's economy is in good shape, but it can grow even faster with consistent investments in infrastructure, the forging of trade agreements, and improvements in the ease of doing business. Speaking with ANI, Sanjeev Sanyal said, "So we are in good shape, but can we grow faster? Yes, but for that, we will need to first put in place things like free trade agreements. We will have to keep investing in our own infrastructure and ease of doing business, so it's not like growth somehow naturally happens." Talking about the efforts for the country's economic growth, Sanyal said that the efforts are being made to take advantage of even the uncertain times. "It requires effort, and we are putting in that effort, and the idea is that as and when we settle into the new environment, we can take full advantage of this and grow at more than 7-8 per cent. I mean there's no reason we shouldn't aspire to grow at 8 per cent every year, but that requires that the external environment be such that we are able to do it," Sanyal said. On US trade tariffs, Sanyal said that India has been successful in navigating the turbulent trade situations as the country is signing pacts with new geographies. "Old order is breaking down and there will be a period of turbulence, but as you have noticed, we have navigated this reasonably well, and we also will participate in the rulemaking of the new order. And we are taking proactive steps, as you may be aware. We are signing free trade agreements with a large number of countries. We already have some with countries like Japan, Australia, the UAE, the UK, and so on," he said. "We're in advanced discussions with the European Union and the United States. So let me say that we are fully cognisant of the environment in which we are. Our purpose is to provide as much of a cushion to our domestic economy so that we can keep growing," Sanyal added. Earlier this May, Sanyal had said that India's economic growth rate of 6 to 7 per cent is a result of many "process reforms" undertaken that are not part of the headlines. India continues to be among the fastest-growing major economies and is expected to maintain this momentum over the coming years, according to global agencies. Speaking in Bengaluru at a seminar titled 'Reforms: Way To Vikasit Bharath', Sanyal, said, "process reforms are an important part of reforms."
Yahoo
12-07-2025
- Business
- Yahoo
Trump's law of the jungle means U.S. trade deals aren't worth the paper they're printed on, trade expert warns
By dismantling the mechanism that settles international trade disputes, there is no way for countries negotiating with the Trump administration to enforce any bilateral trade agreements. With little incentive to play by the rules, he could simply change the terms of any deal down the road. The best solution would be kicking the U.S. out of the World Trade Organization, argues trade expert Kristen Hopewell from the University of British Columbia, and re-establish the WTO's Appellate Body, the supreme court for global trade. When President Trump threatened Brazil with punishing tariffs on Wednesday, there was no fancy mathematical equation trotted out this time as justification. The 50% levy on goods was retribution for a perceived 'witch hunt' against his political ally, Jair Bolsanaro, whose supporters attempted a coup two years ago. This administration is bringing back the law of the jungle to international trade, according to trade expert Kristen Hopewell, and time is running out to salvage the remains of a post-war system of commerce that promoted stability and prosperity across the world. 'Trump is a totally unreliable negotiating partner,' she tells Fortune. 'Any deal you strike with the administration is not worth the paper it's written on.' As if to hammer home that point, news began to emerge on Thursday that Vietnam had been caught off guard when Trump prematurely announced a 20% duty on all goods entering the U.S. from the southeast Asian country. Vietnamese officials were reportedly still hoping for a number closer to half that. Nor is there any apparent rhyme or reason to his tariffs. Brazil, for example, doesn't even run a trade surplus with the United States—it imported $28.6 billion more goods and services from the U.S. last year than it exported. On Wednesday, when asked how he calculated his various import duties, the president answered that he uses 'a formula based on common sense,' one that reflects 'how we've been treated.' Hopewell, a professor at the University of British Columbia, argues this erratic and fickle approach to international negotiations is symptomatic of a Trump deal: 'He can simply come back later demanding more. There's no guarantee it will actually be upheld.' That's because the president already removed a cornerstone underpinning global commerce during his first administration six years ago when he blocked all appointments to what is essentially the supreme court of the World Trade Organization (WTO) — its Appellate Body. 'The WTO is unique amongst international organizations in that its rules are actually legally binding on states. It has teeth,' Hopewell said. Or rather it had teeth. Since the Biden administration continued its policy of blocking appointments to fill its vacancies, there is now no quorum to adjudicate trade disputes, leaving countries little incentive to abide by the rules anymore. Quite the contrary, they can break them with near impunity. The United States didn't always favor dismantling these guardrails. Over a decade ago, the country led a number of key partners, including Japan and the European Union, to press their rights against China when it attempted to restrict the export of critical minerals, including rare earths. In 2015, they later won in front of the Appellate Body, forcing Beijing to relent. Thanks to Trump, this enforcement mechanism no longer works. In January 2020, just weeks after the WTO's Appellate Body was decommissioned, Indonesia moved to impose a ban on the export of raw nickel. Since it has one of the largest remaining deposits of this element vital for electric vehicle batteries and stainless steel, it reckoned it could compel the creation of a domestic downstream industry for processing and refining the ore. Other countries argued in front of the WTO that it violated the rules and won—or at least they thought they had. Indonesia exercised its right to lodge a formal appeal to the Appellate Body, knowing full well that a ruling that settles the dispute was impossible. 'By appealing into the void, it could continue these WTO illegal export restrictions of nickel and is actually expanding them to other commodities,' Hopewell says. 'Other countries are now mimicking Indonesia and introducing similar bans on mineral exports.' Hopewell believes the moment for bold action has arrived. In a column for Politico this week, she argued the international community should consider expelling the United States from the World Trade Organization in order to revive its paralyzed Appellate Body. 'The stakes are really high, so it's worth considering more radical solutions,' she told Fortune. That attitude, Hopewell says, is no accident. Trump has long sought to undermine the WTO in favor of bilateral deals, where the U.S. holds more leverage. 'Trump is pursuing a divide-and-conquer strategy,' she said. 'He knows the U.S. is strongest when it negotiates one-on-one.' By agreeing to bilateral talks, she argues, foreign governments hoping to protect domestic industries are undermining themselves. 'They're playing right into Trump's hands.' Contacted by Fortune, the WTO Secretariat said it does not comment on the conduct of member states. The White House declined to respond. To many Americans, Trump's aggressive trade stance may appear cost-free. But the fallout has yet to reach consumers, in part because industries like autos stockpiled inventory ahead of new duties. 'It will take some time before the effects of the tariffs are felt in higher prices,' Hopewell said. 'But when that hits, it's going to be a profound economic shock for the U.S.' This story was originally featured on
Yahoo
09-07-2025
- Business
- Yahoo
Scott Bessent spars with CNN host over whether Trump's tariffs count as trade deals
Treasury Secretary Scott Bessent reignited his feud with Elon Musk on Sunday during an interview with CNN, where the Cabinet secretary also quibbled with a host over whether the president had made the '90 deals in 90 days' he had promised the American public. Bessent's comments come as the administration is set to hit many U.S. trading partners this month with 'reciprocal' tariffs following the end of a 90-day pause. During that period, the White House discussed the types of trade agreements Donald Trump and his team were set to negotiate with China, the U.K., Canada, and dozens of other countries, which the president has accused of engaging in unfair trade practices. The majority of those deals did not materialize, except for a handful of exceptions. Many issues continue to divide U.S. and Chinese officials, but some export controls instituted by Beijing were lifted after an agreement was inked in late June. On Sunday, Bessent echoed a familiar line from the administration: the insistence that the tariffs Trump was imposing in the absence of formal agreements with foreign governments constituted the 'deals' promised by the White House. 'The president has a reputation, a self-described dealmaker, so why haven't we seen the kind of deals that he promised in the last 90 days?' asked CNN's Dana Bash. "Again, he didn't promise this,' countered Bessent. In reality, it was Trump's trade adviser, Peter Navarro, who set this goal during a Fox Business interview. 'And when we send out the 100 letters to these countries, that will set their tariff rate. So we're going to have 100 done in the next few days,' he continued. Bash responded: 'But that's not a deal. That's a threat.' 'No, that's the level,' said the Treasury secretary. 'That's the deal.' 'President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1st, you will boomerang back to your April 2nd tariff level.' The White House initially announced a slate of 'Liberation Day' tariffs in early April, setting individualized tariff rates for dozens of U.S. trading partners, including some as high as 50 percent. Markets immediately engaged in a sell-off, prompting panic and a reversal by the president. But the end of Trump's 90-day pause is fast approaching, with the official deadline on Wednesday, July 9. So far, administration officials have not indicated that another pause is likely. Administration officials are currently negotiating with the EU, which is among the U.S. trading partners still seeking to avert a massive tariff hike. Before the president was re-elected, the average tariff on goods from the EU imported to the U.S. was just 2 percent. Trump has threatened to mark up tariffs as high as 50 percent. Holger Schmieding, chief economist at Germany's Berenberg bank, said the most likely outcome of the trade talks is that 'the US will agree to deals in which it takes back its worst threats of 'retaliatory' tariffs well beyond 10 percent'. Bessent's support of tariffs was one of several issues that led to his conflict with Elon Musk, the Tesla CEO and former DOGE overlord who joined the administration as a temporary appointee in January. The two argued frequently and even had one physical confrontation, according to news reports, and emerged as sharp personal rivals in addition to being political foes. On Sunday, the Treasury secretary made it clear that there was no love lost between the two men after Musk, who left the administration in May, publicly blew up at the president in a series of Twitter posts about a legislative package Trump had endorsed — the 'big, beautiful bill.' Musk was, and still is, a furious critic of the bill's deficit spending, which is projected to add trillions to the national debt over 10 years, and threatened last week to fund primary challenges against Republicans who voted for the legislation. His threats did not work, and it passed with only a few Republicans dissenting. 'The principles of DOGE were very popular. I think, if you looked at the polling, Elon was not,' Bessent told CNN. He went on to speculate that Tesla's board of directors would not react positively to the news that Musk was getting behind an effort to form a new political party, the 'America Party.' Archie Mitchell contributed reporting.
