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Reuters
12 hours ago
- Business
- Reuters
Vietnam Q2 GDP growth estimated at 7.6% y/y, deputy PM says
HANOI, June 20 (Reuters) - Vietnam's gross domestic product is expected to have grown 7.6% in the second quarter from a year earlier, Deputy Prime Minister Nguyen Hoa Binh told parliament on Friday. Binh said annual growth for the first half is estimated at 7.3%, adding it would be a "big challenge" to reach this year's growth target of 8%. He said Vietnam is seeking to maintain harmonious trade relations with the United States and China, its two largest trading partners. Vietnam has been holding negotiations with the U.S. to strike a deal that would allow Vietnamese goods to avoid a 46% tariff rate, imposed largely as a result of its big trade surplus with Washington. "Vietnam is doing its best to avoid the U.S.'s 46% reciprocal tariffs on its products," Binh said. "We don't assume that the tariff will take effect." To meet this year's GDP target, Vietnam has been seeking to "renew" its existing growth drivers, including exports, manufacturing, public investment and foreign direct investment, Binh said. He added that Vietnam is also seeking new growth drivers, including green investment as well as high-tech industries like semiconductors.
Yahoo
2 days ago
- Business
- Yahoo
Can Soybean Prices Keep Trending Higher?
November soybean futures (ZSX25) present a buying opportunity on more price strength. See on the daily bar chart for November soybean futures that prices are starting to trend higher and have just hit a four-month high. See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is in a bullish posture as the red MACD line has just crossed above the blue trigger line and both lines are trending up. The soybean bulls have the near-term technical advantage. Coffee Prices Pressured by Rain in Brazil Grains, Unrest, & Gold: What Middle East Tensions Mean for Your Portfolio Now West African Rain Benefits Cocoa Crops and Undercut Prices Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Most of the U.S. soybean crop is entering its more important months of plant growth, with August being the most critical. History shows that odds favor some degree of a weather-market scare developing in the coming weeks, which would boost prices. Also, the U.S. is starting to nail down trade agreements with its major counterparts. U.S.-China trade relations have also improved recently. These elements, especially a U.S.-China trade dialogue, are friendly for the soybean market, arguing for better U.S. soybean exports in the coming months. China is a major importer of soybeans. A move in November soybeans above chart resistance at this year's high of $10.75 3/4 would become a buying opportunity. The upside price objective would be $11.85 or above. Technical support, for which to place a protective sell stop just below, is located at $10.30. IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account. It is my goal to point out to you potential trading opportunities. However, it is up to you to: (1) decide when and if you want to initiate any trades and (2) determine the size of any trades you may initiate. Any trades I discuss are hypothetical in nature. Here is what the Commodity Futures Trading Commission (CFTC) has said about futures trading (and I agree 100%): Trading commodity futures and options is not for everyone. IT IS A VOLATILE, COMPLEX AND RISKY BUSINESS. Before you invest any money in futures or options contracts, you should consider your financial experience, goals and financial resources, and know how much you can afford to lose above and beyond your initial payment to a broker. You should understand commodity futures and options contracts and your obligations in entering into those contracts. You should understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you. On the date of publication, Jim Wyckoff did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
2 days ago
- Business
- The Star
Malaysia hopes for collaborative deal following US tariff talks
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz KUALA LUMPUR: Malaysia hopes the upcoming tariff negotiations with the United States (US) will result in a new cooperation arrangement, said Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong. MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz is currently in Washington to hold discussions with US Trade Representative (USTR) Jamieson Greer. "Tengku Zafrul has mentioned last week (that) broadly we hope there will be a collaborative effort in shaping the new arrangement. "But we will wait for (the outcome of) the negotiations,' Liew told reporters after a panel session on 'Deciphering Malaysia's Investment Cycles' at the Sasana Symposium 2025 hosted by BNM today. It was reported that Tengku Zafrul was scheduled to visit the US today to resume negotiations over tariffs imposed on Malaysian goods and was expected to meet Greer as well as other US government officials and investors. Tengku Zafrul will also take the opportunity to engage with several business chambers, companies and interest groups, including the American Malaysian Chamber of Commerce (AMCHAM) and the US-ASEAN Business Council. On April 24 this year, Tengku Zafrul led a high-level delegation to Washington, where he held talks with US Commerce Secretary Howard Lutnick and Greer. Malaysia has expressed its readiness to negotiate in four key areas: narrowing the trade deficit, addressing non-tariff barriers, strengthening technology protection and security, and exploring the potential for a bilateral trade agreement. On April 2, US President Donald Trump announced tariff measures affecting around 60 countries, including a 24 per cent levy on most Malaysian goods. However, the tariffs have been temporarily suspended for 90 days -- until July 8 -- for most countries to allow room for trade negotiations. - Bernama
The Sun
2 days ago
- Business
- The Sun
Malaysia hopes for collaborative deal following US tariff talks
KUALA LUMPUR: Malaysia hopes the upcoming tariff negotiations with the United States (US) will result in a new cooperation arrangement, said Deputy Minister of Investment, Trade and Industry (MITI) Liew Chin Tong. MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz is currently in Washington to hold discussions with US Trade Representative (USTR) Jamieson Greer. 'Tengku Zafrul has mentioned last week (that) broadly we hope there will be a collaborative effort in shaping the new arrangement. 'But we will wait for (the outcome of) the negotiations,' Liew told reporters after a panel session on 'Deciphering Malaysia's Investment Cycles' at the Sasana Symposium 2025 hosted by BNM today. It was reported that Tengku Zafrul was scheduled to visit the US today to resume negotiations over tariffs imposed on Malaysian goods and was expected to meet Greer as well as other US government officials and investors. Tengku Zafrul will also take the opportunity to engage with several business chambers, companies and interest groups, including the American Malaysian Chamber of Commerce (AMCHAM) and the US-ASEAN Business Council. On April 24 this year, Tengku Zafrul led a high-level delegation to Washington, where he held talks with US Commerce Secretary Howard Lutnick and Greer. Malaysia has expressed its readiness to negotiate in four key areas: narrowing the trade deficit, addressing non-tariff barriers, strengthening technology protection and security, and exploring the potential for a bilateral trade agreement. On April 2, US President Donald Trump announced tariff measures affecting around 60 countries, including a 24 per cent levy on most Malaysian goods. However, the tariffs have been temporarily suspended for 90 days -- until July 8 -- for most countries to allow room for trade negotiations.
GMA Network
2 days ago
- Business
- GMA Network
PH waiting for US decision on tariffs
The Philippines is awaiting the United States' decision on its plea for the latter to lower the tariff rates on Philippine goods. In an interview with reporters on Wednesday, Trade Secretary Ma. Cristina Roque said that there would be 'really no second round (dialogue) for us.' Last month, Roque, along with Economic Affairs Adviser Frederick Go and Philippine Ambassador to the United States Jose Manuel Romualdez, met with US Trade Representative Jamieson Greer and tackled 'mutually beneficial ways to strengthen the bilateral relations' amid the 17% tariff rate imposed by the US. The trade dialogue was held within the 90-day suspension of US President Donald Trump's reciprocal tariff policy. The suspension will expire on July 8. 'Everything is a wait-and-see until they put it out… But we don't know what the outcome will be when they give us the verdict,' Roque said. The Department of Trade and Industry chief, however, expressed confidence that the US will give a favorable decision on the Philippines' tariff plea, 'which is lower than 17%.' Trump had earlier expressed willingness to extend the suspension of his reciprocal tariff policy for countries with ongoing trade talks with the US. 'Actually, I've heard that also, and that was what was told to us also, that there might be an extension. But, again, there's no [confirmation] yet,' Roque said. 'For now, the tariff is at 10%, which is lower than 17%. So, even with the extension, I feel we should be okay. Yeah, favorable for us because 10%. But, of course, if we really get the tariff lower than 10%, why not? But, again, everything is under negotiation,' she said. Trump in April announced a sweeping reciprocal tariff policy on its trading partners, including the Philippines, which would be facing a 17% tariff on its exports to the US. Although it is the lowest among its Southeast Asian peers, still the Philippine government sent a delegation to Washington to seek dialogue with US officials. Trump had argued that the trading relationship between the US and its trading partners has become 'highly unbalanced,' thus the higher tariffs would be targeted on countries that have significant trade imbalances with America. In other words, the US leader is trying to level the playing field for American industries by 'reciprocating' what other states are charging them for the goods they are selling in their countries. Data from the USTR showed that the US goods trade deficit with the Philippines stood at $4.9 billion in 2024, up 21.8% from 2023. US total goods trade with the Philippines amounted to about $23.5 billion in 2024, with American goods exports to the Philippines amounting to $9.3 billion, up 0.4%, while goods imports totaled $14.2 billion. The US is the Philippines' top destination for its goods in 2024 at $58.7 billion, accounting for a lion's share, or 80.2%, of the top 10 nations where it exports, according to data from the Philippine Statistics Authority. —VBL, GMA Integrated News
