Latest news with #tradeRelations
NHK
4 hours ago
- Business
- NHK
New Zealand, China leaders affirm importance of economic ties
The leaders of New Zealand and China have affirmed the importance of their country's economic ties. Prime Minister Christopher Luxon met with Chinese President Xi Jinping on Friday in Beijing. This is Luxon's first visit to China since he took office in November 2023. Luxon said he wants to maintain healthy trade ties with China, which is his country's largest trading partner. He cited education and tourism as areas for cooperation. Meanwhile, Xi noted the two nations share a long relationship that has delivered tangible benefits to both sides. But differences remain between the two countries. China has been lobbying New Zealand in its efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership or CPTPP. New Zealand is already a signatory of the pact, but China's move puts it in a difficult position as other members have reportedly raised concerns Beijing cannot meet the agreement's high standards. The meeting also came one day after New Zealand announced it will halt millions of dollars in financial aid to the Cook Islands. The island chain signed a strategic partnership agreement with China without telling New Zealand. The two Pacific nations are obliged to consult each other on defense and security matters.
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.
Bloomberg
a day ago
- Business
- Bloomberg
Australia's Beef Industry Can Wait Out Trump Tariffs, Envoy Says
Australia should maintain its cautious approach to the Trump administration's 'reciprocal' tariffs, despite the potential impact on the beef industry which makes up a major part of the nation's agricultural exports to the US, according to a government trade envoy. When considering the tariff feuds between the US and other major trading partners, such as Mexico and Canada, it was better for Australia to 'wait and see' rather than attempting to retaliate, Special Representative for Australian Agriculture Su McCluskey said.
Irish Times
12-06-2025
- Business
- Irish Times
Tánaiste told Trump trade representative tariffs ‘threaten' US-Ireland relationship
Tariffs 'threaten' relations between America and Ireland and are bad for those on both sides of the Atlantic, the Tánaiste has told US trade representative Jamieson Greer. Speaking after a virtual meeting with Mr Greer, Simon Harris , who is also Minister for Foreign Affairs and Trade, said he will stay in touch with his Washington counterpart 'as we seek to bring this trade dispute to an end'. The meeting between the pair on Thursday was described as 'positive' and 'constructive' by the Irish side. A readout from the Office of the US trade representative is not yet available. The EU had been slated for a 20 per cent tariff under the reciprocal rates announced by US president Donald Trump in April. A temporary pause took the rate down to 10 per cent through July 8th. READ MORE In late May, Mr Trump expressed frustration with the pace of talks and threatened to raise the tariff rate to 50 per cent , although he later said he would hold off on the threat until July 9th . Thursday's discussion followed on from a meeting between Mr Harris and US commerce secretary Howard Lutnick in Washington in April. According to the Irish Department of Foreign Affairs, the two politicians on Thursday 'discussed recent trade developments, including a constructive exchange of views on the ongoing negotiations between the US and EU.' Mr Harris said he outlined to Mr Greer the 'hugely successful two-way economic relationship between the US and Ireland'. 'I explained how tariffs threaten this relationship and are bad for business, bad for consumers and bad for workers on both side of the Atlantic,' Mr Harris said. The Tánaiste said he assured Mr Greer of Ireland's 'commitment to supporting a mutually beneficial agreement that works for the US and the EU'. He welcomed Mr Greer's positive meeting with European commissioner for trade and economic security, Maros Sefcovic, in Paris last week. After the meeting with Mr Sefcovic, Mr Greer said the EU had provided the US with 'a credible starting point for discussions on reciprocal trade' and the discussion showed Washington 'a willingness by the EU to work with us to find a concrete way forward to achieve reciprocal trade'. The European Commission is preparing to navigate another round of trade talks with President Trump's administration. Last week, the EU threatened to speed up retaliatory measures against the US if President Trump follows through on his threat to impose a 50 per cent levy on steel and aluminium imports. The Irish Government has been lobbying the European Commission to try to keep important domestic sectors like aviation, medtech, agricultural feed and whiskey out of the transatlantic trade war.
The National
11-06-2025
- Business
- The National
What does the London framework mean for US-China trade?
Having extended a truce between the world's biggest economies, officials will go back to Donald Trump and Xi Jinping for their approval in easing export restrictions
