2025-07-09 07:36
July 9 (Reuters) - Malaysia has no plans to retaliate against a 25% tariff levied on its exports to the United States by Washington, its trade minister Tengku Zafrul Aziz said on Wednesday, saying he was "still optimistic" about reaching a trade deal. Speaking in an interview at the Reuters NEXT Asia summit in Singapore, Tengku Zafrul said Malaysia still had a few more weeks to negotiate the final terms of an agreement. Sign up here. "I'm in touch with USTR (U.S. Trade Representative) as recently as yesterday, and we all agreed that we could continue our negotiations, so we still have time," he said. "We are appreciative that the timeline has been extended to first of August," he added. "It gives me a bit more time to refine some of the discussion." Malaysia, a key exporter of semiconductors and electronics, was slapped with a revised 25% tariff on its exports to the United States, higher than the 24% rate threatened in April before President Donald Trump called a 90-day pause. "We have no plans to retaliate for now," Tengku Zafrul said. Malaysian Prime Minister Anwar Ibrahim said on Wednesday he will raise some of the tariff-related issues during his meeting with U.S. Secretary of State Marco Rubio who is in Malaysia this week for ASEAN-related meetings. The State Department billed the trip as a first visit to Asia by America's top diplomat and a demonstration of Washington's commitment to the Indo-Pacific. "Any unilateral tariffs will, of course, impact negatively on the economy of this country and this region. But we are still in the midst of negotiations," Anwar told reporters. Malaysia's trade ministry said on Tuesday it was continuing discussions with U.S. counterparts to address pending issues, clarify the scope and impact of the tariffs and pursue avenues for a timely conclusion to the talks. "I am optimistic, especially in sectors that I feel there is a win-win," Tengku Zafrul said. Malaysia and other countries in Southeast Asia are among the hardest hit by Trump's sweeping tariffs, as they rely on exports and manufacturing to drive economies collectively worth more than $3.8 trillion, some helped by supply chain shifts from China. To view the live broadcast of the World Stage go to the Reuters LIVE page: https://www.reuters.com/world/reuters-next-asia-live-global-leaders-address-challenges-opportunities-2025-07-07/ https://www.reuters.com/world/asia-pacific/reuters-next-malaysia-trade-minister-says-still-optimistic-us-trade-2025-07-09/
2025-07-09 07:32
VIENNA, July 9 (Reuters) - Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Wednesday. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower. Sign up here. OPEC+ began to unwind cuts of 2.17 million barrels per day in April with a boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June and July. On Saturday, the group approved a 548,000 bpd jump for August. Mazrouei said he was not worried about supply overhang even after the latest production rises. "You can see that even with the increases for several months we haven’t seen a major buildup in inventories, which means the market needed those barrels," he said. "What we want is stability and you cannot be short-sighted just by looking at the price. We need the price to be right for investments to happen," he said, adding that countries with big oil reserves were still not investing enough. https://www.reuters.com/business/energy/uae-says-oil-markets-are-absorbing-more-barrels-without-stocks-rising-2025-07-09/
2025-07-09 07:28
HAMBURG, July 9 (Reuters) - Trials to reopen the Mosel river in western Germany to domestic freight shipping have initially been successful with ships able to use a damaged lock for sailing in both directions, navigation authorities said on Wednesday. Shipping was stopped on the river, a key transit route for grains and rapeseed between Germany and France, after an accident involving a passenger vessel last week damaged a lock at Sankt Aldegund between the cities of Koblenz and Trier in western Germany. Sign up here. If use of a damaged lock continues successfully in the coming days, shipping could be normalised on the river, inland waterways navigation agency WSA said. The lock is examined after each vessel transit and has been holding up well. In addition, a diver will examine the lock below water at least once a week, the agency said. A similar lock accident that halted shipping in December on the river, called the Moselle in France, led futures exchange operator Euronext to suspend physical delivery to river ports in eastern France for its rapeseed futures. https://www.reuters.com/markets/commodities/german-tests-reopen-mosel-river-shipping-successful-authorities-say-2025-07-09/
2025-07-09 07:27
BRUSSELS, July 9 (Reuters) - The European Union is working closely with U.S. President Donald Trump's administration to reach a trade deal, but Brussels is getting ready for all scenarios, European Commission President Ursula von der Leyen said on Wednesday while addressing the European Parliament. "We stick to our principles, we defend our interests, we continue to the work in good faith, and we get ready for all scenarios", Von der Leyen said. Sign up here. https://www.reuters.com/business/energy/eu-parliament-approves-deal-looser-gas-storage-rules-2025-07-08/
2025-07-09 07:24
ATHENS, July 9 (Reuters) - The Liberia-flagged, Greek-operated bulk carrier Eternity C has sunk after a Houthi attack off Yemen, four maritime security sources told Reuters on Wednesday, and efforts to rescue the crew were under way. Some of the crew were in lifejackets in the water and at least five people have been rescued so far, two of the sources said. Sign up here. https://www.reuters.com/world/europe/greek-ship-sinks-off-yemen-after-houthi-attack-crew-being-rescued-sources-say-2025-07-09/
2025-07-09 07:19
July 9 (Reuters) - European shares nudged higher on Wednesday, supported by defence stocks, as investors awaited signs of progress on a trade accord with the United states. The pan-European STOXX 600 index (.STOXX) , opens new tab was up 0.2% at 546.94 points, as of 0706 GMT. Other major regional indexes also traded higher. Sign up here. U.S. President Donald Trump said on Tuesday that he will "probably" tell the European Union within two days what rate it can expect for its exports to the United States, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. Trump also announced plans to impose a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals would be introduced soon. He threatened a 200% levy on drug imports, which he said could be delayed by about a year. Trump has pushed back the previous tariff deal deadline to August 1, a date he called final, declaring there would be "no more extensions." Earlier in the day, the Financial Times reported that EU negotiators are nearing a trade deal with Trump that would cement higher tariffs than those granted to the UK. European defence (.SXPARO) , opens new tab stocks rose 1.1%, while banks (.SX7P) , opens new tab were up nearly 1%. Energy shares (.SXEP) , opens new tab advanced 0.8%. Shares of EssilorLuxottica (ESLX.PA) , opens new tab rose 5.1% on reports that Meta Platforms (META.O) , opens new tab has acquired a nearly 3% stake in the eyewear maker. https://www.reuters.com/markets/europe/european-shares-edge-higher-investors-eye-us-trade-signals-2025-07-09/
