Key points
- Asian markets extended week’s rally
- US and UK agree trade deal to reduce import taxes: BBC
- US Commerce Secretary warns agreements with Japan and S Korea can take longer to reach
ISLAMABAD: Most Asian equities rose Friday on growing optimism that the worst of Donald Trump’s trade war is past after he reached a deal with Britain and suggested he could lower tariffs on China as officials prepare for high-stakes talks this weekend.
AFP reported that the mood among investors has improved substantially since the US president unveiled his “Liberation Day” blitz last month, sending markets spinning and fuelling global recession fears.
Several countries have lined up to hold talks with Washington to avert the worst of the duties that range from 10 per cent to as high as 145 per cent on China.
On Thursday Britain became the first to announce a deal that reduces tariffs on British cars and lifts them on steel and aluminium, while in return Britain will open up markets to US beef and other farm products. The US and UK agree a trade deal to reduce import taxes on some British cars and metals, BBC reported.
Trump’s tariffs
While there are several areas that still need discussing, Trump and Prime Minister Keir Starmer hailed the “historic” deal, with the US president saying it should be seen as a template for others.
Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are set to meet Chinese Vice Premier He Lifeng in Switzerland on Saturday and Sunday, the first talks between the superpowers since Trump unveiled his tariffs.
Asian markets extended the week’s rally and tracked gains on Wall Street. Tokyo jumped more than one percent on hopes for Japan’s trade talks. However, Commerce Secretary Howard Lutnick warned agreements with Japan and South Korea could take longer to reach.
Hong Kong, Sydney, Wellington, Taipei, Manila and Jakarta also advanced, though Seoul retreated.
