Taiwan Is Continuing Tariff Negotiations With US

Taiwan’s cabinet is still negotiating for more favorable tariff rates after U.S. President Donald Trump imposed a 20% levy on the island, Vice Premier Cheng Li-chiun said on Monday. “Taiwan’s goal is to seek a better and more reasonable tariff rate from the U.S.”, Cheng told a news briefing, adding that negotiations with the U.S. were continuing, and that officials were prepared to report to Taiwan’s parliament on their progress. Cheng said Taiwan was hoping to continue its tariff negotiations concurrent with a U.S. national security probe, which is being conducted under Section 232 of the Trade Expansion Act of 1962.

Meanwhile, U.S. President Donald Trump on Sunday urged China to quadruple its soybean purchases ahead of a key tariff truce deadline, sending Chicago soybean prices higher, though analysts were quick to question the feasibility of any such deal.

In a late night post on Truth Social, Trump said China was worried about a shortage of soybeans and he hoped it would quickly quadruple its soybean orders from the U.S. “Rapid service will be provided. Thank you President XI,” Trump said in his post. The most active soybean contract on the Chicago Board of Trade (CBOT) jumped 2.38% to $10.11 a bushel at 0637 GMT on Monday after Trump’s post. The contract was steady earlier.

In another development, UK employers reported weaker hiring and pay growth in July. Hiring intentions by British businesses fell to their weakest since the COVID-19 pandemic and recruiters said starting pay was rising at the slowest pace in over four years, according to surveys on Monday.  There are clear signs of a weakening jobs market. With the Bank of England watching the jobs market closely, the Chartered Institute of Personnel and Development said only 57% of private sector employers planned to recruit staff over the next three months, the lowest since the start of 2021 though only slightly down from 58% in the last quarterly survey.

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Source: HDFC Securities Prime Research