2025-10-26 11:37

Positive meeting between leaders set to kick-off tariff talks Trump expects 'pretty good deals' for both countries Brazilian industries view meeting of presidents as positive KUALA LUMPUR, Oct 26 (Reuters) - Brazil's President Luiz Inacio Lula da Silva said he had a positive meeting on Sunday with U.S. President Donald Trump, and their respective teams will start "immediately" to discuss tariffs and other matters. Trump and Lula spoke on the sidelines of the ASEAN summit in Kuala Lumpur, Malaysia in a meeting to overcome tensions between Brazil and the United States after Trump increased tariffs on U.S. imports of most Brazilian goods to 50% from 10% in August. Sign up here. "We agreed that our teams will meet immediately to advance the search for solutions to the tariffs and sanctions against Brazilian authorities," Lula said in a social media post following the meeting. Trump had linked the tariff move to what he called a "witch hunt" against Jair Bolsonaro, the South American country's former president. The U.S. government also put sanctions on a number of Brazilian officials, including Supreme Court Justice Alexandre de Moraes, who oversaw the trial that led to Bolsonaro's for attempting a coup. Ahead of the meeting on Sunday though, Trump said he could reach some agreements with Lula. "I think we should be able to make some pretty good deals for both countries," Trump said. Lula previously described the tariff hike as a "mistake", citing a $410 billion U.S. trade surplus with Brazil over 15 years. Brazil's Foreign Minister Mauro Vieira said negotiations will start immediately to work on solutions and a meeting with the U.S. delegation was planned for Sunday. "We will establish a negotiation schedule and establish the sectors we will talk about so that we can move forward," Vieira told journalists at the summit, adding that Brazil had requested that tariffs be suspended during the negotiation process. It was not immediately clear if the United States agreed to the request. U.S. Treasury Secretary Scott Bessent, Secretary of State Marco Rubio and Trade Representative Jamieson Greer were present at the meeting, Vieira said. "We hope to conclude bilateral negotiations that address each of the sectors of the current American (tariffs on) Brazil in the near future, in a few weeks," Vieira added. Bolsonaro was not mentioned in the meeting, said Marcio Rosa, the executive secretary for Brazil's ministry of development, industry and commerce, who stood next to Vieira. Higher U.S. tariffs on Brazilian goods have begun reshaping the global beef trade, pushing up prices in the United States and encouraging triangulation via third countries such as Mexico, while Brazilian exports to its biggest beef market, China, are booming. Brazilian beef industry group Abiec said it viewed the meeting between the two leaders as a positive step. "The understanding between the two countries can preserve the competitiveness of the Brazilian product, guarantee predictability for exporters and expand the presence of (Brazilian) beef in the North American market," it said in a statement. Globally, Brazil's total beef exports, including fresh and processed meat, edible offal and tallow, generated $1.92 billion in revenue in September, with volumes reaching 373,867 metric tons, up 49% in value and 17% in volume year-on-year. Brazilian coffee industry group ABIC said it was confident in the historic partnership between the two countries. Brazil is the world's top coffee producer and exporter, while the United States is the biggest importer. "The recent meetings between the presidents of the United States and Brazil have been more positive, and at ABIC we are optimistic," ABIC president Pavel Cardoso said in a statement. https://www.reuters.com/world/americas/trump-says-he-could-work-out-some-deals-with-brazil-2025-10-26/

2025-10-26 10:44

BASRA,Iraq, Oct 26 (Reuters) - At least two workers were killed in an oil pipeline fire in Iraq's Zubair oilfield on Sunday, oilfield officials said. There was no impact on oil flows, they said, with throughput currently at 400,000 barrels per day. Sign up here. The blaze, which also seriously wounded five workers, erupted while a group of workers were conducting welding operations near the pipeline, the officials said. Firefighters were working to extinguish the fire, which broke out on a section of the pipeline that transports crude oil from the Zubair field to nearby storage tanks. The oil ministry said in a statement that the fire originated from a gas leak in an old pumping system at the Zubair oil storage depot, confirming that one employee of the Basra Oil Company (BOC) was killed and four others were wounded. It added that incidents of this nature require time to be fully contained. Some of the injured workers suffered severe burns and remain in critical condition, raising concerns that the incident could result in more fatalities, the officials said. The fire has not impacted production operations, but it needs to be extinguished quickly to avoid a partial shutdown of some loading operations, one of the officials said. https://www.reuters.com/world/middle-east/two-workers-killed-pipeline-fire-iraqs-zubair-oilfield-officials-say-2025-10-26/

2025-10-26 10:07

Oct 26 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Sunday he has reached a "very substantial framework" with Chinese Vice Premier He Lifeng that will avoid 100% U.S. tariffs on Chinese goods and achieve a deferral of China's rare earths export controls. Bessent said during the taping of an interview with NBC's "Meet the Press" program that the framework reached in Kuala Lumpur, Malaysia will allow President Donald Trump and Chinese President Xi Jinping to discuss further trade cooperation next week. The agenda would include more balanced U.S.-China trade, Chinese purchases of American soybeans and other agricultural products, and getting the U.S. fentanyl crisis under control. Sign up here. Asked if he anticipated that the U.S. would proceed with Trump's threat of 100% tariffs on Chinese goods, Bessent said: "No, I'm not, and I'm also anticipating that we will get some kind of a deferral on the rare earth export controls that the Chinese had discussed." Bessent added that final terms would be decided by the two leaders. https://www.reuters.com/world/china/bessent-says-us-china-reach-framework-deal-rare-earths-trumps-tariff-threat-nbc-2025-10-26/

2025-10-26 04:57

US President signs deals with Thailand, Malaysia, Cambodia and Vietnam US to consider zero tariff rates for some Southeast Asian goods Thailand, Malaysia to play bigger role in US critical minerals supply US access to three countries' markets enhanced KUALA LUMPUR, Oct 26 (Reuters) - The United States signed a flurry of deals on trade and critical minerals with four Southeast Asian partners on Sunday, looking to address trade imbalances and diversify supply chains amid tighter export curbs on rare earths by China. U.S. President Donald Trump, who is in Kuala Lumpur to attend a summit of the Association of Southeast Asian Nations, signed reciprocal trade deals with his Malaysian and Cambodian counterparts, as well as a framework trade pact with Thailand that will see the countries work to address tariff and non-tariff barriers. Sign up here. The United States would maintain a tariff rate of 19% on exports from all three countries under the deals, with the levy to be reduced to zero for some goods, according to joint statements released by the White House. Washington also announced a similar framework deal with Vietnam, which has been levied with a tariff rate of 20% on its exports to the United States. Vietnam, which recorded a trade surplus of $123 billion with the United States last year, has pledged to vastly boost its purchases of U.S. products to reduce the trade gap between the two countries. MALAYSIA NOT BANNING RARE EARTHS EXPORTS TO U.S. Trump on Sunday inked two separate U.S. deals with Thailand and Malaysia seeking cooperation to diversify critical minerals supply chains, amid competing efforts from Beijing in the rapidly growing sector. Reuters reported exclusively , opens new tab this month that China was in talks with Kuala Lumpur on rare earths processing, with Malaysian sovereign wealth fund Khazanah Nasional expected to partner with a Chinese firm to build a refinery in Malaysia. China, the world's top miner and processor of rare earths, has imposed increasingly stringent export controls on its refining technology, sending global manufacturers scrambling to secure alternative supplies for critical minerals used widely in semiconductor chips, electric vehicles and military equipment. Malaysia agreed on Sunday to refrain from banning or imposing quotas on exports to the U.S. of critical minerals or rare earth elements, the countries said in a statement. The statement however did not specify whether Malaysia's pledge applied to raw or processed rare earths. Malaysia, which has an estimated 16.1 million tonnes of rare earth deposits, has banned the export of raw rare earths to prevent the loss of resources as it looks to develop its downstream sector. ELIMINATING TARIFF BARRIERS The agreements were inked after Trump oversaw the signing of an enhanced ceasefire agreement between Thailand and Cambodia, following deadly border clashes between the neighbours earlier this year. Under the deals, the four Southeast Asian countries pledged to remove trade barriers and provide preferential market access to various U.S. goods. The deals also include commitments in digital trade, services and investments as well as promises by the Southeast Asian countries to protect labour rights and strengthen environmental protections. Thailand, Malaysia and Vietnam further agreed to accept vehicles built to U.S. motor vehicle safety and emissions standards, according to the statements. Malaysia, a majority Muslim country recognised as a global leader in halal certification, agreed to streamline requirements for U.S. products such as cosmetics and pharmaceuticals. Its trade minister Tengku Zafrul Aziz told reporters that Malaysia had also secured tariff exemptions for aerospace equipment and pharmaceutical products as well as commodities such as palm oil, cacao and rubber. Thailand said it would eliminate tariff barriers on approximately 99% of goods, and relax foreign ownership restrictions for U.S. investment in its telecommunications sector, both countries said in a statement. They also took note of several forthcoming commercial deals between Thai and U.S. companies, including the purchases of agriculture products such as feed corn and soybean meal worth an estimated $2.6 billion per year. Thailand has also committed to purchases of 80 U.S. aircraft totalling $18.8 billion and energy goods including liquefied natural gas and crude oil of around $5.4 billion annually, the statement said. https://www.reuters.com/world/china/us-sign-trade-deals-with-cambodia-malaysia-trump-says-2025-10-26/

2025-10-26 03:34

KINGSTON, Jamaica, Oct 26 (Reuters) - Hurricane Melissa has developed into a Category 4 hurricane with maximum sustained winds of up to 140 mph (220kmh) and is expected to strengthen as it heads towards Jamaica, the U.S. National Hurricane Center (NHC) said on Sunday. Melissa is about 110 miles (180 km) south of Kingston and expected to make landfall in Jamaica Monday night or Tuesday morning and hit southeastern Cuba late Tuesday, the NHC said, with catastrophic floods, landslides and storm surges expected in the region. Sign up here. During a press conference in Kingston on Sunday, authorities said both international airports were closed and 881 shelters have been activated around the country. "Many of these communities will not survive the flooding," Desmond McKenzie, minister of local government, said at the press conference. "Kingston is extremely low. No community in Kingston is immune." Authorities said a decision on whether to issue a mandatory evacuation order would be made later in the day, while imploring residents to evacuate, with assistance being provided. Some residents, however, chose to stay put, and authorities said some have refused to board evacuation buses. "We are riding out the storm, we're not going to go anywhere. Just sitting down and watch everything, make sure everything's working good,” said Douglas Butler, a local boat captain in Port Royal. “I just take things easy. As long as I have my food, I can eat. That is the most important thing." The NHC said Melissa is expected to bring 15 to 30 inches of rain to Jamaica and southern Hispaniola with a local maximum of up to 40 inches. Eastern Cuba is expected to receive 10 to 15 inches, with local amounts of up to 20 inches. Dana Morris Dixon, Jamaica's information minister, said the regional disaster agency, Caribbean Disaster Emergency Management Agency, is ready to provide assistance, and several international partners have already pledged support. "We will experience the intensity of the hurricane tomorrow night Monday going into Tuesday," Morris Dixon said. "This is rainfall we've not seen before." https://www.reuters.com/business/environment/melissa-now-category-3-hurricane-saffir-simpson-hurricane-wind-scale-us-2025-10-26/

2025-10-26 02:36

WASHINGTON, Oct 25 (Reuters) - The U.S. Department of Agriculture said on Saturday that food benefits under one of the country's biggest social assistance programs will not be issued next month amid the ongoing federal government shutdown. The shutdown is now in its 25th day, with Republicans and Democrats in Congress remaining at an impasse over how to fund and reopen the federal government. Sign up here. "Bottom line, the well has run dry," the U.S. Department of Agriculture said in a post on its website. "At this time, there will be no benefits issued November 01." More than 41 million depend on the monthly payments, according to the USDA. In some states, like New Mexico, dependence on the program is as high as 21% of residents, it said. The agency's announcement came after more than 200 Democrats in the U.S. House of Representatives on Friday called on USDA to draw on its emergency reserves to fund November food benefits. However, according to a memo seen by Reuters, the department indicated that it would not do so. Governors in Louisiana , opens new tab and Virginia declared states of emergencies this week to make funds available to help with hunger relief in anticipation of SNAP benefits not being issued next month. https://www.reuters.com/world/us/us-department-agriculture-says-no-food-aid-benefits-will-be-issued-next-month-2025-10-26/