Trade Deal

US president dismissed Iranian media reports agreement was close, despite earlier suggesting a deal could be signed this weekendMiddle East crisis – live updatesProspects for an immediate end to the war between Iran and the US remained uncertain on Friday amid a chaotic series of conflicting claims and counter-claims by US and Iranian officials about ongoing negotiationsDonald Trump seemed to distance himself from his earlier comments that suggested a preliminary agreement could be signed as soon as this weekend, with a series of angry social media posts describing the Iranians as “very dishonorable people to deal with”. Continue reading...

• The U.S. Trade Representative (USTR) is considering imposing additional tariffs of 12.5% on India and 53 other nations as part of a Section 301 investigation. • In response to these potential duties, India is seeking to resolve the dispute through strategic trade negotiations and agreements. • This move comes amid broader economic tensions and the potential for increased protectionism under a possible second Trump administration.

• South Korea's Kospi index reached a record high on Monday, bolstered by a more than 3% surge in Samsung shares, which also hit an all-time high. • The rally occurred despite mixed trading across Asia-Pacific markets as investors reacted to ongoing uncertainty regarding U.S.-Iran negotiations. • President Trump signaled a cautious approach to ending the conflict, stating he was in "no hurry" to strike a deal after four months of tension.

• Asia-Pacific markets traded higher, with notable gains including South Korea's Kosdaq (over 3%), Kospi (0.52%), Hong Kong's Hang Seng (0.66%), and China's CSI 300 (0.78%). • Investors are reacting to diplomatic efforts regarding a U.S.-Iran peace deal, though tensions remain as Tehran intends to keep its enriched uranium stockpile domestically. • Economic data showed core inflation dropped to 1.4%, falling below both the previous March reading of 1.8% and the 1.7% forecast by Reuters economists.

Keir Starmer described the agreement, worth double original estimates, as a ‘huge win’ for British businessesKeir Starmer has struck a trade deal with six Gulf states in what he described as a “huge win” for British business, ending four years of talks led by four different prime ministers.The deal will offer £3.7bn worth of opportunities, double original estimates, for exporters, particularly in the food and luxury car sectors but also defence, aerospace, hospitality and other services, the government said. Continue reading...

MEPs had twice frozen ratification process in protest at Trump’s threat of higher tariffs and Greenland threatsThe EU has finally agreed to implement its trade deal with the US after five hours of talks between members of the European parliament and member states in the hope of averting more tariffs threatened by Donald Trump.It means the agreement struck last July at the US president’s Scottish golf course can now enter into force, removing import duties on most US goods entering the EU. Continue reading...

Trump says he could strike Iran again as Tehran threatens ‘new fronts’ in war if an attack takes placeTrump threatens ‘a big hit’ if Tehran does not make deal soonWelcome to our live coverage of events in the Middle East.Donald Trump warned the US may strike Iran again – a day after he said he had held off a major assault in hopes of a peace deal – but Tehran’s army threatened to open “new fronts” if he went ahead.The US Senate has advanced a war-powers resolution that would end the Iran war unless Trump obtains Congress’ authorisation. The vote on a procedural measure to advance the resolution was 50 to 47, as four of Trump’s fellow Republicans voted with every Democrat but one in favour. Three Republicans missed the vote.The Israeli military launched a series of strikes across Lebanon, killing 19 people, according to the Lebanese health ministry. One strike, in the town of Deir Qanun al-Nahr in the Tyre district, killed 10 people including three children and three women, the ministry said.The Israeli army in turn said that it intercepted a drone fired from Lebanon. Israel and Lebanon’s central government have twice extended a US-brokered ceasefire, but Israel says it does not apply to its attacks on Hezbollah.Israeli authorities said 430 activists aboard a Gaza-bound aid flotilla were taken to Israel after their vessels were intercepted in international waters near Cyprus. Sailing from Turkey last week, the Global Sumud Flotilla is the latest in a string of attempts by activists to breach Israel’s blockade of the Palestinian territory, with the last convoy intercepted by Israeli forces last month.Russia’s deputy foreign minister, Sergei Ryabkov, said Moscow was ready to help with talks between the US and Iran to end the war, according to the Russian Tass news agency. His remarks came as the Russian president, Vladimir Putin, held talks with Chinese leader Xi Jinping in Beijing.The United Arab Emirates was rattled by a drone attack on its Barakah nuclear power plant last week. On Tuesday the UAE said it originated from Iraqi territory, where Iran backs groups accused of launching attacks on Gulf nations in the war. The UN Security Council on Tuesday condemned the attack. Russia, which often defends Iran, joined the other members.Two Chinese tankers laden with oil exited the strait of Hormuz on Wednesday, according to shipping data. Continue reading...