Category: bussines

WASHINGTON: The US government has already collected about $100 billion in tariff income this year and expects the total to reach $300 billion by the end of this year. Treasury Secretary Scott Bessent on Tuesday said that most of the money is coming from new trade tariffs introduced by President Donald Trump, including a 10% duty on nearly all imports and higher charges on steel, aluminium and cars. Bessent told a White House cabinet meeting that the biggest jump in collections started in the second quarter, , when Trump implemented a…

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US President Donald Trump unveiled higher tariffs for Japan, South Korea and a dozen other countries in a push for new trade deals Monday, but extended the deadline for the steeper levies to kick in until August. Trump issued similar letters to countries including Indonesia, Bangladesh, Thailand, South Africa and Malaysia, saying he would slap duties on their products ranging from 25% to 40%. policies By AFP July 08, 2025 [1/2] Cranes at the Port of Los Angeles are empty of cargo ships as shown with a drone at in San…

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ISLAMABAD: The federal cabinet has approved the import of 500,000 tonnes of sugar through the public sector, aiming to stabilise skyrocketing market prices. The Ministry of National Food Security, in a statement, confirmed that all arrangements have been finalised for immediate implementation, describing the move as a corrective measure amid sharp nationwide price hikes. In a statement, the ministry noted that all arrangements for the import process have been finalised and immediate implementation was underway, adding that the decision aims to stabilise domestic sugar prices amid growing concerns over market…

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ISLAMABAD: The federal government approved four potential bidders, including business groups, for the debt-ridden Pakistan International Airlines (PIA), it emerged on Tuesday. The government has been seeking to sell a 51-100% stake in the struggling national airline to raise funds and reform cash-draining, state-owned enterprises as envisaged under a $7 billion International Monetary Fund programme. It would be the country’s first major privatisation in nearly two decades. Among the bidding groups, one is a consortium of major industrial firms Lucky Cement, Hub Power Holdings, Kohat Cement, and Metro Ventures. Another…

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President Donald Trump has reached a trade agreement with Vietnam that will see a 20% tariff imposed on many of its exports—far less than the 46% initially proposed. The announcement comes just ahead of a 9 July deadline Trump had set to raise tariffs on a broad range of imports. In his statement, Trump noted that goods trans-shipped through Vietnam from third countries would be subject to a 40% levy, while Vietnamese markets will open to US goods at zero tariffs. The deal is aimed at easing trade frictions and…

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The federal government has announced a substantial reduction in regulatory duties on a wide range of imported goods including food items, vehicles, and other products. The revised tax rates came into effect on July 1, according to a notification issued by the Federal Board of Revenue (FBR). President Asif Ali Zardari had assented to the Finance Bill 2025 on the advice of prime minister under Article 75 of the Constitution on June 30. Following the president’s assent, the Finance Act 2025 was notified. On June 26, the National Assembly passed…

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KARACHI: The Pakistan Airports Authority (PAA) has significantly raised cargo handling charges across all airports in the country, with some categories seeing increases of up to 100 times. The revised rates came into effect on July 1, according to an official notification issued in the wee hours of Wednesday. This marks the first time in five years that the cargo tariffs have been revised. The authority says the decision was approved by its executive committee and reflects the need to align fees with operational costs. Under the new tariff schedule,…

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Buoyed by budget clarity, falling interest rates, and sustained investor optimism, Pakistan’s equity market surged further on Tuesday, with the KSE-100 Index trading at an all-time high level. “Aggressive buying by local investors has pushed the KSE-100 Index past the 128,000 mark, gaining over 2% from yesterday’s close,” said Mohammad Sohail, CEO of Topline Securities. “The rally comes on the back of budget clarity and declining interest rates, prompting increased equity exposure from domestic investors,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index jumped 2,572.11 points, or 2.05%,…

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ISLAMABAD: In a move aimed at easing the burden on electricity consumers, the federal government has abolished the provincial electricity duty on power bills effective July 1, and has officially notified all chief ministers of the decision. Federal Minister for Power Awais Leghari has written a letter to the chief ministers of all provinces, notifying them of the federal government’s decision to scrap electricity duty and explore “alternative mechanisms” for collecting provincial levies and duties. In the letter — a copy of which is available with Geo News, the minister sought…

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