Oil Edges Lower, Weighed by U.S. Tariffs, OPEC+ Supply Increase
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Yahoo
3 hours ago
- Yahoo
Trump announces trade deal with Japan that lowers threatened tariff to 15%
US President Donald Trump announced a new trade framework with Japan on Tuesday that will impose a 15% tariff on Japanese imports, easing back from a previously threatened 25% levy. Under the new agreement, Trump said Japan would invest $550 billion in the US 'at my direction' and 'open' its economy to US rice and cars. 'This Deal will create Hundreds of Thousands of Jobs – There has never been anything like it,' Trump posted on Truth Social, adding that the United States 'will continue to always have a great relationship with the Country of Japan.' Japanese Prime Minister Shigeru Ishiba welcomed the deal on Wednesday and said it would benefit both nations while strengthening bilateral cooperation. His ruling coalition had failed on Monday to secure a majority, but he said he would stay in office to avoid creating a political vacuum and to deal with looming US tariff threats. Key details of the deal remain unclear, including whether Japanese-made cars would still be subject to the 25% tariff Trump has proposed on the automobile sector. Related Brazilian demonstrators rally against Trump and urge taxing the rich Asian markets rise, Toyota up by 14% after US tariff deal Trump talks of new August tariff date and looks for more trade deals The Trump administration argues the new tariffs will boost domestic manufacturing, shrink trade deficits and raise revenue. However, businesses warn of cost increases which could be passed on to consumers. Trump also announced a trade framework with the Philippines that would impose a tariff of 19% on its goods, while American-made products would face no import taxes. He reaffirmed 19% tariffs on Indonesia as well. The US president is set to impose the broad tariffs listed in his recent letters to other world leaders on August 1, raising questions of whether there will be any breakthrough in talks with the European Union. At a Tuesday dinner, Trump said the EU would be in Washington on Wednesday for trade talks. 'We have Europe coming in tomorrow, the next day,' Trump told guests. The president earlier this month sent a letter threatening the 27 member states in the EU with 30% taxes on their goods. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
3 hours ago
- CNBC
Moncler raises prices on tariffs, may postpone store openings if downturn worsens
Italian luxury house Moncler said it's currently relying on "very slight price increases" to offset the initial impact of U.S. tariffs, but warned that broader economic weakness could cause it to delay its new store openings next year. The Milan-headquartered retailer said Wednesday that it had raised prices by "mid-single-digit" percentages for the second half of 2025 and will raise them for the first half of next year, while adding that it was awaiting further clarity on U.S. levies before setting out its full strategy for 2026. "We normally finalize our pricing strategy for the full Winter 2026 by October, more or less. So it's still early," Luciano Santel, group chief corporate and supply officer, said during an earnings call accompanying its second-quarter results. Shares of Moncler were down 4% by 2 p.m. London time (9 a.m. E.T.). Chief Business Strategy and Global Market Officer Roberto Eggs said he intended for those further price rises to be "more conservative," as the firm seeks to reconcile higher input costs with customer retention, but noted that it was also dependent on macro trends and currency movements. "Clearly, the pricing today for consumers is a concern. I think we need to pay even more attention on this," he said. Eggs also noted that the business would remain flexible on its plans for a dozen or so new store openings etched for 2026, based on the macro outlook and wider recovery of the beleaguered luxury sector. "For the plan 2025, it's already there. Regarding 2026, the plan is not completely finalized, so we have some flexibility, ... in case things will not get better, to postpone some of the openings," he said, adding that those plans would also be set by October. Moncler on Wednesday posted a dip in second-quarter sales after the market close, as weak tourist flows weighed on otherwise robust domestic demand in the key U.S. and China markets. Group revenues fell 1% year-on-year at constant exchange rates to 396.6 million euros ($536.7 million) in the three months to June 30, below the 427.2 million forecast by analysts in an LSEG poll. The U.S., which accounts for 14% of Moncler brand sales, recorded a 5% sales uptick in the quarter, but the company said it was unclear whether that was driven by shoppers accelerating purchases ahead of the ramping up of tariffs. "To tell you that if this was driven by an anticipation of buying links to the tariffs? Honestly, I cannot tell you," Eggs said, noting other initiatives, such as a partnership with luxury department store Nordstom, which helped boost demand. Sales in Asia, the group's largest market, were flat on the quarter, while in Europe, the Middle East and Africa they declined 8%. The company attributed it to a rebalancing of the Japanese yen, with Japan the only Asian country to record negative sales growth, as well as soft tourist spending in Europe.
Yahoo
3 hours ago
- Yahoo
Ameriprise Financial's quarterly profit rises on higher fee income
(Reuters) -Asset and wealth manager Ameriprise Financial reported a 28% rise in its second-quarter profit on Thursday, as a late-quarter market rally boosted the value of its fee-generating assets to a record high. After a turbulent start to the quarter because of U.S. President Donald Trump's shifting tariffs, the markets regained poise on hopes of a softer trade policy and positive macroeconomic data. Ameriprise's assets under management, administration and advisement came in at $1.58 trillion during the three months ended June 30, up 9% from a year ago. "While markets were volatile in the quarter, client activity remained strong," chairman and CEO Jim Cracchiolo said in a statement. Assets under management and the fees earned by managers depend on two factors - money flowing in and out of the funds and the performance of investments. Ameriprise's management and financial advice fees rose 6% to $2.6 billion during the second quarter, while its net investment income dropped 3% to $891 million. Total client assets at its advice and wealth management business, which primarily targets high net-worth households with $500,000 to $5 million in investable assets, grew to $1.08 billion from $972 million a year earlier. However, the unit posted a 35% fall in quarterly net flows. Rival BlackRock also reported a fall in long-term net inflows last week, after a major Asian institutional client pulled money from an index strategy. Ameriprise's second-quarter profit rose to $1.06 billion, or $10.73 per share, compared with $829 million, or $8.02, a year earlier. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
