Walmart says it will have to raise some prices as trade war continues
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Reuters
8 minutes ago
- Reuters
Trump pauses export controls to bolster China trade deal, FT says
July 28 (Reuters) - The U.S. has paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support President Donald Trump's efforts to secure a meeting with President Xi Jinping this year, the Financial Times said on Monday. The industry and security bureau of the Commerce Department, which oversees export controls, has been told in recent months to avoid tough moves on China, the newspaper said, citing current and former officials. Reuters could not immediately verify the report. The White House and the department did not respond to Reuters' requests for comment outside business hours. Top U.S. and Chinese economic officials are set to resume talks in Stockholm on Monday to tackle longstanding economic disputes at the centre of a trade war between the world's top two economies. Tech giant Nvidia (NVDA.O), opens new tab said this month it would resume sales of its H20 graphics processing units (GPU) to China, reversing an export curb the Trump administration imposed in April to keep advanced AI chips out of Chinese hands over national security concerns. The planned resumption was part of U.S. negotiations on rare earths and magnets, Commerce Secretary Howard Lutnick has said. The paper said 20 security experts and former officials, including former deputy US national security adviser Matt Pottinger, will write on Monday to Lutnick to voice concern, however. "This move represents a strategic misstep that endangers the United States' economic and military edge in artificial intelligence," they write in the letter, it added.
Reuters
8 minutes ago
- Reuters
Rupee's modest uptick runs into dollar bids from importers, foreign banks
MUMBAI, July 28 (Reuters) - The Indian rupee nudged higher in early trading on Monday, aided by improved risk appetite, but gains were restricted by dollar demand related to importers' month-end payments and from foreign banks. The rupee was at 86.4675 against the U.S. dollar as of 10:20 a.m. IST, up slightly from its close at 86.5150 in the previous session. The local currency has weakened about 0.8% over July so far, hit by outflows from local equities alongside uncertainty about the timing of a U.S.-India trade deal, even as economies such as the European Union, Japan, Indonesia and Vietnam secured deals. Over the weekend, the U.S. struck a framework trade agreement with the EU, imposing a 15% import tariff on most EU goods. The EU also plans to invest some $600 billion in the United States and dramatically increase its purchases of U.S. energy and military equipment, President Donald Trump said on Sunday. The euro strengthened slightly against the dollar after the deal was announced. Meanwhile, the dollar index was little changed at 97.6 on the day while Asian currencies were trading mixed. The rupee is likely to hold an 86.38-86.57 range on Monday and trade with a slight depreciation bias, a trader at a state-run bank said. India's benchmark equity indexes, the BSE Sensex (.BSESN), opens new tab and Nifty 50 (.NSEI), opens new tab, nudged higher on Monday but are nursing losses of over 2.5% each on the month so far, troubled by tepid quarterly earnings and foreign portfolio outflows. A lack of strong foreign inflows, the Reserve Bank of India's ongoing unwinding of short forward dollar positions, and a quiet return to FX reserve accumulation have all weighed on the rupee, said Amit Pabari, managing director at FX advisory firm CR Forex.
Sky News
30 minutes ago
- Sky News
Trump makes 'biggest of all the deals' with the EU. What's next?
👉 Follow Trump100 on your podcast app 👈 Donald Trump arrives in Scotland. His weekend is spent playing golf - occasionally with a helping hand from his caddie - before a surprise visit from European Commission President Ursula von der Leyen sees a major trade deal brokered in Ayrshire. The president is celebrating the deal, and so is the EU. But who is the real winner? And what does this mean for Sir Keir Starmer and Scottish First Minister John Swinney, who are due to meet Mr Trump separately at the start of this week? If you've got a question you'd like the Trump100 team to answer, you can email it to trump100@
