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Fast Company
16 minutes ago
- Fast Company
Trump says he likes a strong dollar, but a weaker one is ‘good for inflation'
BY Listen to this Article More info 0:00 / 1:31 U.S. President Donald Trump said on Friday he liked a strong dollar but 'you make a hell of a lot more money' with a weaker one. 'So when we have a strong dollar, one thing happens: It sounds good. But you don't do any tourism. You can't sell tractors, you can't sell trucks, you can't sell anything,' Trump said at the White House before leaving on a trip to Scotland. 'It is good for inflation, that's about it.' The dollar index, which measures the greenback's strength against six major currencies, steadied on Friday after hitting two-week lows earlier in the week. It is still down roughly 10% over the six months Trump has been in office. Trump has often complained that dollar strength blunts U.S. export competitiveness and hurts U.S. manufacturing and jobs. Trump told reporters on Friday that manufacturers would be the first to benefit from a falling dollar, citing construction and mining equipment maker Caterpillar, whose shares have risen 16% over the last month. Japan and China fought for weaker currencies for decades and were able to dominate markets over the years, Trump said. 'Now it doesn't sound good, but you make a hell of a lot more money with a weaker dollar – not a weak dollar but a weaker dollar – than you do with a strong dollar,' he said. At the same time, he acknowledged that pushing for a weaker dollar wasn't a good look, saying a strong dollar is good psychologically. 'It makes you feel good,' he said. 'I love strong dollars.' —Steve Holland and Maiya Keidan, Reuters
Yahoo
44 minutes ago
- Yahoo
221 MPs call for Britain to recognise Palestinian state amid starvation in Gaza
Some 221 MPs from across different political parties have joined forces to call on the Government to recognise a Palestinian state. The MPs urge the Government to take the step ahead of a United Nations conference in New York next week, following France's announcement it would recognise Palestine at the gathering. Their letter, co-ordinated by Sarah Champion – Labour chairwoman of the International Development Select Committee, said: 'We are expectant that the outcome of the conference will be the UK Government outlining when and how it will act on its long-standing commitment on a two-state solution; as well as how it will work with international partners to make this a reality.' Parliamentarians from Labour, the Conservatives, Lib Dems, SNP, Greens, Plaid Cymru, SDLP and independents were among those who signed the letter. Senior signatories include Labour select committee chairs Liam Byrne and Ruth Cadbury, the Lib Dem leader Sir Ed Davey, as well as Tory former minister Kit Malthouse. Ministers have faced growing calls to recognise a Palestinian state immediately amid mounting global anger over the starving population in Gaza. Sir Keir Starmer said on Friday evening that such a move needed to be part of the 'pathway' to peace in the Middle East. 'That pathway will set out the concrete steps needed to turn the ceasefire so desperately needed, into a lasting peace,' the Prime Minister said. He added: 'Recognition of a Palestinian state has to be one of those steps. I am unequivocal about that. But it must be part of a wider plan which ultimately results in a two-state solution and lasting security for Palestinians and Israelis. In a statement released on Friday alongside the leaders of France and Germany, the Prime Minister urged 'all parties to bring an end to the conflict by reaching an immediate ceasefire'. Sir Keir, French president Emmanuel Macron and German chancellor Friedrich Merz also called for Israel to stop restricting the flow of aid into Gaza.
Forbes
an hour ago
- Forbes
European Auto Stocks Turbulent Ahead Of U.S. Tariff Deadline August 1
US of America and European Union relations. Auto investments have been volatile this week as a European tariff deal with the U.S. seemed imminent. The nervousness shows hopes for an early deal might be wishful thinking. An announcement is expected August 1. The STOXX Europe 600 Automobiles & Parts Index, which tracks European automakers and suppliers, jumped 3.4% in mid-week on news Japan had agreed a 15% tariff on its auto exports to the U.S. That rally was led by Mercedes, Volkswagen and BMW. Japan's deal was 10 percentage points lower than President Trump's recent threat and immediately set off speculation that it might be possible for Europe too. After all, Trump has attacked the European Union for its excessive and dishonest barriers to trade, but Japan has proved itself as adept as the EU in weaponizing so-called non-tariff barriers. The index held on to its gains by the close Friday after much volatility and ended the week at just over 545.20, up nearly 4 points. According to Bloomberg, citing diplomats briefed on the negotiations, the EU and the U.S. are working towards an agreement that would set a 15% tariff for imports including autos. But they also cautioned that the ultimate decision was President Donald Trump's and this was difficult to predict. Plea for caution Caution would make sense, as former U.S. ambassador to the European Union Gordon Sondland has pointed out. He reminds investors that Trump has wanted to mitigate what he considers long-term unfairness by the EU which extends past tariffs to corrupt non-tariff barriers too. Sondland said in an interview with BBC NewsNight program earlier this year, the EU imposes hidden barriers on American products. For cars, that can mean different safety standards. For food, there also are standards the EU doesn't like. Hormone-fed beef is one area of contention. 'If we sell you a vegetable or a car or a product if it's safe to use in the U.S. it should deemed to be safe to use in the EU,' Sondland said. He was asked to sum up Trump's tariff plan for Europe and the world. 'The U.S. is tired of talking about impediments to its foreign trade and wants action now,' he said. 'The message is very clear. We've had a list of demands and requests from all of these friends for years and sometimes decades and the results are similar every time. They take it under advisement. They'll think about it then get back to us and Donald Trump has had enough of that.' Sondland was ambassador to the EU during Trump's first term and made clear he wasn't speaking for the administration. Volkswagen hopes for deal Volkswagen, Europe's biggest auto manufacturer, reported Friday that it had taken a $1.5 billion hit to earnings in the first half of 2025 because of the tariff issue, and CEO Oliver Blume expressed hopes that a favorable tariff deal was possible. Oliver Blume, CEO of German car giant Volkswagen (VW), addresses journalists. (Photo by JOHN ... More MACDOUGALL/AFP via Getty Images) 'We hope that it will come to a well-balanced deal between the U.S. and the EU, which allows fair trade between the regions,' Blume told an investor briefing after the earnings announcement. Blume expected a 15% tariff deal, similar to the Japanese arrangement. He also said Volkswagen and European automakers were looking at possible investment and production arrangements that might bring down tariffs more. Audi might start output in the U.S. too, Blume said. Investments in U.S. production would earn extra points to bring down the tariff rates. Exports from the U.S. of German production there would also earn points. BMW's Spartanburg, South Carolina factory is the biggest German auto exporter from the U.S., shipping nearly 225,000 vehicles with a value exceeding $10 billion in 2024. Mercedes' factory in Tuscaloosa, Alabama, is another significant exporter. Volkswagen also has a presence in the U.S., including a plant in Chattanooga, Tennessee, but their exports are much smaller than BMW's and Mercedes'. Will Europe match Japan's investment commitment? Chicago-based investment researcher MorningStar said a critical point of Japan's deal was its commitment to invest half a trillion dollars in the U.S. 'Will Europe do the same? While the European automakers have significant investment plans in the U.S. in their pipeline, the figures do not come close to Japan's commitment,' said analyst Rella Suskin. 'Companies such as BMW and Mercedes have spoken with extreme confidence in reaching a deal that allows for the netting of imports and exports. For every car that they export from the U.S., they can import one car either duty-free or at a reduced duty. The Japanese-U.S. trade deal indicates that there is negotiating room to be had around import duties on cars coming into the U.S.,' Suskin said.
