Trump says tariff letters to go out to other countries from Monday afternoon
"I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00pm (Eastern), Monday, July 7th. Thank you for your attention to this matter!" Trump said in a post on Truth Social.
(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Muralikumar Anantharaman)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
15 minutes ago
- New Straits Times
Oil falls as OPEC+ hikes August output more than expected
SINGAPORE: Oil prices slipped on Monday after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over US tariffs and their potential impact on global economic growth weighed on demand expectations. Brent crude futures fell 24 sen, or 0.35 per cent, to US$68.06 a barrel by 0642 GMT, while US West Texas Intermediate crude was at US$66.31, down 69 sen, or 1.03 per cent. The Organisation of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August. "The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue," Tim Evans of Evans Energy said in a note. The August increase is a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April. The decision will bring nearly 80 per cent of the 2.2 million bpd voluntary cuts from eight OPEC producers back into the market, RBC Capital analysts led by Helima Croft said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added. In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia. Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3. Oil also came under pressure as US officials flagged a delay on when tariffs would begin but failed to provide details on changes to the rates that will be imposed. The US is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August 1. Trump in April announced a 10 per cent base tariff rate on most countries and higher "reciprocal" rates ranging up to 50 per cent, with an original deadline of this Wednesday. However, Trump also said levies could range in value from "maybe 60 per cent or 70 per cent tariffs to 10 per cent and 20 per cent", further clouding the picture. Investors are worried higher tariff rates could slow economic activity which would reduce demand for oil. "Concerns over Trump's tariffs continue to be the broad theme in the second half of 2025, with dollar weakness the only support for oil for now," said Priyanka Sachdeva, a senior market analyst at Phillip Nova.
New Straits Times
15 minutes ago
- New Straits Times
European shares mixed on caution ahead of US tariff deadline
LONDON: European shares were mixed on Monday, with investors alert for any trade-related headlines in the countdown to US President Donald Trump's tariff deadline. The pan-European STOXX 600 index was flat at 541.08 points, as of 0709 GMT. Other major regional indexes were mixed, with Germany's DAX up 0.4 per cent, France's CAC 40 down 0.1 per cent, Spain's IBEX edging 0.1 per cent higher, and the UK's FTSE 100 slipping 0.2 per cent. The US is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday. The new rates are set to take effect from August 1. Trump also threatened an extra 10 per cent tariff on countries aligning themselves with the "anti-American policies" of the BRICS group of developing nations. Both the tariff levels and effective dates have become moving targets as Trump, on Friday, added to the confusion by mentioning that some tariffs could reach up to 70 per cent, levels far higher than the 10 per cent-50 per cent range he announced in April. A White House official said on Friday that US trade talks with the European Union were continuing and there was optimism an agreement could be reached in short order. European energy stocks fell 1.3 per cent, tracking oil prices. Banks were up 0.6 per cent. Capgemini fell 2.8 per cent after the French IT services firm agreed to buy technology outsourcing company WNS for a cash payment of $3.3 billion.
New Straits Times
an hour ago
- New Straits Times
China, Hong Kong stocks weaken as US tariff deadline looms
HONG KONG: China and Hong Kong stocks fell on Monday as anxiety over US trade policy intensified ahead of the July 9 deadline, with upcoming inflation data expected to further test investor nerves. As of the midday trading break, China's blue-chip CSI300 Index slipped 0.6 per cent, while the Shanghai Composite Index edged down 0.2 per cent. In Hong Kong, the benchmark Hang Seng was down 0.5 per cent and the Hang Seng China Enterprises Index weakened 0.4 per cent. Although China is not at risk of being slammed by imminent higher tariffs, thanks to the trade truce with the US, sentiment was still largely subdued as the tariff deadline looms. The US is now close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, US President Donald Trump said on Sunday, with the higher rates set to take effect on August 1. "Markets are set to see more volatility from here," and it's unlikely to see a sustained uptrend with the expiring tariff deadline and trade policy uncertainties impacting risk appetite, analysts at Huatai Securities said in a note. Leading the onshore markets' losses on Monday, the AI sector declined 1.2 per cent and the rare earth sector lost 0.4 per cent with trade tensions looming. The medical services sector weakened 0.8 per cent after China's finance ministry said on Sunday it was restricting government purchases of medical devices from the European Union in retaliation. Helping offset the losses, Chinese property developers listed in mainland and Hong Kong, climbed by 1.4 per cent and 0.8 per cent, respectively, after the housing regulator vowed to put a floor on dropping home prices. Traders are also watching for China's key inflation data on Wednesday to gauge the health of the world's second-largest economy in the face of persistent deflation pressure and trade risks.
