Bloomberg Daybreak Europe: Tariff Deadline ‘Not 100% Firm'
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Yahoo
12 minutes ago
- Yahoo
‘200 per cent': Fresh tariffs blow to Aus
Donald Trump says he might slap tariffs of 200 per cent on pharmaceuticals and 50 per cent on copper - two of Australia's key exports. Australia is among the top copper producers in the world, but the bulk of exports go to southeast Asia. Last year Australia exported just $55m in copper to the US. Pharmaceuticals is another matter, with Australia's exports to the US totalling north of $2bn in 2024. The US President announced the new levies at a cabinet meeting overnight. 'I believe the tariff on copper - we're going to make it 50 per cent,' Mr Trump told reporters, with officials later adding it would come into effect by August. The timeline for the new rate on pharmaceuticals could be later, Mr Trump said. 'We're going to give (drugmakers) about a year, a year and a half to come in, and after that, they're going to be tariffed,' he said. 'They're going to be tariffed at a very, very high rate, like 200 per cent. 'We'll give them a certain period of time to get their act together.' More to come.
Washington Post
13 minutes ago
- Washington Post
In Cabinet meeting, Trump takes a golden opportunity to talk interior decor
After talking about tragedy in Texas, about war in Ukraine and Gaza, about bombs on Iran and about global tariffs, President Donald Trump revealed perhaps his biggest passion: The aesthetic changes he has made to the White House. He is, in many ways, the world's most powerful interior designer. He has redecorated the Oval Office and launched a renovation of the Rose Garden. He has talked of adding a ballroom to the White House. And on Tuesday afternoon, his mind was on the Cabinet Room and all the work he has done to make it better.
Yahoo
14 minutes ago
- Yahoo
Trading Day: No tariff clarity, or market movement
- TRADING DAY -Making sense of the forces driving global markets By Alden Bentley, Editor in Charge, Americas Finance and Markets Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what markets were focused on today and why they took a breather. I'd love to hear from you so please feel free to reach out at Today's Key Market Moves * On Wall Street the S&P 500 and Nasdaq were almost flat * U.S. Treasury yields rose slightly * The dollar inched higher * Crude oil rose * Gold fell Today's Key Reads From 'fantastic' to 'spoiled': How Japan's trade effort to woo Trump backfired Gold ETFs drew largest inflow in five years during first half of 2025, WGC say In the Fed's hunt for a reason to cut rates, surveys and tariffs make answers elusive Investors put 'Liberation Day' lessons to work, scarred by tariff tumult Trump says steep copper tariffs in store as he broadens his trade war No tariff clarity, or market movement Investors let the fluid tariff situation simmer on Tuesday, sitting on their hands a day after knocking stock indexes back from record highs as U.S. President Donald Trump warned that new levies would hit a range of trading partners, including Japan and Korea. While Wall Street was in sideways mode seemingly fatigued by tariff headlines, the beaten down dollar posted the second of back-to-back gains and Treasury yields ticked higher for the fifth day running. The new date to watch is August 1 with Trump showing again his eagerness to allow time to reach deals by pushing back the deadline, which had been Wednesday since he postponed April's ill-received opening tariff gambit. In the meantime the market will stay ready for surprising turns from the White House and otherwise be waiting for economic data, the Federal Reserve and other known unknowns to incentivize trade. No major indicators are on the calendar this week, and the only set pieces to look for Wednesday are the auction of $39 billion of 10-year notes, the Treasury's benchmark U.S. debt instrument, and the release of minutes from the Fed's last meeting when they held the policy rate at 4.25%-4.5%, where it has been since December. Futures show investors expect cuts beginning in September. Last week, we saw the unemployment rate fell in June, while inflation has ticked up, also the wrong direction for easing soon. The June transcript won't reveal policymakers in great discord. They weren't very divided in their economic projections, with 10 seeing several cuts this year and nine effectively pushing easier monetary policy into 2026. Powell has insisted that any cuts will depend on the data. Meanwhile, the market will wait for the numbers and probably take the minutes in stride too. What could move markets tomorrow? * US Treasury auctions $39 billion of 10-year Treasury notes * Minutes from Federal Open Market Committee June meeting Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.
