Analysts warn of fallout over new Trump tariff threats
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leader Live
25 minutes ago
- Leader Live
Trump to be hosted by King at Windsor during unprecedented second state visit
The US president will be accompanied by his wife, First Lady Melania Trump, on his state visit to the UK from September 17 to 19, Buckingham Palace said. This will be Mr Trump's second state visit to the UK – an unprecedented gesture towards an American leader, having previously been feted by a state visit in 2019. The House of Commons will not be sitting at the time of Mr Trump's visit as it will be in recess for party conference season, meaning the president will not be able to address Parliament as French President Emmanuel Macron did during his state visit this week. However, the House of Lords will be sitting. In February this year, Prime Minister Sir Keir Starmer presented the US president with a letter from the King as he invited him for the visit during a meeting at the White House. As the pair were sat next to each other in the Oval Office, Sir Keir handed the president the personal invitation, later saying 'this is truly historic and unprecedented'. After reading it, Mr Trump said it was a 'great, great honour', adding 'and that says at Windsor – that's really something'. In the letter, Charles suggested he and the president might meet at Balmoral or Dumfries House in Scotland first before the much grander state visit. However, it is understood that, although all options were explored, there were logistical challenges surrounding an informal visit, with complexities in both the King and Mr Trump's diaries meaning a private meeting was not possible over the course of the summer months. This week, a senior Police Scotland officer said the cost of policing a visit by Mr Trump will be 'considerable' and that the force will look to secure extra funding. It emerged on Wednesday that the force was in the early stages of planning for a visit at the end of this month, which is likely to see the president visit one or both of his golf clubs in Aberdeenshire and Ayrshire and require substantial policing resources and probably units to be called in from elsewhere in the UK. Precedent for second-term US presidents who have already made a state visit is usually tea or lunch with the monarch at Windsor Castle, as was the case for George W Bush and Barack Obama. The late Queen hosted Mr Trump during his first state visit. News of the plans for the September visit comes days after the King wrote to Mr Trump to express his 'profound sadness' after catastrophic flooding killed nearly 90 people in Texas. Charles 'offered his deepest sympathy' to those who lost loved ones over the July Fourth weekend, the British Embassy in Washington said. Back in March, Mr Trump sent the King his 'best wishes' and 'good health' in a phone call with Sir Keir after Charles spent a brief period in hospital after experiencing temporary side effects from his cancer treatment. The September state visit comes after Charles visited Canada back in May where he opened the nation's parliament. Many Canadians saw the King's two-day visit to Ottawa as a symbol of support for the country that has faced the unwanted attention of Mr Trump's trade war against his neighbour and threats to annex Canada. This week, French president Mr Macron and his wife Brigitte were hosted by the King and Queen during his three-day state visit. Mr Macron's itinerary included a glittering state banquet at Windsor Castle, a carriage ride through the historic Berkshire town and a ceremonial welcome. The state dinner was attended by the Queen, the Prince and Princess of Wales, the Prime Minister and senior members of the Cabinet.
Reuters
an hour ago
- Reuters
Rupee set to decline at open, Trump keeps tariff headlines rolling
MUMBAI, July 14 (Reuters) - The Indian rupee is likely to open weaker on Monday after fresh tariff threats from U.S. President Donald Trump intensified concerns over trade tensions, sparking risk aversion and weighing on Asian currencies. The 1-month non-deliverable forward indicated an open in the 85.90-85.94 range versus 85.80 on Friday. Most Asian currencies and shares dropped while U.S. equity futures extended Friday's losses. The 86-86.10 level remains a "clearly" defined support for the rupee, a currency trader at a Mumbai-based bank said. While the risk of a breach is real, the currency has previously managed to avoid it even when a break seemed imminent, he said. On Saturday, Trump capped a week of tariff-heavy rhetoric by announcing a 30% levy on most imports from the European Union and Mexico starting August 1. The announcement followed a series of tariff moves, including a 35% tariff on Canadian imports, a proposed 15%–20% blanket levy on other partners, and a 50% tariff threat along with notices to seven smaller countries. U.S. tariff threats have been "coming thick and fast" over the last few days, ANZ Bank said. Amid the tariff headlines, the focus will be on the June U.S. consumer inflation data due on Tuesday. If the data comes in weaker than expected with not much evidence of an impact of tariffs, it is possible the Federal Reserve will debate cutting rates at this month's meeting, ANZ Bank said. The market impact of Trump's tariff threats appears to be diminishing, with the S&P 500 index shedding just 0.3% last week and the 10-year U.S. Treasury yield dipping about 7 basis points. While the dollar index rallied near 1% last week, it came after a sustained drop in the first half of the year. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.01; onshore one-month forward premium at 10.25 paise ** Dollar index up at 97.96 ** Brent crude futures up 0.1% at $70.4 per barrel ** Ten-year U.S. note yield at 4.41% ** Foreign investors bought a net $98.1 million worth of Indian shares on July 10, as per NSDL data ** NSDL data shows foreign investors bought a net $39.3 million worth of Indian bonds on July 10
Reuters
an hour ago
- Reuters
India's equity benchmarks likely to open flat in line with Asian peers
July 14 (Reuters) - India's equity benchmarks are likely to open little changed, tracking other Asian markets, as investors continue to monitor global trade tariff uncertainty. The Gift Nifty futures were trading at 25,186 points, as of 8:13 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open around Friday's close of 25,149.85. MSCI's broadest index for Asia-Pacific stocks outside Japan (.MIAPJ0000PUS), opens new tab was trading flat on the day. U.S. President Donald Trump on Saturday said he would impose a 30% tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations. Indian equity benchmarks fell about 1.2% last week, weighed down by uncertainty over a potential U.S. trade deal and weak earnings from India's top software exporter Tata Consultancy Services ( opens new tab. Investors will remain focused on earnings season with HCL Technologies ( opens new tab, Ola Electric Mobility ( opens new tab, Tata Technologies ( opens new tab, and other companies scheduled to report their numbers on the day. Meanwhile, sources told Reuters that U.S.-based Jane Street has deposited $567 million in an escrow account as per India regulatory directive, but one of the sources said the trading firm does not intend to start trading in the Indian options market. Jane Street did not immediately respond to a Reuters email seeking confirmation of the news. The markets regulator's ban on Wall Street trading giant Jane Street had squeezed volumes in the country's options market last week and hit shares of exchange operator BSE ( opens new tab and broking firms. ** Supermarket chain operator Avenue Supermarts ( opens new tab reports a small decline in first-quarter profit, as higher operating costs and rising competition from quick commerce players eat into margins ** VIP Industries ( opens new tab says Chairman Dilip Piramal and his family enter in an agreement with the Multiples Consortium to sell up to 32% stake in the company, triggering an open offer ** NCC ( opens new tab wins 22.69 billion rupees ($264.36 million) order from Mumbai Metropolitan Region Development Authority ($1 = 85.8300 Indian rupees)
