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Daily Mail
15 minutes ago
- Daily Mail
Trump back on speaking terms with world's most powerful banker and it's good news for your money
President Donald Trump and Jamie Dimon are back on speaking terms after years of fraught relations. Dimon, the CEO of JPMorgan Chase, reportedly met with Trump twice in the last couple of months, according to The Wall Street Journal. Dimon is said to have visited the White House last week where he discussed the economy, trade and financial regulations with the President, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick. During the meeting Dimon reportedly congratulated Trump on his new trade deal with Japan, people familiar with the matter told the outlet. The pair also discussed interest rates, a topic they have publicly disagreed on. Dimon has vocally supported Federal Reserve chairmain Jerome Powell and expressed the need for the central bank to remain independent. Trump, on the other hand, has spent months pressuring Powell to cut rates, and has threatened to fire him or appoint a shadow chair. The independence of the Fed — which sets benchmark interest rates that influence everything from mortgage costs to stock prices — is seen by Wall Street as vital for market stability. Dimon's support for the Fed and Powell could help to keep the President in check and reduce the likelihood of a rash decision to remove Powell, which could hit Americans' 401(K)s and housing costs. In last week's meeting Dimon reportedly told Trump he believed that interest rates could come down if the economy is sufficiently strong. Treasury Secretary Bessent has tried to carry the same message to Trump in the past, according to the publication. The Fed once again held rates steady on Wednesday after better-than-expected economic data released in the morning. Trump used the opportunity to demand rates be lowered. 'MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!' the president wrote in a post on his social media site Truth Social. Dimon and Trump also reportedly discussed the shortage of affordable housing and the impact of post-financial crisis regulations of homeownership, the Journal reported. Prior to their recent détente Trump and Dimon have traded insults publicly. Fed chair Jerome Powell has been under attack from Trump over interest rates Dimon resigned from a council of leaders after Trump's comments about a white supremacist rally during his first term in office. The banker also compared Trump's baseless accusations of election fraud in 2020 to treason. Trump later called Dimon 'highly overrated' in 2023 and has accused JPMorgan of 'debanking' conservatives. 'Jamie and everybody, I hope you're going to open your banks to conservatives, because what you're doing is wrong,' he said in January. Dimon has also been critical of Trump's aggressive trade policies, claiming they could be inflationary and slow down growth.
Reuters
15 minutes ago
- Reuters
Indian shares slip as US unleashes steep tariffs
Aug 1 (Reuters) - Indian shares declined on Friday after the United States slapped steep tariffs on exports from dozens of trading partners and reiterated a 25% duty on India ahead of a trade deal deadline. The Nifty 50 (.NSEI), opens new tab fell 0.33% to 24,685.15 points and the BSE Sensex (.BSESN), opens new tab lost 0.28% to 80,970.31 as of 10:02 a.m. IST. Fourteen of the 16 major sectors declined while the broader smallcaps (.NIFSMCP100), opens new tab and midcaps (.NIFMDCP100), opens new tab fell about 0.75% each. India's benchmark indexes fell as much as 0.9% on Thursday, but pared some losses at close as investors saw the 25% tariff as a pressure tactic, hoping for lower rates once negotiations conclude. The trade talks between the two countries are continuing, U.S. President Donald Trump said on Wednesday. On Thursday, Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 20% for Taiwan and 39% for Switzerland, according to a presidential executive order. "Markets have resumed their downward trajectory, primarily due to U.S. tariffs, persistent foreign outflows and soft earnings," said Nandish Shah, deputy vice president at HDFC Securities. Among individual stocks, Sun Pharmaceutical Industries ( opens new tab lost 4%, making it the worst Nifty 50 loser, after reporting quarterly earnings. Brokerage Investec downgraded Sun Pharma shares by two notches to "sell", forecasting weaker earnings over the next three quarters. The shares led losses in pharma index (.NIPHARM), opens new tab, which lost 2.3%. Consumer goods giant Hindustan Unilever ( opens new tab rose 4% after posting higher quarterly profit amid a rural recovery. Goldman Sachs upgraded the stock to "buy" from "neutral", citing potential acceleration in revenue growth. PNB Housing Finance ( opens new tab tumbled 15.4% after the company's managing director and chief executive officer, Girish Kousgi, announced his resignation post-market hours on Thursday. Analysts called the resignation a setback, noting Kousgi's key role in boosting profitability and asset quality. ($1 = 87.5700 Indian rupees)
The Guardian
21 minutes ago
- The Guardian
The full list of Trump's tariffs – from India to Taiwan
US president Donald Trump has signed an executive order imposing reciprocal tariffs ranging from 10% to 41% on imports from dozens of countries and foreign locations, shortly after extending the deadline for a tariff deal with Mexico by another 90 days. The order listed higher import duty rates that would start in seven days for 69 trading partners as the 12:01 a.m. EDT (0401 GMT) deadline approached. Below is a list of the countries and the reciprocal tariffs they face, plus a searchable table: Afghanistan – 15% Algeria – 30% Angola – 15% Bangladesh – 20% Bolivia – 15% Bosnia and Herzegovina – 30% Botswana – 15% Brazil – 10% Brunei – 25% Cambodia – 19% Cameroon – 15% Chad – 15% Costa Rica – 15% Côte d`Ivoire – 15% Democratic Republic of the Congo – 15% Ecuador – 15% Equatorial Guinea – 15% European Union: Goods with Column 1 Duty Rate > 15%* – 0% European Union: Goods with Column 1 Duty Rate < 15%** – 15% Falkland Islands – 10% Fiji – 15% Ghana – 15% Guyana – 15% Iceland – 15% India – 25% Indonesia – 19% Iraq – 35% Israel – 15% Japan – 15% Jordan – 15% Kazakhstan – 25% Laos – 40% Lesotho – 15% Libya – 30% Liechtenstein – 15% Madagascar – 15% Malawi – 15% Malaysia – 19% Mauritius – 15% Moldova – 25% Mozambique – 15% Myanmar (Burma) – 40% Namibia – 15% Nauru – 15% New Zealand – 15% Nicaragua – 18% Nigeria – 15% North Macedonia – 15% Norway – 15% Pakistan – 19% Papua New Guinea – 15% Philippines – 19% Serbia – 35% South Africa – 30% South Korea – 15% Sri Lanka – 20% Switzerland – 39% Syria – 41% Taiwan – 20% Thailand – 19% Trinidad and Tobago – 15% Tunisia– 25% Turkey – 15% Uganda – 15% United Kingdom – 10% Vanuatu – 15% Venezuela – 15% Vietnam – 20% Zambia – 15% Zimbabwe – 15% * For purposes of this Executive Order and its Annexes, 'Column 1 Duty Rate' means the ad valorem (or ad valorem equivalent) rate of duty under column 1-General of the Harmonized Tariff Schedule of the United States (HTSUS). ** Minus Column 1 Duty Rate
