ASEAN nations emphasise need for rules-based trade as talks wrap up in KL
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Straits Times
an hour ago
- Straits Times
Trump says US will send Ukraine Patriot air defense systems
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump said the US will send Patriot air defense systems to Ukraine, but did not specify how many. JOINT BASE ANDREWS - President Donald Trump on July 13 said the United States would send Patriot air defense systems to Ukraine to help it fight off a Russian invasion , as his relations with Russian President Vladimir Putin soured. 'We will send them Patriots, which they desperately need,' Mr Trump said, without specifying how many, just two weeks after Washington said it would pause some arms deliveries to Kyiv . 'I haven't agreed on the number yet, but they're going to have some because they do need protection,' he told reporters. The weapons delivery will be part of a new deal which Mr Trump says will involve Nato paying the United States for some of the weapons it sends to Ukraine. 'We basically are going to send them various pieces of very sophisticated military and they're going to pay us 100 per cent for them,' Mr Trump told reporters. The US president repeated that he was 'disappointed' in Mr Putin . When he first returned to the White House in January, Mr Trump insisted he could work with the Russian leader to end the war, but grew increasingly frustrated as Russian missiles continued with no ceasefire in sight. 'Putin really surprised a lot of people. He talks nice and then he bombs everybody in the evening,' said the disgruntled Mr Trump. US special envoy Keith Kellogg is due to begin his latest visit to Ukraine on July 14 . Mr Trump also said he would meet Nato Secretary General Mark Rutte on July 14 , when he previously said he would make a 'major statement ... on Russia'. AFP
Business Times
an hour ago
- Business Times
Gold hits three-week high as Trump widens trade war
[BENGALURU] Gold prices touched a three-week high on Monday (Jul 14), supported by safe-haven demand after US President Donald Trump threatened to impose a 30 per cent tariff on imports from the European Union and Mexico. Spot gold was up 0.5 per cent to US$3,371.34 per ounce, as at 0045 GMT, its highest since Jun 23. US gold futures climbed 0.7 per cent at US$3,386.20. Trump on Saturday threatened to impose a 30 per cent tariff on imports from Mexico and the European Union starting on Aug 1, after weeks of negotiations with the major US trading partners failed to reach a comprehensive trade deal. Both the European Union and Mexico described the tariffs as unfair and disruptive, while the EU said it would extend its suspension of countermeasures to US tariffs until early August and continue to press for a negotiated settlement. Investors now await the US inflation data for June, due on Tuesday for more cues on the Federal Reserve's interest rate path. Markets are currently pricing in just over 50 basis points worth of Fed easing by December. Chicago Fed Bank president Austan Goolsbee said the new tariffs unveiled by Trump could spark fresh concerns about inflation, which might force the Fed to maintain its wait-and-see posture, The Wall Street Journal reported on Friday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Gold, often considered a safe-haven asset during economic uncertainties, tends to do well in a low-interest-rate environment. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.12 per cent to 947.64 tonnes on Friday from 948.80 tonnes on Thursday. Meanwhile, gold speculators cut net long positions by 1,855 contracts to 134,842 in the week to Jul 8. Spot silver gained 0.4 per cent at US$38.49 per ounce, platinum fell 1.1 per cent to US$1,384 and palladium slipped 1.7 per cent to US$1,194.40. REUTERS
CNA
an hour ago
- CNA
Dollar at more than two-week high versus yen as trade war heats up
NEW YORK :The dollar hovered near more than a two-week high against the yen on Wednesday as U.S. President Donald Trump announced tariffs on seven countries, after earlier this week imposing 25 per cent tariffs on Japan and other trade partners beginning in August. . The greenback advanced against major peers on Tuesday after Trump issued a round of tariff letters to countries including Algeria, Iraq, Libya, Sri Lanka and the Philippines. Those tariffs - as high as 30 per cent - are due to start on August 1, but Trump said he was open to extensions if countries made proposals. Trump said on social media that tariff letters to additional countries would be released later Wednesday afternoon, without specifying any details. Despite recent gains, the dollar index, which measures the greenback against six major peers, is still down more than 6 per cent since Trump on April 2 unveiled his sweeping "Liberation Day" reciprocal tariffs, which prompted a sell-off in markets but were later mostly postponed to give time to negotiate bilateral trade deals.\ "There's been a lot of turbulence in holding the U.S. dollar," said Juan Perez, director of trading at Monex USA. "Where do we go now? Well, the uncertainty remains, and I know that that's a frustrating thing to hear, but this is going to be a roller coaster ride in which ... you're going to have to start embracing and accepting is just part of doing business." Trump has also threatened a 50 per cent tariff on imported copper and said he would soon introduce long-threatened levies on semiconductors and pharmaceuticals. The dollar was down 0.18 per cent at 146.35 yen, after touching 147.19 earlier in the session. The U.S. currency has gained around 1.5 per cent so far this week - the greenback's biggest weekly rise since mid-December. Export-dependent Japan stands out among major U.S. trading partners as being the farthest from a deal, and its currency has taken a beating. Multiple rounds of talks have failed to result in a breakthrough, and Japanese policymakers are increasingly focused on a critical upcoming election. Speculation that opposition parties will gain seats in Japan's upper house and push for more fiscal stimulus has sent Japanese government bonds (JGBs) lower this week, causing a spike in long-term yields. U.S. Treasury Secretary Scott Bessent, who has been a key trade negotiator with Tokyo, is expected to attend the World Expo 2025 in Osaka, Japan, later this month, potentially opening the door for more discussions. The euro slipped 0.09 per cent to $1.171 as investors cautiously weighed the likelihood that the European Union would not receive a tariff letter and could secure exemptions from the U.S. baseline rate of 10 per cent, EU sources familiar with the matter told Reuters. Minutes from the Federal Reserve's June 17-18 policy meeting on Wednesday showed that only "a couple" of officials said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure from Trump's tariffs. Antje Praefcke, an FX analyst at Commerzbank, credited the euro's strength against the dollar also to markets pricing in interest rate differentials between the U.S. and Europe. "The market is now pricing in just under two interest rate cuts by the Fed by the end of the year, but only one by the ECB." The dollar index inched down 0.003 per cent to 97.545, while sterling was down 0.04 per cent at $1.36.
