Cloudbreak Pharma CEO Keeps Faith After Drop on HK Debut
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Yahoo
10 minutes ago
- Yahoo
What is the state of play with Trump's tariffs?
With sweeping tariffs on friend and foe, US President Donald Trump has roiled financial markets and sparked a surge in economic uncertainty -- and tensions are mounting days before a fresh volley of higher duties are due to kick in. Here is a rundown of what Trump has implemented in his second presidency, with levies on dozens of economies set to bounce from 10 percent to a range between 11 percent and 50 percent on Wednesday. - Global tariffs - While Trump imposed a 10 percent tariff on most US trading partners in April, the rate is set to rise for dozens of economies including the European Union and Japan come Wednesday. To avoid higher levies, countries have been rushing to strike deals with Washington. So far, the UK and Vietnam have struck pacts with the United States, while China has managed to temporarily lower tit-for-tat duties. There are notable exceptions to the duty. Immediate US neighbors Canada and Mexico, which were separately targeted over illegal immigration and fentanyl, are not affected by the 10 percent global tariff. Also off the hook are copper, pharmaceuticals, semiconductors and lumber -- although these are sectors that Trump is mulling levies on. Gold and silver, as well as energy commodities, are excluded too. - China focus - China has borne the brunt of Trump's levies. The world's two biggest economies engaged in an escalating tariffs war this year before a temporary pullback. Both sides imposed triple-digit tariffs on each other's goods at one point, a level effectively described as a trade embargo. After high level talks, Washington agreed to lower its levies on Chinese goods to 30 percent and Beijing slashed its own to 10 percent. The US level is higher as it includes a 20 percent tariff imposed over China's alleged role in the global fentanyl trade. - Autos, metals - Trump has also targeted individual business sectors in his second term. In March, he imposed a 25 percent levy on steel and aluminum imports and last month doubled them to 50 percent. He has also rolled out a 25 percent tariff on imported autos, although those imported under the US-Mexico-Canada Agreement (USMCA) can qualify for a lower levy. Trump's auto tariffs impact vehicle parts too, while the president has issued rules to ensure automakers paying vehicle tariffs will not also be charged for certain other duties. - Canada, Mexico - Canadian and Mexican products were initially hard hit by 25 percent US tariffs, with a lower rate for Canadian energy. Trump targeted both neighbors saying they did not do enough on illegal immigration and the flow of illicit drugs across borders. But he eventually announced exemptions for goods entering his country under the USMCA, covering large swaths of products. Potash, used as fertilizer, got a lower rate as well. - Other threats - Beyond expansive tariffs on Chinese products, Trump ordered the closure of a duty-free exemption for low-value parcels from the country. This adds to the cost of importing items like clothing and small electronics. Trump has also opened the door for 25 percent tariffs on goods from countries importing Venezuelan oil. He has threatened similar "secondary tariffs" involving Russian oil. And he has ordered investigations into imports of copper, lumber, semiconductors, pharmaceuticals and critical minerals that could eventually bring new duties. - Legal challenges - Trump's sweeping tariffs on countries have faced legal challenges. The US Court of International Trade ruled in May that Trump had overstepped his authority with across-the-board global levies. It blocked many of the duties from going into effect, prompting the Trump administration's challenge, and a US federal appeals court has since allowed the duties to remain while it considers the case. bys/ksb Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18 minutes ago
- Yahoo
Asian stocks wobble, dollar edges down with tariff deadline in focus
By Kevin Buckland TOKYO (Reuters) -Most Asian equity markets struggled on Friday, despite record highs for Wall Street overnight, as U.S. President Donald Trump's deadline for trade deals loomed next week. The dollar retraced some of Thursday's gains with U.S. markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law. Japan's Nikkei rose 0.3% as of 0152 GMT after flipping between gains and losses in early trading. Hong Kong's Hang Seng slumped 1.3%, while mainland Chinese blue chips edged slightly lower. Taiwan's equity benchmark shed early gains to decline 0.2%. South Korea's KOSPI sank more than 1%. U.S. S&P 500 futures edged down 0.2%, following a 0.8% overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed Friday for Independence Day. Investors cheered a surprisingly robust jobs report on Thursday in sending all three of the main U.S. equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $3.4 trillion to the nation's $36.2 trillion debt, according to the nonpartisan Congressional Budget Office. Trump also said he would start sending out letters to trade partners with their tariff rates, as deals remained elusive ahead of the July 9 deadline. The U.S. President said he expected "a couple" more agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. U.S. Treasury Secretary Scott Bessent said earlier this week that a deal with India is close. However agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. "It is now just waiting for July 9," said Tony Sycamore, an analyst at IG, with the market's lack of optimism for deals responsible for some of the equity weakness around the region, particularly Japan and South Korea. At the same time, Thursday's jobs data shows "the U.S. economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. The jobs data saw traders take any expectations for a Federal Reserve interest rate cut this month off the table. The U.S. dollar rallied, taking it up as much as 0.7% versus a basket of major peers on Thursday before it pared its advance to end the session with a 0.4% rise. Early on Friday, the U.S. currency gave back a little of those gains, slipping 0.2% to 144.62 yen and edging down 0.1% to 0.7942 Swiss franc. The euro added 0.1% to $1.1766, while sterling traded flat at $1.3650. The U.S. Treasury bond market is closed Friday for the holiday, but 10-year yields rose 4.7 basis points (bps) to 4.34% while the 2-year yield jumped 9.3 bps to 3.882%. Gold inched up 0.1% to $3,329.54 per ounce. Brent crude futures rose 1 cent to $68.81 a barrel, while U.S. West Texas Intermediate crude firmed 3 cents to $67.03. Sign in to access your portfolio
Bloomberg
20 minutes ago
- Bloomberg
Iron Ore Gets Second Weekly Boost on Hopes of Supply-Side Reform
Iron ore headed toward the highest close since May as China 's renewed focus on supply-side reform lifted expectations for the country's steel market. Futures of the steel-making ingredient were on course for a second weekly gain as prices rose back above $96 a ton. Beijing's top leaders this week vowed to curb outdated industrial capacity, which could boost prices of raw materials due to the potential positive impact for steel-mill margins.
