Trump's new tariffs and Musk's political bombshell shake Wall Street
"Markets had been telling us that peak tariff risk is behind us but to have tariffs back in the forefront is causing some skittishness," said Emily Roland, co-chief investment strategist at Manulife John Hancock Investments in Boston. "Investors were getting to that period of ebullience in markets and we're taking a little step back from that."But investors likely have some hopes the announcements are not permanent, she said: "That's the pattern we've been in, announcing punitive tariffs and then dialing that back a little bit. That could certainly be the next phase of this back and forth negotiation," said Roland.According to preliminary data, the S&P 500 lost 49.39 points, or 0.77%, to end at 6,230.76 points, while the Nasdaq Composite lost 183.18 points, or 0.89%, to 20,417.92. The Dow Jones Industrial Average fell 421.03 points, or 0.95%, to 44,400.64.One of the S&P 500's biggest drags was from electric vehicle maker Tesla, whose shares dived after CEO Musk announced formation of a new political party named the "America Party", further escalating his feud with Trump.Investors also awaited other US trade announcements after Trump said on Sunday that the US was on the cusp of several deals and would notify other countries of higher tariffs by July 9, with new duties to take effect on August 1.On Monday, Trump threatened an extra 10% tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South Africa.In early April, stock indexes saw dramatic volatility after Trump unveiled a base tariff rate of 10% on most countries and additional duties ranging up to 50% on April 2 and then announced a 90-day pause days later.In early April, the Nasdaq confirmed a bear market or a 20% drop from its recent record, while the S&P 500 had narrowly averted a bear. Both indexes had returned to record levels by late June.Shares of WNS Holdings rallied after the French IT services firm Capgemini agreed to buy the outsourcing firm for $3.3 billion in cash.advertisementTrump's tariff policies have stoked inflation worries, further complicating the Fed's path to lower rates. Minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy outlook.Traders are betting on a roughly 95% probability that rates will remain unchanged in July while the odds for a September cut are close to 60%, according to CME Group's FedWatch tool.Another area of investor focus is US tax-cut and spending plans, signed into law by Trump late last week. These are expected to swell the national deficit by over $3 trillion in the next decade.- EndsMust Watch
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Indian Express
5 minutes ago
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Can US President Donald Trump win the Nobel Peace Prize?
The Nobel Peace Prize is one of the most prestigious honours that can be awarded to individuals and organisations internationally. Israeli Prime Minister Benjamin Netanyahu has nominated US President Donald Trump for the prize. If Trump wins, he will be the fifth US president on the list after Theodore Roosevelt, Woodrow Wilson, Jimmy Carter, and Barack Obama. Here is a look at how the award works: Who can win? According to the will of Swedish industrialist Alfred Nobel, the inventor of dynamite, the prize should go to the person 'who has done the most or best to advance fellowship among nations, the abolition or reduction of standing armies, and the establishment and promotion of peace congresses.' In an introduction on the Nobel website, Chair of the Peace Prize Committee Jorgen Watne Frydnes says 'in practice anyone can be the recipient of the Nobel Peace Prize. The history of the prize shows clearly it's given to people from all layers of society from all over the world.' Who can nominate? Thousands of people can propose names: members of governments and parliaments; current heads of state; university professors of history, social sciences, law, and philosophy; and former Nobel Peace Prize laureates, among others. You cannot nominate yourself. Nominee lists are kept secret for 50 years, though there is nothing to stop those who make nominations from disclosing their choices. Who decides? The Norwegian Nobel Committee, which consists of five individuals appointed by the Norwegian parliament, is the arbiter. Members are often retired politicians, but not always. The current committee is led by the head of the Norwegian branch of PEN International, a group defending freedom of expression. They are all put forward by Norwegian political parties and their appointments reflect the balance of power in Norway's parliament. How do they decide? Nominations close on January 31, meaning Netanyahu's nomination of Trump would not be considered this year. Members of the committee can make their own nominations no later than the first meeting of the committee in February. They make a shortlist, and each nominee is then assessed by a group of permanent advisers and other experts. The committee aims for unanimity but can decide by majority vote. A final decision is often only made a few days before the prize is announced. Controversies The Nobel Peace Prize has often been seen as having a political message. The Nobel website says some recipients have been 'highly controversial political actors,' while the prize has also increased public focus on international or national conflicts. Obama won the award just a few months after taking office. Two members of the committee stepped down over the decision in 1973 to award the Peace Prize to U.S. Secretary of State Henry Kissinger and Vietnamese politician Le Duc Tho for negotiating an end to the Vietnam War. One member quit in 1994 when Palestinian leader Yasser Arafat shared the prize with Israel's Shimon Peres and Yitzhak Rabin. What does the laureate get? A medal, a diploma, 11 million Swedish crowns ($1.15 million), and immediate global attention, if they are not already famous. When are the announcement and the ceremony? The announcement of this year's prize will be made on October 10 at the Norwegian Nobel Institute in Oslo. The ceremony will take place at the Oslo City Hall on December 10, the anniversary of Alfred Nobel's death.
News18
6 minutes ago
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Asia's Most Atheist Nation? Why South Koreans Are Turning Away From Religion
South Korea, known for tech giants and luxury cars, is becoming one of the world's most irreligious societies, with nearly 60% unaffiliated due to modernisation and disillusionment In the heart of Asia, a country known for its global tech giants, luxury car brands, and record-breaking internet speeds is quietly leading another revolution, i.e. a mass departure from religion. South Korea, one of the most economically advanced nations, is emerging as one of the world's most irreligious societies, with nearly 60% of its population now unaffiliated with any religion, according to data available up to 2024. This dramatic shift didn't happen overnight. Decades of modernisation, disillusionment with religious institutions, and a generational change in values have slowly but firmly eroded the influence of organised religion in South Korean society. South Korea's religious landscape has undergone a seismic transformation. Once a society deeply shaped by Buddhism and later Christianity, the country has seen a steady decline in religious affiliation. Today, only about 31% of South Koreans identify as Christians, with Protestants making up 20% and Catholics 11%, while around 17% practice Buddhism. The rest, a clear majority, declare no religious ties whatsoever. What sets South Korea apart is not just the percentage of non-believers, but the voluntary and conscious nature of their choice. Religious disinterest isn't a product of government repression, as in North Korea, where all forms of open worship are effectively banned. Instead, it reflects a broad societal shift driven by complex cultural, political, and economic factors. The roots of South Korea's religious decline lie in its meteoric economic rise. Over the past five decades, the country has transformed from a war-torn economy to a high-tech powerhouse. That rapid industrialisation brought with it sweeping urbanisation, weakening the grip of traditional institutions, including religious ones. In modern South Korea, the youth are hyper-focused on education, careers, and navigating one of the most competitive societies in the world. Long working hours, high academic pressure, and a digital-first lifestyle have made religious rituals feel outdated and impractical. Many young South Koreans now identify as 'spiritual but not religious," open to metaphysical ideas but skeptical of organised religion. Adding to the disillusionment is the credibility crisis facing South Korea's religious leaders. Scandals involving high-profile churches, especially among Protestant megachurches, have shaken public trust. Accusations of tax evasion, embezzlement, and even sexual abuse have emerged repeatedly in recent decades. One major turning point was the Covid-19 outbreak in 2020, when the secretive Shincheonji Church of Jesus was linked to a massive coronavirus cluster. The group was accused of withholding information from authorities, fuelling nationwide outrage and further deepening public suspicion toward religious organisations. Buddhism, too, has struggled to maintain relevance. Though historically significant, the number of its followers has been shrinking since the early 2000s, and the rise of commercialised 'temple tourism" has further diluted its spiritual core in the public eye. Religion's role in politics has also contributed to its waning influence. During the 1980s and 1990s, after South Korea transitioned to democracy, several Christian leaders gained prominence, including Protestant Kim Young-sam and Catholic Kim Dae-jung. Large churches began aligning with political parties, funding campaigns and lobbying for influence. However, this entanglement backfired. Instead of gaining power, religious institutions lost credibility. Their perceived interference in governance and their own internal scandals turned voters away. Attempts by political parties to build religious vote banks were met with resistance by a population increasingly wary of mixing faith with statecraft. Now, South Korean democracy is marked by a clear separation between religion and politics, a separation that citizens seem determined to preserve. South Korea's secular surge is unique in Asia, where most countries still have strong religious traditions. Even neighbouring Japan, which is often viewed as secular, still retains large pockets of religious and spiritual practices blended into daily life. North Korea, by contrast, enforces atheism through authoritarian rule, punishing religious activity with harsh penalties. Yet, South Korea's atheism is not imposed; it's chosen. Much like nations such as Sweden or the Netherlands, where religion has gradually faded into the cultural background, South Korea is moving toward a similar future. First Published: July 08, 2025, 20:49 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
12 minutes ago
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Brands Him a ‘THUGGISH LUNK' Who FEARS The Truth!
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