Oil Prices Drop Amid Mounting Concerns Over Fuel Demand - Jordan News
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12 hours ago
- Jordan News
Yen and Euro Boosted by Progress in Trade Talks
اضافة اعلان The euro edged toward its highest level in nearly four years on Thursday, while the yen held onto its gains following progress in trade agreements between the United States and its key trading partners, improving overall market largely shrugged off reports that U.S. President Donald Trump would visit the Federal Reserve on Thursday. Trump has frequently criticized Fed Chair Jerome Powell for not cutting interest remains unclear whether Trump will actually meet with are closely monitoring developments in tariff negotiations. On Wednesday, two European diplomats said the European Union and the United States are close to finalizing a trade deal that could involve a 15% U.S. tariff on EU goods, along with potential follows the trade agreement between Washington and Tokyo, which includes tariff reductions on Japanese car imports and exemptions from new duties on other goods, in exchange for a $550 billion package of investments and markets responded positively to the latest developments, with risk assets climbing and investors selling off the U.S. Australian dollar rose to its highest level in eight months at $0.66135 on euro held steady at $1.1776, hovering near the earlier-month peak of $1.1830, its strongest level in more than three years.'These agreed trade frameworks between the U.S. and major economies are certainly positive for risk sentiment,' said Carol Kong, currency strategist at the Commonwealth Bank of Australia.'We had expected the risk of a showdown between the U.S. and the EU… but it seems that risk has faded,' she the yen, the dollar dropped 0.3% to 146.01, continuing its slide against the Japanese currency for the fourth consecutive news of the trade agreement lifted local equities, lingering political uncertainty in Japan limited the yen's Prime Minister Shigeru Ishiba on Wednesday denied reports that he planned to resign, following claims from a source and media reports suggesting he intended to step down in the wake of a bitter defeat in the House of Councillors British pound was steady at $1.3581 after rising 0.36% in the previous U.S. dollar index slipped slightly to 97.15, while the New Zealand dollar edged up 0.11% to $ addition to trade talks, markets are also focused on the European Central Bank's interest rate decision, expected later on
Jordan News
a day ago
- Jordan News
EU Activates Anti-Coercion Tool as Retaliatory Measures Against Trump Tariffs Loom - Jordan News
EU Activates Anti-Coercion Tool as Retaliatory Measures Against Trump Tariffs Loom Germany and France are rallying fellow EU member states to support a firm response to U.S. tariffs unless Washington backs down, as the bloc takes a tougher stance ahead of the August 1 deadline for reaching a trade agreement. اضافة اعلان According to sources cited by the Financial Times, Berlin—once a key negotiator with the Trump administration to reduce trade barriers—now seeks to issue a strong retaliatory threat. Berlin has joined forces with Paris, which has long advocated gaining leverage over Trump by targeting American companies with retaliatory tariffs. German Chancellor Friedrich Merz is hosting French President Emmanuel Macron in Berlin today, Wednesday. French Industry Minister Marc Veracci, speaking in Berlin on Monday before meeting with his German counterpart Katharina Reiche, stated: 'We need to change our negotiation strategy. We must be ready to respond and consider any option that could alter the course of talks.' Senior European Commission officials, who lead the bloc's trade policy, met with ambassadors of EU member states to discuss deploying the so-called "anti-coercion instrument"—a trade 'bazooka' that has never been used before. This tool would allow Brussels to take actions such as banning U.S. companies from public tenders, suspending intellectual property protections, and restricting imports and exports. While Germany and France support activating the mechanism, some member states remain wary of provoking a severe response from Trump. One EU diplomat noted a 'silent majority' opposing the move, while another warned: 'It would be nuclear. The situation is extremely volatile, and it's unclear whether member states truly support it.' The Commission can only proceed if a qualified majority of member states back the move. However, Trump's recent message threatening 30% "reciprocal" tariffs starting August 1 has intensified opposition. Originally, the tariffs were expected to rise to 20%, up from the current 10%. One official said the letter 'exacerbated tensions among member states.' Another added that Germany had 'done a 180-degree turn in just a few days,' and that many countries now 'want something tangible on the table to gain leverage.' Importantly, triggering the anti-coercion tool would only launch an investigation, not immediate actions. If the Commission determines the U.S. is coercing the EU, it could recommend retaliatory steps subject to member-state approval. The Financial Times also reported last Friday that Trump rejected a proposed framework agreement to freeze the current 10% tariff rate, favoring instead a permanent tariff of at least 15%. The EU also seeks exemptions from the 25% sectoral tax on cars and auto parts and 50% duties on steel and aluminum. U.S. Treasury Secretary Scott Peasant told Fox News on Tuesday: 'August 1 is a hard deadline,' warning that tariffs will shift to a full 'reciprocal' level afterward. Diplomats noted that in such a case, the EU would likely trigger its already-approved tariff package targeting $21 billion (€21B) in U.S. imports—including chicken and jeans—on August 6. Two diplomats added that a second wave of retaliatory tariffs—on $72 billion (€72B) worth of American goods, including Boeing aircraft and bourbon—would be voted on by August 6 and could take effect the next day if passed. These measures are considered a last resort. 'Naturally, they would also hurt EU companies,' one diplomat said. 'Nobody wants to see a transatlantic trade spiral.' The Commission is also drafting a third list of retaliatory actions targeting U.S. services, which may include digital services taxes and levies on online advertising revenues, according to a source familiar with the latest proposal. European Commission trade spokesperson Olof Gill stated that no countermeasures will be implemented before August 1, emphasizing: 'Until then, our focus will remain on negotiations—that's our current priority.'
Jordan News
2 days ago
- Jordan News
Oil Prices Steady After U.S.-Japan Trade Agreement - Jordan News
Oil prices showed little change on Wednesday after three consecutive sessions of declines, as a tariff agreement between the United States and Japan boosted global trade confidence. اضافة اعلان By 06:54 GMT, Brent crude futures dipped by 2 cents (0.03%) to $68.57 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by the same margin to $65.29 per barrel. Both benchmarks had dropped by about 1% in the previous session after the European Commission said it was considering countermeasures in response to U.S. tariffs, dashing hopes for a deal before August 1. U.S. President Donald Trump announced Tuesday that Washington and Tokyo had reached a trade agreement imposing a 15% tariff on Japanese imports, in return for Japan committing to invest $550 billion in the United States. Market attention is now turning to the EU–China summit scheduled for Thursday, which will test the EU's unified stance amid escalating trade tensions with both Beijing and Washington. Vandana Hari, founder of Vanda Insights, remarked: 'The recent price slump appears to have halted, but I don't expect the U.S.–Japan agreement to offer much bullish momentum, as ongoing delays and obstacles in negotiations with the EU and China will continue to weigh on market sentiment.' Meanwhile, the Chinese Ministry of Commerce reported that the Chinese Trade Minister and the EU Trade Commissioner held 'frank and in-depth discussions' on economic cooperation and other issues ahead of the summit. On the supply side, market sources citing data from the American Petroleum Institute (API) indicated that U.S. crude oil and gasoline inventories fell last week, while distillate stocks rose by 3.48 million barrels. ING Research noted in a memo: 'This offers some relief to the tight middle distillate market,' adding that the decline in crude inventories would support prices despite expectations of a large surplus later this year. In a separate development, U.S. Energy Secretary stated Tuesday that the U.S. may consider sanctions on Russian oil to help end the war in Ukraine. The European Union recently passed its 18th sanctions package against Russia, including a lower price cap on Russian oil. However, analysts warned that lack of U.S. participation could undermine the effectiveness of those measures, according to Reuters.
