Trump says Japan will receive trade letter
US President Donald Trump says Japan will be the recipient of a letter related to trade, following pledges by his administration to send letters to countries outlining tariffs they would need to pay to the United States.
"I have great respect for Japan, they won't take our RICE, and yet they have a massive rice shortage," he said in a Truth Social post.
"We'll just be sending them a letter, and we love having them as a Trading Partner for many years to come."
Trump did not say what terms would be outlined in the letter.
Kevin Hassett, director of the National Economic Council, told reporters at the White House that Trump "is going to finalise the frameworks we negotiated with a whole bunch of countries after the weekend".
Trump has suggested that the US will be sending letters to many countries, informing them of the new tariff rates they will face from the US after a July 9 deadline when the president's 90-day pause on "reciprocal" tariffs expires.
Hassett said of tariff negotiations with Japan that there will "still be discussions right up to the end".
Hassett also confirmed on Monday that US-Canada trade negotiations would resume after Canada scrapped plans for a digital services tax targeting US technology firms.
"Absolutely," Hassett said on Fox News Channel when asked about the talks restarting.
White House press secretary Karoline Leavitt told reporters that Canadian Prime Minister Mark Carney called Trump on Sunday evening to tell him the tax was being dropped, calling it a big victory for US tech companies.
"Very simple. Prime Minister Carney in Canada caved to President Trump and the United States of America," she said, crediting Trump's hard-line negotiating style for the shift.
"President Trump knows ... that every country on the planet needs to have good trade relationships with the United States, and it was a mistake for Canada to vow to implement that tax that would have hurt our tech companies here in the United States," she said.
Trump had asked Canada to drop the tax at a G7 meeting in Canada earlier in June, Hassett said.
"It's something that they've studied, now they've agreed to, and for sure that means that we can get back to the negotiations."
Canada's finance ministry said late on Sunday that Carney and Trump would resume trade negotiations in order to agree on a deal by July 21.
"Thank you Canada for removing your Digital Services Tax which was intended to stifle American innovation and would have been a deal breaker for any trade deal with America," US Commerce Secretary Howard Lutnick responded in a post on X.
Stocks hit record highs on Wall Street on Monday morning as sentiment in the markets rose amid optimism about US trade negotiations with key partners including Canada.
US Treasury Secretary Scott Bessent also struck an optimistic tone over the potential for "a flurry" of trade deals ahead of a July 9 deadline, after which 10 per cent US tariff rates on imports from many countries are set to snap back to Trump's April 2 announced rates of 11 per cent to 50 per cent.
But Bessent, speaking on Bloomberg Television, warned that countries may not get extensions from that deadline even if they are negotiating in good faith as he suggested previously.
Any extensions would be up to Trump himself, Bessent said.
Leavitt said Trump was meeting his trade team this week to set tariff rates for those countries that were not negotiating.
"He is going to set the rates for many of these countries if they don't come to the table to negotiate in good faith, and he is meeting with his trade team this week to do that," she said.
with AP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
32 minutes ago
- Sky News AU
Major winners and losers on the ASX 200 revealed as the index posts best post-pandemic financial year performance in FY25
Australian banks, technology and gold companies have thrived over the past 12 months as the ASX 200 posted its best performance since a surge in 2021. Despite experiencing strong turbulence from Donald Trump's tariffs and the heated Iran-Israel conflict, the index rose more than 10 per cent in the 2025 financial year. The tech, financial and telecommunications services sectors all jumped about 25 per cent over the past 12 months. An Australian that wisely invested in local ship building and defense company Austal on July 1 2024 will have seen their cash grown more than 150 per cent over the 12 months. Gold miners have thrived with Regis Resources growing 157 per cent, Evolution Mining jumping 126 per cent, Gold Road Resources increasing 94 per cent and West African Resources rising 43 per cent. Investors flocked to gold as a safe haven after Trump's sweeping tariffs rocked global markets. Gold hit a record high of $5425 per ounce in April less than a fortnight after 'Liberation Day', before it settled around the $5200 mark. This is almost a $1000 boost from the beginning of the year. The ASX 200 has been lifted by the index's largest company Commonwealth Bank of Australia, which soared more than 45 per cent in 12 months. However, many analysts believe CBA's evaluation is exorbitant and anticipate a downturn as the major bank's share of the ASX 200 has grown from nine per cent to 12 per cent over the past year. Another major Australian company to thrive over the recent year was Qantas as it continues to recover from its post-pandemic reputational tarnishing, skyrocketing the stock price more than 81 per cent. The Flying Kangaroo's market dominance of the local aviation sector and its stellar financial performance have ensured the carrier continues to give back to shareholders - even delivering the airline's first dividend since before the pandemic. Qantas' share price will come under the microscope over the coming months after Virgin Australia went public and exceeded its IPO by about 13 per cent in one day. Other solid performers in the 2025 financial year were seen in the tech sector. Digital financial services company Zip Co (up 115 per cent), Life360 (up 107 per cent), software company Technology One (up 125 per cent) and many others drove the tech sector as it continues to boom in Australia. While the ASX 200 reported stellar gains over the past 12 months, many Australian companies sank amid a myriad of challenges. International education company IDP Education fell a whopping 76 per cent after a long gradual decline due to caps on foreign students. In June, the company told shareholders it expected earnings to halve from global uncertainty around the intake of international students. "Continued uncertainty has impacted IDP student enrolment pipeline size and conversion rates in the important May and June pipeline build given the timing of the fall intake in the UK, Canada and the US, as well as the second semester intake in Australia," the company said. Mineral Resources, which was plagued by a tax controversy surrounding its outgoing CEO Chris Ellison, fell more than 60 per cent, while Pilbara Minerals sank 56 per cent following diminished demand from China for Australian commodities. Skin grafting company PolyNovo, which continues to be one of the most shorted companies on the bourse, plunged 48 per cent while pathology company Healius struggled with rising costs in the healthcare sector and dropped 47 per cent. Reduced discretionary spending ate into the share price of Webjet and Domino's Pizza as Australians were crippled by tighter budgets. Domino's also sank as it closed 172 outlets in Japan and about 30 elsewhere as pizza-eaters outside Australia and New Zealand turn away from the store. The ASX 200's rise comes as similar surges were seen in the United States and Europe. The Nasdaq Composite rose almost 14 per cent, the S&P 500 added 13 per cent and the Dow Jones finished up about 12.6 per cent while the STOXX Europe 600 index rose 5.5 per cent.
West Australian
an hour ago
- West Australian
US Senate struggling to pass US President Donald Trump's ‘one big, beautiful bill'
US Senate Republicans are still trying to pass President Donald Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $5 trillion hit to the nation's debt pile. Senators were voting in a marathon session on Monday night (local time) known as a 'vote-a-rama,' featuring a series of amendments by Republicans and the minority Democrats, part of the arcane process Republicans are using to bypass Senate rules that normally require 60 of the chamber's 100 members to agree on legislation. But after roughly 12 hours, it was still unclear how long the voting would last. Lawmakers said the process was being held up partly by the need to determine whether amendments complied with special budgetary rules. Republicans can afford to lose no more than three votes in either chamber to pass a bill the Democrats are united in opposition to. The nonpartisan Congressional Budget Office released its assessment on Sunday of the bill's hit to the $US36.2 trillion ($AU55.1 trillion) US debt pile. The Senate version is estimated to cost $US3.3 trillion, $US800 billion more than the version passed last month in the House of Representatives. Many Republicans dispute that claim, Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. 'This bill, as we have said for months, steals people's healthcare, jacks up their electricity bill to pay for tax breaks for billionaires,' Democratic Senate Minority Leader Chuck Schumer said in a speech to the Senate. Majority Leader of the US Senate, John Thune, countered that the tax cuts will help families and small businesses, as he defended spending reductions to social safety net programs. He said Medicaid was growing at an unsustainable rate and there were some improvements and reforms to make it more efficient. The Senate narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill. Mr Trump wants the bill passed before the July 4 Independence Day holiday. Many of the amendments are from Democrats proposing limiting cuts to Medicaid and abortion services but those and other Democratic amendments so far were rejected by the Republican majority. Elon Musk, formerly appointed by Mr Trump to spearhead his government cost-cutting plan before the pair had a public falling-out in June over the budget bill, made a flurry of angry posts on X on Monday, threatening to target Republicans ahead of the 2026 mid-term election. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!,' Musk posted on X. He also reiterated his interest in a new political party and accused lawmakers in both parties of belonging to the 'porky pig party,' a dig at government spending levels. The Republican measure contains a $US5 trillion debt ceiling increase - $US1 trillion more than the House's bill - but failure to pass some version would present lawmakers with a serious deadline later this summer, when the Treasury Department could come close to exhausting its borrowing authority and thus risk a devastating default. The debt limit increase has caused Senator Rand Paul of Kentucky to come out in opposition to the bill, joining fellow Republican Thom Tillis, who decried its cuts to Medicaid and clean energy initiatives. According to the Congressional Budget Office, the Senate bill would result in about 11.8 million additional uninsured people, surpassing estimates for the House's version. If the Senate succeeds in passing the bill, it will then go to the House, where members are also divided, with some angry about its cost and others worried about cuts to the Medicaid program.
News.com.au
an hour ago
- News.com.au
Penny Wong in Washington for key talks amid US alliance concerns
Australia's chief diplomat has touched down in Washington for a key meeting with her Quad counterparts as the Trump administration looks to ramp up pressure on China. The Quad, made up of Australia, India, Japan and the US, is a partnership broadly seen as a check on China's economic and military might. 'Fantastic to arrive in Washington DC ahead of the Quad Foreign Ministers' Meeting,' Foreign Minister Penny Wong posted on social media, along with a photo of her and Australian ambassador Kevin Rudd. 'Thank you (State Secretary Marco Rubio) for hosting our second meeting in six months. 'Looking forward to discussing how we continue to support a peaceful, stable and prosperous Indo-Pacific.' Fantastic to arrive in Washington DC ahead of the Quad Foreign Ministers’ Meeting. Thank you @SecRubio for hosting our second meeting in six months. Looking forward to discussing how we continue to support a peaceful, stable and prosperous Indo-Pacific. — Senator Penny Wong (@SenatorWong) July 1, 2025 The meeting comes as pressure mounts on the Albanese government to bolster Australia's alliance with the US. Six months have passed since Donald Trump's inauguration and Anthony Albanese is yet to secure an in-person meeting with the US President. Australian producers have been slugged with tariffs on most exports to the US, including duties of up to 50 per cent on steel and aluminium, and doubts loom large about the Trump administration's commitment to AUKUS after it launched a snap review of the defence pact. The Albanese government has also refused to budge after Washington's call to hike defence spending to 3.5 per cent of GDP amid alarm over China's military build-up. Unless the Prime Minister books a Washington trip, his next most-likely opportunity to meet Mr Trump is at the Quad leaders summit tipped for September. In a statement announcing the trip on Sunday, Senator Wong said the US 'is our closest ally and principal strategic partner'. 'Our alliance contributes to the peace, prosperity and stability of our countries and the region we share,' she said. 'We will continue to work together to further our important economic and security partnership and advance our mutual interests.' Former US president Joe Biden was last year caught on a hot mic telling his fellow Quad leaders that China was 'testing' them, giving a rare glimpse into the candid nature of talks between some of the region's key players. 'We believe (Chinese President) Xi Jinping is looking to focus on domestic economic challenges and minimise the turbulence in China's diplomatic relationships, and he's also looking to buy himself some diplomatic space, in my view, to aggressively pursue China's interest,' Mr Biden said. 'China continues to behave aggressively, testing us all across the region, and it's true in the South China Sea, the East China Sea, South China, South Asia and the Taiwan Straits. 'It's true across the scope of our relationship, including on economic and technology issues.' Mr Biden's bluntness was a stark contrast to how other Quad leaders have tried to frame the strategic four-way dialogue, often deflecting suggestions that it exists to counter China. The hawkish approach to Beijing has been adopted by the Trump administration, with US Defence Secretary Pete Hegseth earlier this month warning of an 'imminent' threat to the Indo Pacific. Mr Hegseth said China could invade Taiwan as early as 2027.
