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Reuters
30 minutes ago
- Reuters
Relief for rupee after India left out of US tariff hike; Asia shrugs off Trump move
MUMBAI, July 8(Reuters) - The Indian rupee is likely to open marginally higher on Tuesday, helped by the calm in Asian markets despite U.S. President Donald Trump imposing higher tariffs on South Korea and Japan among others. Trump's comments about nearing a trade agreement with India are supportive of the rupee, according to traders. The 1-month non-deliverable forward indicated a open in the 85.70-85.75 range, versus 85.8500 in the previous session. Trump on Monday sent letters to 14 countries, including Japan and South Korea, outlining higher import tariffs. However, the implementation was pushed to August 1, providing countries a few more weeks to reach trade deals. The original deadline for reaching the deal was July 9. The U.S. president said the August deadline was "firm, but not 100% firm" suggesting there was room for agreements. Shares in Japan and South Korea rose, suggesting investors were more focused on the tariff delay than the prospect of higher duties. "Though Trump's letters suggest a take-it-or-leave-it offer, the reality is that they have effectively extended the tariff deadline from July 9 to August 1," ING Bank said in a note. "Despite repeatedly insisting that no extension would be granted, the U.S. administration has provided countries another three weeks to finalise more (principle) trade deals." On India, Trump said he was near to making a deal with the country. "That the U.S. might strike a deal with India, while largely priced in, is still a marginal positive for the rupee," a currency trader at a private bank said. "More importantly, Asian markets are not reacting much to the latest salvo from Trump, which is helping overall sentiment." KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.81; onshore one-month forward premium at 10.5 paisa ** Dollar index down at 97.31 ** Brent crude futures down 0.6% at $69.2 per barrel ** Ten-year U.S. note yield at 4.38% ** As per NSDL data, foreign investors bought a net $81 million worth of Indian shares on July 4 ** NSDL data shows foreign investors bought a net $19.6 million worth of Indian bonds on July 4
Reuters
38 minutes ago
- Reuters
Samsung Elec to buy healthcare services company Xealth
SEOUL, July 8 (Reuters) - Samsung Electronics ( opens new tab said on Tuesday it had signed an agreement to acquire Xealth, a U.S.-based healthcare platform, as part of its efforts to expand its mobile healthcare services business. The South Korean company did not disclose the value of the transaction.
Reuters
38 minutes ago
- Reuters
China warns Trump on tariffs, threatens retaliation on supply chain deals
BEIJING, July 8 (Reuters) - China warned the Trump administration on Tuesday against reigniting trade tension by restoring tariffs on its goods next month, and threatened to retaliate against nations that strike deals with the United States to cut China out of supply chains. Washington and Beijing agreed to a trade framework in June that restored a fragile truce, but with many details still unclear, traders and investors on both sides of the Pacific are watching to see if it will unravel or lead to a lasting detente. On Monday, President Donald Trump began notifying trade partners of sharply higher U.S. tariffs from August 1, after he delayed all but 10% of his April duties on most countries to give them time to strike deals with the world's largest economy. China, initially singled out with tariffs exceeding 100%, has until August 12 to reach an agreement with the White House to keep Trump from reinstating additional import curbs imposed during tit-for-tat tariff exchanges in April and May. "One conclusion is abundantly clear: dialogue and cooperation are the only correct path," the official People's Daily said in a commentary, referring to the exchanges in the current round of China-U.S. trade tension. The article was signed "Zhong Sheng", or "Voice of China", a term the paper uses to express views on foreign policy. Reiterating Beijing's view that Trump's tariffs amount to "bullying", the paper added, "Practice has proven that only by firmly upholding principled positions can one truly safeguard one's legitimate rights and interests." The remarks set the stage for another round of tariff war should Trump stick to what the ruling Communist Party's official daily said was "a so-called 'final deadline.'" The average U.S. tariff on Chinese exports now stands at 51.1%, while the average Chinese duty on U.S. goods is 32.6%, with both sides covering all their trade, the Peterson Institute for International Economics said. The paper also took a swipe at regional economies that are considering striking tariff reduction deals with the United States that cut China out of their supply chains. Last week, Vietnam secured a tariff reduction to 20% from 46% with a deal for goods "transshipped" through it, typically originating from China, to be subjected to a levy of 40%. "China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions," the paper said. "If such a situation arises, China will not accept it and will respond resolutely to protect its legitimate interests."
