Markets live updates: Trump and Powell clash over Federal Reserve renovations, S&P at fresh high
However, Mr Trump says he won't fire the Fed chair. On Wall Street, the S&P and Nasdaq rise to fresh highs.
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News.com.au
4 hours ago
- News.com.au
Trump, EU chief seek deal in transatlantic tariffs standoff
US President Donald Trump and EU chief Ursula von der Leyen prepared to meet Sunday in Scotland in a push to resolve a months-long transatlantic trade standoff that is going down to the wire. Trump has said he sees a 50-50 chance of reaching a deal with the European Union, having vowed to hit dozens of countries with punitive tariffs unless they hammer out a pact with Washington by August 1. The EU is currently facing the threat of an across-the-board levy of 30 percent from that date. Von der Leyen's European Commission, negotiating on behalf of the EU's member countries, has been pushing hard for a deal to salvage a trading relationship worth an annual $1.9 trillion in goods and services. Any deal with the United States will need approval by all 27 member states. EU ambassadors, on a visit to Greenland, were to meet Sunday morning to discuss the latest negotiations -- and again after any accord. Sunday's sit-down between Trump and the EU chief was to take place at 4:30 pm (1530 GMT) in Turnberry, on Scotland's southwestern coast, where Trump owns a luxury golf resort. The 79-year-old American leader said Friday he hoped to strike "the biggest deal of them all" with the EU. "I think we have a good 50-50 chance" of a deal, the president said, citing sticking points on "maybe 20 different things". He praised von der Leyen as "a highly respected woman" -- a far cry from his erstwhile hostility in accusing the EU of existing to "screw" the United States. But late-night EU talks with US Commerce Secretary Howard Lutnick on Saturday to hammer out the final details were "combative at times," The Financial Times reported. As of Saturday evening, there were "still quite a few open questions" -- notably on pharmaceutical sector tariffs, said one EU diplomat. Tariff levels on the auto sector were also crucial for the Europeans -- notably France and Germany -- and the EU has been pushing for a compromise on steel that could allow a certain quota into the United States before tariffs would apply. - Baseline 15 percent - According to European diplomats, the deal on the table involves a baseline levy of around 15 percent on EU exports to the United States -- the level secured by Japan -- with carve-outs for critical sectors including aircraft, lumber and spirits excluding wine. The EU would commit to ramp up purchases of US liquefied natural gas, along with a series of investment pledges. Hit by multiple waves of tariffs since Trump reclaimed the White House, the EU is currently subject to a 25-percent levy on cars, 50 percent on steel and aluminium, and an across-the-board tariff of 10 percent, which Washington threatens to hike to 30 percent in a no-deal scenario. The EU has focused on getting a deal with Washington to avoid sweeping tariffs that would further harm its sluggish economy, with retaliation as a last resort. While 15 percent would be much higher than pre-existing US tariffs on European goods -- at 4.8 percent -- it would mirror the status quo, with companies already facing an additional flat rate of 10 percent. Should talks fail, EU states have greenlit counter tariffs on $109 billion (93 billion euros) of US goods including aircraft and cars to take effect in stages from August 7. Brussels is also drawing up a list of US services to potentially target. Beyond that, countries like France say Brussels should not be afraid to deploy a so-called trade "bazooka" -- EU legislation designed to counter coercion through trade measures which involves restricting access to its market and public contracts. But such a step would mark a major escalation with Washington. - Ratings dropping - Trump has embarked since returning to power on a campaign to reshape US trade with the world. But polls suggest the American public is unconvinced, with a recent Gallup survey showing his approval rating at 37 percent -- down 10 points from January. Having promised "90 deals in 90 days," Trump's administration has so far unveiled five, including with Britain, Japan and the Philippines. Early Sunday, ahead of his meeting with Von der Leyen, Trump was out again on the golf course, having spent most of Saturday playing at Turnberry amid tight security. The trip to Scotland has put physical distance between Trump and the scandal around Jeffrey Epstein, the wealthy financier accused of sex trafficking who died in prison in 2019 before facing trial. In his heyday, Epstein was friends with Trump and others in the New York jet-set, but the president is facing backlash from his own MAGA supporters demanding access to the Epstein case files. With the uproar refusing to die down, a headline agreement with the EU -- in addition to bolstering Trump's dealmaker credentials -- could bring a welcome distraction.
AU Financial Review
12 hours ago
- AU Financial Review
Thailand, Cambodia ignore Trump's warning to halt deadly clashes
Bangkok | Thai and Cambodian forces continued clashes at their disputed border for a fourth day as US President Donald Trump heaped pressure on them to stop the conflict and said Washington won't strike a trade deal with either side until hostilities end. Trump spoke to the leaders of Cambodia and Thailand on the weekend, and said they agreed to 'quickly work out a ceasefire,' according to posts on Truth Social. Still, heavy artillery shelling was reported on Sunday from multiple locations across the 800-kilometre shared border, according to local media.
SBS Australia
12 hours ago
- SBS Australia
'Get oot': Donald Trump plays golf as angry Scots protest visit
US President Donald Trump played golf under tight security on the first full day of a visit to Scotland, as hundreds of protesters took to the streets in major cities. Trump played at his Turnberry resort on the southwest coast of Scotland with son Eric and the US ambassador to the UK, Warren Stephens, waving to photographers. He arrived in his mother's birth country on Friday evening local time. His presence has turned the picturesque and normally quiet area into a virtual fortress, with roads closed and police checkpoints in place. Police officers — some on quad bikes and others on foot with sniffer dogs — patrolled the famous course and the sandy beaches and grass dunes that flank it. Secret Service snipers were positioned at vantage points while some other golfers on the course were patted down by security personnel. Donald Trump was spotted playing golf at one of his Scottish properties ahead of official meetings. Source: PA / Robert Perry The 79-year-old Trump touched down Friday at nearby Prestwick Airport as hundreds of onlookers came out to see Air Force One and catch a glimpse of its famous passenger. The president has professed a love of Scotland, but his controversial politics and business investments in the country have made for an uneasy relationship. Speaking to reporters on the tarmac, Trump immediately waded into the debate surrounding high levels of irregular migration, and lashed out at renewable energy efforts. "You better get your act together or you're not going to have Europe anymore," he said, adding that migration was "killing" the continent. "Stop the windmills. You're ruining your countries," he added. Protesters angry at Trump and Keir Starmer Trump's five-day visit, which is set to mix leisure with business and diplomacy, has divided the local community. His resort is not only well protected but it's also in a relatively remote area, meaning most protesters chose to make their voices heard in Scotland's big cities. Over on the east coast, several hundred protesters demonstrated outside the US consulate in the capital Edinburgh and further north in the city of Aberdeen, near where Trump owns another golf resort. The protests were organised by the Stop Trump Coalition, which has called on Scotland's First Minister not to attend a scheduled meeting with Trump. Participants held placards with slogans like "Scotland hates Trump" and waved Palestinian flags. People take part in a Stop Trump Scotland protest outside the US Consulate in Edinburgh. Source: PA / Jane Barlow "I am here because of fascism in America under Trump's rule. I am here because of genocide in Gaza that is being funded and enabled by British and American governments," said 44-year-old Amy Hanlon in Aberdeen. Others said they did not want him in Scotland. "People need to stand up to Trump and he needs to know there's people who don't like what he's doing, what he's doing to the world and the affect he'll have on our children's future," one protester said. Many were furious about the cost of the US president's trip. "He's here on a private trip to look around his golf courses and the amount of money it's costing the Scottish tax payer is absolutely obscene," one protester said. People take part in a Stop Trump Scotland protest at the Union Terrace Gardens in Aberdeen. Source: PA / Nick Forbes The anger was not just directed at Trump, but also at British Prime Minister Keir Starmer, who has put a lot of time and effort into building a good working relationship with the US president. "I'm disgusted by him … It's disgraceful. He's pandering to the right and he has been since the start of his Prime Ministership," one protester told SBS News. Starmer will meet Trump on Monday AEST while on Tuesday the President is expected to meet Scotland's First Minister John Swinney, who publicly endorsed Kamala Harris. "I can see that on balance it probably needs to happen, it could be really awkward on some counts if the First Minister does not meet with him, but personally I think it would have said a lot more if John Swinney had said 'I'm not meeting with that man'," a protesting Scot said. Others welcomed Trump Not everyone was against his visit. At Prestwick Airport on Friday evening a boy held a sign that read "Welcome Trump" while a man waved a flag emblazoned with Trump's most famous slogan — Make America Great Again. "I think the best thing about Trump is he's not actually a politician yet he's the most powerful man in the world and I think he's looking at the best interests of his own country," said 46-year-old Lee McLean, who had travelled from nearby Kilmarnock. "Most politicians should really be looking at the best interests of their own country first before looking overseas," he told Agence France-Presse. Trump is due to discuss trade with EU chief Ursula von der Leyen in Turnberry on Monday AEST. Trump is scheduled to return to the US on Tuesday but will be back in the UK for a state visit between 17-19 September, when he will be hosted by King Charles III.
