Nissan considers Foxconn EV output to save Oppama from closure, Nikkei says
Nissan's Oppama plant, which employs about 3,900 workers, has been a potential consolidation target in the struggling Japanese carmaker's restructuring plans, but the floated idea of producing Foxconn-brand EVs at its idle assembly lines could preserve the jobs and supplier networks, Nikkei said.
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Express Tribune
3 hours ago
- Express Tribune
Stocks fall, dollar up on tariffs plan
Major stock indexes declined while the dollar strengthened against major currencies on Monday as President Donald Trump unveiled 25% tariffs on goods from Japan and South Korea and investors awaited further announcements in the White House's trade negotiations. Longer-dated US Treasury yields edged higher. Trump said on Monday the US would impose a 25% tariff on imports from Japan and South Korea beginning August 1 as he unveiled the first two of what he has said will be a wave of letters to trading partners outlining the new levies they face. US-listed shares of Japanese automotive companies fell, with Toyota Motor down 4.1% and Honda Motor off by 3.8%. The United States will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said earlier on Monday, with a deadline set for Wednesday to get trade deals done. "We're down (in stocks) after the long weekend, and it's somewhat of a critical week in terms of the tariffs," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "The prospect of what may or may not happen with the trade deals... is causing investors to be somewhat cautious." Tariffs are expected to increase prices and to slow down growth, though uncertainty over the ultimate policies may be a bigger drag as it leads businesses to postpone decisions. S&P 500 companies are soon expected to begin reporting results on the second quarter. Trump announced in April a 10% base tariff rate on most countries and higher "reciprocal" rates ranging up to 50%, with an original deadline of this Wednesday.
Express Tribune
5 hours ago
- Express Tribune
Trump imposes 25% tariffs on Japan, South Korea ahead of trade deal deadline
US President Donald Trump attends the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia, May 13, 2025. REUTERS Listen to article US President Donald Trump said Monday he was slapping 25 percent tariffs on Japan and South Korea, in his first letters to trading partners ahead of a deadline to reach a deal with Washington. Trump had said at the weekend that starting from Monday he would send a first batch of up to 15 letters to countries informing them that he would reimpose harsh levies that he had postponed in April. In near-identically worded letters to the Japanese and South Korean leaders, Trump said the tariffs would apply from August 1 because their trading relationships with Washington were "unfortunately, far from Reciprocal." Trump warned the countries, both key US allies in East Asia, of an escalation if they responded to the new US tariffs. But he also said he was ready to modify levies "downwards" if Japan and South Korea changed their trade policies. Japan's Prime Minister Shigeru Ishiba said Sunday that he "won't easily compromise" in trade talks with Washington. Trump originally announced sweeping tariffs on world economies on what he called "Liberation Day" on April 2, claiming the United States was being "ripped off." More Read: Rubio to attend ASEAN meeting in first visit to Asia Amid market turmoil, Trump then suspended the initial tariffs for 90 days, a deadline that expires on Wednesday. But the Trump administration has said that the duties will not "boomerang" back until August 1, apparently extending the deadline despite denials from officials. While the Trump administration has signaled hopes of striking dozens of deals by early July -- at one point boasting of "90 deals in 90 days" -- there have been limited results so far. Washington has unveiled pacts with only Britain and Vietnam, while the United States and China agreed to temporarily lower tariff levels on each other's products that earlier reached three-digits. Treasury Secretary Scott Bessent said there would be a number of deals coming up. "We are going to have several announcements in the next 48 hours," Bessent told CNBC in an interview Monday. "We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said. There was no immediate response from the White House on whether Trump would formally extend the Wednesday deadline for the tariffs to snap back. Asked about Trump's letters, Bessent said these would inform partners of the tariff rate their products face when trading with the United States, unless they want to "come back and try to negotiate." Bessent told CNBC Monday that he would "be meeting with my Chinese counterpart sometime in the next couple of weeks." Also Read: US professors take Trump's immigration policies to court over pro-Palestinian activities The two sides have so far held high-level talks in Geneva and London. But Washington and Beijing's pause on tit-for-tat tariffs is due to expire in mid-August. On whether he was disappointed in the number of trade deals achieved so far, Trump's trade adviser Peter Navarro maintained that he is "happy with the progress we've had." "Every country that we run a major deficit with is fully engaged," he told CNBC on Monday. Trump has also threatened another 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "Anti-American policies" after they slammed his duties at a summit. For now, partners are still rushing to avert Trump's tariffs altogether. The European Commission said that EU chief Ursula von der Leyen had a "good exchange" with Trump on trade when the pair spoke Sunday.
Business Recorder
17 hours ago
- Business Recorder
Japan's Nikkei falls on caution ahead of Trump tariff deadline
TOKYO: Japan's Nikkei share average fell on Monday as cautious investors weighed the details of US President Donald Trump's tariffs and their impact on corporate outlook. The Nikkei fell 0.46% to 39,628.41 by the midday break, after opening marginally lower. The broader Topix fell 0.45% to 2,815.36. 'Investors turned bearish when they saw a small decline in the Nikkei and sold more stocks,' said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities. 'The market was awaiting any details of the US tariffs. Investors wanted to stay away from buying stocks until the details became clear,' he said. The United States is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday, with the higher rates scheduled to take effect on August 1. Yaskawa Electric tanked 8.81% to become the biggest percentage loser on the Nikkei. The machinery maker on Friday cut its annual operating profit forecast, citing uncertainties about the demand outlook due to the effect of US tariff policy. Yaskawa said it did not factor in the effect of US tariff policy when it made the forecast in April. Yaskawa's peers SMC Corporation and Fanuc lost 7.34% and 3.23%, respectively. Automakers fell, with Toyota Motor and Honda Motor dropping 1.11% and 1.63%, respectively. Nissan Motor slipped 4.35%, following a local media report that the automaker is in discussions with Taiwan's Foxconn about electric vehicle collaboration that could save its Oppama plant in Japan from closure. Start-up investor SoftBank Group fell 1.64% to become the biggest drag for the Nikkei. Chip-equipment maker Tokyo Electron slipped 0.68%. Staffing agency Recruit Holdings rose 2.26% to become the biggest support to the Nikkei.
