Donald Trump to launch a golden smartphone
The Trump Organisation's press release stated the T1 phone will be a 'sleek gold smartphone' that will be 'proudly designed and built in the United States'.
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Perth Now
39 minutes ago
- Perth Now
Trump says US has struck a trade deal with Vietnam
US President Donald Trump says the United States has struck a trade deal with Vietnam, after months of negotiations, that imposes a 20 per cent tariff rate on many imports from the Asian country. The rate is lower than an initial 46 per cent levy Trump announced in April on goods from Vietnam, largely as a result of its big trade surplus with Washington. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump said on Truth Social. Trump said that goods from Vietnam would face a 20 per cent tariff and that any trans-shipments from third countries would face a 40 per cent levy. Vietnam would also provide the United States with more market access, with US exports to the country facing no tariffs, he said. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump said. The White House and the Vietnamese trade ministry did not immediately respond to a request for comment.
West Australian
an hour ago
- West Australian
Trump says US has struck a trade deal with Vietnam
US President Donald Trump says the United States has struck a trade deal with Vietnam, after months of negotiations, that imposes a 20 per cent tariff rate on many imports from the Asian country. The rate is lower than an initial 46 per cent levy Trump announced in April on goods from Vietnam, largely as a result of its big trade surplus with Washington. "It is my Great Honor to announce that I have just made a Trade Deal with the Socialist Republic of Vietnam after speaking with To Lam, the Highly Respected General Secretary of the Communist Party of Vietnam," Trump said on Truth Social. Trump said that goods from Vietnam would face a 20 per cent tariff and that any trans-shipments from third countries would face a 40 per cent levy. Vietnam would also provide the United States with more market access, with US exports to the country facing no tariffs, he said. "It is my opinion that the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam," Trump said. The White House and the Vietnamese trade ministry did not immediately respond to a request for comment.
Perth Now
an hour ago
- Perth Now
Wall Street edges down on surprise US jobs data
US stocks have nudged lower as surprisingly weak US private jobs data raised concerns about the labour market, while investors closely watched trade negotiations as President Donald Trump's July 9 tariff deadline approaches. The ADP National Employment Report showed US private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. Investors quickly increased their bets of a rate cut by the US Federal Reserve in July to 25.3 per cent from about 20 per cent prior to the report, according to LSEG data. "I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the US economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labour market," said Ross Mayfield, investment strategist at Baird. "It would be very damaging for the overall economy and obviously make the Federal Reserve react despite their concerns about tariffs causing inflation." The Nasdaq and the S&P 500 closed lower in the previous session, retreating from record highs as technology stocks were pressured and Treasury yields climbed after data showed stronger-than-expected job openings in May. Focus now turns to the more comprehensive non-farm payrolls report, scheduled for release on Thursday - a day earlier than usual, as markets are closed on Friday for Independence Day. The reading is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3 per cent, according to a Reuters poll of economists. On trade, Trump said on Tuesday he was not thinking of extending the July 9 deadline for imposing tariffs and expressed doubts that an agreement could be reached with Japan, although he said he expected a deal with India. The European Union's trade chief is expected to hold talks this week with peers in Washington DC. In early trading on Wednesday, the Dow Jones Industrial Average fell 75.68 points, or 0.17 per cent, to 44,419.26, the S&P 500 lost 0.92 points, or 0.01 per cent, to 6,197.09, and the Nasdaq Composite gained 43.60 points, or 0.22 per cent, to 20,246.49. Meanwhile, the blue-chip Dow was within 1.4 per cent of hitting an all-time high. US Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending while adding $US3.3 trillion ($A5 trillion) to the country's debt. The legislation now heads to the House of Representatives for possible final approval, although a handful of Republicans have already opposed some of the Senate provisions. Seven of the 11 major S&P sectors nursed losses, with healthcare falling about 0.7 per cent, leading declines. Centene tumbled 33.7 per cent, set for its worst day on record if losses hold, after the health insurer said it had withdrawn its 2025 earnings forecast following data that showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health dropped 7.0 per cent, Molina Healthcare sank 15 per cent and UnitedHealth lost 2.0 per cent. Adding to the strain on equities, the US 10-year benchmark yield rose 4 basis points, extending its climb from the previous session. However, megacaps such as Tesla and Apple helped limit the overall losses and rose more than 2.4 per cent each. Tesla posted another big drop in quarterly deliveries, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle line-up. Verint Systems rose 5.0 per cent after Bloomberg News reported buyout firm Thoma Bravo was in talks to acquire the call-centre software maker. Declining issues outnumbered advancers by a 1.12-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows while the Nasdaq Composite recorded 20 new highs and 25 new lows.
