Trump Says 15 Per Cent Tariff on South Korea Agreed In ‘Full' Trade Deal
According to Yonhap news agency, Trump announced the agreement in a social media post shortly after meeting a South Korean trade delegation.
Seoul had been pushing for a deal before Friday, when "reciprocal" tariffs were due to take effect unless an agreement was reached.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
22 minutes ago
- The Star
U.S. stocks close higher as investors buy dip
NEW YORK, Aug. 4 (Xinhua) -- U.S. stocks rebounded Monday as investors looked to recover from sharp losses at the end of last week, which were triggered by growing concerns about the U.S. economy and the impact of new tariffs. The Dow Jones Industrial Average rose 585.06 points, or 1.34 percent, to 44,173.64. The S&P 500 added 91.93 points, or 1.47 percent, to 6,329.94. The Nasdaq Composite Index increased by 403.45 points, or 1.95 percent, to 21,053.58. Ten of the 11 primary S&P 500 sectors ended in green, led by communication services and technology, which rose 2.59 percent and 2.15 percent, respectively. Meanwhile, energy bucked the trend by dropping 0.44 percent. Friday's sell-off followed a disappointing jobs report that included substantial downward revisions to employment figures for May and June. The report also led to U.S. President Donald Trump firing the head of the Bureau of Labor Statistics. With a relatively quiet week ahead for economic data, market attention has turned to international trade. Technology stocks led Monday's rebound, with Nvidia, Broadcom, Alphabet and Meta Platforms each gaining more than 3 percent. Microsoft and Tesla added over 2 percent. Amazon fell 1.44 percent, extending its losses from Friday, while Apple added slightly. "Today is sort of a bounce-back day," said Sam Stovall, chief investment strategist at CFRA Research. "Stocks tend to pop after a drop, so that's what's happening." "S&P 500 gained ground as traders rushed to buy the dip after Friday's sell-off. Traders bet that weak job market data will force the Fed to cut rates, which will be bullish for stocks," said Vladimir Zernov, analyst with market information supplier FX Empire. Still, analysts warned that further economic disappointment in upcoming reports could weigh on stocks in coming weeks. Chris Senyek, chief investment strategist of Wolfe Research, cautioned that the market remains vulnerable to any negative surprises. "While market expectations are rising for the Federal Reserve to restart its easing cycle in September, weaker economic data is beginning to worry investors that the central bank is far behind the curve at the same time as tariff-induced inflation (whether transitory or not) hits," Senyek said.
The Star
22 minutes ago
- The Star
Statue of Confederate General Albert Pike to be reinstalled in Washington
FILE PHOTO: Messages of protest remain after protesters toppled the statue of Albert Pike, amid a series of racial inequality protests, at the Brigadier General Albert Pike Statue site near Capitol Hill in Washington, U.S., July 7, 2020. REUTERS/Tom Brenner/File Photo WASHINGTON (Reuters) -A statue of Confederate General Albert Pike, which was overturned in 2020 during the "Black Lives Matter" protests after George Floyd's murder, will be reinstalled in Washington, the National Park Service said on Monday. "The National Park Service announced today that it will restore and reinstall the bronze statue of Albert Pike, which was toppled and vandalized during riots in June 2020," it said in a statement. The U.S. saw nationwide protests in 2020 following the killing of Floyd, a Black man who died after a white police officer knelt on his neck for over eight minutes. The National Park Service said reinstalling the statue was in line with recent executive orders signed by President Donald Trump, who has been a strident critic of renaming or removing Confederate statues and monuments. An executive order that Trump signed in late March titled "Restoring Truth and Sanity to American History" suggested that Trump sought to purge elements of what conservatives view as a revisionist history of the United States that places systemic racism at the heart of its narrative. Rights advocates say such steps undermine the acknowledgment of critical phases of American history. Earlier this year, Trump restored two U.S. Army bases to their former names of Fort Benning and Fort Bragg despite a federal law that prohibits honoring generals who fought for the South during the Civil War. The Trump administration says the names honor different individuals, all former soldiers. In 2017 during his first term, Trump defended white nationalists in Charlottesville, Virginia, who protested the city's decision to remove a statue of the Confederate commander Robert E. Lee. At the time, Trump said there were "very fine people of both sides" of the fight, sparking widespread outrage. (Reporting by Kanishka Singh in Washington; Editing by Leslie Adler)
The Star
an hour ago
- The Star
US could require up to $15,000 bonds for some tourist visas under pilot program
Tourists look at the Horseshoe Falls, ahead of the Solar Eclipse that will take place across parts of the United States and Canada on April 8, at Niagara Falls, New York, U.S., April 5, 2024. REUTERS/Brendan McDermid/File Photo WASHINGTON (Reuters) -The U.S. could require bonds of up to $15,000 for some tourist and business visas under a pilot program launching in two weeks, a government notice said on Monday, an effort that aims to crack down on visitors who overstay their visas. The program gives U.S. consular officers the discretion to impose bonds on visitors from countries with high rates of visa overstays, according to a Federal Register notice. Bonds could also be applied to people coming from countries where screening and vetting information is deemed insufficient, the notice said. President Donald Trump has made cracking down on illegal immigration a focus of his presidency, boosting resources to secure the border and arresting people in the U.S. illegally. He issued a travel ban in June that fully or partially blocks citizens of 19 nations from entering the U.S. on national security grounds. Trump's immigration policies have led some visitors to skip travel to the United States. Transatlantic airfares dropped to rates last seen before the COVID-19 pandemic in May and travel from Canada and Mexico to the U.S. fell by 20% year-over-year. Effective August 20, the new visa program will last for approximately a year, the government notice officers will have three options for visa applicants subjected to the bonds: $5,000, $10,000 or $15,000, but will generally be expected to require at least $10,000, it said. The funds will be returned to travelers if they depart in accordance with the terms of their visas, the notice said. A similar pilot program was launched in November 2020 during the last months of Trump's first term in office, but it was not fully implemented due to the drop in global travel associated with the pandemic, the notice said. The State Department was unable to estimate the number of visa applicants who could be affected by the change. Many of the countries targeted by Trump's travel ban also have high rates of visa overstays, including Chad, Eritrea, Haiti, Myanmar and Yemen. U.S. Travel Association, which represents major tourism-related companies, estimated the "scope of the visa bond pilot program appears to be limited, with an estimated 2,000 applicants affected, most likely from only a few countries with relatively low travel volume to the United States." Numerous countries in Africa, including Burundi, Djibouti and Togo also had high overstay rates, according to U.S. Customs and Border Protection data from fiscal year 2023. A provision in a sweeping spending package passed in the Republican-controlled U.S. Congress in July also created a $250 "visa integrity fee" for anyone approved for a non-immigrant visa that could potentially be reimbursable for those who comply with visa rules. The $250 fee goes into effect on October 1. U.S. Travel said that fee could hinder travel and said "if implemented, the U.S. will have one of, if not the highest, visitor visa fees in the world." (Reporting by Ted Hesson and David Shepardson; Editing by Helen Popper and Stephen Coates)
