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First Post
an hour ago
- Business
- First Post
‘We can do whatever we want': Trump signals flexibility on July 9 deadline for reciprocal tariffs
Trump introduced his controversial reciprocal tariff regime on nearly all imports in April; however, the move was soon followed by a 90-day grace period read more US President Donald Trump Friday (June 27) said the July 9 deadline for reinstating his reciprocal tariff regime was flexible, arguing he could do 'whatever' he wanted. 'We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25 per cent,' he told reporters at the White House. The Trump administration seems to have ramped up efforts to close trade deals following a period of greater focus on security in West Asia and intense debate over a major tax and spending package in Congress. STORY CONTINUES BELOW THIS AD Earlier this week, the US submitted a fresh proposal to the European Union. On Friday, the US leader said he was cutting off trade talks with Canada 'immediately' in response to a proposal to impose a tax on American big tech companies. 'We are hereby terminating ALL discussions on Trade with Canada, effective immediately,' he wrote on social media. 'We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period.' India has also dispatched a team to Washington to continue trade discussions after it was reported that trade talks have stalled following serious disagreements. 'Strong interest by countries' US Treasury Secretary Scott Bessent hinted at potential extension of the deadline, hoping that the agreements would be reached by Labor Day (September 1). 'We're seeing strong interest from countries offering solid deals,' Bessent said in an interview. 'We've got 18 key trading partners. If we can finalise agreements with 10 or 12 of them, and we're already engaging with another 20 significant economies, we could have trade wrapped up by Labor Day,' Bessent said. White House Press Secretary on Thursday first signalled that the administration was open to shifting the July 8-9 deadline, calling the dates 'not critical'. 'If countries don't come to the table, the president has the option to simply present them with a deal,' Leavitt said. Trump introduced his controversial reciprocal tariff regime on nearly all imports in April; however, the move was soon followed by a 90-day grace period. STORY CONTINUES BELOW THIS AD
Bangkok Post
an hour ago
- Business
- Bangkok Post
Trump says July 9 trade deal date is not fixed date
WASHINGTON - US President Donald Trump said his July 9 trade deadline was not a fixed date, telling reporters at the White House that it could be sooner or later than that date, when wider US tariffs are set to be re-imposed if deals are not reached. "We can do whatever we want. We could extend it. We could make it shorter. I'd like to make it shorter. I'd like to just send letters out to everybody: Congratulations, you're paying 25%," he told reporters at the White House. US Treasury Secretary Scott Bessent earlier said trade deals could be done by Labor Day.
Kyodo News
2 hours ago
- Business
- Kyodo News
Japan, U.S. agree to continue tariff talks as July deadline looms
KYODO NEWS - 5 hours ago - 04:47 | All, Japan, World Japanese and U.S. negotiators agreed Friday to continue talks toward a tariff deal that will be beneficial to both countries. Japan's government said its top tariff negotiator, Ryosei Akazawa, and U.S. Commerce Secretary Howard Lutnick held talks in Washington, with each side reaffirming its position during "fruitful" discussions on trade expansion, nontariff measures and economic security cooperation. The meeting between Akazawa and Lutnick, which lasted about an hour, took place as U.S. President Donald Trump and his trade team increasingly suggest they could give trading partners now in talks with Washington more time to negotiate beyond early July, when his administration's 90-day pause on so-called reciprocal tariffs is set to expire. U.S. Treasury Secretary Scott Bessent said Friday that the Trump administration could complete negotiations with key trading partners by Sept. 1. In a Fox Business interview, Bessent said, "I think we could have trade wrapped up by Labor Day" if the United States can make "10 or 12" deals among its 18 highest-priority trading partners and seal "another important 20 relationships" with new agreements. Japan is among the 18 trading partners, also including the European Union, India and South Korea, with which the Trump administration has prioritized making deals. White House spokeswoman Karoline Leavitt also said at a press briefing on Thursday that the 90-day pause that Trump put in place to facilitate negotiations could be extended. On Friday, when asked what he might do with the suspension, set to expire July 9, Trump said, "We can do whatever we want. We could extend it. We could make it shorter." "I'd like to make it shorter. I'd like to just send letters out to everybody: 'Congratulations, you're paying 25 percent,'" he added during a press conference at the White House. The Japanese negotiator arrived in Washington on Thursday for his seventh round of ministerial meetings on tariffs with the United States. He could also hold talks later Friday with Bessent. Akazawa's visit through Saturday comes after Japanese Prime Minister Shigeru Ishiba and Trump failed to strike a deal on tariffs last week when they met bilaterally on the sidelines of a Group of Seven summit in Canada. The 90-day pause applies only to country-specific tariffs under Trump's reciprocal scheme, covering about 60 trading partners that have notable trade surpluses with the United States. It does not affect his baseline duty of 10 percent, targeting imports from all parts of the world. Japan is facing an additional country-specific tariff of 14 percent, for a total rate of 24 percent. But the Trump administration's additional tariffs targeting the automotive industry, which are not subject to the pause, have been a particular concern for Japan. The administration raised the tariff rate on imported passenger vehicles by 25 percentage points to 27.5 percent in early April, and the move is already hitting the industry hard. Related coverage: U.S. State Secretary Rubio's 1st visit to Japan eyed for July Trump could extend 90-day tariff pause in July, White House says Japan reiterates that higher U.S. auto tariffs are unacceptable
Business Recorder
3 hours ago
- Business
- Business Recorder
Wall Street indexes hit fresh peaks on trade, Fed cut optimism
NEW YORK: Wall Street's main indexes rose on Friday, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading partners. The S&P 500 and the Nasdaq Composite both rose more than 0.5%, surpassing their previous peaks touched in February and December, respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20% from a trough in April. 'I think the driver for that momentum clearly is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit,' said Art Hogan, chief market strategist at B Riley Wealth. US Treasury Secretary Scott Bessent said the Trump administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading partners. Investors are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve Chair Jerome Powell's replacement by September or October. Traders now price in a 20.7% chance of a rate cut in July, compared with 14.5% last week, according to CME Group's FedWatch tool. At 11:28 a.m. ET, the Dow Jones Industrial Average rose 403.09 points, or 0.93%, to 43,789.88, the S&P 500 gained 36.14 points, or 0.58%, to 6,177.16, and the Nasdaq Composite added 108.05 points, or 0.54%, to 20,275.96. Ten of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5%. Shares of Nvidia, the world's most valuable company, rose 1.8% to touch a record high, while other tech-heavyweights including and Apple added 1.1% and 0.2%, respectively. The benchmark S&P 500 and the tech-heavy Nasdaq were on track for their best weekly performance in more than a month, while the blue-chip Dow was set for a weekly advance, if gains hold. UBS Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade uncertainty. Nike's shares jumped 15.8% after it forecast a smaller-than-expected drop in first-quarter revenue. Retailer Lululemon Athletica rose 1.6% after Nike's results, while Hoka-owner Deckers Outdoor added 2.7%. Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows, while the Nasdaq Composite recorded 70 new highs and 34 new lows.
Miami Herald
3 hours ago
- Business
- Miami Herald
S&P 500 hits record high after $10 trillion rally
Wall Street traders dodged a flurry of tariff headlines to drive stocks to all-time highs, capping a week that saw a cooling in Middle East risks and signs the U.S. economy is holding up amid subdued inflation. A rally in Treasuries stalled. The dollar advanced. A surge in equities after April's tariff-fueled meltdown drove the S&P 500 to its first record since February, with the gauge closing above 6,170. Tech megacaps led gains, with Nvidia Corp. approaching the $4 trillion mark and Alphabet Inc. up almost 3%. President Donald Trump touted progress on trade deals with a few countries, naming agreements with China and the UK, while saying he was ending discussions with Canada. The loonie slid. Trump in April put tariffs on dozens of American trading partners on pause for three months a week after declaring them, when investors panicked over the possibility they could trigger a global recession. An over $10 trillion surge in the S&P 500 from the edge of a bear market has defied Wall Street expectations, underscoring conviction that the economy is withstanding policy uncertainty. 'U.S. equities have continued to recover from the tariff induced selloff in March and April,' said David Lefkowitz at UBS's Chief Investment Office. 'We think the recovery makes sense, considering that most large-cap companies should weather the tariffs reasonably well.' Treasury Secretary Scott Bessent signaled there may be some extensions to wrap up major pacts by Labor Day. European Commission President Ursula von der Leyen told EU leaders behind closed doors she was confident a deal could be reached before the deadline, according to people familiar with the matter. And China confirmed details of a trade framework with Washington. On the economic front, consumer sentiment rose sharply in June to a four-month high and inflation expectations improved notably. Data also showed that while the core personal consumption expenditures price index rose slightly more than expected, the pace was seen as consistent with tame price pressures that will allow the Federal Reserve to resume its rate cuts later this year. 'A window of opportunity is more likely to open at one of the final three policy meetings of the year - in September, October or December - when the impact of tariff increases on inflation becomes clearer,' said Gary Schlossberg at Wells Fargo Investment Institute. Fed Chair Jerome Powell told lawmakers this week that he expects inflation to pick up in June, July and August as tariffs become increasingly reflected in consumer prices, though he added if that prediction fails to materialize, the U.S. central bank could resume rate reductions sooner rather than later. Money markets continued to project at least two Fed cuts by the end of this year. Wagers on a third reduction could gain momentum if next Thursday's jobs report is weak. To Bret Kenwell at eToro, the latest PCE reading showed that inflation is still not spiraling out of control. However, it did snap a three-month streak of lower year-over-year readings, while last month's figures were revised higher. 'Today's inflation report shouldn't be enough to give markets a significant scare, but it probably dashes the slim hopes investors had for a July rate cut,' Kenwell said. 'Further, it may give investors a bit of hesitation with stocks surging into record high territory as we near quarter-end.' Kenwell says that stocks can do pretty well in a mild-inflationary environment. 'The key will be a reassuring earnings cycle and a strong consumer as we go into the second half of the year,' he noted. Indeed, with earnings season just weeks away, stocks will get a major test. Wall Street sees profit growth of 2.8% year-over-year for the second quarter for the benchmark, according to data compiled by Bloomberg Intelligence. That would be the smallest jump in two years. The lackluster forecasts magnify concerns from some market watchers that valuations are stretched. The risk of a speculative stock bubble is increasing as expectations of rate cuts draw massive investment flows, according to Bank of America Corp.'s Michael Hartnett. Already this year, $164 billion has flowed into U.S. equities, on course for the third-largest annual inflow in history, he said, citing data from EPFR Global. Corporate Highlights -Nike Inc. said its yearlong sales decline is starting to ease, suggesting that Chief Executive Officer Elliott Hill's strategic moves are paying off. -Apple Inc. and Google's Android have been warned by a top German privacy regulator that the Chinese AI service DeepSeek, available on their app stores, constitutes illegal content because it exposes users' data to Chinese authorities. -Two years after Nvidia Corp. made history by becoming the first chipmaker to achieve a $1 trillion market capitalization, an even more remarkable milestone is within its grasp: becoming the first company to reach $4 trillion. -JPMorgan Chase & Co. shares have soared from an April low on a grab bag of positive developments, but to Baird analysts that's too far, too fast. They downgraded the lender to underperform from a neutral rating, giving the stock its second sell rating. -Shares of Boeing Co. are set to make gains as the company speeds up production of commercial aircraft and takes steps to move on from a series of crises in recent years, according to Rothschild & Co. Redburn, which raised the recommendation on the shares to buy. -Estee Lauder Cos. was raised to buy at HSBC, which sees the cosmetics company at the end of a downgrade cycle. -B. Riley Financial Inc. has sold its financial advisory services business GlassRatner to Canadian private equity firm TorQuest Partners, adding to a series of asset sales as the financial services firm deals with its woes. -Alibaba Group Holding Ltd. unveiled a new iteration of its artificial-intelligence technology that will make it easier for users to generate and modify images from texts and visuals, as the Chinese e-commerce giant continues its aggressive push into AI. Some of the main moves in markets: Stocks -The S&P 500 rose 0.5% as of 4 p.m. New York time -The Nasdaq 100 rose 0.4% -The Dow Jones Industrial Average rose 1% -The MSCI World Index rose 0.6% -Bloomberg Magnificent 7 Total Return Index rose 1.1% -The Russell 2000 Index was little changed Currencies -The Bloomberg Dollar Spot Index rose 0.1% -The euro was little changed at $1.1709 -The British pound fell 0.1% to $1.3709 -The Japanese yen fell 0.2% to 144.72 per dollar Cryptocurrencies -Bitcoin fell 0.8% to $106,926.43 -Ether fell 1.2% to $2,416.73 Bonds -The yield on 10-year Treasuries advanced three basis points to 4.27% -Germany's 10-year yield advanced two basis points to 2.59% -Britain's 10-year yield advanced three basis points to 4.50% Commodities -West Texas Intermediate crude fell 0.1% to $65.15 a barrel -Spot gold fell 1.7% to $3,270.92 an ounce Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
