European shares edge up as investors eye progress on U.S. trade talks
European shares nudged higher on Monday as investors tracked signs of progress on trade talks ahead of the July 9 deadline for lifting the pause on U.S. President Donald Trump's reciprocal tariffs.
ADVERTISEMENT The pan-European STOXX 600 index advanced 0.2% at 544.47 points, as of 0714 GMT, but was on track to log a monthly fall. Other major regional indexes also traded higher.
Market optimism over U.S. trade deals got a boost last week on easing U.S.-China trade tensions. Canada on Sunday said it had rescinded its digital services tax to restart stalled talks with the U.S., further lifting sentiment.
Meanwhile, the British government said on Monday the trade deal that reduced U.S. tariffs on UK cars and aircraft parts has come into effect. However, the issue of steel and aluminum tariffs remains unresolved.
European defence stocks led sectoral gains with a near 1% climb. STMicroelectronics gained 2.6% after J.P. Morgan placed the Franco-Italian chipmaker on positive catalyst watch.
ADVERTISEMENT Investors also await German, Italian CPI data due later in the day.
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Economic Times
23 minutes ago
- Economic Times
Dear Mr Japan? Trump's tariff letter opener sparks mockery and memes on social media
US President Donald Trump US President Donald Trump is once again the center of a social media storm, this time because he made a mistake about Japan. Trump sparked a meme storm after referring to Japan's prime minister as 'Mr. Japan' during an interview about trade tariffs. Critics and comedians didn't miss a comment quickly became meme fodder online, drawing snark, satire, and eye-rolling from social media users everywhere. As negotiations between the two countries continued, President Donald Trump suggested maintaining 25% tariffs on Japanese automobiles. If a trade agreement is not reached, a series of higher duties will take effect in less than a his tariff pause expires early next month, Trump told Fox News host Maria Bartiromo he would be sending out letters, citing Japan as an example. When describing the letter, Trump seemed to improvise rather than naming Japanese Prime Minister Shigeru Ishiba, whom he met at the White House in February, as per a report by the HuffPost. ALSO READ: Backstory you didn't know: Israel's Mossad was inside Iran's nuke program for years which set stage for strikes 'Dear Mr. Japan: Here's the story,' Trump said during a Fox News interview that aired Sunday. 'You're going to pay a 25% tariff on your cars.'His threat of a 25% tariff drew criticism, since most Japanese cars sold in the U.S. are made fact that the US imports "millions and millions" of Japanese automobiles while Japan imports relatively few from American automakers, he claimed, is "unfair." 'They won't take our cars,' Trump said, adding that Japan could make up the difference by buying other American goods, like oil.'Now, we have oil. They could take a lot of oil. They could take a lot of other things,' in reference to ways Japan could lower the US trade deficit, he Trump has stated in the past that his tariffs are an attempt to encourage businesses, including foreign ones, to boost their output in the stated in January that his message to all businesses worldwide is straightforward: Come manufacture your product in America, and we will offer you some of the lowest taxes in the the threat of new tariffs is unlikely to affect Japanese automobiles sold in the United States because the great majority of them are already produced fictitious letter to Japanese leaders, which began, "Dear Mr. Japan," was what enraged people on X:One user tweeted, 'Dear Mr Japan? Trump doesn't know what or who he is talking about.'Other user stated on X, 'For the millionth time:(1) "We" don't give Japan cars - private companies make and endeavor to sell them. And private Japanese individuals, not "Japan," have been decling to buy them.(2) Japan pays US tariffs with the money given by American citizens when they buy those cars.' Dear Mr Japan? Trump doesn't know what or who he is talking about — Barbara Comstock (@BarbaraComstock) June 29, 2025 If President Biden started a sentence with "Dear Mr. Japan," Republicans would never shut up about it and "25th Amendment" is all they'd be talking about. This is fucking INSANE. — BrooklynDad_Defiant!☮️ (@mmpadellan) June 29, 2025 Fact: Japan manufactures more cars in US than it imports to US. Japan has some $700 billion invested in US, employs close to 1 million Americans. Ignorance is strength. — Robert Manning (@Rmanning4) June 29, 2025 BREAKING: Trump has no clue who the Prime Minister of Japan is so he calls him 'Mr. Japan' in the interview. How can you negotiate with somebody if you don't know their name? — Trump Lie Tracker (Commentary) (@MAGALieTracker) June 29, 2025 For the millionth time:(1) "We" don't give Japan cars - private companies make and endeavor to sell them. And private Japanese individuals, not "Japan," have been decling to buy them. (2) Japan pays US tariffs with the money given by American citizens when they buy those cars. — Michael Hausam (@MPHaus) June 29, 2025 Did Donald Trump actually say "Mr. Japan"?Yes, while discussing car tariffs, he appeared to forget Japan's Prime Minister's name, saying, "Dear Mr. Japan." Will Donald Trump's proposed tariffs affect Japanese cars? Not much, most Japanese cars sold in the United States are already manufactured here, so the tariff threat may have a limited impact.
Time of India
25 minutes ago
- Time of India
APM gas price hits ceiling of $6.75 per mmBtu
The price of natural gas used for producing CNG for vehicles and cooking gas was raised 5 per cent for July, following a surge in oil prices triggered by Israel's military strike on Iran. As part of the monthly revision, the price of natural gas from legacy fields operated by state-owned companies was increased to USD 6.75 per million British thermal units, up from USD 6.41, according to a notification from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry. USD 6.75 per mmBtu is the ceiling price for gas from legacy fields, known as APM gas, which accounts for roughly half the input used in producing CNG. It is also utilised in power generation, fertiliser production, and piped directly to households for cooking. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo A higher input gas price would squeeze margins of city gas retailers. City gas retailers may choose to hike CNG prices if the increase pinches them. APM gas price is revised on the first of every month, set at 10 per cent of the average import price of crude oil in the preceding month. But this price is subject to a floor or minimum rate and a ceiling or maximum rate. The ceiling price for 2025-26 is USD 6.75. Live Events According to PPAC, the price of APM gas for the period from July 1 to July 31, 2025, was calculated at USD 6.89 per mmBtu on a gross calorific value (GCV) basis. However, the rate will be capped at the ceiling price of USD 6.75. In the last revision effective June 1, the APM gas price was cut for the first time in two years, dropping to USD 6.41 per mmBtu from USD 6.75 in the previous month. This was the first reduction since the government in April 2023 implemented a new formula to price APM gas. In April 2023, the Union Cabinet accepted an expert committee report to price on a monthly basis the gas from legacy fields, called APM gas, at 10 per cent of monthly average import price of crude oil with a floor of USD 4 and a cap of USD 6.5 per mmBtu. The cap price was to remain unchanged for two years and rise by USD 0.25 annually thereafter. In line with this, the cap rose to USD 6.75 per mmBtu in April 2025. In the first two years, the price of gas using this formula ranged between USD 7.29 per mmBtu and USD 9.12 but the cap ensured that the rate were fixed at USD 6.50 per mmBtu. In April, the price according to this formula came to USD 7.26 per mmBtu but the final rate was USD 6.75 in line with higher cap. In May, the price came to USD 6.93 but was capped to USD 6.75 for consumers. Since there has been a fall in international oil prices in view of uncertain demand outlook, the Indian basket of crude oil averaged around USD 64 in May. Using this as a benchmark, the APM gas price came to USD 6.41 per mmBtu on GCV basis, according to PPAC. But oil prices rose after Israel attacked Iran last month. That rise has translated into higher APM gas price as well. The rise in benchmark also means that the price of gas that ONGC produced from new wells in the APM fields would also go up. The government had allowed ONGC to charge 12 per cent of the oil price for the gas coming from new wells it drills. The higher price was to make up for the capex incurred in drilling new wells. As much as 5 million standard cubic meters per day of gas -- or a 10th of all gas produced by ONGC -- comes from new wells, according to industry sources. APM gas is one produced by state-owned firms Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) from fields that were given to them on nomination basis. This gas is the input that is used in the cooking gas piped to household kitchens as well as turned into CNG for running automobiles, making fertilisers and producing electricity. Prior to April 2023, the price of gas produced from fields covered under the Administered Price Mechanism (APM) regime -- which accounts for 70 per cent of domestic gas production -- was determined semi-annually based on a formula that benchmarked it to average international prices at four gas trading hubs. APM gas is provided to city gas distributors for supply to CNG and residential PNG segments, which together account for 60 per cent of their sales volume. Subsequent to the April 2023 decision, APM gas prices are revised on a monthly basis but subject to ceiling and floor price. The ceiling price now is USD 6.75 per MMBtu and will rise by another USD 0.25 per mmBtu in April next year. APM gas prices had seen wide fluctuations in the years running up to the April 2023 decision. From a low of USD 1.79 per mmBtu in 2021, to a high of USD 8.57 for the six-month period ending March 2023. The rate for difficult fields like KG-D6 of Reliance Industries has been set at USD 10.04 per MMBtu for six months beginning April 1 as compared to USD 10.16 in the preceding six months period, according to PPAC.
Time of India
27 minutes ago
- Time of India
Dear Mr Japan? Trump's tariff letter opener sparks mockery and memes on social media
Donald Trump's recent interview sparked controversy after he addressed Japan's prime minister as "Mr. Japan" while discussing trade tariffs. This comment quickly became a meme online, drawing criticism and satire. Trump's threat of a 25% tariff on Japanese cars also faced scrutiny, considering most Japanese cars sold in the U.S. are manufactured there. Tired of too many ads? Remove Ads Why did Donald Trump mention tariffs on Japanese cars? Tired of too many ads? Remove Ads How did people react online? Tired of too many ads? Remove Ads Dear Mr Japan? Trump doesn't know what or who he is talking about undefined Barbara Comstock (@BarbaraComstock) June 29, 2025 If President Biden started a sentence with "Dear Mr. Japan," Republicans would never shut up about it and "25th Amendment" is all theyundefinedd be talking about. This is fucking INSANE. undefined BrooklynDad_Defiant!☮️ (@mmpadellan) June 29, 2025 Fact: Japan manufactures more cars in US than it imports to US. Japan has some $700 billion invested in US, employs close to 1 million Americans. Ignorance is strength. undefined Robert Manning (@Rmanning4) June 29, 2025 BREAKING: Trump has no clue who the Prime Minister of Japan is so he calls him 'Mr. Japan' in the interview. How can you negotiate with somebody if you don't know their name? undefined Trump Lie Tracker (Commentary) (@MAGALieTracker) June 29, 2025 For the millionth time: (1) "We" donundefinedt give Japan cars - private companies make and endeavor to sell them. And private Japanese individuals, not "Japan," have been decling to buy them. (2) Japan pays US tariffs with the money given by American citizens when they buy those cars. undefined Michael Hausam (@MPHaus) June 29, 2025 FAQs US President Donald Trump is once again the center of a social media storm, this time because he made a mistake about Japan. Trump sparked a meme storm after referring to Japan's prime minister as 'Mr. Japan' during an interview about trade tariffs. Critics and comedians didn't miss a comment quickly became meme fodder online, drawing snark, satire, and eye-rolling from social media users negotiations between the two countries continued, President Donald Trump suggested maintaining 25% tariffs on Japanese automobiles. If a trade agreement is not reached, a series of higher duties will take effect in less than a his tariff pause expires early next month, Trump told Fox News host Maria Bartiromo he would be sending out letters, citing Japan as an example. When describing the letter, Trump seemed to improvise rather than naming Japanese Prime Minister Shigeru Ishiba, whom he met at the White House in February, as per a report by the HuffPost.'Dear Mr. Japan: Here's the story,' Trump said during a Fox News interview that aired Sunday. 'You're going to pay a 25% tariff on your cars.'His threat of a 25% tariff drew criticism, since most Japanese cars sold in the U.S. are made fact that the US imports "millions and millions" of Japanese automobiles while Japan imports relatively few from American automakers, he claimed, is "unfair." 'They won't take our cars,' Trump said, adding that Japan could make up the difference by buying other American goods, like oil.'Now, we have oil. They could take a lot of oil. They could take a lot of other things,' in reference to ways Japan could lower the US trade deficit, he Trump has stated in the past that his tariffs are an attempt to encourage businesses, including foreign ones, to boost their output in the stated in January that his message to all businesses worldwide is straightforward: Come manufacture your product in America, and we will offer you some of the lowest taxes in the the threat of new tariffs is unlikely to affect Japanese automobiles sold in the United States because the great majority of them are already produced fictitious letter to Japanese leaders, which began, "Dear Mr. Japan," was what enraged people on X:One user tweeted, 'Dear Mr Japan? Trump doesn't know what or who he is talking about.'Other user stated on X, 'For the millionth time:(1) "We" don't give Japan cars - private companies make and endeavor to sell them. And private Japanese individuals, not "Japan," have been decling to buy them.(2) Japan pays US tariffs with the money given by American citizens when they buy those cars.'Yes, while discussing car tariffs, he appeared to forget Japan's Prime Minister's name, saying, "Dear Mr. Japan."Not much, most Japanese cars sold in the United States are already manufactured here, so the tariff threat may have a limited impact.
