Trump gives Putin 50-day deadline for Ukraine ceasefire
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Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Asian shares are mixed after Nvidia nudges Nasdaq to a record, while other US stocks slump
BANGKOK (AP) — Shares in Asia traded mixed on Wednesday after an update on inflation pulled most U.S. stocks lower, though gains for Nvidia pushed the Nasdaq to another record. Tokyo's Nikkei 225 gained 0.6% to 39,895.84 as the U.S. dollar rose against the Japanese yen, trading near 149 yen. Investors are focused on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats. Worries over a deterioration in Japan's fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years. 'What's at stake isn't simply which party hands out the biggest bundle of goodies. It's whether the walls holding up Japan's house of debt can withstand another round of fiscal fireworks…' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng added 0.3% to 24,658.55 while the Shanghai Composite index slipped 0.1% to 3,500.62. South Korea's Kospi lost 0.7% to 3,192.97 and in Australia, the S&P/ASX 200 declined 0.8% to 8,558.10. Taiwan's Taiex jumped 0.8% and India's Sensex gave up 0.1%. Thailand's SET was little changed. In Jakarta, shares rose 0.7% after President Donald Trump said on Truth Social that he plans to tariff imports from Indonesia at 19%, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft. On Tuesday, the S&P 500 fell 0.4% to 6,243.76, but stayed near its all-time high set last week, as 90% of the stocks within the index fell. The Dow Jones Industrial Average dropped 1% to 44,023.29. The Nasdaq composite rose 0.2% to a record 20,677.80 thanks to Nvidia, the market's most influential stock. Nvidia said the U.S. government has assured it that licenses will be granted for its H20 chip, used for artificial intelligence, again and that deliveries will hopefully begin soon. Its 4% gain was by far the strongest force pushing upward on the S&P 500. Stocks of big U.S. banks were mixed following their latest profit reports. JPMorgan Chase slipped 0.7% despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns. Citigroup rose 3.7% following its better-than-expected profit report. But Wells Fargo fell 5.5% following its own, as it trimmed its forecast for an important way that it makes money. A report showed inflation in the United States accelerated to 2.7% last month from 2.4% in May as prices rose for clothes, toys and other goods that usually are imported. Economists say prices may be rising because of stiff tariffs that President Donald Trump has proposed on other countries. Treasury yields yo-yoed after the report and then began rising. The yield on the 10-year Treasury climbed to 4.48% from 4.43% late Monday. The yield on the two-year Treasury, which more closely tracks expectations for what the Federal Reserve will do with short-term interest rates, rose to 3.95% from 3.90%. Higher inflation could inhibit interest rate cuts by the Fed. It has been keeping rates on hold this year after cutting them at the end of last year. That's because lower rates can give inflation more fuel, along with a boost for the economy. Wall Street loves lower rates because they goose prices higher for stocks and other investments, and Trump himself has been clamoring for the Fed to cut more quickly. Monday Mornings The latest local business news and a lookahead to the coming week. Fed Chair Jerome Powell, though, has been adamant that he wants to wait for more data about how tariffs affect the economy and inflation. Following Tuesday's inflation report, traders are still overwhelmingly betting that the Fed will cut its main interest rate by the end of the year. But they pulled back their bets on the number of potential cuts, according to data from CME Group. In other dealings early Wednesday, U.S. benchmark crude oil picked up 26 cents to $66.78 per barrel. Brent crude, the international standard, was up 15 cents at $68.86 per barrel. The dollar rose to 148.94 Japanese yen from 148.87 yen. The euro was at $1.1622, up from $1.1602. ___ AP Business Writer Stan Choe contributed.
CTV News
an hour ago
- CTV News
Trump sets 19% tariff on Indonesia goods in latest deal, EU readies retaliation
U.S. President Donald Trump speaks to the media after arriving at Joint Base Andrews, Tuesday, July 15, 2025, in Joint Base Andrews, Md. (AP Photo/Evan Vucci) WASHINGTON/BRUSSELS - U.S. President Donald Trump on Tuesday said the U.S. would impose a 19 per cent tariff on goods from Indonesia under a new agreement with the Southeast Asian country and more deals were coming, while offering fresh details on planned duties on pharmaceuticals. Trump announced the pact with Indonesia, a relatively minor U.S. trading partner, as he continued to press for what he views as better terms with trading partners and ways to shrink a huge U.S. trade deficit. Letters setting tariff rates for dozens of smaller countries were also coming soon, he said on Tuesday. The deal with Indonesia is among the handful struck so far by the Trump administration ahead of an August 1 deadline when duties on most U.S. imports are due to rise again. The accord came as the top U.S. trading partner - the European Union - readied retaliatory measures should talks with Washington fail. As that deadline approached, negotiations were under way with other nations eager to avoid more U.S. levies beyond a baseline 10 per cent on most goods that has been in place since April. Trump's roll-out of the policies has often been chaotic. His moves have upended decades of negotiated reductions in global trade barriers, unsettling international financial markets and threatening a new wave of inflation. Based on Trump tariff announcements through Sunday, Yale Budget Lab estimated the U.S. effective average tariff rates will rise to 20.6 per cent from between 2 per cent and 3 per cent before Trump's return to the White House in January. Consumption shifts would bring the rate down to 19.7 per cent, but it's still the highest since 1933. Trump outlined an Indonesia deal similar to a preliminary pact struck recently with Vietnam, with a flat tariff on exports to the U.S. roughly double the current 10 per cent and no levies on U.S. exports going there. It also included a penalty rate for so-called transhipments of goods from China via Indonesia and a commitment to buy some U.S. goods. 'They are going to pay 19 per cent and we are going to pay nothing ... we will have full access into Indonesia, and we have a couple of those deals that are going to be announced,' Trump said outside the Oval Office. Trump later said on his Truth Social platform that Indonesia had agreed to buy US$15 billion of U.S. energy products, $4.5 billion of American farm products and 50 Boeing jets, though no time frame was specified. He told reporters the deal with Vietnam was 'pretty well set' but said it was not necessary to release details. Trump: India talks moving the same way Indonesia's total trade with the U.S. - totalling just under $40 billion in 2024 - does not rank in the top 15, but it has been growing. U.S. exports to Indonesia rose 3.7 per cent last year, while imports from there were up 4.8 per cent, leaving the U.S. with a goods trade deficit of nearly $18 billion. The top U.S. import categories from Indonesia, according to U.S. Census Bureau data from the International Trade Centre's TradeMap tool, last year were palm oil, electronics equipment including data routers and switches, footwear, car tires, natural rubber and frozen shrimp. Susiwijono Moegiarso, a senior official with Indonesia's Coordinating Ministry for Economic Affairs, told Reuters in a text message: 'We are preparing a joint statement between U.S. and Indonesia that will explain the size of reciprocal tariff for Indonesia including the tariff deal, non-tariff and commercial arrangements. We will inform (the public) soon.' Trump had threatened the country with a 32 per cent tariff rate starting August 1 in a letter sent to its president last week. He sent similar letters to about two dozen trading partners this month, including Canada, Japan and Brazil, laying out tariff rates ranging from 20 per cent to 50 per cent, plus a 50 per cent tariff on copper. Speaking in Pittsburgh on Tuesday, Trump said he favored blanket tariffs over complicated negotiations, but his Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick were keen to land more trade agreements. Upon his arrival back in Washington, Trump told reporters that letters would be going out soon for many smaller countries, suggesting they would face a tariff of 'a little over 10 per cent.' He said his administration would also announce tariffs on pharmaceuticals imported into the United States, probably at the end of the month, starting with what he called a low tariff rate to give companies time to move manufacturing to the U.S. before imposing a 'very high tariff' in a year or so. The August 1 deadline gives targeted countries time to negotiate about lower tariff rates. Some economists have also noted Trump's pattern of backing off his tariff threats. Since launching his tariff policy, Trump has clinched only a few 'framework' agreements, falling short of earlier promises to land '90 deals in 90 days.' So far, such deals have been reached with the U.K. and Vietnam, and an interim deal has been struck with China to forestall the steepest of Trump's tariffs while negotiations continue between Washington and Beijing. Trump said talks with India were moving 'along that same line,' saying the agreement would give U.S. firms access to the large Indian market. EU readies retaliation The breakthrough with Indonesia came as the European Commission, which oversees trade for the EU, prepared to target 72 billion euros ($84.1 billion) worth of U.S. goods - from Boeing aircraft and bourbon whiskey to cars - for possible tariffs if trade talks with Washington fail. Trump has threatened a 30 per cent tariff on imports from the EU from August 1, a level European officials say is unacceptable and would end normal trade between two of the world's largest markets. The list, sent to EU member states and seen by Reuters on Tuesday, pre-dated Trump's move over the weekend to ramp up pressure on the 27-nation bloc and responded instead to U.S. duties on cars and car parts and a 10 per cent baseline tariff. The package also covers chemicals, medical devices, electrical and precision equipment as well as agriculture and food products - a range of fruits and vegetables, along with wine, beer and spirits - valued at 6.35 billion euros. Reporting by Philip Blenkinsop in Brussels and David Lawder and Andrea Shalal in Washington; Additional reporting by Steve Holland in Washington; Richard Lough in Paris; Amanda Teresia, Stefanno Sulaiman and Gayatri Suroyo in Jakarta; Editing by Daniel Wallis, Chizu Nomiyama, Cynthia Osterman and Stephen Coates.
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Russia may hope to use Trump's 50-day window to wear down Ukraine, but quick gains seem unlikely
President Donald Trump's ultimatum to Russia to accept a peace deal in Ukraine within 50 days or face bruising sanctions on its energy exports has given the Kremlin extra time to pursue its summer offensive. The dogged Ukrainian resistance, however, makes it unlikely that the Russian military will make any quick gains. President Vladimir Putin has declared repeatedly that any peace deal should see Ukraine withdraw from the four regions that Russia illegally annexed in September 2022 but never fully captured. He also wants Ukraine to renounce its bid to join NATO and accept strict limits on its armed forces -– demands Kyiv and its Western allies have rejected. A chronic shortage of manpower and ammunition has forced Ukrainian forces to focus on holding ground rather than launching counteroffensives. But despite a renewed Russian push — and an onslaught of aerial attacks on Kyiv and other cities in recent weeks — Ukrainian officials and analysts say it remains unlikely that Moscow can achieve any territorial breakthrough significant enough in 50 days to force Ukraine into accepting the Kremlin's terms anytime soon. Russia's main targets Since spring, Russian troops have accelerated their land gains, capturing the most territory in eastern Ukraine since the opening stages of Moscow's full-scale invasion in 2022. Russian forces are closing in on the eastern strongholds of Pokrovsk and Kostyantynivka in the Donetsk region, methodically capturing villages near both cities to try to cut key supply routes and envelop their defenders — a slow offensive that has unfolded for months. Capturing those strongholds would allow Russia to push toward Slovyansk and Kramatorsk, setting the stage for the seizure of the entire Donetsk region. If Russian troops seize those last strongholds, it would open the way for them to forge westward to the Dnipropetrovsk region. The regional capital of Dnipro, a major industrial hub of nearly 1 million, is about 150 kilometers (just over 90 miles) west of Russian positions. The spread of fighting to Dnipropetrovsk could damage Ukrainian morale and give the Kremlin more leverage in any negotiations. In the neighboring Luhansk region, Ukrainian troops control a small sliver of land, but Moscow has not seemed to prioritize its capture. The other two Moscow-annexed regions — Kherson and Zaporizhzhia — seem far from being totally overtaken by Russia. Early in the war, Russia quickly overran the Kherson region but pulled back from large swaths of it in November 2022, retreating to the eastern bank of the Dnieper River. A new attempt to cross the waterway to seize the rest of the region would involve massive challenges, and Moscow doesn't seem to have the capability to mount such an operation. Fully capturing the Zaporizhzhia region appears equally challenging. Russian attempts to establish a 'buffer zone' Moscow's forces captured several villages in northeastern Ukraine's Sumy region after reclaiming chunks of Russia's Kursk region from Ukrainian troops who staged a surprise incursion in August 2024. Ukraine says its forces have stopped Russia's offensive and maintain a presence on the fringe of the Kursk region, where they are still tying down as many as 10,000 Russian troops. Putin recently described the offensive into the Sumy region as part of efforts to carve a 'buffer zone' to protect Russian territory from Ukrainian attacks. The regional capital of Sumy, a city of 268,000, is about 30 kilometers (less than 20 miles) from the border. Putin said Moscow doesn't plan to capture the city for now but doesn't exclude it. Military analysts, however, say Russian forces in the area clearly lack the strength to capture it. Russian forces also have pushed an offensive in the neighboring Kharkiv region, but they haven't made much progress against fierce Ukrainian resistance. Some commentators say Russia may hope to use its gains in the Sumy and Kharkiv regions as bargaining chips in negotiations, trading them for parts of the Donetsk region under Ukrainian control. 'A scenario of territorial swaps as part of the talks is quite realistic,' said Mikhail Karyagin, a Kremlin-friendly political expert, in a commentary, Wearing down Ukraine with slow pressure Ukrainian commanders say the scale and pace of Russian operations suggest that any game-changing gains are out of reach, with Moscow's troops advancing slowly at a tremendous cost to its own forces. While exhausted Ukrainian forces are feeling outnumbered and outgunned, they are relying on drones to stymie Moscow's slow offensive. Significant movements of troops and weapons are easily spotted by drones that are so prolific that both sides use them to track and attack even individual soldiers within minutes. Russian military commentators recognize that Ukraine's drone proficiency makes any quick gains by Moscow unlikely. They say Russia aims to bleed Ukraine dry with a strategy of 'a thousand cuts,' using relentless pressure on many sectors of the front and steadily increasing long-range aerial attacks against key infrastructure. 'The Russian army aims to exhaust the enemy to such an extent that it will not be able to hold the defense, and make multiple advances merge into one or several successes on a strategic scale that will determine the outcome of the war,' Moscow-based military analyst Sergei Poletayev wrote in an analysis. 'It's not that important where and at what speed to advance: the target is not the capture of this or that line; the target is the enemy army as such.' Western supplies are essential for Ukraine Ukrainian troops on the front express exasperation and anger about delays and uncertainty about U.S. weapons shipments. Delays in U.S. military assistance have forced Kyiv's troops to ration ammunition and scale back operations as Russia intensifies its attacks, Ukrainian soldiers in eastern Ukraine told The Associated Press. The United States will sell weapons to its NATO allies in Europe so they can provide them to Ukraine, according to Trump and U.S. Secretary of State Marco Rubio. Included are Patriot air defense systems, a top priority for Ukraine. Speeded-up weapons shipments from European allies are crucial to allowing Ukraine to stem the Russian attacks, according to analysts. 'The rate of Russian advance is accelerating, and Russia's summer offensive is likely to put the armed forces of Ukraine under intense pressure,' Jack Watling of the Royal United Services Institute in London said in a commentary. But most of the capabilities that Ukraine needs — from drones to artillery systems — can be provided by NATO allies in Europe, he said. 'In the short-term, Europe can cover most of Ukraine's needs so long as it can purchase some critical weapons types from the U.S.,' Watling said. ___ Follow AP's coverage of the war in Ukraine at
