logo
Tariff headlines and moving deadlines

Tariff headlines and moving deadlines

Mint6 days ago
(The opinions expressed here are those of the author, a columnist for Reuters.)
Making sense of the forces driving global markets
By Alden Bentley, Editor in Charge, Americas Finance and Markets
Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what moved markets today and we'll take a close look at how markets are digesting the latest U.S. tariff headlines and how they reacted to Tesla CEO Elon Musk's move to reclaim political influence. I'd love to hear from you so please feel free to reach out at Alden.Bentley@thomsonreuters.com
* US stocks fell on nervousness about Wednesday's tariff deadline, while Tesla tumbled after Elon Musk unveiled a new political party
* Treasury yields rose as trade talks dragged on and investors prepared for auctions this week
* Crude oil prices rose despite OPEC plan to increase supply in August
* Gold weakened on the back of the firmer dollar
US signals trade announcements imminent as deadline looms
Tesla slides as Musk's 'America Party' heightens investor worries
Tesla short sellers set to pocket about $1.4 billion in profits after stock slump
Trump says will impose 25% tariffs on Japan, South Korea
Tariff headlines and moving deadlines
Wall Street paused its bull run to start Monday on the back foot bracing for a barrage of tariff headlines before Wednesday, which U.S. President Donald Trump set as the expiration of a postponement he declared in the wake of the April 2 "Liberation Day" meltdown.
While last week's record highs for the S&P 500 and Nasdaq suggest that markets are learning to take the White House's fluid trade tactics in stride, they did pull back even more at midday after Trump said that from August 1 he will impose 25% tariffs on Japan and South Korea, two of the U.S.'s most stalwart trade allies who have yet to reach trade deals with Trump. Trump has promised to notify countries that haven't reached deals by the July 9 deadline of what their new tariffs will be as of August 1, which now becomes the next big calendar notation for investors. Treasury Secretary Scott Bessent said more trade announcements were likely by Wednesday.
Monday's pullback aside, the stock market has more than recovered from the April panic, riding out numerous other potential major risks, from Trump's threats to fire Fed Chair Jerome Powell, to the U.S. bombing of Iran nuclear sites to last week's passage of the "Big Beautiful Bill" that economists predict will add trillions to the U.S. debt, any tariff revenue notwithstanding. Only the dollar remains deep underwater. Although it bounced nicely on Monday, it is off 7% against the euro since April 2, and the broader dollar index is down about 6%, while the S&P 500 is up 9.5%. The 10-year Treasury note's benchmark yield is only about 20 basis points higher than its April 2 close, having weathered global concern that the U.S. was no longer a safe place to be invested.
Speaking of the "big beautiful" tax bill, Tesla CEO and former-Trump-ally- turned enemy Elon Musk declared it would bankrupt America and announced the formation of a third U.S. political party, the America Party. Investors immediately tanked Tesla shares, which also weighed on Wall Street, recalling how his stint running Trump's Department of Government Efficiency was a costly distraction from the business of making electric vehicles and rockets.
What could move markets tomorrow?
* No major U.S. data, Fed speakers or other events Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump, Melania joined by Pam Bondi, Kristi Noem and Tom Brady at MetLife for Clup World Cup
Trump, Melania joined by Pam Bondi, Kristi Noem and Tom Brady at MetLife for Clup World Cup

Hindustan Times

time16 minutes ago

  • Hindustan Times

Trump, Melania joined by Pam Bondi, Kristi Noem and Tom Brady at MetLife for Clup World Cup

Reporters at the MetLife Stadium posted photos of President Donald Trump and First Lady Melania Trump greeting Attorney General Pam Bondi, Kristi Noem, Sean Duffy, Rupert Murdoch and Tom Brady as all of them attended the FIFA Club World Cup game between PSG and Chelsea on Sunday. US First Lady Melania Trump, US President Donald Trump, FIFA President Gianni Infantino and his wife Leena Al Ashqar(AFP) This comes as Bondi is under intense scrutiny amid reports of infighting in the Trump administration. FBI Chief Kash Patel and his deputy, Dan Bongino, are reportedly furious at the DOJ for its handling of the infamous Epstein files. 'According to the press pool, Pamela Bondi is in the President's suite at the Club World Cup Soccer game today,' a freelance reported noted on X, platform formerly known as Twitter. 'In Trump's box at the FIFA Club World Cup, per our photo pool colleagues: Pam Bondi, Sean Duffy, Kristi Noem, Tom Brady, Rupert Murdoch, FIFA president Gianni Infantino,' another person added. Donald Trump booed at Club World Cup final Meanwhile, President Trump was briefly booed at the Club World Cup final at the MetLife Stadium. The 79-year-old was applauded as he arrived for the match between PSG and Chelsea. But when a jumbotron screen briefly showed Trump saluting to the US national anthem, there was some booing in the giant stadium, before the camera quickly cut away. Trump had earlier taken his seat in a suite alongside First Lady Melania Trump and FIFA president Gianni Infantino. The Republican's appearance at the game also came on the first anniversary of the assassination attempt that he survived at an election rally in Pennsylvania. Trump has made no secret of his desire to use this year's club championship and next year's 2026 World Cup as symbols of the "Golden Age of America" during his second term in the White House. Next year's World Cup, the final of which will be held at the same stadium, will coincide with the 250th anniversary of America's independence. (With inputs from AFP)

Student loan overhaul: How Donald Trump's 'One Big Beautiful Bill' will affect borrowers
Student loan overhaul: How Donald Trump's 'One Big Beautiful Bill' will affect borrowers

Hindustan Times

timean hour ago

  • Hindustan Times

Student loan overhaul: How Donald Trump's 'One Big Beautiful Bill' will affect borrowers

Millions of Americans juggling student loans are set to suffer a major shake-up. The latest development? As per The Hill, the sweeping new law signed by President Donald Trump on July 4 slashes the number of federal loan repayment options. It also imposes new borrowing caps, limiting how much students can take out for college. Donald Trump's 'One Big Beautiful Bill' has turned up the heat on student loan borrowers.(Getty Images via AFP) After years of shifting policies during and after the pandemic, borrowers now must re-learn the system, and adjust fast. While some may find the changes simplify repayment, others worry it will restrict access to necessary funds. Either way, the student debt landscape is shifting, again. Also read: Student loan borrowers could face $3,500 more in interest this year. Who will be affected by SAVE plan New federal loan repayment choices explained The One Big Beautiful Bill Act drastically narrows repayment options, phasing out popular plans like SAVE, PAYE, IBR, and ICR, according to CBS News. Borrowers currently enrolled in these programs have until July 1, 2028, to switch to a new plan. But for the 7.7 million people in the SAVE plan, interest collection will restart as early as August 1, the Department of Education announced. Starting July 1, 2026, new borrowers will choose between just two options: a standard repayment plan or a new income-driven option called the Repayment Assistance Plan. The standard plan spans 10 to 25 years with fixed monthly payments. The Repayment Assistance Plan allows borrowers to pay 1 per cent to 10 per cent of their income monthly, for up to 30 years. After that, any remaining balance is forgiven. "The One Big Beautiful Bill gives families the freedom to choose the best education for their children while reforming a broken federal loan system to promote responsibility, affordability and opportunity," the White House said in a statement to CBS MoneyWatch. According to The Hill, student loan advocates have asked borrowers to talk to nonprofit organizations as well as the federal government to figure out the next steps when it comes to loan repayment options. Also read: Trump and Melania to attend FIFA Club World Cup final amid anniversary of assassination attempt FAQs Will I be eligible for student loan forgiveness? You may be eligible for forgiveness if you've made 120 qualifying payments while working full-time for a government or nonprofit employer under the PSLF program. Is student loan forgiveness still happening? No, mass loan forgiveness isn't happening but targeted relief and repayment support are still available for eligible borrowers. How to get 100 per cent student loan forgiveness? There's no universal 100 per cent forgiveness option, but programs like PSLF, IDR, and profession-specific options can lead to full loan cancellation if you meet the right criteria. Will student loan forgiveness be automatically applied? No, student loan forgiveness is generally not automatically applied.

Cost of higher stamp prices now in effect: USPS increases first-class forever stamp to 78 cents
Cost of higher stamp prices now in effect: USPS increases first-class forever stamp to 78 cents

Economic Times

time2 hours ago

  • Economic Times

Cost of higher stamp prices now in effect: USPS increases first-class forever stamp to 78 cents

The United States Postal Service raises first-class forever stamp prices from 73 cents to 78 cents as part of ongoing financial reforms. The United States Postal Service (USPS) increased the price of first-class forever stamps by 5 cents on Sunday, July 13, moving from 73 cents to 78 cents. The higher stamp prices are now in effect nationwide. ADVERTISEMENT According to Marti Johnson, a senior USPS representative, the price hike represents a 'rational and realistic approach' as the Postal Service continues efforts to address long-term financial challenges. USPS originally submitted its request for the rate adjustment to the Postal Regulatory Commission in April. Also read: Wire & cable stocks in focus after Trump's copper tariff triggers sharp price surge The agency's latest increase reflects ongoing efforts to achieve financial self-sufficiency after a decade marked by significant operational and financial hurdles. Former Postmaster General Louis DeJoy, who left his position in March, previously cautioned postal customers about the likelihood of 'uncomfortable' rate hikes moving forward. DeJoy argued that the increases were necessary due to 'at least 10 years of a defective pricing model.' DeJoy's resignation ended a nearly five-year tenure that included efforts to overhaul USPS's pricing and operational strategies. His departure came after discussions within President Donald Trump's administration and Elon Musk's Department of Government Efficiency about potentially privatizing the Postal Service to address long-standing financial issues. Following DeJoy's resignation in March, Deputy Postmaster General Doug Tulino has assumed the role of acting Postmaster General while the Postal Service Board of Governors continues the search for a permanent replacement. Also read: Bitcoin price surges to record high: Trump's policies and bullish bets send BTC soaring past $113,000 ADVERTISEMENT Trump had considered placing USPS under the control of the Commerce Department in an attempt to curb financial losses at the $78 billion-per-year federal agency. USPS has faced persistent fiscal challenges tied to the ongoing decline in first-class mail usage and shifts in consumer workers across the country have actively pushed back against proposals to privatize the Postal Service, voicing concerns over potential job losses and service delays that could result from sweeping structural changes. The latest stamp price hike is part of USPS's broader financial strategy as it works to stabilize operations and modernize services in response to market conditions. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store