Gold rallies Rs 1,200, silver surges Rs 2,000
'A retreat in the US dollar, driven by concerns over the ballooning US fiscal deficit and the market's focus on President Donald Trump's proposed tax-cutting and spending bill, has made gold more attractive,' Abans Financial Services' Chief Executive Officer Chintan Mehta said. President Donald Trump has also threatened new tariffs on Japan ahead of the July 9 deadline for the implementation of reciprocal tariff.
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Mint
2 hours ago
- Mint
EU-US Trade Agreement Now Hinges Mostly on Trump's Verdict
After months of intensive talks and shuttle diplomacy, a trade agreement between the European Union and the US now rests mostly on Donald Trump. European Commission President Ursula von der Leyen will travel to Scotland to meet the US president on Sunday, as the two sides aim to conclude a deal ahead of Friday's deadline, at which point 30% tariffs on the bloc's exports to the US are otherwise due to kick in. 'Intensive negotiations at technical and political have been ongoing,' said Paula Pinho, von der Leyen's spokesperson. 'Leaders will now take stock and consider the scope for a balanced outcome that provides stability and predictability for businesses and consumers on both sides of the Atlantic.' EU officials have repeatedly cautioned that a deal ultimately rests with Trump, making the final outcome difficult to predict. The US president recently negotiated with Japan and appeared to change certain final terms on the fly before a deal was eventually agreed earlier this week. The EU and US have been zeroing in on an agreement over the past week that would see the EU face 15% tariffs on most of its trade with the US. Limited exemptions are expected for aviation, some medical devices and generic medicines, several spirits, and a specific set of manufacturing equipment that the US needs, Bloomberg previously reported. Steel and aluminum imports would likely benefit from a quota under the arrangements under discussion, but above that threshold they would face a higher tariff of 50%. Alongside a universal levy, the US president has hit cars and auto parts with a 25% levy, and steel and aluminum with double that. He's also threatened to target pharmaceuticals and semiconductors with new duties as early as next month, and recently announced a 50% tariff on copper. The EU is expecting the same 15% ceiling on some sectors that could be the target of future tariffs, including pharmaceuticals, according to people familiar with the matter. But that's one of the key points where Trump's position will be crucial to a deal being sealed, the people added. 'We'll see if we make a deal,' Trump said as he arrived in Scotland on Friday. 'Ursula will be here, highly respected woman. So we look forward to that.' Trump reiterated that he believed there's 'a 50-50 chance' of a deal with the EU, saying there were sticking points on 'maybe 20 different things' that he didn't want to detail publicly. 'That would be actually the biggest deal of them all if we make it,' the president said. Trump gave similar chances of an agreement with European negotiators before leaving Washington, but also said the EU had a 'pretty good chance' of reaching an agreement. The US president announced tariffs on almost all US trading partners in April, declaring his intent to bring back domestic manufacturing, pay for a massive tax-cut extension, and stop the rest of the world from — as Trump has characterized it — taking advantage of the US. In addition to levies, any agreement would cover non-tariff barriers, cooperation on economic security matters, and strategic purchases by the EU in sectors such as energy and artificial intelligence chips, Bloomberg previously reported. The bloc has also offered to remove tariffs on many industrial goods and non-sensitive agricultural imports. The terms of any initial deal, which is likely to take the form of a short joint statement if agreed upon, would need to be approved by member states, some of the people said. The statement would be seen as a stepping stone toward more detailed talks. Because of the ongoing uncertainty, the EU has in parallel sketched out countermeasures in the event of a no-deal scenario. That would see it quickly hit American exports with up to 30% tariffs on some €100 billion worth of goods — including Boeing Co. aircraft, US-made cars and bourbon whiskey — in the event of a no-deal, and if Trump carries through with his threat to impose that rate on most of the bloc's exports after Aug. 1 or in future. The package also includes some export restrictions on scrap metals. In a no-deal scenario, the bloc is also prepared to move forward with its anti-coercion instrument, a potent trade tool that would eventually allow it to target other areas such as market access, services and restrictions on public contracts, provided a majority of member states backs its use. While Trump didn't explicitly link negotiations to non-trade matters on Friday, he did suggest that he planned to raise concerns over migration flows. Trump has imposed strict anti-immigration policies since returning to office, carrying out a mass deportation effort of those in the US illegally while also narrowing pathways to legally move to the US. 'You got to stop this horrible invasion that's happening to Europe, many countries in Europe,' Trump said, adding that he believed 'this immigration is killing Europe.' With assistance from Josh Wingrove. This article was generated from an automated news agency feed without modifications to text.
Time of India
3 hours ago
- Time of India
Oil prices dip to settle at 3-week low on US and China economic concerns
Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the US and China and signs of growing supply. Losses were limited by optimism US trade deals could boost global economic growth and oil demand in the future. Brent crude futures fell 74 cents, or 1.1 per cent, to settle at $68.44, while US West Texas Intermediate (WTI) crude fell 87 cents, or 1.3 per cent, to settle at $65.16. Those were the lowest settlement levels for Brent since July 4 and WTI since June 30. For the week, Brent was down about 1 per cent with WTI down about 3 per cent. European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland. European Union officials and diplomats said they expected to reach a framework trade deal this weekend. The euro zone economy has remained resilient to the pervasive uncertainty caused by a global trade war, a slew of data showed on Friday, even as European Central Bank policymakers appeared to temper market bets on no more rate cuts. In the US, new orders for US-manufactured capital goods unexpectedly fell in June while shipments of those products increased moderately, suggesting business spending on equipment slowed considerably in the second quarter. Trump said he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the US central bank might be ready to lower interest rates. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. In China, the world's second-biggest economy, fiscal revenue dipped 0.3 per cent in the first six months from a year earlier, the finance ministry said, maintaining the rate of decline seen between January and May. Growing supplies? The US is preparing to allow partners of Venezuela's state-run PDVSA, starting with US oil major Chevron , to operate with limitations in the sanctioned nation, sources said on Thursday. That could boost Venezuelan oil exports by a little more than 200,000 barrels per day (bpd), news US refiners would welcome, as it would ease tightness in the heavier crude market, ING analysts wrote. Iran said it would continue nuclear talks with European powers after "serious, frank, and detailed" conversations on Friday, the first such face-to-face meeting since Israel and the US bombed Iran last month. Venezuela and Iran are members of the Organization of the Petroleum Exporting Countries (OPEC). Any deal that could increase the amount of oil either sanctioned country could export would boost the amount of crude available to global markets. OPEC said the joint ministerial monitoring committee (JMMC) scheduled to convene on Monday does not hold decision-making authority over production levels. Four OPEC+ delegates said an OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels. OPEC+ includes OPEC and allies like Russia. In Russia, the world's No. 2 crude producer behind the US, daily oil exports from its western ports are set to be around 1.77 million bpd in August, down from 1.93 million bpd in July's plan, Reuters calculations based on data from two sources show. In the US, energy firms this week cut the number of oil and natural gas rigs operating for the 12th time in 13 weeks, energy services firm Baker Hughes said in its closely followed report on Friday.
Time of India
3 hours ago
- Time of India
New export rules under Trump's AI action plan support data center growth in Asia
US President Donald Trump's AI Action Plan unveiled this week is set to be a positive driver for data center projects in Asia, a Singapore-based industry executive plan's increased clarity on chip shipment restrictions should help data center businesses in the region, said Jamie Khoo, chief executive officer of DayOne Data Centers Singapore Pte. That's a change from earlier in the year, when the US's intentions around export curbs created fear and discomfort in the industry, the head of the data-center operator AI Action Plan called for strengthening export controls and putting new location verification features in artificial intelligence chips, as the US's battle for tech supremacy with China intensifies. Clearer rules could make it easier for the Asia-Pacific region to use advanced graphics processing units with US tech, crucial for AI development. 'Obviously as time goes, the AI demand will definitely really be more important than anything else because that's the way things are going,' Khoo said. DayOne is looking to expand across Asia and Spain as it targets one gigawatt in total capacity, boosted by cloud and AI demand. Its latest addition is a 20-megawatt facility in Singapore, powered by renewable energy. Founded in 2022, DayOne operates data centers in markets including Malaysia, Indonesia, Hong Kong and Japan.
