Asian shares are mixed as Trump's tariff deadline looms, while U.S. stocks set records
MANILA, Philippines — Asian shares were mixed Friday after U.S. stocks climbed further into record heights as the clock ticks on U.S. President Donald Trump's July 9 tariff deadline.
Japan's Nikkei 225 recovered earlier losses, gaining 0.1% to 39,810.88, while South Korea's KOSPI index was fell 2% to 3,053.18.
Hong Kong's Hang Seng index lost 0.8% to 23,871.03 while the Shanghai Composite index added 0.2% to 3,469.11. Australia's S&P/ASX 200 rose 0.1% to 8,603.00. India's Sensex index shed 0.2% to 83,039.77.
'Asian markets slipped into Friday like someone entering a dark alley with one eye over their shoulder — because while US equities danced higher on a sweet spotted post-payroll sugar rush, the mood in Asia was far less celebratory. The reason? That familiar, twitchy unease every time Trump gets near the tariff trigger,' Stephen Innes, managing partner at SPI Asset Management, wrote in a commentary.
On Thursday, after a report showed a U.S. job market stronger than Wall Street expected, the S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%.
Many of Trump's stiff proposed taxes on imports are currently on pause, but they're scheduled to kick in next week unless Trump reaches deals with other countries to lower them.
In other dealings on Friday, U.S. benchmark crude was down 27 cents to US$66.73 per barrel. Brent crude, the international standard, shed 39 cents to $68.41 per barrel.
The U.S. dollar slid to 144.24 Japanese yen from 144.92 yen. The euro edged higher to $1.1781 from $1.1761.
Teresa Cerojano, The Associated Press
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CTV News
41 minutes ago
- CTV News
U.S. ambassador won't commit to new Canada-U.S. trade deal by July 21
The United States ambassador to Canada says a new trade deal between the two countries will be 'good for Canada,' but won't commit to a July 21 deadline to finalize an agreement. Canada and the United States resumed talks on a new trade deal this week, with Prime Minister Mark Carney saying he wants a new Canada-U.S. trade deal in place by July 21 or Canada will increase trade countermeasures. 'I'm not going to commit to a date. I wouldn't characterize it as tumultuous,' Ambassador Pete Hoekstra told CTV News Ottawa's Patricia Boal in an interview at the U.S. ambassador's residence in Ottawa on Friday. 'We're working through some things. We've got some things that we believe will make trade freer, fairer, and better for both countries.' When asked if Canada will have to accept some level of tariffs on goods coming from Canada to the United States, Hoekstra said, 'President (Donald Trump) has made it clear, I think, every country is going to pay some level of tariff.' 'But the overall agreement, I think at the end of the day, is going to be good for Canada, and I think it's going to be good for America.' Canada and the U.S. have been in trade discussions for months after Trump first imposed tariffs on Canadian goods in February. The U.S. has since imposed a series of sweeping and stacked tariffs on Canadian products, targeting a range of industries. The U.S. temporarily ended trade talks with Canada last week over this country's digital services tax, but the federal government moved to drop the tax and negotiations resumed. Carney said the move to drop the tax was part of a 'bigger negotiation' for a final deal with the U.S. Trump has said the U.S. government will start sending out letters to countries on Friday outlining tariff rates they will face on imports to the United States starting in August. Hoekstra said the United States won't 'just send a letter' to Canada to outline a new trade agreement. 'Canada is one of our biggest trading partners. We're going to have an outline, we're going to have a deal that's articulated,' Hoekstra said. The ambassador says it appears Carney and Trump have a 'very good friendship.' 'I think they regularly text, they regularly talk. And I think that's just very, very healthy.' Hoekstra: 51st state rhetoric 'media driven thing' The Canada-U.S. trade dispute and President Trump's rhetoric of Canada becoming the 51st U.S. state have caused tensions in relations between the two countries since late last year. In an interview with CNN International last month, Carney said he believed Trump is no longer interested in annexing Canada. 'He admires Canada,' Carney told CNN. 'I think it's fair to say, maybe for a period of time (he) coveted Canada.' But Trump most recently brought up the idea again in a Fox News interview last weekend, saying, 'Canada relies entirely on the United States, we don't rely on Canada.' Despite those comments, Hoekstra says Canada becoming a U.S. state hasn't come up in his discussions with Canadians, adding it's a' media driven thing.' 'If Canadians want to talk about it or dwell on it, that's their business,' Hoekstra said. 'But at the end of the day, that's a Canadian decision. That's not an American decision.' The U.S. ambassador and U.S. Embassy are hosting a party to mark Independence Day celebrations, with approximately 2,000 people expected to attend. Hoekstra said the trade dispute between Canada and the United States is no reason not to celebrate the relationship between the two countries. 'You have got to remember there are always irritants between friends. There are always discussions between friends, that's a good thing,' Hoekstra said. 'Friends should be able to be in a position to challenge each other. But just like today, we'll have it again next year. It will be a celebration of the deep ties that we have; personal ties, the business ties, military ties. We've done so many things together. We've prospered together. 'That is what we celebrate on Canada Day. That's what we celebrate on the Fourth of July, the long, enduring friendship. We celebrate that with our friends, with our family, and we celebrate it in each of our countries.' With files from The Canadian Press and Reuters and CTV News producer Spencer Van Dyk
Toronto Star
an hour ago
- Toronto Star
Trump is expected to sign his huge bill of tax and spending cuts at the White House July 4 picnic
WASHINGTON (AP) — President Donald Trump is expected to sign his package of tax breaks and spending cuts into law Friday after his cajoling produced almost unanimous Republican support in Congress for the domestic priority that could cement his second-term legacy. Against odds that at times seemed improbable, Trump achieved his goal of celebrating a historic — and divisive — legislative victory in time for the nation's birthday. Fighter jets and stealth bombers are to streak the sky over the annual White House Fourth of July picnic where Trump plans to sign the bill.
Globe and Mail
an hour ago
- Globe and Mail
Trump to sign his major tax and spending cuts bill at the White House July 4 picnic
U.S. President Donald Trump is expected to sign his package of tax breaks and spending cuts into law Friday after his cajoling produced almost unanimous Republican support in Congress for the domestic priority that could cement his second-term legacy. Against odds that at times seemed improbable, Trump achieved his goal of celebrating a historic – and divisive – legislative victory in time for the nation's birthday. Fighter jets and stealth bombers are to streak the sky over the annual White House Fourth of July picnic where Trump plans to sign the bill. The legislation, the president said, is 'going to make this country into a rocket ship. It's going to be really great.' Democrats assailed the package as a giveaway to the rich that will rob millions more lower-income people of their health insurance, food assistance and financial stability. U.S. Congress passes Trump's sprawling domestic policy bill 'I never thought that I'd be on the House floor saying that this is a crime scene,' Democratic leader Hakeem Jeffries of New York said during a record-breaking speech that delayed the bill's passage by eight-plus hours. 'It's a crime scene, going after the health, and the safety, and the well-being of the American people.' The legislation extends Trump's 2017 multi-trillion dollar tax cuts and cuts Medicaid and food stamps by US$1.2 trillion. It provides for a massive increase in immigration enforcement. Congress's nonpartisan scorekeeper projects that nearly 12 million more people will lose health insurance under the law. The legislation passed the House on a largely party-line vote Thursday, culminating a months-long push by the GOP to cram most of its legislative priorities into a single budget bill that could be enacted without Senate Democrats being able to block it indefinitely by filibustering. It passed by a single vote in the Senate, where North Carolina Republican Thom Tillis announced he would not run for reelection after incurring Trump's wrath in opposing it. Vice President JD Vance had to cast the tie-breaking vote. In the House, where two Republicans voted against it, one, conservative maverick Tom Massie of Kentucky, has also become a target of Trump's well-funded political operation. Analysis: Trump's massive spending bill is set to become law. Now, the reckoning begins The legislation amounts to a repudiation of the agendas of the past two Democratic presidents, Barack Obama and Joe Biden, in rolling back Obama's Medicaid expansion under his signature health law and Biden's tax credits for renewable energy. The Congressional Budget Office estimates the package will add US$3.3 trillion to the deficit over the decade and 11.8 million more people will go without health coverage. Trump exulted in his political victory Thursday night in Iowa, where he attended a kickoff of events celebrating the country's 250th birthday next year. 'I want to thank Republican congressmen and women, because what they did is incredible,' he said. The president complained that Democrats voted against the bill because 'they hate Trump – but I hate them, too.' U.S. Congress just passed Trump's massive tax and spending cuts bill. Here's what to know The package is certain to be a flashpoint in next year's midterm elections, and Democrats are making ambitious plans for rallies, voter registration drives, attack ads, bus tours and even a multiday vigil, all intended to highlight the most controversial elements. Upon his return to Washington early Friday, Trump described the package as 'very popular,' though polling suggests that public opinion is mixed at best. For example, a Washington Post/Ipsos poll found that majorities of U.S. adults support increasing the annual child tax credit and eliminating taxes on earnings from tips, and about half support work requirements for some adults who receive Medicaid. But the poll found majorities oppose reducing federal funding for food assistance to low-income families and spending about US$45 billion to build and maintain migrant detention centers. About 60 per cent said it was 'unacceptable' that the bill is expected to increase the US$36 trillion U.S. debt by more than US$3 trillion over the next decade.
