Trump Signs Stablecoin Act to Regulate Digital Assets - Jordan News
Additionally, the U.S. House of Representatives passed two more bills on Friday to bolster the legitimacy of the digital asset market. One of them proposes a new market structure for crypto trading, while the other prohibits the Federal Reserve from issuing any central bank digital currency (CBDC). These bills are expected to move to the Senate in the coming days for further legislative action.
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Jordan News
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Dollar Continues to Decline Amid Concerns Over U.S. Economy - Jordan News
Dollar Continues to Decline Amid Concerns Over U.S. Economy The U.S. dollar continued its decline against major currencies on Thursday, as expectations grew that the Federal Reserve would cut interest rates and concerns mounted over the influence of partisan politics on key American institutions. اضافة اعلان Markets are now anticipating the release of initial jobless claims data, following last week's disappointing non-farm payroll figures that weighed heavily on the dollar. Meanwhile, the euro received a boost ahead of anticipated talks next week aimed at ending the war between Russia and Ukraine. The British pound remained steady ahead of the Bank of England's monetary policy announcement, with markets widely expecting another interest rate cut. Last week, President Donald Trump dismissed the official responsible for labor data, which he disapproved of. Attention has now shifted to his nominations to fill an upcoming vacancy on the Federal Reserve Board of Governors, as well as candidates for the next Fed Chair. 'All of this points to increasing political risks surrounding the U.S. dollar,' said Tony Sycamore, market analyst at IG. 'And on top of that, we have weak data coming in.' He added that any progress toward ending the war in Ukraine 'would be a positive driver for the euro.' The U.S. dollar index, which measures the currency's performance against a basket of six major counterparts, held steady at 98.133 after falling 0.6% in the previous session. The greenback was little changed against the Japanese yen, trading at 147.35 yen. The euro rose 0.1% to $1.1671.
Jordan News
5 hours ago
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Rubio: Many Obstacles Remain to a Trump-Putin Meeting - Jordan News
U.S. Secretary of State Marco Rubio stated on Wednesday that "much work remains to be done" to overcome the "many obstacles" still hindering a meeting between U.S. President Donald Trump and Russian President Vladimir Putin, aimed at ending the war in Ukraine. اضافة اعلان Speaking to Fox Business shortly after the White House announced that Trump is "open" to meeting both Putin and Ukrainian President Volodymyr Zelensky, Rubio said: 'Today was a good step, but we still have a lot of work ahead.' He added, 'There are still many hurdles to overcome, and we hope to make progress in the coming days and hours—perhaps even in the coming weeks.'
Jordan Times
7 hours ago
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Higher US tariffs kick in for dozens of trading partners
WASHINGTON - The United States began charging higher tariffs on dozens of trading partners Thursday, in a major escalation of President Donald Trump's drive to reshape global commerce in America's favor. Shortly before the new levies kicked in, the United States separately announced it would double tariffs on India to 50 percent and hit many semiconductor imports from around the world with a 100-percent levy. As an executive order signed last week by Trump took effect, US duties rose from 10 percent to levels between 15 per cent and 41 per cent for a list of trading partners. Many imports from economies including the European Union, Japan and South Korea now face a 15-per cent tariff, even with deals struck with Washington to avert steeper threatened levies. But others like India face a 25-per cent duty -- to be doubled in three weeks to 50 per cent -- while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 per cent. Switzerland's government, which failed to convince Trump not to impose a stinging 39-percent tariff, was set to hold an extraordinary meeting later Thursday. Taking to his Truth Social platform just after midnight, Trump posted: "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" The latest wave of "reciprocal" duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency. 'No charge' On the eve of his latest salvo, he doubled planned duties on Indian goods to 50 per cent, citing New Delhi's continued purchase of Russian oil. The new levy -- up from 25 per cent now -- would take effect in three weeks. The Federation of Indian Export Organisations called the move a "severe setback for Indian exports, with nearly 55 per cent of our shipments to the US market directly affected." Trump's order also threatened penalties on other countries that "directly or indirectly" import Russian oil, a key revenue source for Moscow's war in Ukraine. Washington has already separately stuck tariffs on sector-specific imports such as steel, autos, pharmaceuticals and chips. Trump said Wednesday he also planned an "approximately 100 per cent tariff" on semiconductor imports, but with "no charge" for companies investing in the United States or committed to do so. Shares in Taiwanese chip-making giant TSMC surged as Taipei said it would be exempt, but some other Asian manufacturers took a beating. Companies and industry groups warn that the new levies will severely hurt smaller American businesses, while economists caution that they could fuel inflation and weigh on growth in the longer haul. With the dust settling on countries' tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers. 'This will matter' An earlier 90-day pause in these higher "reciprocal" tariffs gave importers time to stock up, he said. But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP. "With back-to-school shopping just weeks away, this will matter politically," said Busch, an international trade policy expert. The tariff leaves lingering questions for partners that have negotiated deals with Trump recently. Tokyo and Washington, for example, appear at odds over key details of their trade pact, in particular on when lower levies on Japanese cars will take place. Generally, US auto imports now face a 25-per cent duty under a sector-specific order. Toyota has cut its full-year profit forecast by 14 per cent because of the tariffs. Japan and the United States also appear to differ on whether the "reciprocal" tariffs of 15 per cent on other Japanese goods would be on top of existing levies or -- like the EU -- be capped at that level. China and the United States meanwhile currently have a shaky truce in their trade war but that is due to expire on August 12. Chinese exports to the United States tumbled 21.7 per cent last month, official data showed on Wednesday, while those to the European Union jumped 9.2 per cent and to Southeast Asia by 16.6 per cent. New fronts Meanwhile, the EU is seeking a carveout from tariffs for its key wine industry. In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector's exclusion from tolls, saying: "Wine sales account for up to 60 percent of gross margins of full-service restaurants." Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup. US tariffs on various Brazilian goods surged from 10 per cent to 50 per cent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit.
