Stock market today: Dow jumps 500 points, S&P 500, Nasdaq rally in bounce back from Friday sell-off
The benchmark S&P 500 (^GSPC) climbed 1.4%, while the blue-chip Dow Jones Industrial Average (^DJI) rose 1.3% or more than 500 points. The tech-heavy Nasdaq Composite (^IXIC) led the gains, rising about 1.7%.
The moves follow a sharp pullback on Wall Street on Friday. All three major indexes posted their worst weekly declines in months, ending a run of positive market moves.
The declines were exacerbated Friday after July's jobs report came in weaker than expected, and previous months' tallies were revised sharply lower, flipping the narrative on the labor market's strength. It led President Trump to lash out at the Bureau of Labor Statistics (BLS), which publishes the monthly jobs report, and fire its commissioner. Trump suggested he would nominate a new head for the agency in the coming days.
Trump's battle with the Fed and Chair Jerome Powell has also remained in focus. Traders tempered expectations around interest rate policy following the bank's decision last week to leave rates unchanged for a fifth consecutive meeting. But after the weak jobs data, almost 90% of bets are on a cut in September.
At the same time, investors are examining fallout from Trump's implementation of tariffs. The updated tariffs set to come into full effect this week range from 10% to 41% on a wide range of trading partners and raise concerns about rising costs amid broader inflationary pressures.
On Monday Trump said he would be "substantially raising" tariffs on India as he presses to stop purchasing Russian oil, effectively accusing the nation of subsidizing Russia's war in Ukraine.
Meanwhile, Tesla (TSLA) stock edged higher after reports emerged that the company had granted CEO Elon Musk 96 million shares worth about $29 billion.
Read more: The latest on Trump's tariffs
Earnings season continues to roll on with a busy week of corporate releases. Over 100 S&P 500 companies are set to report, with spotlights on Palantir (PLTR), Eli Lilly (LLY), and Disney (DIS).
American Eagle stock rises 16% after Trump weighs in on viral Sydney Sweeney ad
Yahoo Finance's Jake Conley reports:
Read more here.
Amazon's slowing cloud growth could continue to drag on its stock
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Tariffs not expected to cause recession or end bull market, says UBS
As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market.
'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning.
"While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market."
In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods.
On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners.The US is set to implement duties this week.
Trump says he will 'substantially' raise tariffs on India
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
Tesla shares jump 3% as board approves $30 billion alternative pay deal for Musk
Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk.
As Yahoo Finance's Alexis Keenan reports:
Read more here.
Stocks open higher following market sell-off
US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty.
The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%.
Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway.
Trending tickers in premarket trading: Opendoor, Palantir, Tesla, Joby, Tyson
Here's a look at what's trending in markets ahead of the opening bell:
Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums.
Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday.
Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing.
Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news.
Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits.
Check out more trending tickers here.
Wayfair stock surges after online furniture retailer swings to a profit
Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021.
Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion.
Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million.
"We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry."
Read more live coverage of corporate earnings here.
Good morning. Here's what's happening today.
Economic data: Factory orders (June)
Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W)
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Job market worries in focus as earnings season rolls on
Tesla approves near-$30B stock award for Musk
US says rare earth talks with China 'halfway there'
Trump to name new Fed governor, jobs data head in coming days
Boeing defense union strikes for first time since 1996
Morgan Stanley's Wilson: Buy stocks dip on earnings strength
Citi's gold bears turn bullish on US growth, inflation concerns
Joby to acquire Blade Air's passenger business for $125M
Swiss stocks decline on US tariffs, push for lower drug prices
Oil slides as traders assess OPEC+ hike and Russian risks
Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows.
Bloomberg News reports:
Read more here.
Morgan Stanley's Wilson: Buy stocks dip on earnings strength
Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year.
Bloomberg reports:
Read more here.
Citi's gold bears turn bullish on US growth, inflation concerns
Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs.
Bloomberg News reports:
Read more here.
Goldman with a sobering view on the consumer
Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day.
Goldman's chief economist Jan Hatzius:
"We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity.
We expect declines in both business and residential investment in the second half of the year."
Swiss stocks decline on US tariffs, push for lower drug prices
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
Bloomberg News reports:
Read more here.
Gold steady with weak job data bolstering the precious metal
Gold (GC=F) held gains after a two month run of positivity as weak jobs data gave another reason to look towards haven assets.
Bloomberg reports:
Read more here.
American Eagle stock rises 16% after Trump weighs in on viral Sydney Sweeney ad
Yahoo Finance's Jake Conley reports:
Read more here.
Yahoo Finance's Jake Conley reports:
Read more here.
Amazon's slowing cloud growth could continue to drag on its stock
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Yahoo Finance's Francisco Velasquez reports:
Read more here.
Tariffs not expected to cause recession or end bull market, says UBS
As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market.
'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning.
"While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market."
In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods.
On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners.The US is set to implement duties this week.
As President Trump's tariff policy pans out, UBS strategists signal it won't cause a recession or spell the end of a bull market.
'Our base case remains that US tariffs will eventually settle around 15%," Ulrike Hoffmann-Burchardi, UBS Global Wealth Management's chief investment officer for Americas and global head of equities, wrote in a note on Monday morning.
"While this would be the highest since the 1930s, and six times higher than when Trump returned to office, we do not expect it to cause a recession or end the equity bull market."
In recent days, Trump has unleashed a flurry of trade deals, including a 90-day reprieve on goods imported from Mexico and 15% tariffs on EU goods.
On Friday, Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners.The US is set to implement duties this week.
Trump says he will 'substantially' raise tariffs on India
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
President Trump said on Monday he will "substantially" raise tariffs on India. Stocks still remained in rally mode following Friday's sell-off.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on Monday morning.
"They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA," he added.
President Trump's sweeping tariffs are set to come into full effect later this week. Last Wednesday, Trump announced a 25% tariff on goods from India, plus an additional import tax because of the country's purchasing of Russian oil.
Tesla shares jump 3% as board approves $30 billion alternative pay deal for Musk
Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk.
As Yahoo Finance's Alexis Keenan reports:
Read more here.
Tesla's (TSLA) shares jumped 3% on Monday after the EV maker's board approved a $30 billion alternative compensation plan for its billionaire CEO, Elon Musk.
As Yahoo Finance's Alexis Keenan reports:
Read more here.
Stocks open higher following market sell-off
US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty.
The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%.
Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway.
US stocks opened higher on Monday, rebounding from a sharp sell-off spurred by disappointing labor data and tariff uncertainty.
The S&P 500 (^GSPC) climbed 0.6% on Monday, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) moved up 0.5%.
Markets are coming off a Friday sell-off sparked by tariffs on dozens of countries that start on Aug. 7 and monthly jobs revisions to the downside that implied a labor market slowdown is underway.
Trending tickers in premarket trading: Opendoor, Palantir, Tesla, Joby, Tyson
Here's a look at what's trending in markets ahead of the opening bell:
Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums.
Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday.
Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing.
Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news.
Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits.
Check out more trending tickers here.
Here's a look at what's trending in markets ahead of the opening bell:
Opendoor (OPEN) stock popped 16% ahead of second quarter results on Monday morning. As my colleague Jake Conley has detailed, the stock has seen a resurgence in investor interest, powered by a bull case by EMJ Capital and speculative bets posted on Reddit forums.
Palantir (PLTR) stock rose 2%. On Friday, the company announced it snagged a contract with the US Army that combines over 75 agreements into one package deal worth $10 billion over the next decade. The software and AI data company will report earnings after the bell on Monday.
Tesla (TSLA) shares added more than 2% after the company approved a new pay package worth $29 billion for CEO Elon Musk amid an intense court battle in Delaware. The pay package is designed to boost Musk's voting power over time, which shareholders say is key to keeping him focused on the company and its mission, the special committee said in the filing.
Joby (JOBY) shares climbed 5% premarket after the electric air taxi developer said it would acquire Blade Air Mobility's helicopter rideshare business for as much as $125 million. The deal would give Joby access to a network of air terminals in key areas like New York City. Blade Air (BLDE) stock rocketed nearly 30% higher on the news.
Tyson Foods (TSN) stock increased 4% after the company reported fiscal third quarter results that beat expectations. The company raised its annual revenue forecast and said it expects resilient demand for chicken to offset weakness in the beef segment as high cattle prices weigh on profits.
Check out more trending tickers here.
Wayfair stock surges after online furniture retailer swings to a profit
Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021.
Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion.
Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million.
"We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry."
Read more live coverage of corporate earnings here.
Wayfair (W) stock shot up 10% in premarket trading on Monday after the online furniture retailer reported its highest revenue growth and profitability since 2021.
Wayfair posted diluted earnings of $0.11 per share, above estimates for a loss of $0.37 per share, according to S&P Global Market Intelligence. Revenue rose 5% to $3.27 billion, beating Wall Street's expectations of $3.12 billion.
Net revenue in the US rose 5.3% to $2.9 billion in the quarter, while international net revenue increased 3.1% to $399 million.
"We are optimistic that sales growth, along with management's commitment to controlling expenses/investments, may create a longer-term positive inflection in earnings revisions, on top of what we view as an attractive valuation," JPMorgan's Christopher Horvers wrote in a note ahead of earnings. "Further, over the next three to five years, [Wayfair] should outgrow the category given the longer-term shift toward online retailing and its advantaged assortment/ supply chain as the largest scaled online specialty player in the industry."
Read more live coverage of corporate earnings here.
Good morning. Here's what's happening today.
Economic data: Factory orders (June)
Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W)
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Job market worries in focus as earnings season rolls on
Tesla approves near-$30B stock award for Musk
US says rare earth talks with China 'halfway there'
Trump to name new Fed governor, jobs data head in coming days
Boeing defense union strikes for first time since 1996
Morgan Stanley's Wilson: Buy stocks dip on earnings strength
Citi's gold bears turn bullish on US growth, inflation concerns
Joby to acquire Blade Air's passenger business for $125M
Swiss stocks decline on US tariffs, push for lower drug prices
Economic data: Factory orders (June)
Earnings: Hims & Hers (HIMS), Palantir (PLTR), Tyson (TSN), Wayfair (W)
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Job market worries in focus as earnings season rolls on
Tesla approves near-$30B stock award for Musk
US says rare earth talks with China 'halfway there'
Trump to name new Fed governor, jobs data head in coming days
Boeing defense union strikes for first time since 1996
Morgan Stanley's Wilson: Buy stocks dip on earnings strength
Citi's gold bears turn bullish on US growth, inflation concerns
Joby to acquire Blade Air's passenger business for $125M
Swiss stocks decline on US tariffs, push for lower drug prices
Oil slides as traders assess OPEC+ hike and Russian risks
Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows.
Bloomberg News reports:
Read more here.
Oil eased on Monday as investors digested OPEC+'s latest supply increase, helping to counter a threat from Washington to move against Russian oil flows.
Bloomberg News reports:
Read more here.
Morgan Stanley's Wilson: Buy stocks dip on earnings strength
Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year.
Bloomberg reports:
Read more here.
Morgan Stanley's strategist Michael Wilson said on Monday that investors should buy into bthe selloff in US stocks because of the robust earnings outlook for the coming year.
Bloomberg reports:
Read more here.
Citi's gold bears turn bullish on US growth, inflation concerns
Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs.
Bloomberg News reports:
Read more here.
Citigroup Inc (C) have turned from bearish to bullish on its gold (GC=F) forecast, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs.
Bloomberg News reports:
Read more here.
Goldman with a sobering view on the consumer
Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day.
Goldman's chief economist Jan Hatzius:
"We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity.
We expect declines in both business and residential investment in the second half of the year."
Goldman Sachs out this morning with a subdued outlook on the US consumer following Friday's lackluster jobs report. Good read on the consumer from the WSJ today, mirrors what Procter & Gamble's (PG) CEO told me on earnings day.
Goldman's chief economist Jan Hatzius:
"We expect the weakness in consumer spending to continue in the second half of the year and forecast 0.8% real spending growth in 2025H2. Our view is underpinned by the expectation of a sharp slowdown in real income growth from its elevated pace in 2025H1. Income growth will be hit in Q3 by the phasing out of the one-off 2025H1 government transfer payments and in Q4 by the Medicaid and SNAP benefit cuts included in the new fiscal bill, which will take effect in 2025Q4 and affect lower-income households in particular. We also see higher tariff-driven inflation to impose a drag on real income growth in the second half of the year. Finally, we expect weak job growth due to lower immigration, cuts in government and healthcare hiring, and a tariff-related decline in activity.
We expect declines in both business and residential investment in the second half of the year."
Swiss stocks decline on US tariffs, push for lower drug prices
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
Bloomberg News reports:
Read more here.
Swiss stocks took a hit on Monday as the market reopened after a holiday. Worries about the impact from President Trump's 39% export tariffs and a push for drugmakers to lower prices have caused tension in the market.
Bloomberg News reports:
Read more here.
Gold steady with weak job data bolstering the precious metal
Gold (GC=F) held gains after a two month run of positivity as weak jobs data gave another reason to look towards haven assets.
Bloomberg reports:
Read more here.
Gold (GC=F) held gains after a two month run of positivity as weak jobs data gave another reason to look towards haven assets.
Bloomberg reports:
Read more here.
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11 minutes ago
- Yahoo
Japan trade negotiator to visit US to press for swift implementation of auto tariff deal
TOKYO (Reuters) -Japan's top tariff negotiator Ryosei Akazawa said he planned to visit Washington from Tuesday to press the United States to have President Donald Trump sign an executive order to bring an agreed 15% tariff rate on automobiles into effect. The U.S. last month agreed in a trade deal with Japan to lower existing tariffs on Japanese automobile imports to 15% from levies totaling 27.5% previously. Duties that were due to come into effect on other Japanese goods will also be cut to 15% from 25%. "We will push the United States to make sure that an executive order be signed on the agreed tariff on automobiles and automotive components as soon as possible," Akazawa told parliament. Referring to the problem of "stacking" where goods can be affected by multiple tariffs, Akazawa also said Japan wants to make sure that goods that are already levied at more than 15% would be exempt from the additional 15% rate.
