Cambodia to Scrap Tariffs, Buy Boeing Jets in US Trade Deal
National carrier Air Cambodia Co. is negotiating a deal for 10 planes with an option for 10 more, Sun said in an interview Friday, without disclosing a price or delivery schedule.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
US Equity Investors to Focus on Strength of Economy, Trade Tariffs Following Shock Labor Market Report
US equity investors will focus on ISM services and the views of top Federal Reserve officials, follo Sign in to access your portfolio
Yahoo
3 minutes ago
- Yahoo
US stock futures higher following weak jobs report
U.S. stock futures are higher as investors search for signs that will help them determine if the economy is weakening after a shockingly weak jobs report on Aug. 1. Businesses added a less-than-expected 73,000 new jobs in July, the Bureau of Labor Statistics said. Even worse, job gains for May and June were revised down by a whopping 258,000, portraying a much weaker labor market than believed in late spring and early summer and setting off alarms that the Federal Reserve may have been wrong about leaving interest rates unchanged last week. Federal Reserve Governors Chris Waller and Michelle Bowman who voted to lower rates last week "commented that they felt the Fed was being 'overly cautious' with the risk that policy is 'falling behind the curve,'" said James Knightley, chief international economist at Dutch bank ING. "This sentiment is likely going to be felt more broadly within the Fed after (the jobs) numbers, especially with tariffs set to eat into household spending power and corporate profits, thus creating a major headwind for growth." At 6 a.m. ET, futures tied to the blue-chip Dow rose 0.64%, while broad S&P 500 futures added 0.64% and tech-heavy Nasdaq futures gained 0.76%. Will the Fed lower rates soon? The CME FedWatch tool, which measures the odds the Fed will change rates at upcoming policy meetings, now shows more than an 89% chance for a rate cut at the Fed's September meeting. However, Comerica Bank Chief Economist Bill Adams said chances for a September rate cut are high but not a sure bet. "The decision isn't a slam dunk, since labor supply also fell in July," he said. "In fact, the labor force level has fallen for three straight Fed will see the August jobs report before their September rate decision. If it shows labor supply declined again and held the unemployment rate steady while tariffs push up inflation, the Fed is likely to hold interest rates steady again." If the Fed does cut in September though, "this would heighten the chances of follow up 25-basis-point cuts in October and December despite a temporary rise in inflation on tariffs," Knightley said. Separately, President Donald Trump said he will name a new Federal Reserve governor and a new jobs data statistician in coming days. Last week, Fed Governor Adriana Kugler said she's resigning from the central bank's board on Aug 8, and Trump fired Erika McEntarfer, the U.S. commissioner of Labor Statistics, after the weak jobs report. "Of the two personnel changes in economic policy Friday -- McEntarfer's dismissal, and Fed Governor Kugler's resignation -- we see the sacking of the BLS Commissioner as more significant," said Michael Feroli, chief U.S. economist at JP Morgan. McEntarfer's firing "presents risks to the conduct of monetary policy, to financial stability, and to the economic outlook." More earnings ahead Earnings also continue to roll out, with Tyson, Wayfair and Freshpet among the companies slated to report before the opening bell. With results in from 297 of the S&P 500 companies as of July 31, year-on-year earnings growth for the second quarter is now estimated at 9.8%, up from 5.8% estimated growth on July 1, according to data provider LSEG. Later in the week, earnings from major companies like Disney, McDonald's and Caterpillar could give investors a look at how the economy's faring. Oil sinks Oil prices are under pressure after oil-producing countries and their allies, also known as OPEC+, agreed again to increase output at a time the global economy may be slowing, stoking fears of an oil glut ahead. OPEC+ agreed to an additional 547,000 barrels-per-day of output starting in September. Cryptocurrency China reportedly denied it has enacted a new cryptocurrency ban. In 2021, China banned cryptocurrency trading and mining but nothing new has been issued since despite viral reports saying so. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning. This article originally appeared on USA TODAY: US stock futures higher following weak jobs report
Yahoo
3 minutes ago
- Yahoo
Canada's economy is showing 'resilience' against U.S. tariffs. Why?
OTTAWA — "Some resilience" — those were the two words Bank of Canada governor Tiff Macklem used last week to describe how the Canadian economy is holding up under the weight of U.S. tariffs. Just a few days later, U.S. President Donald Trump added 35 per cent tariffs on Canadian goods to a running tally that includes hefty duties on steel, aluminum, automobiles and, more recently, semi-finished copper. With tariffs piling up over the past few months, economists say Canada's economy is starting to show cracks — but few signs of collapse. TD Bank economist Marc Ercolao conceded it's a "bit of surprise" to see the economy holding up against a massive disruption from Canada's largest trading partner. "Many months ago, ourselves — as well as other economic forecasters — had an outlook for a much weaker Canadian economy. Obviously, that isn't manifesting now," he said in an interview. "We are avoiding the worst-case scenario." What are tariffs doing to the economy? On Thursday, Statistics Canada gave a glimpse at how the economy wrapped up the second quarter of the year when many of those tariffs came into full effect. While the agency sees a couple of small contractions in real gross domestic product by industry in April and May, its flash estimates show the economy rebounding somewhat in June. If those early readings pan out, StatCan said that would be good enough for flat growth overall on the quarter. Some of those results are distorted by volatility — businesses rushing to get ahead of tariffs boosted activity in the first quarter, and that's giving way to weakness in the second quarter, for example. It's still hard to pinpoint exact impacts tied to tariffs, Ercolao said, but a broad trend is emerging. "What we can say over the last six months or so is that economic activity is somewhat flatlining," he said. Services sectors are holding up relatively well, but Ercolao said export-heavy industries such as manufacturing and transportation are bearing the brunt of the impact. In an attempt to shore up some of that weakness, the federal government has announced various programs to support tariff-affected workers and broader plans to accelerate defence and infrastructure spending. Macklem noted during his press conference Wednesday that business and consumer confidence are still low, but have improved according to the central bank's recent surveys. And while some trade-exposed sectors have faced job losses and the unemployment has generally trended upward to nearly seven per cent, employers elsewhere in the economy continue to expand their payrolls. "Consumption is still growing," Macklem said. "It's growing modestly. It's certainly being restrained by the uncertainty caused by tariffs. But it is growing and we expect that to continue through the third and fourth quarters." Will Canada hit a recession? Last week the Bank of Canada kept its policy interest rate unchanged at 2.75 per cent in a third consecutive decision. If the central bank were panicked about the Canadian economy's ability to withstand U.S. tariffs, Ercolao argued it would likely have lowered that rate. The past week's GDP readings were good enough for BMO to raise its outlook for the third quarter into positive territory. Forecasters at the bank now expect Canada will avoid a technical recession this year. BMO chief economist Doug Porter said in a note to clients Friday that Ottawa's personal tax cut at the start of the month and robust demand for domestic travel amid the trade war will boost the economy this quarter, as will "the less-dire sentiment" around economic forecasts. Some other forecasters continue to pencil a tariff-induced recession into their outlooks. In the Bank of Canada's monetary policy report released alongside the rate decision, it outlined one scenario for the economy assuming the tariff situation remains largely status quo. Canada avoids a recession in that outcome. Growth in 2025 and 2026 remains overall positive, but half a percentage point lower than it would've been without the weight of tariffs. Macklem told reporters that the Bank of Canada would expect the economy to keep growing even with today's tariffs in place, "but it'll be on a permanently lower path." "Unfortunately, the sad reality is that tariffs mean the economy is going to work less efficiently," he said. What about the new tariffs? Porter said in his note that the actual impact of Trump's new 35 per cent tariff on Canada's economy could be less than headline figure suggests. Because of a carve-out for Canadian exports that are compliant with CUSMA, BMO sees the effective U.S. tariff rate at roughly seven per cent under the new duties, less than a percentage point higher than where it stood before Friday. But with CUSMA up for renegotiation in 2026, Porter said that 35 per cent tariff rate could loom as a "cudgel" over negotiations — taking full effect if the trade agreement expires without a new deal in place. The Bank of Canada published a separate "escalation" scenario this week that would see the United States remove Canada's CUSMA exemption as it ramps up global tariffs. Real GDP would drop an extra 1.25 per cent by 2027 in this more severe case; Porter said that this outcome would be "serious for sure, but far from disastrous." Ercolao said much of the tariff doom-and-gloom earlier in the year was tied to the speed at which those import duties would be imposed. But the on-again, off-again nature of U.S. trade restrictions to date has given businesses time to adapt to the new way of doing business and constant delays in implementation, he said. "If we go back to when Trump began his presidency, had he went 100 per cent on his tariff plan right away, we probably would have seen a deep economic contraction just because it would have been so sudden," Ercolao explained. "Now we've been afforded that time to at least try to mitigate some of the negative impacts from what these tariffs were expected to do to the Canadian economy." This report by The Canadian Press was first published Aug. 4, 2025. Craig Lord, The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
