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Politico
an hour ago
- Politico
The Leftovers: Countries that haven't struck an agreement with Trump brace for Aug. 1 deadline
The president plans to sign new executive orders by midnight Thursday to impose those agreed upon duties and avoid tariffs snapping back to the original levels he announced back in April, the White House confirmed. It's not yet clear, the official said, whether Trump will hold a public event to declare victory in the global trade war he launched months ago or simply sign the new executive orders in private before they are released. In interviews, officials and representatives from six countries that have not yet struck an agreement with the president to lower their April 2 rates said they are pessimistic they will be able to finalize a deal between now and then, despite concessions they've offered to the administration. All of them said that the higher tariff rates would be punishing for businesses in their countries that rely on exports to the U.S. 'There's not a hell of a lot they can do,' said Mark Linscott, a former U.S. trade negotiator. 'I mean, if you're too small to be given the attention to try to negotiate a lower tariff, you're kind of stuck with just taking what the administration dishes out and then after that, seeing how you can mitigate that.' Treasury Secretary Scott Bessent on Tuesday echoed that scenario, though he sought to play down the impact. 'I would think that it's not the end of the world if these snap back tariffs are on for anywhere from a few days to a few weeks, as long as the countries are moving forward and trying to negotiate in good faith,' Bessent said in an interview on CNBC. Trump briefly imposed 'reciprocal' tariffs of between 10 and 50 percent on nearly 60 trading partners in early April, before pausing them for 90 days. He then extended the deadline from July 8 to Aug. 1, while sending letters threatening different — and in some cases, even steeper duties — to more than two dozen partners. Thirty-two of the countries that were initially hit with the duties in April did not receive a letter from Trump. On Wednesday morning, Trump announced he plans to impose a 25 percent tariff on Indian goods, which did not initially receive a letter setting a tariff rate. In true Trumpian fashion, he later suggested there may still be some negotiating wiggle room with New Delhi before Friday. Another 22 countries received a letter setting new tariff rates effective Aug. 1 and don't appear on track to make a deal. The list includes major trading partners whose negotiations with the Trump administration have stalled, including Taiwan, and smaller countries facing soaring tariff rates as high as 50 percent, like Lesotho and Madagascar. It also includes the two countries the United States trades with most — North American neighbors Canada and Mexico. Canadian Prime Minister Mark Carney sent his top aide and other leading trade officials to Washington for talks this week. And Mexican President Claudia Sheinbaum said earlier this week that she still hoped to reach an agreement by Friday. But 'it's extremely wishful thinking,' said Pedro Casas Alatriste, the executive vice president and CEO of the American Chamber of Commerce in Mexico, though he added, 'I still have a little percentage of hope that something might happen.'
Yahoo
an hour ago
- Yahoo
S&P 500 hits record high, but down 34% in comparison to legacy asset
S&P 500 hits record high, but down 34% in comparison to legacy asset originally appeared on TheStreet. The S&P 500 achieved an all-time intraday high of 14,155.33 on July 28, a 17.05% gain over the past year when measured in U.S. dollars. But that rally turns upside down when we measure the S&P 500 gain in terms of Bitcoin value. To break down further, the S&P 500 was down 34% when priced in Bitcoin in the same 12-month period, which reveals the complete contrast in actual value. This divergence reinforces an important market relationship: even though traditional equities have done well in nominal terms, which is supported by good earnings, optimism over trade, and potentially a less aggressive President Donald Trump as compared to Fed Chair Jerome Powell, Bitcoin is still outperforming most of the legacy assets in purchasing power. U.S. stocks are on a record streak, with the Nasdaq also reaching record highs. This sign of progress is indebted to positive quarterly earnings from major companies, and the president announcing a new U.S.-EU trade deal with baseline tariffs of 15–20% has helped the bullish trend, says remain cautious about the upcoming trade decisions with China and the Fed's rate decision on July 30. Broader assets tank when priced in Bitcoin In comparison, Bitcoin has maintained its upward pace, with the flagship cryptocurrency trading at $118,882.86 at press time. Over the course of a year, BTC has been up 70.63%. While the S&P's nominal gain appears spectacular, its decline in Bitcoin terms calls into doubt the dollar's strength, which many analysts have pointed out. In calling upon a wider-addressing asset class that orbits Bitcoin, it has become more visually acknowledged how dire dollar-pegged tickets can be. According to the Priced in Bitcoin Scorecard, as of July 28, the USD has lost more than 42% versus Bitcoin in the past year, with the Nasdaq 100 down nearly 29%, and gold even recording a 19.4% loss, in Bitcoin terms. Meanwhile, the leading Bitcoin treasury firm, MicroStrategy (MSTR), is up 33.4%, which is obvious to see that its considerable Bitcoin investment is the reason its stock has rallied. Many investors and market analysts, including Anthony Scaramucci and Matt Hougan, are increasingly viewing Bitcoin as a "legacy asset," rather than a speculative bet. While the phrase "legacy asset" has generally referred to well-established financial instruments such as US Treasury bonds, gold, or blue-chip stocks that are viewed as reliable long-term stores of value, Bitcoin is now joining the discourse as more institutions own it. S&P 500 hits record high, but down 34% in comparison to legacy asset first appeared on TheStreet on Jul 29, 2025 This story was originally reported by TheStreet on Jul 29, 2025, where it first appeared. 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
Bloomberg
3 hours ago
- Bloomberg
No Decision Yet on September Rate Cut, Tariff May Boost Inflation: Powell
Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Bridgewater Associates' Rebecca Patterson, Futurum's Daniel Newman, MNTN's Mark Douglas, Ford's Jim Farley, Airbus' Guillaume Faury, Former Fed Governor Betsy Duke. (Source: Bloomberg)
