Trump says he's reached a trade deal with Indonesia but offers no details
'Great deal, for everybody, just made with Indonesia. I dealt directly with with their highly respected President,' Trump wrote on his social media platform. 'DETAILS TO FOLLOW!!!'
This is a developing story and will be updated.
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Yahoo
8 minutes ago
- Yahoo
Police Scotland ‘planning' for US vice president visit as he holidays in UK
Scottish police are thought to be on notice for a visit by the US vice president, who is on holiday in the UK with his family. JD Vance's unconfirmed appearance north of the border would follow president Donald Trump's five-day trip last month, when he hosted Prime Minister Sir Keir Starmer at his golf resorts at Turnberry in South Ayrshire and Menie in Aberdeenshire. Mr Vance is holidaying in the Cotswolds but travelled to the Foreign Secretary's Chevening House retreat in Kent on Friday, where the Republican joined David Lammy carp fishing at the countryside estate. A Police Scotland spokesperson said: 'Planning is under way for a potential visit to Scotland by the vice president of the United States. 'Details of any visit would be for the White House to comment on, however, it is important that we prepare in advance for what would be a significant policing operation.' Mr Vance and his family are thought to be planning a visit to Ayrshire but would not stay at Mr Trump's Turnberry resort, according to Sky News. In Kent, Mr Vance said he had a 'love' for the UK but joked he had committed a diplomatic faux pas as he began his holiday. 'Unfortunately, the one strain on the special relationship is that all of my kids caught fish, but the Foreign Secretary did not,' he said. He described Mr Lammy as a 'very, very gracious host'. Mr Trump's visit to Scotland ended less than two weeks ago, after he met with both Sir Keir and First Minister John Swinney.
Los Angeles Times
9 minutes ago
- Los Angeles Times
Gold hit by surprise U.S. tariffs, unleashing new turmoil
A Trump administration ruling that gold bars will be subject to tariffs stunned traders who had assumed they would be exempted, throwing bullion markets into turmoil. Futures in New York, which are backed by bars shipped from Switzerland and other key trading and refining hubs, surged overnight to a record. They later erased those gains after an official said Friday that the White House intends to issue an executive order to clarify what that person described as misinformation. Traders, analysts and executives across the industry had understood the bars would be exempt from reciprocal tariffs enacted by President Donald Trump, such as a 39% levy on Swiss goods. But when a gold refiner in Switzerland asked about it, US Customs and Border Protection clarified that one-kilogram and 100-ounce gold bars are subject to the levies, according to a letter from the agency. The decision, if it remains in place, has sweeping implications for the flow of bullion around the world, and potentially for the smooth functioning of the US futures contract. Gold's role as a financial asset and global currency sets it apart from other commodities like copper that have been roiled by tariffs, and traders said on Friday that shipments were freezing up in response to the shock news. 'In the long run, the existence of US tariffs on deliverable gold products raises the question on the role of futures trading in the US,' said Joni Teves, a strategist at UBS AG. 'Until there is clarity, we expect the gold market and precious metals markets more generally to remain very nervous.' The US Customs notice was first reported by the Financial Times. The decision extends a tumultuous year for gold, which has soared to unprecedented levels amid strong buying from central banks and as Trump's trade war drives haven demand. Earlier this year, physical flows were upended as traders rushed billions of dollars worth of gold and silver into the US as New York prices traded at large premiums in anticipation of potential tariffs. However, that trade came to a crashing halt after the US included gold and silver in its list of exemptions from the tariffs announced in early April. The industry is still seeking answers to several questions: It's unclear if the US will also impose tariffs on larger 400-ounce bars that underpin trading in London. There's also uncertainty about levies for other major gold-producing countries. Speculation is even swirling that the US government issued the ruling in error, and that it could be legally challenged. The Comex exchange in New York is one of three key global pricing venues, alongside London and Shanghai, where prices are now trading at a big discount. The chaos has been exacerbated by the absence of a formal announcement or explanation. The CBP's ruling, which says that one-kilogram and 100-ounce gold bars should be classified under a different category than the one that received the exemption, was not initially made public but has now appeared on the CBPs website. The decision will have particularly significant implications for refiners in Switzerland, which as the largest gold refining hub plays a particularly crucial role in the smooth functioning of the global market. If prices in London and New York move out of lockstep, Swiss refiners can melt down the larger bars that are traded in the UK capital so they can be delivered against US futures contracts, and vice versa. 'Gold is moved back and forth between central banks and reserves around the world,' said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co., referring to the bars. 'We never, ever thought that it would be hit by a tariff.' One-kilo gold bars are the most common form traded on Comex, the world's largest gold futures market, and comprise the bulk of Switzerland's bullion exports to the US. The country's gold exports have become a flashpoint in its trade negotiations with the US, after a surge in shipments earlier this year caused the US's trade deficit with the country to spike. The levy could add to troubles for Swiss President Karin Keller-Sutter after Trump handed Switzerland the highest country tariff among developed nations. She made an emergency trip to Washington on Thursday aimed at swaying the White House, but came away empty-handed after being denied a meeting with Trump. The Swiss Precious Metals Association said in a statement on Friday the ruling threatens to negatively impact the international flow of physical gold. 'We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,' said Christoph Wild, president of the ASFCMP. Managers at two major gold refineries in Asia, who did not want to be named discussing sensitive information, said they are pausing shipments to the US until there is more clarity on the tariffs. Several traders and refiners in Switzerland and elsewhere said they are taking similar steps. Contracts for December delivery jumped to a premium of more than $100 an ounce above the global benchmark for spot prices in London, as investors bet on the tariffs snarling imports. That premium tumbled to about $61 following the official's comments on the excecutive order. Imports and exports for all countries are classified by an intricate system of codes that are used to set the scope of any levies. The CBP letter said the gold bars fall under code 7108.13.5500 rather than the non-tariffed 7108.12.10 as expected. That classifies them as a 'semi-manufactured' rather than 'unwrought' type of gold, according to the US International Trade Commission's website. It's unclear whether other types of gold bars, such as 400-ounce bullion that's the most-traded in London, will be subject to tariffs. If not, those could simply be shipped to the US and recast into one-kilogram blocks, said a manager of a major refinery, who declined to be named as they are not authorized to speak publicly. Such a scenario would still render the CME contract unviable, according to Nikos Kavalis, managing director at consultancy Metals Focus Ltd, since the US only has limited gold refining capacity. US monthly gold imports surged to a high of 43 tons in January this year, as traders raced to ship metal to the US ahead of any possible tariffs. That compares to average monthly production by gold refiners in the US of 22 tons last year, according to US Geological Survey data. 'The gap between the spot price and the futures price will be prone to issues of capacity. I just don't see that as being in anyone's best interest,' he said. 'I suspect that this is a misunderstanding or an error on the part of the customs authorities, or if not an error, let's say a poor assessment. I suspect it'll be legally challenged or lobbied.'
CNN
9 minutes ago
- CNN
Gold prices are on a rollercoaster after a curious tariff ruling that the White House called ‘misinformation'
The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs. Imports of one kilo and 100-ounce gold bars are subject to reciprocal tariffs, according to a July 31 Customs and Border Protection letter reviewed by CNN. The revelation perplexed Wall Street traders, who had expected bullion to be exempt from duties. A tariff on gold would hike the cost of importing the metal into the United States, throwing a costly wrench into a global supply chain that flows between hubs in London, New York and cities in Switzerland. The White House on Friday afternoon called potential tariffs on gold 'misinformation' and said it would clarify the issue. 'The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,' a White House official confirmed to CNN on Friday afternoon. Gold prices in New York, which had jumped 1%, pared their gains and traded up just 0.2% by Friday afternoon. President Donald Trump's tariff campaign has included a 39% tariff on imports from Switzerland — among the highest rates that were implemented on Thursday. The July 31 CBP letter clarified that gold bars imported from Switzerland are subject to reciprocal tariffs. The Financial Times first reported the ruling. The revelation of a potential tariff was a surprising development for the market, which had been hoping to avoid the logistical headache of import duties. 'Gold traders will be grappling with the implications of previously unanticipated tariffs,' Ulrike Hoffmann-Burchardi, head of global equities at Swiss bank UBS, said in a Friday note. Gold futures traded in New York surged more than 1% late Thursday to a record high above $3,500 a troy ounce before paring gains. Gold traded at $3,460 a troy ounce as of Friday afternoon. Gold, a safe haven during uncertainty, has soared 31% this year as investors have sought places to park their cash amid trade and geopolitical turmoil. A tariff could boost the price of gold but would put a strain on the supply chains underpinning the global market. Gold bullion is used to back the financial contracts traded on the Comex exchange, a hub for trading based in New York. These gold bars are widely imported from Switzerland. A fresh tariff on gold imports would be an additional factor for Wall Street traders to consider when buying or selling gold on US-based exchanges. Futures contracts on US commodities exchange Comex are often used to hedge positions, with the assumption that traders can easily import gold into the United States to physically settle contracts if needed, said Joni Teves, a strategist at UBS, in a note. 'The tariff adds costs to this process, and with the bulk of refining capacity sitting in Switzerland which faces 39% US tariffs, these costs would be quite high,' Teves said. 'There is still a lot of uncertainty around all this and until there is clarity, we expect the gold market and precious metals markets more generally to remain very nervous,' she added. The rise in New York gold prices held around 1% before retreating, which was not an enormous gain for the yellow metal. It was a signal that some traders expected the tariff ruling could be revised. 'The market is waiting for more clarity,' said Rob Haworth, senior investment strategy director at US Bank's Asset Management Group. 'I think this is a market with significant questions about is this really what was intended?' While the price of gold traded in New York rose, the price of gold in London was relatively unchanged, reflecting a growing premium for the New York market. Ole Hansen, head of commodity strategy at Saxo Bank, said a tariff on gold could distort the market and make the New York exchanges less appealing for the global market. 'These developments raise serious questions about the ability of the NY futures markets to offer a stable and trustworthy trading environment that offers the best price discovery — one that increasingly appears vulnerable to being hijacked by Trump's shifting tariff agenda,' Hansen said. US Bank's Haworth similarly said the tariff on gold imports would disrupt the current organization of the global gold trade. The New York market could lose its appeal for global investors if they have to reckon with the cost of tariffs, he said. And it's not just a concern for Wall Street. Gold comes in all shapes and sizes: from coins and jewelry, to bullion used to back financial contracts, to physical bars sold at Costco. The ruling could have significant implications for the global supply chain. 'We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland,' Christoph Wild, president of the industry group Swiss Association of Manufacturers and Traders of Precious Metals, said in a statement. CNN's Elisabeth Buchwald, Olesya Dmitracova and Matt Egan contributed to this report
