It's Déjà Vu for Option Traders as Markets Calm Into Tariffs Day
The MSCI All-Country World Index reached a peak last week, while gauges of volatility expectations from the US to Europe and Hong Kong have more than halved from their highs in April.
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Los Angeles Times
38 minutes ago
- Los Angeles Times
Pressure from Trump for trade deals before Wednesday deadline, but hints of more time for talks
WASHINGTON — The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1. That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more push off imposing the rates. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS' 'Face the Nation' on Sunday that Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Stephen Miran, the chair of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled.' The steeper tariffs that President Donald Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the U.S., and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminum and a 25% tariff on autos. Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. Trump told reporters early Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the U.S. would not start collecting those taxes until Aug. 1. On Friday night, he said he would 'probably send out 10 or 12' letters on Monday, each reflecting 'different amounts of money, different amounts of tariffs and somewhat different statements.' He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that Aug. 1 was a new deadline and declined to say what might happen Wednesday. 'We'll see,' Bessent said on CNN's State of the Union. 'I'm not going to give away the playbook.' He said the U.S. was 'close to several deals,' and predicted several big announcements over the next few days. He gave no details. 'I think we're going to see a lot of deals very quickly,' Bessent said. Trump has announced a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decline from the 46% tax on Vietnamese imports he proposed in April — one of his so-called reciprocal tariffs targeting dozens of countries with which the U.S. runs a trade deficit. Asked if he expected to reach deals with the European Union or India, Trump said Friday that 'letters are better for us' because there are so many countries involved. 'We have India coming up and with Vietnam, we did it, but much easier to send a letter saying, 'Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you're going to have to pay if you want to do business in the United States.' Canada, however, will not be one of the countries receiving letters, Trump's ambassador, Pete Hoekstra, said Friday after trade talks between the two countries recently resumed. 'Canada is one of our biggest trading partners,' Hoekstra told CTV News in an interview in Ottawa. 'We're going to have a deal that's articulated.' Canadian Prime Minister Mark Carney has said he wants a new deal in place by July 21 or Canada will increase trade countermeasures. Hoekstra would not commit to a date for a trade agreement and said even with a deal, Canada could still face some tariffs. But 'we're not going to send Canada just a letter,' he said. Knickmeyer and Price write for the Associated Press. Price reported from Bridgewater, New Jersey. AP Business Writer Matt O'Brien in Providence, Rhode Island, contributed to this report.
Gizmodo
41 minutes ago
- Gizmodo
Right Before Prime Day, Amazon Is Clearing Out Its Own Smart Thermostat at a Record Low Price
Prime Day has become Amazon's biggest event of the year. It's the time when Amazon clears out inventory across all its in-house brands, from Ring and Blink security devices to Fire tablets, Kindles, and smart thermostats. If you're looking to upgrade your smart home setup, Prime Day is the moment to get the best prices Amazon has to offer. This year, the Amazon smart thermostat is coming to an all-time low, but keep in mind that this sale is only for Prime members. Don't worry if you haven't signed up yet: you can still take advantage of the discount by signing up for a free 30-day trial. This smart thermostat is only $51 today, down from $79: This 35% discount puts smart home comfort and energy savings within reach of almost any budget. And for this price, you're getting a top-rated programmable thermostat that's already #1 best seller in its category on Amazon, and it's packed with features designed to save you money on utility bills. See at Amazon The transition from an outdated thermostat to the Amazon smart thermostat is a worthwhile endeavor if you want to reduce your energy usage and have greater control over the environment within your home: The smart thermostat is easy to install and the Alexa app will walk you through the process with simple directions to have you up and running in no time. Once installed, you'll find the ease of being able to control the temperature in your home remotely via the Alexa app. Whether you're at work, out on holiday, or simply sitting on the sofa, you're able to adjust the temperature with a voice command or a tap on your phone. The most convenient feature is the ability to use compatible Echo devices and the Amazon smart air quality monitor as temperature sensors. That allows you to monitor warm or cool areas around the home by informing Alexa of precisely where the spots are that require more attention. Auto control is also a huge benefit: Alexa can control it automatically from cycling through your preferred home, away, and sleep temperatures to maintain your home's comfort while reducing energy waste. The Amazon smart thermostat is ENERGY STAR certified and as such, it's supposed to save energy and lower your electricity bills. EPA estimates put the smart thermostats like this one at $50 in annual savings on average which should be enough for the device to pay for itself through energy efficiency alone. After you've purchased from Amazon, they'll even send you an email informing you of potential rebates from your regional energy providers, giving you even more opportunities to save. Priced at a low $51 during Prime Day, this is its lowest price of the year, and with the extra benefit of potential rebates, it's a bargain that's difficult to resist. See at Amazon
Yahoo
42 minutes ago
- Yahoo
Elon Musk's 'America Party' reportedly registers with Election Commission
Elon Musk's 'America Party' reportedly registers with Election Commission originally appeared on TheStreet. It's been a few days since Tesla (Nasdaq: TSLA) CEO Elon Musk, who once supported cryptocurrencies such as Bitcoin and Dogecoin, has been talking about launching a new political party in the U.S. Reportedly, it turns out that the political outfit has officially registered with the Federal Election Commission (FEC). Called 'America Party (AMEP),' the new organization registered with the FEC on July 6 under Filing FEC-1898441 and FEC Committee ID-C00910323. The filing mentions the candidate's name as Elon Reeve Musk and says: This committee supports/opposes only one candidate and is NOT an Authorized Committee. AMEP's treasurer and custodian of records is Vaibhav Taneja, who is Tesla's chief financial supported Donald Trump during the 2024 presidential election. Once he won the election, Musk led the Department of Government Efficiency (D.O.G.E.) from January to May under the Trump administration. Though the nomenclature led many to believe that the department would integrate Dogecoin payments, no such development took place. While both are among the most pro-crypto political and business figures, Trump's "big, beautiful bill" irked Musk so much that he openly expressed his dissatisfaction with the two-party system in the U.S. and said the country needed a new political party, which he has launched. The crypto community has been quick to react to the latest development. Popular Dogecoin team member, known as DogeDesigner or @cb_doge on X, confirmed the news and has been supporting Musk's political campaign. Pro-crypto attorney John Deaton, who challenged Elizabeth Warren (D-MA) as a Republican candidate during the 2024 election, supported Musk's announcement of the party on July 5. Deaton also posted a short video of his debate with Warren in which he was seen lambasting the two-party system: "All of us suck in Congress... It's a broken system. I am disrupting that system." Though Deaton lost the election to Warren, he is supporting Musk's political challenge in the U.S. The total crypto market cap stood at $3.36 trillion at the time of writing. TheStreet Roundtable reached out to the FEC for a comment on the matter and has not received a response so far. We will update the story if and when the Commission responds. Elon Musk's 'America Party' reportedly registers with Election Commission first appeared on TheStreet on Jul 6, 2025 This story was originally reported by TheStreet on Jul 6, 2025, where it first appeared.
