Trump says he has started interview process for Fed position, narrowed to 3 options
Speaking to reporters in the Oval Office, Trump praised two candidates with the first name Kevin as top contenders. Trump is considering White House economic adviser Kevin Hassett and former Fed Governor Kevin Warsh for the job.
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Reuters
2 minutes ago
- Reuters
China soybean imports hit record July high on strong Brazil exports, US trade uncertainties
BEIJING, Aug 7 (Reuters) - China's soybean imports rose to the highest ever for the month of July, a Reuters calculation of customs data showed on Thursday, driven by strong Brazilian exports and ongoing China-U.S. trade uncertainties that have raised supply concerns. The world's largest soybean consumer brought in 11.67 million metric tons in July, data from the General Administration of Customs showed, up 18.5% from 9.85 million tons a year earlier, and above analysts' expectations of 10.48 million tons. "This suggests the market is preparing for potential uncertainties arising from China-U.S. trade tensions," said Rosa Wang, an analyst at Shanghai-based agro-consultancy JCI, who expects imports to remain above 10 million tons in August and September. Most beans are expected to come from top soy supplier Brazil. "Brazil's abundant soybean production has provided a strong supply foundation. Due to its bumper harvest, the peak supply period for Brazilian soybeans is expected to be longer than in previous years, remaining at a high level leading up to the fourth quarter," said Wan Chengzhi, an analyst at Capital Jingdu Futures. Shipments for the first seven months of the year totaled 61.04 million tons, up 4.6% year-on-year, the Customs data showed. July imports were down 4.8% from June, the data showed. Concerns over the trade disputes between the U.S. and China have fuelled soybean supply fears for the fourth quarter, with local feed mills on Tuesday booking around 1.9 million tons of soymeal for October to January deliveries, the biggest single-day purchase of 2025. China has yet to book any U.S. soybean cargoes for the fourth quarter as buyers await the outcome of China-U.S. trade negotiations. "Overall, a temporary mismatch between supply and demand for imported soybeans in China's domestic market may occur in the fourth quarter," Wan said. Still, China is facing a soymeal supply glut, as record imports earlier in 2025 combined with weak demand from animal feed producers have increased domestic soymeal inventories, Reuters has previously reported.
Reuters
4 minutes ago
- Reuters
China's exports top forecasts as shippers rush to meet tariff deadline
BEIJING, Aug 7 (Reuters) - China's exports beat forecasts in July, as manufacturers made the most of a fragile tariff truce between Beijing and Washington to ship goods, especially to Southeast Asia, before tougher U.S. duties targeting transshipment take effect. Global traders and investors are waiting to see whether the world's two largest economies can agree on a durable trade deal by August 12 or if global supply chains will again be upended by the return of import levies exceeding 100%. U.S. President Donald Trump has raised the prospect of further tariffs, including a 40% duty on goods rerouted to the U.S. via transit hubs, that took effect on Thursday, as well as a 100% levy on chips and pharmaceutical products, and an additional 25% tax on goods from countries that buy Russian oil. China's outbound shipments rose 7.2% year-on-year in July, customs data showed on Thursday, beating a forecast 5.4% increase in a Reuters poll of economists and accelerating from June's 5.8% growth. China's trade war truce with the U.S. - the world's top consumer market - ends next week, although Trump hinted further tariffs may come Beijing's way due to its continuing purchases of Russian hydrocarbons. Imports grew 4.1%, defying economists' expectations for a 1.0% fall and climbing from a 1.1% rise in June, pointing to improving domestic demand as policymakers step up efforts to encourage households to boost spending. "The trade data suggests that the Southeast Asian markets play an ever more important role in U.S.-China trade," said Xu Tianchen, senior economist at the Economist Intelligence Unit. "But it's not all about the transshipments that Trump seeks to stop, ASEAN countries are also importing raw materials and components from China before exporting finished products to the U.S.," he added. China's exports to the U.S. fell 21.67% last month from a year earlier, the data showed, while shipments to ASEAN rose 16.59% over the same period. Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if the world's two largest economies could come to an agreement. China's July trade surplus narrowed to $98.24 billion from $114.77 billion in June. Separate data from the U.S. Commerce Department's Bureau of Economic Analysis on Tuesday showed the U.S. trade gap with China shrank to its lowest in more than 21 years in June. Chinese government advisers are stepping up calls to make the household sector's contribution to broader economic growth a top priority at Beijing's upcoming five-year policy plan, as trade tensions and deflation threaten the outlook. And top leaders have vowed to step up regulation of aggressive price-cutting by Chinese companies that is pushing prices ever lower. But economists warn that reversing the current deflationary slump will be far more difficult than during the last round of supply-side reforms a decade ago, as the downturn now poses a broader threat to employment, which Chinese leaders have emphasised is a core component of social stability. Reaching an agreement with the United States — and with the European Union, which has accused China of producing and selling goods too cheaply — would give Chinese officials more room to advance their reform agenda. However, analysts expect little relief from Western trade pressures. Export growth is projected to slow sharply in the second half of the year, hurt by persistently high tariffs, President Trump's renewed crackdown on the rerouting of Chinese shipments and deteriorating relations with the EU.
Reuters
4 minutes ago
- Reuters
Japanese investors ditch foreign stocks on US economic concerns, tariff tensions
Aug 7 (Reuters) - Japanese investors significantly sold foreign stocks in the week to August 2 as major markets retreated on caution over U.S. economic outlook and a new set of trade tariffs. According to data from Japan's Ministry of Finance released on Thursday, domestic investors withdrew a net 752.1 billion yen ($5.10 billion) out of foreign stocks last week, reversing two successive weeks of net purchases. The MSCI World Index (.MIWD00000PUS), opens new tab lost a sharp 2.54% last week, the most in three months, pressured by a disappointing U.S. jobs report for July, and President Donald Trump's new round of punishing tariffs on dozens of countries. Despite the recent withdrawals, overseas stock markets have still received a massive 3.37 trillion yen worth of Japanese investments so far this year compared with a net 915.8 billion yen sales a year ago. They also sold foreign long-term bonds of 526.3 billion yen for the second successive week on the run. Meanwhile, Japanese stock markets saw approximately 193 billion yen in weekly net investments from overseas, the smallest amount in six weeks. In local bond markets, foreign outflows from long-term bonds cooled to a three-week low of 87.5 billion yen. Short-term bills saw 1.2 trillion yen of net foreign inflows after a net 1.95 trillion yen weekly outflow in the previous week. ($1 = 147.5800 yen)
