US to Accept Kurdish Militant Leaders in Peace Bid, Anadolu Says
Members of the Kurdistan Workers' Party, or PKK, and its Syrian affiliate, the YPG, should act swiftly to pursue integration and avoid confrontation with the governments in Ankara and Damascus, according to Tom Barrack, the US ambassador for Turkey and special envoy to Syria, as cited by Anadolu Agency on Saturday.
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Trump Launches Investigation of Drones, Setting Stage for Tariffs
The US Commerce Department launched investigations into imports of drones, parts for unmanned aerial vehicles and for polysilicon, a key material for solar power, setting the stage for possible tariffs on those goods. The probes were launched on July 1 under Section 232 of the Trade Expansion Act, the latest use of that authority by President Donald Trump to review and impose sectoral-specific tariffs into industries deemed critical to national security.
Yahoo
an hour ago
- Yahoo
Mexico's Peso Becomes Unlikely Winner in Trump's Trade War
(Bloomberg) -- Betting on Mexico's currency has paid off for investors even amid Donald Trump's trade war. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests The peso is up more than 11% this year, beating all regional peers, even as it dipped Monday following the latest tariff news — a threat of a 30% levy announced over the weekend. It is also one of the best performing in emerging markets. Mexico's high interest rates and President Claudia Sheinbaum's tempered approach toward Trump have helped lure in cash from investors reallocating money away from the US. And after months of repeated delays on the implementation of tariffs, money managers have grown more complacent, with reactions to fresh announcements largely contained as they look past Trump's threats to focus on the medium-term outlook. 'Markets know the drill,' said Marco Oviedo, a senior strategist at XP Investimentos in Sao Paulo. 'The only risk that I see is if the Mexican government fails to deliver something that Trump wants on drug control that might leave tariffs high for longer or negotiations in limbo.' Mexico's strong economic ties to the US have also worked in the peso's favor. The US doesn't intend to apply the 30% rate to USMCA-compliant goods, a White House official said on Saturday. The administration has previously said it will keep the exemption for Canada. Although Mexican officials were taken aback by Trump's latest tariff threat, US Ambassador to Mexico Ronald Johnson said Saturday in Mexico City that Sheinbaum and Trump have a 'wonderful relationship' and no partnership should be easier than between their two countries. Sheinbaum said Monday during her daily press conference that her government expects to reach a tariff deal with the US before an Aug. 1 deadline and has a plan if talks fail. She's expected to meet later today with a Mexican trade negotiating team that was in Washington on Friday discussing the issue. The country's rate differentials are another factor helping prop up the currency. The central bank has been cautious when lowering interest rates, keeping the peso on the radar of carry traders who borrow in lower-yielding currencies to buy those that offer higher yields. One-week implied volatility in the peso, which spiked amid US elections last year and again in April amid tariff threats, has remained largely subdued. After delivering a half-point cut that left the key rate at 8% last month, Governor Victoria Rodriguez embraced the likelihood of smaller reductions going forward in a July 9 speech. That helped the peso inch higher last week, outperforming as developing-world currencies slipped amid the latest barrage of tariff announcements. The rally in Mexico has gone beyond the currency. Local bonds and stocks have also gained in the wake of Trump's so-called Liberation Day on April 2 amid a positive backdrop for emerging markets as the dollar slips. 'The peso is trading incredibly well in the face of this,' said Eric Fine, portfolio manager for emerging markets debt at Van Eck Associates. 'This reaction has many explanations, but EMFX and interest rates have had a great year despite tariff-dominated news flow.' What Bloomberg strategists say: 'The proposal lacks clarity, particularly whether it replaces or supplements the existing 25% fentanyl-related levy, and does not address the treatment of USMCA-compliant goods. This omission is notable given that, as of May, approximately 83% of US imports from Mexico were exempt from tariffs due to USMCA provisions. The high amount of exemptions provides a large buffer to the potential fallout from Trump's trade letter.' Brendan Fagan, FX Strategist, Markets Live. For the full analysis, click here (Updates with implied volatility gauge, strategist quote starting in eight paragraph) 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot 'The Turbulence Is Brutal': Four Shark Tank Businesses on Tariffs Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School ©2025 Bloomberg L.P. 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
an hour ago
- Bloomberg
Big Take: Making Sense of Trump's Copper Tariffs
Last week, President Trump sent markets into a tizzy, when he proposed tariffs on one of the world's most valuable commodities: Copper. On today's Big Take podcast, Bloomberg's economic statecraft reporter Joe Deaux joins host David Gura to discuss the president's ongoing push to bring copper manufacturing back to the US. Why 50% levies on copper could affect everything from your car and iPhone to the nation's electrical grid, and what the copper industry is doing to get ahead.
