Vance travels to Pennsylvania to tout the 'Big, Beautiful Bill'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
6 minutes ago
- Reuters
Japan's Ishiba signals talks with Trump for early cut to US auto tariff
TOKYO, Aug 4 (Reuters) - Japanese Prime Minister Shigeru Ishiba said on Monday he will not hesitate to hold talks with President Donald Trump to ensure an agreed cut to U.S. automobile tariffs is implemented soon. In a parliament session on Monday, Ishiba drew criticism from some opposition lawmakers for not having signed an official document with the U.S. in clinching a trade deal last month. "Creating a document could have delayed the timing of tariff cuts. That was our biggest fear," Ishiba said, defending Japan's decision to agree on a deal without creating an official document with the U.S. "He is not a typical counterpart and could overturn rules," Ishiba said on Trump's negotiating style. Ishiba said he had "absolutely no hesitation" to hold talks with Trump to have Washington execute the tariff cut soon, though he declined to comment on when such talks could take place. "Both countries will begin executing what was agreed upon, which is harder than agreeing on a deal," Ishiba said, signaling his intention to stay on as premier to see through the process. Ishiba is under pressure from within his ruling Liberal Democratic Party to step down as prime minister to take responsibility for the party's huge defeat in last month's upper-house election. Japan's trade deal struck with Trump last month lowers U.S. tariffs on imports of goods including automobiles, easing the pain for the export-reliant economy. But there is no clarity on when U.S. tariffs for automobiles and auto parts will be cut to 15% from the current 25%, clouding the outlook for Japan's fragile recovery. In the same parliament session, Japan's top trade negotiator, Ryosei Akazawa, said it was hard to say how soon the U.S. could actually implement automobile tariffs, though he added it took "more than a month" in the case of Britain.
Daily Mail
38 minutes ago
- Daily Mail
Americans in the Cotswolds have a strong message for JD Vance ahead of his quintessential British vacation
Although JD Vance is likely to be charmed by the classic British countryside during his upcoming visit to the Cotswolds, he may not receive the warmest of welcomes from its locals. American expats who live in the English area of protected natural beauty have told the Daily Mail the Vice President is 'not a popular figure here' thanks to the Trump administration's right-wing politics and aggressive international foreign policy.
Reuters
an hour ago
- Reuters
Morning Bid: Buy the dip, we can worry about jobs later
Aug 4 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. It's been a case of buy the dip so far on Monday as U.S. and European stock futures edge up, along with the dollar. The Nikkei suffered a delayed reaction to Friday's Wall Street rout and a jump in the yen, but the rest of Asia fared better. Early trade saw Fed fund futures price in 65 bps of interest rate cuts by December, but that's back to 60 bps now. That's still a world away from the 33 bps seen before Friday's weak U.S. payrolls report, and September is still 83% for an easing. In fact, the 25 bps drop in two-year yields on Friday was essentially the market doing a Fed rate cut for them, given how borrowing costs in the States are tied to yields not the funds rate. Ten-year yields also fell a steep 14 bps but met resistance around 4.20%, a level they have repeatedly struggled to break under since October last year. Longer term, downward revisions to payrolls have seriously challenged the U.S. claim to economic out-performance and the dollar's crown of exceptionalism. The latter was also tarnished by President Trump firing the head of the Bureau of Labor Statistics, an institution with an invaluable reputation for scrupulous honesty that won the trust of investors worldwide. Or, at least, it used to be. Now, Trump says he will chose a new head for the BLS in the next few days. Will it be an independent-minded statistician dedicated to providing credible data, or a Trump loyalist eager to please their master? U.S. assets enjoy a trust premium that will be really hard to maintain as Trump bends all levels of government to his will. Trump also just floated the idea of using some of the windfall from tariffs to pay "dividends" to a lucky group of Americans chosen by him - no doubt with special cheques bearing a "TRUMP" logo. So you slap taxes on everyone that buys imports, whether they have a choice or not, and then use part of the revenue to pay money to those you favour, in your name rather than the government that's actually doing the work. Talking of tariffs, a U.S. appeals court late last week heard arguments on the legality of Trump's "reciprocal" levies and sounded inclined to support the original ruling that the tariffs were illegal. Such a ruling would likely still go to the Supreme Court, which has tended to favour unbridled presidential power. Yet, should the tariffs be found illegal, not only would all the trade deals agreed or underway be null and void, but the Treasury would have to refund all the money collected. Wouldn't that be fun... Key developments that could influence markets on Monday: Trying to keep up with the latest tariff news? Our new daily news digest offers a rundown of the top market-moving headlines impacting global trade. Sign up for Tariff Watch here.
