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WH responds to Epstein files controversy

WH responds to Epstein files controversy

NBC Newsa day ago
The White House said that Republicans remain behind the President, despite criticism from some Trump supporters over the handling of the DOJ files of notorious sex offender Jeffrey Epstein. Plus, former President Biden's son Hunter blamed Ambien for his father's disastrous debate performance. NBC News' Kelly O'Donnell reports.
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Japan's Nikkei surges to one-year peak, bonds slide on US trade deal
Japan's Nikkei surges to one-year peak, bonds slide on US trade deal

Reuters

time30 minutes ago

  • Reuters

Japan's Nikkei surges to one-year peak, bonds slide on US trade deal

TOKYO, July 23 (Reuters) - Japanese automakers led a surge in the Nikkei share average to a one-year peak on Wednesday, while bonds slid after Tokyo reached a trade deal with Washington, ending a months-long stalemate. The Nikkei (.N225), opens new tab rallied as much as 3.3% to 41,070.91, its highest since July last year. The Tokyo Stock Exchange's transport equipment index (.ITEQP.T), opens new tab soared 10.3%, with Toyota Motor (7203.T), opens new tab surging more than 13%. The trade deal reduced economic uncertainty, bolstering the case for the Bank of Japan to resume raising interest rates. Traders sold Japanese government bonds, pushing two-year yields up by 7 basis points (bps) to 0.82%, the highest since April 2, when U.S. President Donald Trump shocked markets with his aggressive "Liberation Day" tariff announcement. Markets largely shrugged off a media report that Japanese Prime Minister Shigeru Ishiba would step down by the end of August. Ishiba is facing growing opposition from within his Liberal Democratic Party for his vow to stay in power despite the ruling coalition's defeat in Sunday's upper house election. The yen was last down about 0.2% at 146.96 per dollar . Trump said on Tuesday the U.S. and Japan had struck a trade deal that includes a 15% tariff that will be levied on U.S. imports from the Asian country, down from a threatened tariff of 25%. Industry and government officials briefed on the agreement said the deal also lowers the tariff to 15% from 25% on Japanese autos, which account for more than a quarter of the country's exports to the U.S. "It is commendable that the 25% baseline tariff was avoided," said Norihiro Yamaguchi, senior Japan economist at Oxford Economics in Tokyo. "Lowered uncertainty will be welcomed in the equity market." Bank shares gained, sending the TSE's banking index (.IBNKS.T), opens new tab up 4.5%. The 10-year JGB yield jumped 9.5 bps to 1.595%, matching last week's 17-year high. Ten-year Japanese government bond futures tumbled as much as 1.04 yen to 137.56 yen, their lowest since March 28. Deputy BOJ Governor Shinichi Uchida said the central bank needs to focus on downside risks to the economy. His comments came ahead of a BOJ policy meeting next Wednesday and Thursday. "I don't think this (trade deal) alone will lead to a Bank of Japan rate hike next week, but the possibility of a rate hike between September and October has increased," said SMBC chief currency strategist Hirofumi Suzuki. "This will create pressure to buy the yen."

Trump strikes trade deal with Japan to cut tariffs
Trump strikes trade deal with Japan to cut tariffs

Reuters

timean hour ago

  • Reuters

Trump strikes trade deal with Japan to cut tariffs

WASHINGTON/TOKYO, July 22 (Reuters) - The United States and Japan struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that included a pledge by Japan to invest $550 billion in the United States. The agreement - including a 15% tariff on all imported Japanese goods, down from a proposed 25% - is the most significant of the string of trade deals the White House has reached ahead of an approaching August 1 deadline for higher levies to kick in. 'I just signed the largest TRADE DEAL in history with Japan,' Trump said on his Truth Social platform. "This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan." Ishiba, who is facing political pressure after a bruising election defeat on Sunday, hailed the deal as "the lowest figure among countries that have a trade surplus with the U.S.". The two sides also agreed to cut tariff 25% tariffs already imposed on Japanese autos to 15%, Ishiba said. Auto exports account for more than a quarter of Japan's exports to the U.S. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6% to its highest in a year. Shares of automakers surged in particular, with Toyota (7203.T), opens new tab up more than 11%, and Honda (7267.T), opens new tab and Nissan (7201.T), opens new tab both up more than 8%. The exuberance extended to shares of South Korean carmakers as well, as the Japan deal stoked optimism that South Korea could strike a comparable deal. The yen firmed slightly against the dollar, and U.S. equity index futures edged upward. But U.S. automakers signaled their unhappiness with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan to 15% while leaving tariffs on imports from Canada and Mexico at 25%. Matt Blunt, who heads the American Automotive Policy Council which represents General Motors (GM.N), opens new tab Ford (F.N), opens new tab and Chrysler-parent Stellantis ( opens new tab, said "any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than the tariff imposed on North American-built vehicles with high U.S. content is a bad deal for U.S. industry and U.S. auto workers." Autos are a huge part of U.S.-Japan trade, but almost all of it is one way to the U.S. from Japan, a fact that has long irked Trump. In 2024, the U.S. imported more than $55 billion of vehicles and automotive parts while just over $2 billion were sold into the Japanese market from the U.S. Two-way trade between the two countries totaled nearly $230 billion in 2024, with Japan running a trade surplus of nearly $70 billion. Japan is the fifth-largest U.S. trading partner in goods, U.S. Census Bureau data show. Trump's announcement followed a meeting with Japan's top tariff negotiator, Ryosei Akazawa, at the White House on Tuesday. "#Mission Complete," Akazawa wrote on X. The deal was "a better outcome" for Japan than it potentially could have been, given Trump's earlier unilateral tariff threats, said Kristina Clifton, a senior economist at the Commonwealth Bank of Australia in Sydney. "Steel, aluminium, and also cars are important exports for Japan, so it'll be interesting to see if there's any specific carve-outs for those," Clifton said. Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, said that "with the 15% tariff rate, I expect the Japanese economy to avoid recession." Japan is the largest investor in the United States. Together with pension giant GPIF and Japanese insurers, the country has about $2 trillion invested in U.S. markets. Besides that, Bank of Japan data shows direct Japanese investment in the United States was $1.2 trillion at the end of 2024, and Japanese direct investment flows amounted to $137 billion in North America last year. Speaking later at the White House, Trump also expressed fresh optimism that Japan would form a joint venture with Washington to support a gas pipeline in Alaska long sought by his administration. "We concluded the one deal ... and now we're going to conclude another one because they're forming a joint venture with us at, in Alaska, as you know, for the LNG," Trump told lawmakers at the White House. "They're all set to make that deal now." Trump aides are feverishly working to close trade deals ahead of an August 1 deadline that Trump has repeatedly pushed back under pressure from markets and intense lobbying by industry. By that date, countries are set to face steep new tariffs beyond those Trump has already imposed since taking office in January. Trump has announced framework agreements with Britain, Vietnam, Indonesia and paused a tit-for-tat tariff battle with China, though details are still to be worked out with all of those countries. At the White House, Trump said negotiators from the European Union would be in Washington on Wednesday.

Donald Trump announces ‘massive' trade deal with Japan
Donald Trump announces ‘massive' trade deal with Japan

Telegraph

timean hour ago

  • Telegraph

Donald Trump announces ‘massive' trade deal with Japan

Donald Trump has announced a 'massive' trade deal with Japan that would earn the US economy $550 billion (£407 billion) in investment. The agreement, with one of the US's largest trading partners, would lower tariffs for Japan and is the most significant of a string of trade deals the White House has negotiated before Mr Trump's tariffs are due to kick on August 1. Under the plan, the US president said Japan will pay a 15 per cent tariff on goods imported to the US – down from 25 per cent – and open its markets to American goods, including cars and rice. 'This is a very exciting time for the United States of America, and especially for the fact that we will continue to always have a great relationship with the Country of Japan,' Mr Trump said on his Truth Social platform. The deal also lowers the tariff to 15 per cent from 25 per cent on Japanese cars, which account for more than a quarter of all the country's exports to the US. The announcement ignited a rally in Japanese stocks, with the benchmark Nikkei climbing 2.6 per cent to its highest in a year. Shares of carmarkers surged in particular, with Toyota up more than 11 per cent, and Honda and Nissan both up more than 8 per cent. 'Mission complete' However, US automakers signalled discontent with the deal, raising concerns about a trade regime that could cut tariffs on auto imports from Japan while leaving tariffs on imports from Canada and Mexico at 25 per cent. The White House did not immediately respond to a request for additional details about the deal. Ryosei Akazawa, Japan's chief trade negotiator, posted on Facebook that he had visited the White House, saying '#Mission Complete'. 'I just signed the largest trade deal in history, I think maybe the largest deal in history with Japan,' Mr Trump said at a White House event on Tuesday evening. 'They had their top people here, and we worked on it long and hard. And it's a great deal for everybody. I always say it has to be great for everybody. It's a great deal,' he added. Speaking early on Wednesday in Tokyo, Japanese Prime Minister Shigeru Ishiba said he had received an initial report from his trade negotiator in Washington but declined to comment on the specifics of the negotiation. Mr Ishiba is under intense political pressure in Japan, amid rising inflation and economic strife. His ruling coalition was set back by losing control of the upper house in an election on Sunday. Mr Ishiba said he could not say how a trade deal would affect his decision on whether to step down from office until he saw the details. Two-way trade between Japan and the US reached nearly $230 billion in 2024, with Japan running a trade surplus of nearly $70 billion. Japan is the fifth-largest US trading partner in goods, and the largest investor in the US. The Trump administration is working to close trade deals ahead of an August 1 tariff deadline that Mr Trump has repeatedly pushed back under pressure from markets and intense lobbying by industry. By that date, countries are set to face steep new tariffs beyond those Mr Trump has already imposed since taking office in January. The US president has announced framework agreements with Britain, Vietnam, Indonesia and paused a tit-for-tat tariff battle with China, though details are still to be finalised with all of those countries. At the White House, Trump said negotiators from the European Union would be in Washington on Wednesday.

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