Trump will extend TikTok sale deadline for 3rd time, White House says
WASHINGTON (Reuters) -- U.S. President Donald Trump will extend a June 19 deadline for China-based ByteDance to divest the U.S. assets of short video app TikTok by 90 days despite a law that had mandated a sale or a shutdown absent significant progress, the White House said on Tuesday.
Trump has already twice granted a reprieve from enforcement of a congressionally mandated ban on TikTok that was supposed to take effect in January. "President Trump will sign an additional executive order this week to keep TikTok up and running," White House press secretary Karoline Leavitt said.
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Japan Times
27 minutes ago
- Japan Times
Japan's exports drop raises recession risks as U.S. tariffs bite
Japan's exports fell for the first time in eight months as the U.S. tariff campaign weighed on global trade, raising the risk of a technical recession after the economy contracted at the start of the year. Exports measured by value dropped 1.7% in May from a year earlier led by cars, steel and mineral fuel, the Finance Ministry reported Wednesday. While the fall was smaller than the median analyst estimate of a 3.7% decline, data suggested exporters may be absorbing the tariff shock by cutting prices, as export volume rose 1.8%. Imports declined 7.7%, with crude oil and coal seeing some of the sharpest falls, leaving Japan's trade balance at a deficit of ¥637.6 billion ($4.4 billion). The shortfall widened from the previous month, and marked a second consecutive month of deficits. The drop in exports and the larger trade deficit add to concerns that Japan's economy could shrink again in the second quarter, pushing it into a technical recession. Domestic consumption has remained weak as inflation continues to outpace wage hikes. "We are seeing the impact of the tariffs — that's as expected,' said Taro Saito, the head of economic research at NLI Research Institute. "But what's surprising is that export volumes held up better than values, implying Japanese firms are cutting prices to remain competitive. That hits profitability, and it's hardly good news.' U.S. President Donald Trump has imposed a 25% tariff on imports of cars and auto parts, along with a baseline tax of 10% on all other Japanese goods. He also doubled a levy on steel and aluminum to 50% in early June. The levies will stay in place for now as Trump and Prime Minister Shigeru Ishiba failed to reach a deal on the sidelines of the Group of Seven (G7) leaders' summit after two months of bilateral negotiations. The 10% across-the-board tariff is set to revert to 24% on July 9, as previously announced in April. Car exports to the United States, which make up about a quarter of U.S.-bound shipments, declined 24.7% by value in May, but only 3.9% by volume — a sign that Japanese carmakers are slashing prices to maintain shipments. Overall exports to the U.S. fell 11.1% while imports slumped 13.5%, resulting in a trade surplus of ¥451.7 billion. Japan's trade surplus with the U.S. remains a focal point in Washington's efforts to rebalance trade. Meanwhile, Japan's exports to China fell 8.8% and those to Europe increased 4.9%. "The real question for Japan-U.S. talks is whether further levies can be avoided,' said Saito. "I expect the 10% across-the-board tariffs to remain, but if they return to 24%, the economic damage will be significant.' The yen averaged ¥143.97 against the dollar in May, 7.4% stronger than a year earlier, according to the Finance Ministry. A stronger yen tends to cut the value of dollar-denominated trade figures when converted into the Japanese currency. As uncertainty over tariffs lingers, the Bank of Japan (BOJ) kept its benchmark interest rate unchanged on Tuesday and slowed the pace for tapering its bond purchases from next year. It's "extremely uncertain' how global trade policies will affect economies and prices, the central bank said in its policy statement. BOJ Gov. Kazuo Ueda said at his post-decision news conference that while sentiment is worsening, hard data remains relatively solid, adding that he will watch the latter closely for future policy decisions. Wednesday's weak shipment figures are likely to be scrutinized by the BOJ. Failing to secure a deal at the G7 gathering, which Ishiba had called a milestone in the trade talks, bodes ill for the prime minister ahead of a national election likely to take place next month. Still, Ishiba may be able to win points with voters by asserting that it was better to protect Japan's national interests rather than rush into an unsatisfactory deal. Ishiba has already approved emergency measures to help households and businesses mitigate the tariff impact. But as inflation persists, he is considering cash handouts while opposition parties have urged a cut to the sales tax.
Kyodo News
33 minutes ago
- Kyodo News
PM Ishiba says Japan Inc. suffering under Trump tariffs
KYODO NEWS - 3 minutes ago - 11:57 | All, Japan Japanese Prime Minister Shigeru Ishiba said Tuesday that U.S. tariffs are already severely impacting many Japanese firms, including automakers, but reiterated that he will not rush to reach a deal with Washington at the expense of undermining his nation's interests. Speaking at a press conference wrapping up his visit to Canada for the Group of Seven summit, Ishiba said the tariff measures targeting various sectors could have a "serious impact on the global economy both directly and indirectly." Ishiba made the remarks a day after he and Trump failed to agree on what the Japanese leader has called a "package deal" for the mutual benefit of the longtime allies. They ended their talks without having made tangible progress, with Ishiba saying hurdles remain. "We agreed to instruct ministers to continue with negotiations," Ishiba said. "We will never sacrifice our national interests just because we aim for a quick agreement." Bilateral negotiations have been held multiple times at the ministerial level, covering points such as boosting trade, addressing nontariff measures and expanding cooperation in economic security. After Monday's summit, the focus shifts to when the next in-person encounter may be. Ishiba said he plans to visit the Netherlands from June 24 to 26 to attend a NATO summit. Japan is not a NATO member but has been deepening ties with the military alliance, of which the United States is a member. The escalating conflict between Israel and Iran dominated the two-day G7 summit due to its ramifications for the wider Middle East region, home to major oil producers that supply Japan and many other nations. "We will continue to monitor how crude oil and gasoline prices move with a strong sense of urgency," Ishiba said. "I've already instructed officials to consider measures to prevent people's daily lives from being affected in preparation for the possibility that the confusion in the Middle East continues and prices of gasoline and oil products spike," he added. Related coverage: Japan, U.S. fail to reach tariff deal at Ishiba-Trump summit Trump says he sees chance of trade deal with "tough" Japan G7 leaders agree to expand critical minerals cooperation
Yomiuri Shimbun
an hour ago
- Yomiuri Shimbun
Intense Israeli Strikes Hit Tehran after Trump Demands ‘Unconditional Surrender'
The Associated Press The Israeli Iron Dome air defense system fires to intercept missiles during an Iranian attack over Tel Aviv, Israel, early Wednesday, June 18, 2025. DUBAI, United Arab Emirates (AP) — Intense Israeli airstrikes targeted Iran's capital early Wednesday after it issued a warning about a new area it could target, a day after U.S. President Donald Trump demanded 'unconditional surrender.' Uncertainty roiled the region and residents of Tehran fled their homes in droves on the sixth day of Israel's air campaign aimed at Iran's military and nuclear program. As the U.S. sent warplanes to the Middle East, Trump warned Supreme Leader Ayatollah Ali Khamenei that the U.S. knows where he is hiding and called for Iran's 'UNCONDITIONAL SURRENDER' in a post online, without elaborating. Trump posted that there were no plans to kill Khamenei 'at least not for now.' The U.N. nuclear watchdog also said for the first time that Israeli strikes on Iran's main uranium-enrichment facility at Natanz had damaged its main underground centrifuge facility, not just an above-ground facility. Israel asserts its sweeping assault is necessary to prevent Iran from getting any closer to building an atomic weapon. The strikes have killed at least 224 people in Iran. Iran has retaliated by launching some 400 missiles and hundreds of drones at Israel. So far, 24 people have been killed in Israel. Israel hammers Tehran A major explosion could be heard around 5 a.m. in Tehran Wednesday morning, following other explosions that boomed earlier in the predawn darkness. Authorities in Iran offered no acknowledgement of the attacks, which has become increasingly common as the Israeli airstrike campaign has intensified since they began on Friday. The Israelis earlier warned they could strike a neighborhood south of Mehrabad International Airport, which includes residential neighborhoods, military installations, pharmaceutical companies and industrial firms. Israel also claimed that it had killed Iran's Gen. Ali Shadmani, whom Israel described as the country's most senior remaining military commander, in Tehran. Shadmani was little known in the country before being appointed last week to a chief-of-staff-like role as head of the paramilitary Revolutionary Guard's Khatam al-Anbiya Central Headquarters following the killing of his predecessor, Gen. Gholam Ali Rashid, in an Israeli strike. Trump demands Iranian surrender Trump left the Group of Seven summit in Canada a day early to deal with the conflict between Israel and Iran, telling reporters: 'I'm not looking at a ceasefire. We're looking at better than a ceasefire.' When asked to explain, he said the U.S. wanted to see 'a real end' to the conflict that could involve Iran 'giving up entirely.' He added: 'I'm not too much in the mood to negotiate.' Despite warning that U.S. 'patience is wearing thin,' he indicated that diplomatic talks remained an option, and said he could send Vice President JD Vance and special envoy Steve Witkoff to meet with the Iranians. Meanwhile, the U.S. is shifting military aircraft and warships into and around the Middle East to protect Israel from Iranian attacks and respond to Iran's threats to target U.S. military installations. Satellite images analyzed Wednesday by The Associated Press appeared to show no vessels anchored off the headquarters of the U.S. Navy's 5th Fleet in Bahrain. Dispersing ships is a common safety technique employed by navies around the world in times of trouble. Trump and Prime Minister Benjamin Netanyahu spoke about the evolving situation over the phone on Tuesday, according to a White House official who was not authorized to comment publicly and spoke on the condition of anonymity. Iran vows further attacks Iran offered no immediate response to the president's posts, but the country's military leaders vowed that Israel would soon see more attacks. 'The operations carried out so far have been solely for the purpose of warning and deterrence,' Gen. Abdul Rahim Mousavi, the commander in chief of Iran's army, said in a video. 'The punishment operation will be carried out soon.' Israel's military warned the population to stay close to shelters as Iran fired new salvos of missiles Wednesday, but officials said most were intercepted and Israel's rescue services had no immediate reports of injuries. Sirens blared in southern Israel, including in the desert town of Dimona, the heart of Israel's never-acknowledged nuclear arms program. The U.S. State Department announced that the U.S. Embassy in Jerusalem will remain closed through Friday due to 'the current security situation and ongoing conflict between Israel and Iran.' Shops closed, lines for gas in Iran's capital Trump warned on social media that 'everyone should immediately evacuate Tehran,' echoing an earlier Israeli military call for some 330,000 residents of a downtown neighborhood there to evacuate. Tehran is one of the largest cities in the Middle East, with around 10 million people, roughly equivalent to Israel's entire population. People have been fleeing since hostilities began. Asked why he had urged the evacuation, Trump said: 'I just want people to be safe.' Downtown Tehran emptied out early Tuesday, with many shops shuttered, as well as the ancient Grand Bazaar, which has closed only in times of crisis, such as during the 2022 anti-government protests and the coronavirus pandemic. On the roads out of Tehran to the west, traffic stood bumper to bumper. Many middle- and upper-class Iranians were headed to the Caspian Sea, a popular getaway spot. Long lines snaked from Tehran's gas stations. Signs that Iran is restricting access to outside world Iranian authorities appeared to be curbing the public's access to the outside world. Phone and internet service was disrupted, with landline phones unable to receive or dial international calls. NetBlocks, an internet monitoring group, reported that it had detected a significant drop in internet traffic from the country. Iran's Cyber Security Command acknowledged the internet restrictions and in a statement carried by Iranian state television said it was 'implementing numerous measures for different parts of the country' The move was meant to stop enemies from 'continuing to exploit infrastructure to carry out cyber and military operations,' the statement said. Iran has restricted important communications tools in past nationwide protests and during the 1980s Iran-Iraq war. International websites appeared to be blocked, but local websites were functioning, likely signaling that Iran had turned on the so-called 'halal net,' its locally controlled version of the internet aimed at limiting what the public can see. Iran's state TV on Tuesday urged the public to remove the messaging app WhatsApp from their cellphones, alleging without evidence that the app gathered user information to send to Israel. In a statement, WhatsApp said it was concerned that 'these false reports will be an excuse for our services to be blocked at a time when people need them the most.' Nuclear agency reports more damage to enrichment site The International Atomic Energy Agency said it believed that Israel's first aerial attacks on Iran's Natanz enrichment site had directly affected the facility's underground centrifuge facility. Satellite imagery collected after Friday's attacks showed 'additional elements that indicate direct impacts on the underground enrichment halls,' the watchdog said. The IAEA earlier reported that Israeli strikes had destroyed an above-ground enrichment hall at Natanz and knocked out electrical equipment that powered the facility, which is 220 kilometers (135 miles) southeast of Tehran. Most of Iran's enrichment takes place underground to protect from airstrikes. Israel has struck Natanz repeatedly and claims to have hurt its underground facilities, which experts assess contain 10,000 centrifuges that enrich uranium up to 60%. Iran maintains its nuclear program is peaceful, and the U.S. and others have assessed that Tehran has not had an organized effort to pursue a nuclear weapon since 2003. But the IAEA has repeatedly warned that the country has enough enriched uranium to make several nuclear bombs should it choose to do so. While Netanyahu claimed Monday that Israeli strikes on Iran's nuclear sites have set the country's nuclear program back a 'very, very long time,' Israel has not been able to reach Iran's Fordo uranium enrichment facility, which is built deep into a mountainside. Hitting Fordo would likely require the U.S.'s own B-2 stealth bombers to drop bunker-busting bombs. The 30,000-pound (14,000-kilogram) GBU-57 Massive Ordnance Penetrator uses its weight and sheer kinetic force to reach deeply buried targets.
