Thailand Mulls Zero Duty for More US Goods to Win Tariff Deal
Thailand, which has previously cut tariffs on imports of longan and tilapia fish from other countries, could lower the levy for the US on those goods to zero, Finance Minister Pichai Chunahavajira said. The government may also amend existing regulations to allow left-hand drive vehicles from the US and eliminate taxes on goods already included in free-trade agreements with other countries, he said.
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Separately, the ZEW economic research institute reported that German investor morale improved more than expected in July. 'After the strong improvements of the past two months, the positive sentiment among respondents is becoming more firmly established,' said ZEW President Achim Wambach. In addition, data showed that the Eurozone's industrial production partially recovered from a tariff-driven slump in May, signaling resilience in Europe's manufacturing sector. Meanwhile, the European Union has completed a second list of countermeasures targeting U.S. goods worth 72 billion euros ($84 billion), including Boeing aircraft, automobiles, and bourbon, in case it chooses to retaliate against Trump's tariff policy. Trump threatened a 30% tariff on most EU imports from August 1st over the weekend, a rate that analysts warn could push the Eurozone to the brink of recession. In corporate news, Accelleron Industries AG ( surged more than +11% after the engine components maker boosted its annual revenue guidance. Also, Orsted ( climbed over +8% after Morgan Stanley upgraded the stock to Overweight from Equal Weight. Spain's CPI, Germany's ZEW Economic Sentiment Index, Eurozone's ZEW Economic Sentiment Index, and Eurozone's Industrial Production data were released today. The Spanish June CPI rose +0.7% m/m and +2.3% y/y, stronger than expectations of +0.6% m/m and +2.2% y/y. The German July ZEW Economic Sentiment Index stood at 52.7, stronger than expectations of 50.8. The Eurozone July ZEW Economic Sentiment Index arrived at 36.1, weaker than expectations of 37.8. Eurozone May Industrial Production rose +1.7% m/m and +3.7% y/y, stronger than expectations of +1.1% m/m and +2.9% y/y. Asian stock markets today settled mixed. China's Shanghai Composite Index (SHCOMP) closed down -0.42%, and Japan's Nikkei 225 Stock Index (NIK) closed up +0.55%. 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A potential defeat for the Liberal Democratic Party and its coalition partner Komeito could also add to the uncertainty about trade talks with the U.S. Nomura strategist Fumika Shimizu said, 'If the ruling party were to lose its majority in the upper house, there is a risk that trade negotiations with the U.S. will be delayed.' Ahead of Sunday's election, investors will be watching Japan's trade and inflation data for fresh clues on how U.S. tariffs are affecting the country's export-reliant economy. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed down -1.71% to 23.55. Pre-Market U.S. Stock Movers Nvidia (NVDA) gained over +5% in pre-market trading after the chip maker said it plans to resume sales of its H20 AI chip in China following assurances from Washington that export licenses would be granted. Other chip stocks also advanced in pre-market trading, with Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Arm Holdings (ARM) up more than +2%. The Trade Desk (TTD) jumped more than +14% in pre-market trading after S&P Dow Jones Indices announced that the stock would be added to the S&P 500 index on Friday, July 18th. DoorDash (DASH) fell over -1% in pre-market trading after Jefferies downgraded the stock to Hold from Buy. You can see more pre-market stock movers here Today's U.S. Earnings Spotlight: Tuesday - July 15th JPMorgan (JPM), Wells Fargo (WFC), BlackRock (BLK), Citigroup (C), Bank of NY Mellon (BK), State Street (STT), JB Hunt (JBHT), Omnicom (OMC), Albertsons (ACI), Pinnacle (PNFP), Hancock Whitney (HWC), Fulton (FULT), Kestra Medical Technologies (KMTS), AngioDynamics (ANGO), Park Aerospace (PKE). On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. 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