Car stocks surge as Trump agrees trade deal with Japan
Good morning
Thanks for joining me. Shares of car makers have surged higher after Donald Trump announced the US has agreed a trade deal with Japan. Here is what you need to know.
5 things to start your day
Donald Trump announces 'massive' trade deal with Japan | Tokyo will invest $550 billion in the US in exchange for lower tariffs
Labour's great rail revival has already hit the buffers | The decision to relaunch just one defunct train line has sparked anger and frustration across Britain
Laws to allow UAE stake in The Telegraph approved by Lords | Peers vote to let foreign states take passive shareholdings in British newspapers of up to 15pc
Mike Lynch's estate faces bankruptcy over £700m fraud ruling | Judge orders late tech tycoon's estate to compensate HP over 2011 sale of his software company
Nuclear fusion start-up claims to have cracked alchemy | Silicon Valley company says discovery marks 'beginning of a new golden age'
What happened overnight
Japanese shares surged to a one-year high as the country struck a trade deal with the United States that lowers tariffs on its cars.
President Donald Trump on Tuesday said a trade deal with Tokyo will include Japan paying a lower-than-threatened 15pc tariff on shipments to the US.
It followed an agreement with the Philippines that will see the US collect a 19pc tariff rate on imports from there.
Mr Trump also said representatives from the European Union were coming for trade negotiations on Wednesday. That stirred hopes for a deal with Europe, even as the EU was reportedly refining countermeasures in case of a deadlock before the August 1 deadline.
Japan's Nikkei bolted 3.9pc higher as shares of carmakers surged on news the deal would cut the US car tariff to 15pc, from a proposed 25pc. Mazda Motor rallied 17pc, while Toyota Motor jumped 13.6pc.
South Korean carmakers also rallied as the Japan deal fuelled optimism over potential progress in tariff negotiations between South Korea and the United States.
Wall Street inched to another record on Tuesday following some mixed profit reports, as General Motors and other big US companies gave updates on how much Mr Trump's tariffs are hurting or helping them.
The S&P 500 added 0.1pc to the all-time high it had set the day before, closing at 6,309.62. The Dow Jones Industrial Average rose 0.4pc to 44,502.44. The Nasdaq Composite slipped 0.4pc from its own record, to 20,892.68.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Metro
3 minutes ago
- Metro
What's stopping Keir Starmer from recognising Palestine as a state?
Sir Keir Starmer is coming under a lot of pressure to recognise Palestinian statehood. He's under pressure from 221 MPs – more than a third of all the people who sit in the House of Commons – who collectively signed a letter urging recognition. He's under pressure from Jeremy Corbyn's newly announced left-wing party, which placed alleged UK complicity in the Gaza horror at the centre of its launch, and the significant number of supporters it has attracted. And he's under pressure from top Labour figures, ranging from London Mayor Sadiq Khan to members of his own cabinet, who are pushing him on the matter both publicly and privately. Those calls have grown in the past few days, as images of starving children have been beamed around the world and French President Emmanuel Macron has announced France will formally recognise Palestine as a state. But the Prime Minister has remained firm, insisting he will only press forward at the moment when the move would have the maximum impact. Craig Munro breaks down Westminster chaos into easy to follow insight, walking you through what the latest policies mean to you. Sent every Wednesday. Sign up here. In a statement released on Thursday night, Starmer said: 'We are clear that statehood is the inalienable right of the Palestinian people. 'A ceasefire will put us on a path to the recognition of a Palestinian state and a two-state solution which guarantees peace and security for Palestinians and Israelis.' The UK is deeply entwined in the history of the region currently occupied by Israel and Palestine. In 1916, the British claimed control of the region called Palestine amid the collapse of the Ottoman Empire, and the following year, Foreign Secretary Arthur Balfour said the UK would back a 'national home' for the Jewish people in the area. A little over three decades later, in 1948, David Ben-Gurion declared the independence of Israel. The UN admitted Israel as a member in 1949, but not Palestine. It was not until 1988 that Palestinian statehood was recognised by any UN member states, after the Palestinian National Council formally declared independence. Today, 147 of the UN's 193 member states recognise Palestine, including the vast majority of the countries in Asia, Africa and South America. The UK, US, Canada, Germany, Japan, Australia and New Zealand are among the nations that do not. In 2014, MPs in the House of Commons voted to 274 to 12 in favour of recognising Palestine as a state. But David Cameron's government responded with a line that remains familiar today – that recognition would wait until it was deemed most appropriate for the peace process. On the face of it, the British government appears to be closer than ever to announcing formal recognition of a Palestinian state. Among the high-profile cabinet members reportedly arguing in favour are Deputy PM Angela Rayner, Home Secretary Yvette Cooper, Health Secretary Wes Streeting and Justice Secretary Shabana Mahmood. The UK has also been closely aligning with France on the issue, as part of the E3 group of nations alongside Germany. However, both Starmer and Foreign Secretary David Lammy have insisted publicly that the move is only worth making when it would be most effective in the pursuit of peace. On Tuesday, Lammy told the BBC: 'We don't just want to recognise symbolically, we want to recognise as a way of getting to the two states that sadly many are trying to thwart at this point in time.' Labour's election manifesto last year said the party is 'committed to recognising a Palestinian state as a contribution to a renewed peace process which results in a two-state solution with a safe and secure Israel alongside a viable and sovereign Palestinian state.' More Trending The letter signed by 221 MPs, organised by Labour's Sarah Champion, said the announcement of recognition should come at a UN conference co-chaired by France and Saudi Arabia on Monday and Tuesday. It said: 'British recognition of Palestine would be particularly powerful given its role as the author of the Balfour Declaration and the former Mandatory Power in Palestine. Since 1980 we have backed a two-state solution. 'Such a recognition would give that position substance as well as living up to a historic responsibility we have to the people under that Mandate.' Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Will there be a bank holiday and trophy parade if England win Women's Euro 2025? MORE: Empty shops to be turned into clubs and bars under new government plans MORE: Trump warns 'there'll be no Europe left' before immediately hitting golf course
The Independent
3 minutes ago
- The Independent
Images show dogs and their owners take to paddleboards for fun event on England's south coast
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference.
Scottish Sun
3 minutes ago
- Scottish Sun
Man becomes first Donald Trump protester arrested over ‘offensive sign' during President's visit to Scotland
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) POLICE arrested a man for alleged abusive behaviour moments after Donald Trump arrived in Scotland on Friday. The US President, 79, touched down at Prestwick Airport aboard Air Force One at around 8.30pm for his five-day private visit. Sign up for Scottish Sun newsletter Sign up 4 A man became the first Donald Trump protester to be arrested over an 'offensive sign' Credit: Getty 4 He was nicked by cops moments after the US President arrived in Scotland Credit: EPA 4 It happened while hundreds flocked to the Mound to watch Air Force One land at Prestwick Airport Credit: AP Mr Trump eventually surfaced at 8.40pm at the door of the aircraft, waving to the crowds, and was then welcomed by Scottish Secretary Ian Murray. The Republican chief was then whisked to his luxury Turnberry resort 20 miles down the Ayrshire coast, where he has been spotted playing golf over the weekend. But moments after Mr Trump's specially customised Boeing 747-200B jets landed, police arrested a man for alleged abusive behaviour. The man, aged 20, was next to the military airport in Ayrshire where Air Force One landed, holding a large sign. Witnesses have claimed that the writing on the placard had an offensive slur on it that was directed at Mr Trump. It is understood that the alleged incident unfolded in the Mound viewing point, which is close to Prestwick Airport. This is where a large crowd of people gathered to catch the iconic aircraft landing. A large number of officers were in the area at the time. One local said they heard a shout moments after the aircraft landed on the tarmac and saw police put the man in handcuffs. They added: "It all happened really quickly". Donald Trump tees off at luxury Turnberry course during Scots visit Officers confirmed that the man was arrested "for abusive behaviour and refusing to stop". They also issued him with a recorded police warning. Hundreds of Scots gathered to watch as the president of the free world arrived on Friday. Mr Trump spoke to members of the media after disembarking the plane, and hailed 007 legend Sir Sean Connery for helping him build his golf courses. He wasted no time in name-dropping the acting legend as he stepped off the flight from the States. Mr Trump said Connery, from Edinburgh, helped him get the permits for the two courses at the Menie Estate in Aberdeenshire that he will visit this week. The new course will be named after his mother, Mary MacLeod, who was born and raised on the Isle of Lewis. He said: 'There's no place like Turnberry. It's the best course in the world. 'My son is going to cut a ribbon for the second course in Aberdeen. 'We love you, Trump' DONALD Trump was seen blowing kisses to to supporters this morning as he teed off for a second round of golf at his luxury Turnberry resort. Three hardy Trump fans from Liverpool gathered on the dunes near the course today and shouted 'We Love you Trump' as he left the third green. Kay English, 38, said she and hubby Tom had travelled from England to show the President that he was loved by people in the UK. The pair wore 'Make England Great Again' caps modelled on the MAGA design and waved a Stars and Stripes. They held up a crude banner mocking Sir Keir Starmer which Mr Trump tried to read from the course. Kay said: "I shouted 'We love you, Trump' because I want him to realise those protests against him are the minority. "I was so happy that he blew me a kiss. I like him because he stands for the people, unlike our politicians." Mr Trump began his round around 10.45am with an entourage of 27 golf buggies following on behind him. The President was also joined by his son Eric again this morning on the Ailsa course. His other son Donald Trump Jr was also spotted on the course. The President always played first but appeared to be struggling with the brisk wind. He had to play out of a bunker on the fourth but was able to pitch from the sand in one shot. 'Sean Connery helped get me the permits, if it wasn't for Sean Connery we wouldn't have those great courses.' Despite the arrest, many Trump fans descended on the spot close to the runway from Friday morning to wait for his arrival. One supporter waved a Make America Great Again flag, while another man wore a cap with the tongue-in-cheek message Scotland Is Already Great emblazoned on it. Some youngsters were also seen sporting Mr Trump's signature red MAGA hat. The airport area was under heavy security, with scores of cops keeping a close eye on the crowds. Police snipers also stood watch on Prestwick's air traffic control tower and a scaffold platform close to where the Commander in Chief disembarked the iconic modified Boeing 747. Mr Trump's visit is expected to last until Tuesday, July 29. The President is also scheduled to meet Scottish First Minister John Swinney and Prime Minister Sir Keir Starmer during his trip. A massive £5million security operation has been rolled out to ensure his safety, with around 6,000 police officers drafted in from across the UK to support the efforts. We previously told how police and security services assessed fears that Mr Trump could be assassinated during his visit to Scotland after he survived an attempt at a rally in Pennsylvania last year. David Threadgold, General Secretary of the Scottish Police Federation, said "a huge amount of threat assessment and intelligence gathering' took place ahead of the visit.
