Latest news with #A920
Perth Now
4 days ago
- Business
- Perth Now
Tech stocks power Wall Street gains, tariff relief hope
Wall Street's main indexes have advanced, lifted by hopes that technology giants might dodge President Donald Trump's newest tariffs on chip imports. Apple's shares climbed 2.4 per cent, having risen 5.1 per cent and led gains on Wall Street in the prior session, after Trump said the iPhone maker will invest an additional $US100 billion ($A153 billion) in the US. This brings its total commitment to $US600 billion ($A920 billion) over the next four years. Trump also announced a tariff of about 100 per cent on imports of semiconductors, but said it would not apply to companies that are manufacturing in the US or have committed to do so. Shares of chipmakers Nvidia and Broadcom rose 1.3 per cent each, while peer Advanced Micro Devices advanced 3.0 per cent. The tech sector emerged as the top performer, gaining 1.1 per cent, while the healthcare sector fell to the bottom. Eli Lilly dropped 11.2 per cent after reporting data on its late-stage oral weight-loss drug. The drugmaker also raised its full-year profit forecast. In early trading on Thursday, the Dow Jones Industrial Average rose 263.08 points, or 0.60 per cent, to 44,456.20, the S&P 500 gained 37.82 points, or 0.60 per cent, to 6,382.88 and the Nasdaq Composite gained 177.85 points, or 0.84 per cent, to 21,347.27. Trump's higher tariffs of 10 per cent to 50 per cent on dozens of trading partners took effect on Thursday. Fresh signs of a faltering labour market, especially after a disappointing July payrolls report, have fuelled speculation that the Federal Reserve could soon kick off a rate-cutting cycle. Underscoring the jitters, new data showed jobless claims came in at 226,000 for the week of August 2, surpassing economists' expectations of 221,000. "It's certainly validating the increase in jobless claims we've been seeing, which also jives with the weakness we saw in the employment report," said Ben Laidler, head of equity strategy at Bradesco BBI. "The narrative is clear, the economy is slowing. It may not be headed towards recession, but it's definitely slowing." Traders are now betting almost fully on a September rate cut, with at least two moves expected this year, CME Group's FedWatch tool showed. Investors are also watching for Trump's interim replacement for Fed Governor Adriana Kugler in the coming days, amid expectations that the nominee would be a policy dove who will likely favour bringing interest rates lower. Kugler's resignation leaves an opening at the seven-member Fed Board led by Chair Jerome Powell, who Trump has repeatedly criticised for not cutting borrowing costs. Powell's tenure is due to end in May. Meanwhile, chipmaker Intel lost 0.7 per cent after Trump called for its chief executive's resignation, saying, "the Intel CEO is highly conflicted and should resign immediately". Second-quarter earnings barrage continued at full throttle. DoorDash topped revenue estimates and forecast a stronger-than-expected gross merchandise value for the current quarter. Its shares jumped 4.9 per cent. Datadog gained 6.2 per cent after beating estimates for second-quarter results. Airbnb slumped 8.4 per cent after the company forecast slower growth for the second half of the year. Advancing issues outnumbered decliners by a 4.32-to-1 ratio on the NYSE and by a 2.32-to-1 ratio on the Nasdaq. The S&P 500 posted 17 new 52-week highs and no new lows, while the Nasdaq Composite recorded 41 new highs and 28 new lows.
The Advertiser
29-07-2025
- Business
- The Advertiser
Trump considering 'world tariff' of 15-20 per cent
US President Donald Trump says most trading partners that do not negotiate separate trade deals will soon face tariffs of 15 per cent to 20 per cent on their exports to the United States, well above the broad 10 per cent tariff he imposed in April. Trump told reporters his administration will notify about 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20 per cent range," Trump told reporters, sitting alongside UK Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries - including Brazil - starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates including India, Pakistan, Canada and Thailand among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 per cent tariff on most EU goods, $US600 billion ($A920 billion) of investments in the US by European firms and $US750 billion in energy purchases over the next three years. That followed a $US550-billion deal with Japan last week and smaller agreements with the United Kingdom, Indonesia and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday - Trump's deadline for deals before higher rates take effect. Trump has repeatedly said he favours straightforward tariff rates over complex negotiations. "We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals." Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 per cent announced by Trump on some Canadian imports. Carney conceded this month that Canada - which sends 75 per cent of its exports to the United States - would likely have to accept some tariffs. US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes, seeking to extend a truce on tariffs by three months. US Treasury Chief Scott Bessent was part of a negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two governments reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office about 8pm and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Trump touched on the talks during a wide-ranging press conference with UK Prime Minister Keir Starmer in Scotland. "I'd love to see China open up their country," Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely. US President Donald Trump says most trading partners that do not negotiate separate trade deals will soon face tariffs of 15 per cent to 20 per cent on their exports to the United States, well above the broad 10 per cent tariff he imposed in April. Trump told reporters his administration will notify about 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20 per cent range," Trump told reporters, sitting alongside UK Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries - including Brazil - starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates including India, Pakistan, Canada and Thailand among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 per cent tariff on most EU goods, $US600 billion ($A920 billion) of investments in the US by European firms and $US750 billion in energy purchases over the next three years. That followed a $US550-billion deal with Japan last week and smaller agreements with the United Kingdom, Indonesia and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday - Trump's deadline for deals before higher rates take effect. Trump has repeatedly said he favours straightforward tariff rates over complex negotiations. "We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals." Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 per cent announced by Trump on some Canadian imports. Carney conceded this month that Canada - which sends 75 per cent of its exports to the United States - would likely have to accept some tariffs. US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes, seeking to extend a truce on tariffs by three months. US Treasury Chief Scott Bessent was part of a negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two governments reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office about 8pm and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Trump touched on the talks during a wide-ranging press conference with UK Prime Minister Keir Starmer in Scotland. "I'd love to see China open up their country," Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely. US President Donald Trump says most trading partners that do not negotiate separate trade deals will soon face tariffs of 15 per cent to 20 per cent on their exports to the United States, well above the broad 10 per cent tariff he imposed in April. Trump told reporters his administration will notify about 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20 per cent range," Trump told reporters, sitting alongside UK Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries - including Brazil - starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates including India, Pakistan, Canada and Thailand among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 per cent tariff on most EU goods, $US600 billion ($A920 billion) of investments in the US by European firms and $US750 billion in energy purchases over the next three years. That followed a $US550-billion deal with Japan last week and smaller agreements with the United Kingdom, Indonesia and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday - Trump's deadline for deals before higher rates take effect. Trump has repeatedly said he favours straightforward tariff rates over complex negotiations. "We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals." Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 per cent announced by Trump on some Canadian imports. Carney conceded this month that Canada - which sends 75 per cent of its exports to the United States - would likely have to accept some tariffs. US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes, seeking to extend a truce on tariffs by three months. US Treasury Chief Scott Bessent was part of a negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two governments reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office about 8pm and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Trump touched on the talks during a wide-ranging press conference with UK Prime Minister Keir Starmer in Scotland. "I'd love to see China open up their country," Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely. US President Donald Trump says most trading partners that do not negotiate separate trade deals will soon face tariffs of 15 per cent to 20 per cent on their exports to the United States, well above the broad 10 per cent tariff he imposed in April. Trump told reporters his administration will notify about 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20 per cent range," Trump told reporters, sitting alongside UK Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end decades of US trade deficits by imposing tariffs on nearly all trading partners, has already announced higher rates of up to 50 per cent on some countries - including Brazil - starting on Friday. The announcements have spurred feverish negotiations by a host of countries seeking lower tariff rates including India, Pakistan, Canada and Thailand among others. The US president on Sunday clinched a huge trade deal with the European Union that includes a 15 per cent tariff on most EU goods, $US600 billion ($A920 billion) of investments in the US by European firms and $US750 billion in energy purchases over the next three years. That followed a $US550-billion deal with Japan last week and smaller agreements with the United Kingdom, Indonesia and Vietnam. Other talks are ongoing, including with India, but prospects have dimmed for many more agreements before Friday - Trump's deadline for deals before higher rates take effect. Trump has repeatedly said he favours straightforward tariff rates over complex negotiations. "We're going to be setting a tariff for essentially, the rest of the world," he said again on Monday. "And that's what they're going to pay if they want to do business in the United States. Because you can't sit down and make 200 deals." Canadian Prime Minister Mark Carney said on Monday trade talks with the US were at an intense phase, conceding that his country was still hoping to walk away with a tariff rate below the 35 per cent announced by Trump on some Canadian imports. Carney conceded this month that Canada - which sends 75 per cent of its exports to the United States - would likely have to accept some tariffs. US and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes, seeking to extend a truce on tariffs by three months. US Treasury Chief Scott Bessent was part of a negotiating team that arrived at Rosenbad, the Swedish prime minister's office in central Stockholm, in the early afternoon. China's Vice Premier He Lifeng was also seen at the venue. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after the two governments reached preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Negotiators from the two sides were seen exiting the office about 8pm and did not stop to speak with reporters. The discussions are expected to resume on Tuesday. Trump touched on the talks during a wide-ranging press conference with UK Prime Minister Keir Starmer in Scotland. "I'd love to see China open up their country," Trump said. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. Trade analysts said another 90-day extension of a tariff and export control truce struck in mid-May between China and the United States was likely.
