Latest news with #AppleiPhones
Yahoo
4 days ago
- Business
- Yahoo
Stocks jump after Trump's EU tariff pause
In a move that's become something of a strategic mantra, President Donald Trump announced a pause on his promise to enact a new 50% trade tariff on import goods from the European Union following a conversation with European Commission President Ursula von der Leyen over the weekend. In a posting to Truth Social Monday morning, Trump defended last week's tariff declaration but said the progression of trade talks with EU officials was a positive sign that a new agreement could be reached. 'I was extremely satisfied with the 50% Tariff allotment on the European Union, especially since they were 'slow walking (to put it mildly!), our negotiations with them,'' Trump wrote. 'Remember, I am empowered to 'SET A DEAL' for Trade into the United States if we are unable to make a deal, or are treated unfairly. I have just been informed that the E.U. has called to quickly establish meeting dates. This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America. They will BOTH be very happy, and successful, if they do!!!' Investors were spooked by Trump's announcement last Friday that he was considering new tariffs on EU goods as well as foreign-made Apple iPhones and the major U.S. stock indexes all showed declines to end the week. But markets were buoyed by a Trump social media post on Sunday indicating that he was pushing out a potential start date for new EU tariffs from June 1 to July 9. Around midday Tuesday, the Dow Jones Industrial Average was up over 1.3%, the S&P 500 had gained 1.6% and the Nasdaq Composite had gained over 2%. In a Saturday post on X, von der Leyen shared an upbeat report on her talk with Trump and noted the 27-nation EU was poised to move forward with U.S. trade talks. 'Good call with @POTUS,' von der Leyen wrote. 'The EU and US share the world's most consequential and close trade relationship. Europe is ready to advance talks swiftly and decisively. To reach a good deal, we would need the time until July 9." New data showing an unexpectedly sharp rise in consumer confidence in May was also helping boost investor markets following the Memorial Day holiday. The Conference Board reported on Tuesday its Consumer Confidence Index increased by 12.3 points in May to 98.0, up from 85.7 in April. The jump exceeded the Dow Jones Consensus expectation of an 86 reading, per a report from CNBC. Stephanie Guichard, senior economist for the Conference Board, said declining international trade tensions had a positive impact on U.S. consumer outlooks across multiple categories. 'Consumer confidence improved in May after five consecutive months of decline,' Guichard said in the report. 'The rebound was already visible before the May 12 U.S.-China trade deal but gained momentum afterwards. The monthly improvement was largely driven by consumer expectations as all three components of the Expectations Index — business conditions, employment prospects and future income — rose from their April lows." While consumer confidence was mostly on the rise in May, Americans' collective feelings about job prospects remained a weak spot. 'Consumers were less pessimistic about business conditions and job availability over the next six months and regained optimism about future income prospects,' Guichard said. 'Consumers' assessments of the present situation also improved. However, while consumers were more positive about current business conditions than last month, their appraisal of current job availability weakened for the fifth consecutive month.' The new report also notes consumers had a positive response to trends in U.S. investment markets which have, in spite of last Friday's down cycle, been mostly in recovery mode since the most severe of Trump's earlier trade decrees were put on pause. 'With the stock market continuing to recover in May, consumers' outlook on stock prices improved, with 44% expecting stock prices to increase over the next 12 months (up from 37.6% in April) and 37.7% expecting stock prices to decline (down from 47.2% in April)," Guichard said. 'This was one of the survey questions with the strongest improvement after the May 12 trade deal.' On May 12, Trump announced a 90-day pause on his previous 145% tariff assessment on many imported goods from China. That move followed an April 9 pause on a wide swath of reciprocal international tariffs revealed a week earlier in Trump's self-proclaimed 'Liberation Day' decree. The on-again, off-again tariff policy gyrations have cast a cloud of uncertainty over the U.S. business sector and roiled investment markets. And a growing number of U.S. businesses, including retail giant Walmart, have recently signaled coming price increases due to tariff assessments, in spite of the various pauses on previously announced levies. Here's where new U.S. tariffs stand for the moment: China tariffs now at 30%, including a 10% base rate and 20% fentanyl-targeted levy. Tariffs of 25% are in place on steel and aluminum imports, imported automobiles and goods from Canada and Mexico not covered by the United States-Mexico-Canada Agreement. Imports from all other countries are subject to a 10% trade levy. Sign in to access your portfolio
Deccan Herald
6 days ago
- Business
- Deccan Herald
India's overall exports may cross $1 trillion mark in FY26: FIEO President
CEO and Director General of FIEO Ajay Sahai said exports of Apple iPhones and other smartphones are likely to post robust growth despite the US tariffs.
Yahoo
7 days ago
- Business
- Yahoo
Bitcoin Regains $110K After Weekend Sell-Off; ADA, DOGE Lead Uptick in Crypto Majors
Bitcoin BTC rebounded to just under $110,000 on Monday after a turbulent weekend sell-off triggered by U.S. President Donald Trump's abrupt tariff threats on the European Union (EU). After the tariff announcement, a temporary easing in trade tensions contributed to a recovery in digital assets. Trump extended the deadline for the proposed 50% tariffs on European imports to July 9, with U.S. and European index futures moving higher ahead of the weekly open. Cardano's ADA and Dogecoin rose as much as 3% in the past 24 hours, leading gains among the top ten tokens. The bounce reflects broader relief across global risk assets: U.S. and European equity futures gained over 1%, the dollar weakened to multi-month lows, and demand for safe havens like gold and Treasuries dipped slightly. Over the weekend, bitcoin had plunged from above $111,000 to as low as $108,600 in response to Trump's threats of steep levies on EU goods and Apple iPhones manufactured abroad. The resulting risk-off sentiment erased over $500 million in long liquidations across the crypto market, with futures tied to bitcoin, ether ETH, Cardano's ADA, Solana's SOL, and Dogecoin {[DOGE}} all taking heavy losses. But the tone shifted early Monday. 'On one hand, this past weekend's dip showed us how quickly crypto can fall from macro shocks,' said Jeff Mei, COO at BTSE, said in a Telegram message. 'On the other, the speedy extension of tariff deadlines reinforces the belief that the worst is over. Traders are cautiously accumulating again,' Mei added. Options flows suggest that optimism is creeping back in. In a broadcast message on Saturday, Singapore-based QCP Capital noted a renewed demand for topside exposure, with 1,000 contracts of the September 130K BTC call being swept up. The firm pointed to a 'constructive medium-term setup,' citing persistent ETF inflows, regulatory progress in the U.S., and continued institutional demand, including Strategy's $2.1 billion raise for additional bitcoin purchases.
Miami Herald
7 days ago
- Business
- Miami Herald
Billionaire fund manager's message on trade deficit may shock you
There's significant debate this year over tariffs. Proponents think tariffs will strongarm a return to US manufacturing while opponents believe tariffs are a consumer tax that could send the U.S. economy reeling. President Trump falls firmly into the tariffs-are-good camp. So far, he's slapped 25% tariffs on Canada, Mexico, and Autos. He also instituted a 10% baseline tariff on imports, and despite a recent rollback, still maintains a hefty 30% tariff on China, one of our largest trading partners. Related: Fed official sends strong message about interest-rate cuts Trump has even gone so far as to propose a whopper 50% tariff on the European Union, plus 25% tariffs on Apple iPhones and Samsung smartphones. All of these decisions are designed to reduce the U.S. trade deficit. The deficit for goods alone was a record $1.21 trillion last year, up from $1.18 trillion in 2022. The moves may encourage commitments to create new manufacturing plants in America, but not everyone is convinced that trade deficits justify tariffs, including Billionaire Ken Fisher, founder of Fisher Investments, which has nearly $300 billion in assets under management. Michael M. Santiago/Getty Images Trade deficits aren't necessarily a good thing, but they're not necessarily bad either. Increased imports from lower-cost countries can mean lost jobs, particularly in industries where labor costs are high, or gross margins are small. As a result, manufacturing jobs have been hit hardest by the trade deficit. Related: Billionaire fund manager has sharp one-word reaction to tariff's impact on manufacturing While job losses are concerning, trade deficits also mean that US consumers benefit from deflationary forces associated with importing goods from low-cost countries, like China. Clothing, electronics, car parts, and yes, iPhones, for instance, are much less expensive than they'd be if they were built in the United States. As a result, whether trade deficits are good or bad is likely influenced by your personal situation. Zoom out, however, and you realize that trade deficits aren't nearly as big of a problem for the US economy as other challenges, including inflation, which zaps economic activity, causing job losses, or mounting U.S. debt, which threatens higher interest rates on everything from credit cards to mortgages. In a recent post on "X," Fisher debunked the concept that trade deficits are bad, going as far as to label the idea as "ignorant." "Countries have run trade deficits, surpluses forever," said Fisher. "They've never been causal. People are afraid of the word deficit because it sounds bad... In reality, it's just an accounting model." Related: Jamie Dimon sends terse message on stocks, economy Fisher points out that this accounting simply measures the flow of money. Trade deficits or surpluses don't cause economic outcomes, they're a byproduct of them. As evidence, he points toward Germany and France, two very close trading partners similar to the U.S. and Mexico. Germany has long run a trade surplus and France a trade deficit with one another, yet each has seen their economy grow similarly. To further make his point, he says each of us "runs a trade deficit most of our life," because "you buy stuff," like groceries, exchanging our money for goods and services in a "one-way negative cash flow" relationship. "Is that deficit costing you?" Said Fisher. "No. You do something else outside somewhere that gets you what you need elsewhere." Fisher also points out that states have trade imbalances with other states, including some of the fastest growing states, like Tennessee or Georgia, that run negative trade balances. "America, land of the free home of the brave, has grown faster than most all of the countries that have trade surpluses against us," said Fisher. "We're doing other things that make use grow faster, as we grow faster, we become wealthier." Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Mint
7 days ago
- Business
- Mint
Gold falls nearly 1% after Trump extends tariff deadline on EU goods
Trump extends EU trade talk deadline to July 9 Citi upgrades its zero-to-three month gold price target Markets in the United States and Britain closed May 26 - Gold prices fell nearly 1% on Monday after U.S. President Donald Trump dropped his threat to impose 50% tariffs on goods from the European Union from June 1, reducing demand for the safe-haven asset. Spot gold slipped 0.8% at $3,332.04 an ounce by 1250 GMT. U.S. gold futures fell 1% to $3,331.90. "I would call it a range-trading day," said Giovanni Staunovo, UBS analyst, attributing the modest drop in prices to Trump's decision to delay the imposition of higher tariffs on the EU. "With U.S. Memorial Day, activity is likely to be on the lower end today." Markets in the United States and Britain were closed on Monday due to public holidays. Trump on Sunday restored a July 9 deadline to allow for talks between Washington and the European Union to produce a deal. On Friday, gold prices recorded their best week in six last week, after Trump renewed tariff threats on EU goods and said he was considering a 25% tariff on any Apple iPhones that are sold in the U.S. but not made there. "We still look for higher prices over the coming months, expecting the yellow metal to retest the level of $3,500/oz," Staunovo said. Meanwhile, China's net gold imports via Hong Kong more than doubled in April from March, and were the highest since March 2024, data showed. Citi on Sunday upgraded its zero-to-three month price target for gold back to $3,500/oz - from $3,150 - amid U.S. tariff policies, geopolitical risks and concerns around the U.S. budget. The bank expects gold prices to consolidate between $3,100/oz and $3,500/oz. Geopolitical risks include the war in Ukraine. Russia attacked Ukraine for a third night in a row, Ukrainian regional officials and emergency services said, a day after the biggest aerial attack of the war so far. Spot silver eased 0.3% to $33.38, platinum fell 0.6% to $1,088.53 and palladium lost 0.6% to $987.27. This article was generated from an automated news agency feed without modifications to text.
