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Japan Today
an hour ago
- Automotive
- Japan Today
Tokyo's Nikkei leads Asian rally after Japan-US trade deal
Japanese car makers soared on news that US tariffs on the sector would be slashed from 25 percent to 15 percent Tokyo stocks rallied with the yen Wednesday after Japan and the United States finally hammered out a trade deal to slash Donald Trump's tariffs, including those on the crucial car sector. Investors were also cheered by news that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that other countries will achieve deals to avoid the worst of the US president's levies. Despite a lack of deals being made leading up to Trump's self-imposed August 1 cut-off date, equity markets have been on the march in recent weeks on optimism that governments will eventually get over the line. Japan had been one of those yet to sign, despite a string of trips to Washington by trade envoy Ryosei Akazawa, dampening investor sentiment in Tokyo. But Trump said Tuesday that officials had agreed to a "massive" deal that would include a 15 percent tariff on imports from Japan, down from the previously threatened 25 percent. The pact also saw the 25 percent levy on autos -- a major export to the United States -- slashed to 15 percent. "We just completed a massive Deal with Japan, perhaps the largest Deal ever made," Trump announced on his Truth Social platform. "Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits." He did not provide further details on the investment plan, but claimed the deal "will create Hundreds of Thousands of Jobs." Japanese Prime Minister Shigeru Ishiba said that he needed to examine the deal before commenting. Akazawa wrote on X: "Mission accomplished." Traders poured back into the market, pushing the Nikkei up more than two percent thanks to soaring automakers. Tokyo and Mitsubishi rocketed around 12 percent and Nissan jumped more than nine percent. The yen strengthened to 146.20 per dollar -- compared with close to 148 Tuesday. The unit had already enjoyed a recent tick-up after Ishiba vowed to remain in office despite a devastating weekend election loss. Trump also hailed an agreement with Manila that will see the toll on Philippine goods lowered by one percentage point to 19 percent, while tariffs on Indonesia were slashed from 32 percent to 19 percent. Shares in Manila and Jakarta rose. The announcements boosted hopes that other deals could be in the pipeline before next Friday's deadline, though talks with the European Union and South Korea remain elusive for now. Still, US Treasury Secretary Scott Bessent said he would meet his Chinese counterparts in Stockholm next week for talks, as a separate mid-August deadline approaches for US levies on Beijing to snap back to steeper levels. Elsewhere in Asia, Hong Kong built on its 2025 surge to hit its highest level since late 2021, while Shanghai, Sydney, Singapore and Taipei were also well up. Seoul was flat and Wellington dipped. The advances came after a broadly positive day on Wall Street where the S&P 500 hit another peak but the Nasdaq snapped a six-day streak of records. Eyes are also on the release of earnings from Google parent Alphabet and other tech giants including Tesla and Intel. © 2025 AFP
The Hill
13 hours ago
- Business
- The Hill
Trump says media ‘on notice' after Paramount, ABC settlements
President Trump on Tuesday boasted that he had put mainstream media outlets 'on notice' following a pair of high-profile settlements paid to his foundation by major news networks in recent months to settle lawsuits he has brought against them. 'Just like ABC and George Slopadopoulos, CBS and its Corporate Owners knew that they defrauded the American People, and were desperate to settle,' Trump wrote on his Truth Social platform. 'This is another in a long line of VICTORIES over the Fake News Media, who we are holding to account for their widespread fraud and deceit.' Trump claimed he would also receive '$20 Million Dollars more from the new Owners,' in regard to Paramount's pending merger with Skydance, value he said would be paid 'in Advertising, PSAs, or similar Programming, for a total of over $36 Million Dollars.' Paramount has previously denied agreeing to pay anything more than the $16 million it announced publicly earlier this month, and a representative for the company did not immediately respond to a request for comment on Trump's Truth Social post. In December, ABC agreed to pay Trump's presidential foundation more than $15 million to settle a lawsuit he brought against the network over a segment that aired on ABC 'This Week.' Paramount's settlement came just days before CBS announced it would cancel 'The Late Show' and fire comedian Stephen Colbert, a decision the company called financial last week and a move that is being widely viewed by critics as a capitulation to Trump. Colbert, days before his cancellation, accused Paramount of paying Trump 'a big fat bribe' while fellow comedian Jon Stewart, who hosts 'The Daily Show' on Paramount property Comedy Central, cast doubt on his future with the network. Trump sought on Tuesday to paint mainstream media outlets as fearful of him, calling out 'The Wall Street Journal, The Failing New York Times, The Washington Post, MSDNC, CNN, and all other Mainstream Media Liars' who he said are now 'ON NOTICE that the days of them being allowed to deceive the American People are OVER.'
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Business Standard
13 hours ago
- Business
- Business Standard
Received $16 million payment after Paramount lawsuit settlement: Trump
US President Donald Trump said CBS parent company Paramount, opens new tab paid $16 million on Tuesday as part of a lawsuit settlement and that he expects to receive $20 million more. Paramount earlier this month agreed to settle a lawsuit filed by Trump over an interview with former Vice President Kamala Harris that the network broadcast in October. "We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes, CBS, and Paramount... Paramount/CBS/60 Minutes have today paid $16 Million Dollars in settlement, and we also anticipate receiving $20 Million Dollars more from the new Owners," Trump said in a post on Truth Social. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Iraqi News
14 hours ago
- Business
- Iraqi News
Central Bank of Iraq buys over 16.5 billion dollars from finance ministry in Q1 2025
Baghdad ( – The Central Bank of Iraq (CBI) announced on Tuesday (July 22, 2025) that it purchased over 16.5 billion US Dollars from the federal Ministry of Finance during the first quarter of 2025. According to an official statistic reviewed by Shafaq News Agency, the Central Bank acquired 16.593 billion Dollars in foreign currency from the Ministry of Finance during Q1 2025. In the same period, the bank sold a total of 20.980 billion Dollars through its daily auction. The report also noted that during the entirety of last year, 2024, the Central Bank had purchased 68.654 billion Dollars in foreign currency from the Ministry of Finance. In turn, it sold 77.652 billion Dollars through its daily foreign currency auction.
The Star
7 days ago
- Business
- The Star
Trump says Indonesia to face 19% tariff under trade deal
It remains unclear when the lower tariff level announced on July 15 will take effect for Indonesia. - AFP WASHINGTON: US President Donald Trump said Tuesday(July 15) that he had struck a trade pact with Indonesia resulting in significant purchase commitments from the country, following negotiations to avoid steeper tariffs. Indonesian goods entering the United States would face a 19 per cent tariff, Trump said in a post on his Truth Social platform. This is significantly below the 32 per cent level the president earlier threatened. "As part of the Agreement, Indonesia has committed to purchasing $15 Billion Dollars in US Energy, $4.5 Billion Dollars in American Agricultural Products, and 50 Boeing Jets, many of them 777's," Trump wrote. Boeing shares closed down 0.2 per cent after the announcement. The Trump administration has been under pressure to wrap up trade pacts after promising a flurry of deals recently, as countries sought talks with Washington to avoid the US president's tariff plans. But Trump has so far only unveiled other deals with Britain and Vietnam, alongside an agreement to temporarily lower tit-for-tat levies with China. Last week, Trump renewed his threat of a 32 per cent levy on Indonesian goods, saying in a letter to the country's leadership that this would take effect Aug1. It remains unclear when the lower tariff level announced Tuesday will take effect for Indonesia. The period over which its various purchases will take place was also not specified. Trump said on social media that under the deal, which was finalised after he spoke with Indonesian President Prabowo Subianto, goods that have been transshipped to avoid higher duties would face steeper levies. He separately told reporters that other deals were in the works, including with India, while talks with the European Union are continuing. Indonesia's former vice minister for foreign affairs, Dino Patti Djalal, told a Foreign Policy event Tuesday that government insiders had indicated they were happy with the new deal. Trump in April imposed a 10 per cent tariff on almost all trading partners, while announcing plans to eventually hike this level for dozens of economies, including the EU and Indonesia. But days before the steeper duties, customised to each economy, were due to take effect, he pushed the deadline back from July 9 to Aug 1. This marked his second postponement of the elevated levies. Instead, since early last week, Trump has been sending letters to partners, setting out the tariff levels they would face come August. So far, he has sent more than 20 such letters including to the EU, Japan, South Korea and Malaysia. Canada and Mexico, both countries that were not originally targeted in Trump's "reciprocal" tariff push in April, also received similar documents outlining updated tariffs for their products. But existing exemptions covering goods entering the United States under a North American trade pact are expected to remain in place, a US official earlier said. Trump has unveiled blanket tariffs on trading partners in part to address what his administration deems as unfair practices that hurt US businesses. Analysts have warned that without trade agreements, Americans could conclude that Trump's strategy to reshape US trading ties with the world has not worked. "In the public's mind, the tariffs are the pain, and the agreements will be the gain. If there are no agreements, people will conclude his strategy was flawed," William Reinsch, senior adviser at the Center for Strategic and International Studies, said previously. - AFP.
