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Business Recorder
7 days ago
- Business
- Business Recorder
Asian stocks rally fades as Japan debt sale disappoints
HONG KONG: Asian equities wobbled Wednesday as investors struggled to track a Wall Street rally fuelled by forecast-beating US consumer confidence data, with a weak Japanese debt sale adding to worries about rising bond yields. New York investors returned to their desks after a long weekend break in a good mood after Donald Trump delayed until July the 50 percent tariffs on the European Union he announced out of the blue on Friday, sparking a market rout. The US president's announcement Sunday delaying them soothed worries about a fresh flare-up in his trade war that has rattled global sentiment, fanned uncertainty and led some to question their confidence in the world's biggest economy. Buying was also boosted by Trump's post on social media flagging progress with Brussels. 'I have just been informed that the E.U. has called to quickly establish meeting dates,' he said on his Truth Social platform. '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.' Markets also cheered data showing a bigger-than-expected jump in US consumer confidence thanks to a slight easing of trade tensions, particularly with China. However, investors were unable to maintain their momentum, with optimism sapped by the disappointing sale of 40-year Japanese government bonds (JGBs). Hong Kong, Sydney, Mumbai and Jakarta all fell, with Wellington also in the red even after New Zealand's central bank cut interest rates for the sixth meeting in a row. Shanghai and Jakarta were barely moved, while Singapore, Seoul, Taipei, Manila and Bangkok rose with London, Frankfurt and Paris. Tokyo was flat and the yen lost early gains after the auction of the long-term JGBs was met with the worst take-up since July. That came after last week saw the worst auction of 20-year notes for more than a decade. The cost of government debt has surged around the world in recent weeks — hitting record highs last week in Japan — amid worries about rising spending as leaders try to support their economies and after Trump's April 2 tariff blitz. The Bank of Japan's decision to reduce its purchases of JGBs — as it looks to tighten monetary policy in the face rising inflation — has added to the rising yields. The poor result reversed Tuesday's rally that came after Japan's Ministry of Finance sent a questionnaire to market players regarding issuance, fuelling talk that it was considering slowing its sales down, meaning there would be less supply. Bonds yields rise and prices fall when demand is weak. Still, Masahiko Loo, senior fixed income strategist at State Street Global Advisors, said the JGB panic may have been overdone. 'We maintain our long-standing view that the challenges in the JGB market are technical rather than structural. These issues are largely addressable through adjustments in issuance volume or composition,' he wrote in a commentary. 'We believe the concern on loss of control over the super-long end is overblown. Around 90 percent of JGBs are domestically held, and the 'don't fight the BOJ/MOF' mantra remains a powerful anchor,' he added, referring to the Bank of Japan and Ministry of Finance. 'Any perceived supply-demand imbalance is more a matter of timing mismatches, which is a technical dislocation rather than a fundamental flaw. 'We expect these imbalances to be resolved as early as the third quarter of 2025. The MOF potential reduction headline reinforces our view.'
Yahoo
28-05-2025
- Business
- Yahoo
Trump tariffs live updates: India proposes steep US tariff cuts as nations race to cut deals
India has reportedly offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities, such as food grains and dairy products, according to a report in the FT on Wednesday. India is not the only trading partner seeking a tariff reprieve. The European Union has agreed to fast-track trade talks with the US in a bid to avoid President Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9. "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," Trump posted to social media on Tuesday. "They will BOTH be very happy, and successful, if they do!!!" On Tuesday, a Bloomberg report said the EU's trade chief, Maroš Šefčovič, will lead political negotiations and is focusing on key sectors such as semiconductors, automobiles, pharmaceuticals and aluminum to avoid tariffs, according to sources. Šefčovič also said the EU held "good calls" with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump's tariff-fueled push to rework global trade relationships. Earlier on Monday, the EU said that the result of the weekend phone call between Trump and European Commission President Ursula von der Leyen provided "new impetus for the negotiations." At the same time, sticking points remain. Trump had been frustrated with the pace of negotiations, saying last week that the bloc has been "very difficult to deal with." Meanwhile, Apple (AAPL) remains in high focus after Trump said the company would face 25% tariffs if it didn't move iPhone production to the US. He later said that would apply to other phone makers, including Samsung ( Nvidia (NVDA) is also set for a high-stakes earnings report Wednesday, its first since many of the tariffs went into effect. Its stock has swung wildly this year amid Trump's tariffs and other moves. Live updates: Nvidia's earnings report Here are the latest updates as the policy reverberates around the world. Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as Macy's (M) and Michael Kors parent company Capri (CAPR) both lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here. Reuters reports: Read more here. In the latest AP dispatch from Frankfurt, which details how the European Union's chief trade negotiator said he had 'good calls' with Trump administration officials on Monday, David McHugh noted that the EU "has offered Trump a 'zero for zero' deal in which tariffs would be removed on industrial goods including automobiles, but the U.S. administration has said it will not lower tariffs below a 10% baseline imposed on almost all its trading partners. Trump has also announced tariffs of 25% on steel and automobiles." That raises the question of where the negotiations, which got back on the rails over the weekend after a call between President Trump and EU Commission President Ursula von der Leyen, will go from here — and what Trump will have to say next time he discusses the $1.8 trillion trade relationship. Read more here. The European Union, which has 27 member states, comprises the largest US trade partner. But President Trump may be demanding more that the EU can stomach in ongoing trade talks. Later on in the piece, there's a quote from Irish agriculture minister Martin Heydon: "We are one of the most important trading partners for the U.S. So we shouldn't just agree to whatever the demand is from the White House. We should negotiate and explain that mutually beneficial nature of the trade." Read more here. Andy Bounds at FT makes a couple of simple-but-notable points as the US and EU navigate President Trump's erratic trade policy: Read more here (premium). Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as Macy's (M) and Michael Kors parent company Capri (CAPR) both lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here. Reuters reports: Read more here. In the latest AP dispatch from Frankfurt, which details how the European Union's chief trade negotiator said he had 'good calls' with Trump administration officials on Monday, David McHugh noted that the EU "has offered Trump a 'zero for zero' deal in which tariffs would be removed on industrial goods including automobiles, but the U.S. administration has said it will not lower tariffs below a 10% baseline imposed on almost all its trading partners. Trump has also announced tariffs of 25% on steel and automobiles." That raises the question of where the negotiations, which got back on the rails over the weekend after a call between President Trump and EU Commission President Ursula von der Leyen, will go from here — and what Trump will have to say next time he discusses the $1.8 trillion trade relationship. Read more here. The European Union, which has 27 member states, comprises the largest US trade partner. But President Trump may be demanding more that the EU can stomach in ongoing trade talks. Later on in the piece, there's a quote from Irish agriculture minister Martin Heydon: "We are one of the most important trading partners for the U.S. So we shouldn't just agree to whatever the demand is from the White House. We should negotiate and explain that mutually beneficial nature of the trade." Read more here. Andy Bounds at FT makes a couple of simple-but-notable points as the US and EU navigate President Trump's erratic trade policy: Read more here (premium). 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Yahoo
28-05-2025
- Business
- Yahoo
Trump tariffs live updates: India proposes steep US tariff cuts as nations race to cut deals
India has reportedly offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities, such as food grains and dairy products, according to a report in the FT on Wednesday. India is not the only trading partner seeking a tariff reprieve. The European Union has agreed to fast-track trade talks with the US in a bid to avoid President Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9. "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," Trump posted to social media on Tuesday. "They will BOTH be very happy, and successful, if they do!!!" On Tuesday, a Bloomberg report said the EU's trade chief, Maroš Šefčovič, will lead political negotiations and is focusing on key sectors such as semiconductors, automobiles, pharmaceuticals and aluminum to avoid tariffs, according to sources. Šefčovič also said the EU held "good calls" with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump's tariff-fueled push to rework global trade relationships. Earlier on Monday, the EU said that the result of the weekend phone call between Trump and European Commission President Ursula von der Leyen provided "new impetus for the negotiations." At the same time, sticking points remain. Trump had been frustrated with the pace of negotiations, saying last week that the bloc has been "very difficult to deal with." Meanwhile, Apple (AAPL) remains in high focus after Trump said the company would face 25% tariffs if it didn't move iPhone production to the US. He later said that would apply to other phone makers, including Samsung ( Nvidia (NVDA) is also set for a high-stakes earnings report Wednesday, its first since many of the tariffs went into effect. Its stock has swung wildly this year amid Trump's tariffs and other moves. Live updates: Nvidia's earnings report Here are the latest updates as the policy reverberates around the world. Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as Macy's (M) and Michael Kors parent company Capri (CAPR) both lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here. Reuters reports: Read more here. In the latest AP dispatch from Frankfurt, which details how the European Union's chief trade negotiator said he had 'good calls' with Trump administration officials on Monday, David McHugh noted that the EU "has offered Trump a 'zero for zero' deal in which tariffs would be removed on industrial goods including automobiles, but the U.S. administration has said it will not lower tariffs below a 10% baseline imposed on almost all its trading partners. Trump has also announced tariffs of 25% on steel and automobiles." That raises the question of where the negotiations, which got back on the rails over the weekend after a call between President Trump and EU Commission President Ursula von der Leyen, will go from here — and what Trump will have to say next time he discusses the $1.8 trillion trade relationship. Read more here. The European Union, which has 27 member states, comprises the largest US trade partner. But President Trump may be demanding more that the EU can stomach in ongoing trade talks. Later on in the piece, there's a quote from Irish agriculture minister Martin Heydon: "We are one of the most important trading partners for the U.S. So we shouldn't just agree to whatever the demand is from the White House. We should negotiate and explain that mutually beneficial nature of the trade." Read more here. Andy Bounds at FT makes a couple of simple-but-notable points as the US and EU navigate President Trump's erratic trade policy: Read more here (premium). Yahoo Finance's senior reporter Hamza Shaban reports on Wall Street's dilemma with Trump's tariffs: Read more here. More retailers are feeling the impact of Trump's tariffs as Macy's (M) and Michael Kors parent company Capri (CAPR) both lowered their annual profit and revenue forecasts on Wednesday, citing tariffs as the cause. Capri cut its revenue forecast for 2026, signaling that tariff-related uncertainty was weighing on demand for its handbags and accessories in North America and Asia. Macy's followed in a similar fashion: Yahoo Finance senior reporter Brooke DiPalma said the company reaffirmed its sales guidance, but revised its earnings outlook due to uncertainty surrounding tariffs, consumer sentiments, and the competitive landscape. Macy's is facing multiple macro headwinds as consumer sentiment sags, costs rise with Trump's tariffs, and trends grow toward e-commerce and direct-to-consumer. Read more here. Reuters reports: Read more here. India has offered steep cuts to its import tariffs on a range of goods in talks with the US, but is said to be retaining high duties on certain agricultural commodities, according to people familiar with the negotiations. The FT reports: Read more here. Reuters reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here. Reuters reports: Read more here. In the latest AP dispatch from Frankfurt, which details how the European Union's chief trade negotiator said he had 'good calls' with Trump administration officials on Monday, David McHugh noted that the EU "has offered Trump a 'zero for zero' deal in which tariffs would be removed on industrial goods including automobiles, but the U.S. administration has said it will not lower tariffs below a 10% baseline imposed on almost all its trading partners. Trump has also announced tariffs of 25% on steel and automobiles." That raises the question of where the negotiations, which got back on the rails over the weekend after a call between President Trump and EU Commission President Ursula von der Leyen, will go from here — and what Trump will have to say next time he discusses the $1.8 trillion trade relationship. Read more here. The European Union, which has 27 member states, comprises the largest US trade partner. But President Trump may be demanding more that the EU can stomach in ongoing trade talks. Later on in the piece, there's a quote from Irish agriculture minister Martin Heydon: "We are one of the most important trading partners for the U.S. So we shouldn't just agree to whatever the demand is from the White House. We should negotiate and explain that mutually beneficial nature of the trade." Read more here. Andy Bounds at FT makes a couple of simple-but-notable points as the US and EU navigate President Trump's erratic trade policy: Read more here (premium). 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Yahoo
28-05-2025
- Business
- Yahoo
Trump tariffs live updates: India proposes steep US tariff cuts in trade push
India has reportedly offered the US steep tariff cuts but is seeking to retain high duties on some agricultural commodities, such as food grains and dairy products, according to a report in the FT on Wednesday. India, which is racing to secure a deal with the Trump Administration before July 9, has proposed substantial tariff reductions. 'There is a possibility of a very deep tariff reduction from India under the bilateral trade agreement,' said one of the people familiar with India's stance on the talks, who asked not to be identified because they were confidential. 'But this is subject to a very balanced outcome for both sides.' India is not the only trading partner seeking tariff reprieve. The European Union has agreed to fast-track trade talks with the US in a bid to avoid President Trump's 50% tariffs — which, in an about-face, he announced would be delayed until July 9. "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," Trump posted to social media on Tuesday. "They will BOTH be very happy, and successful, if they do!!!" On Tuesday, a Bloomberg report said that the EU's trade chief, Maroš Šefčovič will lead political negotiations and is focusing on key sectors such as semiconductors, automobiles, pharmaceuticals and aluminum to avoid tariffs, according to sources. Šefčovič also said the EU held "good calls" with Trump administration officials on Monday after the close trading partners moved forward with negotiations amid Trump's tariff-fueled push to rework global trade relationships. Earlier on Monday, the EU said that the result of the weekend phone call between Trump and European Commission President Ursula von der Leyen provided "new impetus for the negotiations." At the same time, sticking points remain. On Sunday evening, two days after asserting that the bloc has been "very difficult to deal with" and declaring that discussions were "going nowhere," Trump pushed back a June 1 deadline for a "straight 50% Tariff on the European Union" to July 9. The EU, which has 27 member states, comprises the largest US trade partner. The US has reportedly been pressuring the EU to cut tariffs on American goods. The EU is reportedly readying some $108B in retaliatory tariffs if talks fail. Meanwhile, Apple (AAPL) remains in high focus after Trump said the company would face 25% tariffs if it didn't move iPhone production to the US. He later said that would apply to other phone makers, including Samsung ( On Friday, Treasury Secretary Scott Bessent sought to soothe market worries over Trump's initial EU and Apple announcements by pledging that the US would announce "several" large trade deals in the coming weeks. Here are the latest updates as the policy reverberates around the world. Bloomberg News reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here. Reuters reports: Read more here. In the latest AP dispatch from Frankfurt, which details how the European Union's chief trade negotiator said he had 'good calls' with Trump administration officials on Monday, David McHugh noted that the EU "has offered Trump a 'zero for zero' deal in which tariffs would be removed on industrial goods including automobiles, but the U.S. administration has said it will not lower tariffs below a 10% baseline imposed on almost all its trading partners. Trump has also announced tariffs of 25% on steel and automobiles." That raises the question of where the negotiations, which got back on the rails over the weekend after a call between President Trump and EU Commission President Ursula von der Leyen, will go from here — and what Trump will have to say next time he discusses the $1.8 trillion trade relationship. Read more here. The European Union, which has 27 member states, comprises the largest US trade partner. But President Trump may be demanding more that the EU can stomach in ongoing trade talks. Later on in the piece, there's a quote from Irish agriculture minister Martin Heydon: "We are one of the most important trading partners for the U.S. So we shouldn't just agree to whatever the demand is from the White House. We should negotiate and explain that mutually beneficial nature of the trade." Read more here. Andy Bounds at FT makes a couple of simple-but-notable points as the US and EU navigate President Trump's erratic trade policy: Read more here (premium). (Bloomberg) — The European Union could retaliate against US technology companies if the trade conflict with Donald Trump's administration escalates, German Chancellor Friedrich Merz said. ... 'At the moment, we strongly protect US tech companies — also on taxes,' Merz said Monday in Berlin at the WDR Europaforum conference. 'That can be changed, but I don't want to escalate this conflict. I want to solve it together.' Read more here. The US and EU planned to hold trade talks on Monday afternoon after a phone call between President Donald Trump and European Commission President Ursula von der Leyen seems to have gotten negotiations back on the rails after US complaints and renewed tariff threats. "There's now also a new impetus for the negotiations, and we will take it from there," an EU spokesperson told Reuters. "They agreed both to fast track the trade negotiations and to stay in close contact." Read more here. Apple stock tumbled on Friday after President Trump directly threatened the iPhone maker with tariffs, disrupting Apple's balancing act between the US and China, and now we have a bit more context on the recent outbursts. Tripp Mickle of the New York Times reports that Apple CEO Tim Cook declined the White House's tacit invitation to travel with Trump to the Middle East, and the president seems to have taken that personally. 'I mean, Tim Cook isn't here but you are,' Trump said to Nvidia CEO Jensen Huang at one event. At another event, the president said he 'had a little problem with Tim Cook," later adding: "I hear you're building all over India. I don't want you building in India.' Read more here. President Trump announced Sunday that the US will postpone the implementation of a 50% tariff on European Union goods until July 9, 2025, providing a window for renewed negotiations with the bloc. The tariffs, originally set to take effect on June 1, had sparked concerns over escalating trade tensions. The decision followed a phone call with European Commission President Ursula von der Leyen, who Trump said expressed a strong desire to engage in 'serious negotiations.' Speaking to reporters in Morristown, New Jersey, Trump emphasized that he had been urging the EU to return to the table. Trump said von der Leyen committed to acting quickly to resolve the dispute. Trump had previously threatened the tariffs in a social media post on Friday, citing stalled talks and accusing the EU of being 'very difficult to deal with.' However, Sunday's conversation appeared to ease those concerns. Trump posted the below to Truth Social on Sunday evening. Von der Leyen also publicly reacted to the call, underscoring the importance of the transatlantic economic partnership. 'Europe is ready to advance talks swiftly and decisively,' she said. 'To reach a good deal, we would need the time until July 9.' The delay gives both sides breathing room to avoid a costly escalation that could disrupt one of the world's most significant trade relationships. German Finance Minister Lars Klingbeil urged restraint in the escalating trade dispute between the European Union and the US in an interview with Bild am Sonntag. 'We don't need any more provocations now, but serious negotiations,' the German Sunday tabloid cited Klingbeil as saying. The minister said he had discussed 'precisely this' with US Treasury Secretary Scott Bessent. 'The US tariffs are endangering the American economy at least as much as the German and European economies,' Klingbeil said. 'This trade conflict harms everyone and must be ended quickly.' At the same time, Europe is 'united and determined to defend our interests,' the minister said. Klingbeil's comments echo the response from EU officials to US President Donald Trump's threat on Friday to impose a 50% tariff on EU imports from June 1, which sent stocks on both sides of the Atlantic tumbling. Read more here. Bloomberg News reports: Read more here. As the US and European Union negotiate a new trade deal to avoid President Trump-imposed tariffs, it's worth taking a moment to note that the US and the EU have the largest bilateral trade relationship in the world. According to the Council of the European Union (and converted to USD), the transatlantic trade in goods and services topped 1.8 trillion in 2023 after a post-pandemic surge: A measure of tariff revenue has spiked this month as importers paid the baseline "Liberation Day" tariffs that went into effect on April 5, along with other duties set by President Trump. Government receipts for "Customs and Certain Excise Taxes" have already topped $22.3 billion this month, according to Treasury Department data. Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. Yahoo Finance's Josh Schafer reports: Read more here. The Chinese Premier Li Qiang has urged Southeast Asian and Gulf states to help create a 'big market', in a bid to counter US efforts to isolate China's economy. Bloomberg News reports: Read more here. Reuters reports: Read more here. Retailers, who have suffered under Trump's tariffs, are increasingly warming to offers to sell in order to escape market volatility that has caused company valuations to seesaw in recent months, according to a report in Reuters. Reuters reports: Read more here. Bloomberg News reports: Read more here. Malaysia's Trade and Industry minister Zafrul Aziz said that the US reducing its proposed tariffs on Malaysia to 10% is a positive move, conceding that a previously hoped for levy of zero may not be possible. Bloomberg News reports: Read more here. Trump tariffs are staring to impact everything from retail prices to consumer spending and now, a Spanish hatmaker with a 40-year tradition of supplying felt hats to orthodox Jews in the US has become the latest casualty of the president's trade war. Reuters reports: Read more here. Reuters reports: Read more here. In the latest AP dispatch from Frankfurt, which details how the European Union's chief trade negotiator said he had 'good calls' with Trump administration officials on Monday, David McHugh noted that the EU "has offered Trump a 'zero for zero' deal in which tariffs would be removed on industrial goods including automobiles, but the U.S. administration has said it will not lower tariffs below a 10% baseline imposed on almost all its trading partners. Trump has also announced tariffs of 25% on steel and automobiles." That raises the question of where the negotiations, which got back on the rails over the weekend after a call between President Trump and EU Commission President Ursula von der Leyen, will go from here — and what Trump will have to say next time he discusses the $1.8 trillion trade relationship. Read more here. The European Union, which has 27 member states, comprises the largest US trade partner. But President Trump may be demanding more that the EU can stomach in ongoing trade talks. Later on in the piece, there's a quote from Irish agriculture minister Martin Heydon: "We are one of the most important trading partners for the U.S. So we shouldn't just agree to whatever the demand is from the White House. We should negotiate and explain that mutually beneficial nature of the trade." Read more here. Andy Bounds at FT makes a couple of simple-but-notable points as the US and EU navigate President Trump's erratic trade policy: Read more here (premium). (Bloomberg) — The European Union could retaliate against US technology companies if the trade conflict with Donald Trump's administration escalates, German Chancellor Friedrich Merz said. ... 'At the moment, we strongly protect US tech companies — also on taxes,' Merz said Monday in Berlin at the WDR Europaforum conference. 'That can be changed, but I don't want to escalate this conflict. I want to solve it together.' Read more here. The US and EU planned to hold trade talks on Monday afternoon after a phone call between President Donald Trump and European Commission President Ursula von der Leyen seems to have gotten negotiations back on the rails after US complaints and renewed tariff threats. "There's now also a new impetus for the negotiations, and we will take it from there," an EU spokesperson told Reuters. "They agreed both to fast track the trade negotiations and to stay in close contact." Read more here. Apple stock tumbled on Friday after President Trump directly threatened the iPhone maker with tariffs, disrupting Apple's balancing act between the US and China, and now we have a bit more context on the recent outbursts. Tripp Mickle of the New York Times reports that Apple CEO Tim Cook declined the White House's tacit invitation to travel with Trump to the Middle East, and the president seems to have taken that personally. 'I mean, Tim Cook isn't here but you are,' Trump said to Nvidia CEO Jensen Huang at one event. At another event, the president said he 'had a little problem with Tim Cook," later adding: "I hear you're building all over India. I don't want you building in India.' Read more here. President Trump announced Sunday that the US will postpone the implementation of a 50% tariff on European Union goods until July 9, 2025, providing a window for renewed negotiations with the bloc. The tariffs, originally set to take effect on June 1, had sparked concerns over escalating trade tensions. The decision followed a phone call with European Commission President Ursula von der Leyen, who Trump said expressed a strong desire to engage in 'serious negotiations.' Speaking to reporters in Morristown, New Jersey, Trump emphasized that he had been urging the EU to return to the table. Trump said von der Leyen committed to acting quickly to resolve the dispute. Trump had previously threatened the tariffs in a social media post on Friday, citing stalled talks and accusing the EU of being 'very difficult to deal with.' However, Sunday's conversation appeared to ease those concerns. Trump posted the below to Truth Social on Sunday evening. Von der Leyen also publicly reacted to the call, underscoring the importance of the transatlantic economic partnership. 'Europe is ready to advance talks swiftly and decisively,' she said. 'To reach a good deal, we would need the time until July 9.' The delay gives both sides breathing room to avoid a costly escalation that could disrupt one of the world's most significant trade relationships. German Finance Minister Lars Klingbeil urged restraint in the escalating trade dispute between the European Union and the US in an interview with Bild am Sonntag. 'We don't need any more provocations now, but serious negotiations,' the German Sunday tabloid cited Klingbeil as saying. The minister said he had discussed 'precisely this' with US Treasury Secretary Scott Bessent. 'The US tariffs are endangering the American economy at least as much as the German and European economies,' Klingbeil said. 'This trade conflict harms everyone and must be ended quickly.' At the same time, Europe is 'united and determined to defend our interests,' the minister said. Klingbeil's comments echo the response from EU officials to US President Donald Trump's threat on Friday to impose a 50% tariff on EU imports from June 1, which sent stocks on both sides of the Atlantic tumbling. Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Euronews
28-05-2025
- Business
- Euronews
Germany's DAX hits a new high as Trump upbeat on US-EU trade talks
European stock markets extended their rally for a second consecutive trading day on Tuesday as concerns over escalating US-EU trade tensions eased. Germany's DAX rose 0.82% to 24,226.49, marking a fresh record high, while the Euro Stoxx 600 climbed 0.33% to 552.33, edging within 0.2% of its March peak. US President Donald Trump expressed optimism toward the trade negotiations. 'I have just been informed that the EU has called to quickly establish meeting dates,' he wrote in the Truth Social, '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!!!' The US president's comments also lifted Wall Street, with the Dow Jones Industrial Average up 1.78%, the S&P 500 rising 2.05%, and the Nasdaq composite surging 2.47%. On Sunday, Trump announced he had agreed to postpone the implementation of a 50% tariff on EU imports until 9 July, following a phone call with European Commission President Ursula von der Leyen. During the call, von der Leyen expressed the EU's readiness 'to advance talks swiftly and decisively' in a bid to avert further trade escalation. Trump had initially announced 20% 'reciprocal tariffs' on EU goods on 2 April before reducing the rate to 10% for 90 days. However, last Friday, he threatened to impose a 50% tariff from 1 June, citing frustration over the pace of negotiations and disagreement among EU member states. While specific meeting dates remain absent publicly, EU Trade Commissioner Maroš Šefčovič is expected to meet his US counterpart in Paris next Tuesday during the Organisation for Economic Co-operation and Development (OECD) summit. Talks are expected to focus on removing bilateral tariffs on industrial goods and addressing US import levies on steel, aluminium, semiconductors, automobiles, and pharmaceutical products, according to sources familiar with the matter. Earlier this month, the EU postponed a proposed package of retaliatory tariffs on up to €95 billion worth of US imports, including wine, spirits, aircraft, auto parts, electrical products, and more. The DAX is up 22% year-to-date, making it the top performer among major global indices. The index had pulled back sharply in April following Trump's announcement of the reciprocal tariffs but has consistently rebounded on signs of de-escalation in trade tensions. In sectors, the defence and banking stocks led the broad gains, underpinned by optimism over Germany's fiscal and defence spending reforms. In March, Germany's Friedrich Merz announced plans to increase defence spending beyond 1% of GDP and a €500 billion special fund for infrastructure investment. The landmark fiscal package particularly lifted sentiment in European defence and industrial stocks, with Rheinmetall AG shares soaring 207% so far this year, repeatedly hitting new highs. Meanwhile, European banking stocks have been supported by the European Central Bank's accommodative monetary policy stance, which has bolstered investment banking income and lending activity. Shares of Deutsche Bank and Commerzbank soared 50% and 75% respectively this year. Despite the bullish momentum in equities, the euro weakened against the US dollar, as the greenback staged a strong rebound following Trump's decision to delay tariffs — a move that mirrored previous dollar rallies during the US-China trade talks. The EUR/USD pair fell to just above 1.13 during Wednesday's Asian session, retreating from over 1.14 on Monday, as markets priced in renewed optimism over US-EU trade negotiations and an improved US economic outlook. About 50 institutional investors will put up $1.5 billion (approximately €1.38bn) in the private placement for common shares in the company and another $1 billion (around €920 million) for convertible senior notes, according to Trump Media and Technology Group, the operator of Truth Social and other companies. Trump Media said it intends to use the proceeds for the creation of a 'bitcoin treasury.' 'This investment will help defend our company against harassment and discrimination by financial institutions, which plague many Americans and US firms," Trump Media CEO and Chairman, Devin Nunes, said in prepared remarks. Shares of Trump Media & Technology Group Corp., based in Sarasota, Fla., tumbled 9% following the update. Other companies have adopted similar strategies through cryptocurrency. Cloud and mobile software developer MicroStrategy Inc. has built up a treasury reserve containing billions worth of bitcoin through stock sales and debt financing. Trump, who referred to cryptocurrencies in his first term as 'not money,' citing volatility and a value "based on thin air," has shifted his views on the technology. During an event at his Mar-a-Lago club in Florida during his presidential campaign in May 2024, Trump received assurances that crypto industry backers would spend lavishly to get him reelected. Last week, Trump rewarded 220 of the top investors in one of his other cryptocurrency projects — the $Trump meme coin —with a dinner at a luxury golf club in Northern Virginia, spurring accusations that the president was mixing his duties in the White House with personal profit.
