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New York Times
4 hours ago
- Business
- New York Times
Behind Japan's Trade Deal: 8 Rounds of Talks and ‘Hurrying Slowly'
When Ryosei Akazawa, Japan's chief trade negotiator, departed Tokyo on Monday morning for the latest round of tariff discussions in Washington, he left behind a nation in political turmoil and bracing for a new jolt of economic pain. Mr. Akazawa's party, the Liberal Democrats, had suffered a crushing defeat in elections the previous day, rendering it a minority governing party in both houses of Parliament. Japan was also barreling toward an Aug. 1 deadline to reach a trade agreement with the United States. The Trump administration had vowed to impose a punishing 25 percent blanket tariff on Japanese goods shipped to the United States — the largest buyer of its exports. The successful negotiation of a deal was widely seen as critical to the political survival of Shigeru Ishiba, Japan's prime minister and a longtime ally of Mr. Akazawa. But after more than three months and seven rounds of tariff negotiations, few trade experts were expecting a deal to come to fruition. Turns out the eighth time was the charm. In a social media post late in the U.S. evening on Tuesday, President Trump declared that he had reached a 'massive' trade deal with Japan. Japan had agreed to open its markets to more imports of American cars and rice, as well as invest $550 billion in the United States, he said. In return, the president said that Japanese exports to the United States would be charged a tariff of 15 percent, lower than the 25 percent he was previously threatening. Critically, Japanese officials later said, car and auto part exports would be subject to a 15 percent tariff, lower than a separate and damaging 25 percent tariff that Mr. Trump had already imposed on the sector. Want all of The Times? Subscribe.
The Guardian
8 hours ago
- Politics
- The Guardian
Reform councillors criticised after voting to spend £150,000 on political advisers
Reform UK councillors have been accused of hypocrisy after voting to spend £150,000 on hiring political advisers at a county council despite pledging to cut waste and save money. The plans were put forward by Reform councillor George Finch, a 19-year-old who was narrowly elected as the leader of Warwickshire county council during a meeting on Tuesday, which was picketed by protesters. The protest came after a row over an attempt by Finch, as interim leader, to have a Pride flag removed from council headquarters before the end of Pride month. The chief executive refused the request, telling him she was responsible for such decisions. However, there was fresh controversy during a meeting of the council, one of several where Reform became the largest party in the recent local elections, as it narrowly pushed through plans to hire political advisers but lost a separate vote relating to the climate crisis. Opposition councillors accused Reform of reneging on promises to voters over the political advisers, who would be publicly funded for it and the other two largest parties, the Conservatives and the Liberal Democrats. 'These proposals are all about spending some money so they can have a chum in their group and I think that is not particularly helpful given the financial state of this council,' said George Cowcher, councillor and deputy leader of the Liberal Democrats. He added that it was almost a quarter of the way through the financial year and there had yet to be any proposals from Reform about managing the authority's budget. Sam Jones, a Green party councillor, said: 'Reform have had a sniff of power, they're making it so clear that they never cared a jot for the will of their supporters. No to overpaid, unelected bureaucrats before the election, but yes to up to £150,000 of unfunded spending on political assistants now the campaigning is over.' Finch defended the plans, which would involve a political assistant for each of the three big parties, on the basis that it was permitted by legislation and occurred in other councils. If other parties were against it, he challenged them to vote against the plan and then choose not to hire political assistants. His colleague, the councillor Michael Bannister, said the party saw the move as 'value for money' and funds would be found from elsewhere. However, there was a defeat for Reform when opposition MPs supported a green motion to recognise that scientific evidence clearly states climate change is happening, and support the council's 2019 vote to declare a 'climate emergency.' 'We are here as local people sorting out local problems. It is ridiculous to be asking for anything else,' said Reform councillor Luke Cooper, who said he had experience of installing solar panels and measures that he said people could not afford. Sarah Feeney, the Labour leader, said the climate crisis was a 'not a hypothetical' and was already having a major impact on farmers, with flooding causing elderly people to sometimes barricade themselves in their homes. Tracey Drew, a Green party councillor, said: 'The least well off in our county are going to be the first and the most to be impacted by the effects of climate change.' Outside the council meeting, demonstrators included Becky Davidson, a district councillor who said she was there to support the LGBT community. Finch was 'using a marginalised community as a propaganda tool', she said. Carolyn, a resident of Stratford-upon-Avon, was holding a placard reading: 'Donald Trump inspires Farage to import to the UK DEI: Division, Exclusion, Inequality'. She said she was worried about Reform overturning 'policies around recognising the climate emergency' and that she was there to object to Finch's 'pettiness' over the Pride flag.
Yahoo
a day ago
- Politics
- Yahoo
Kansas Senate President Ty Masterson announces campaign for governor
Kansas Senate President Ty Masterson, R-Andover, announced July 20 he's running for governor, joining a crowded Republican primary. Masterson was elected to the Kansas House in 2004 and the Senate in 2009. His fellow senators elected him as Senate president in 2021. In his announcement video, Masterson said he's running to cut taxes, reduce crime, prevent government overreach and "save our kids from a radical ideology that has penetrated our culture and our education system." He said in the Legislature, which is held by a Republican supermajority, he's limited in how he can respond to liberal policies. "Because Liberal Democrats have governed in Topeka for 15 of the last 23 years, especially the 4 years Laura Kelly was in alignment with Joe Biden, that promise has been broken. And we're feeling the impact. More than 200,000 people have fled Kansas in recent years. It's unacceptable," Masterson said in an email announcing his campaign. He pointed to tax cuts, bans on youth gender medicine, bans on transgender people competing in sports and election security bills as accomplishments in his legislative career. He was last elected in 2024, and could keep his seat if he doesn't win the governor's race. Crowded primary Masterson will face Kansas Secretary of State Scott Schwab, Kansas Insurance Commissioner Vicki Schmidt and former Kansas Gov. Jeff Colyer, as well as longshot candidates like conservative podcaster Doug Billings, businesswoman Joy Eakins, businesswoman Stacy Rogers and former Johnson County Commissioner Charlotte O'Hara. The Democratic ticket is less populated, with Kansas Sen. Cindy Holscher, D-Overland Park, being the only elected official to announce she's running to replace Kelly, who is term-limited. Marty Tuley, a fitness trainer, has also announced he's running for governor as a Democrat. This article originally appeared on Topeka Capital-Journal: Ty Masterson running for Kansas governor in crowded GOP primary
News18
2 days ago
- Business
- News18
World shares mostly gain after Wall Street logs 3rd straight winning week
Agency: PTI Bangkok, Jul 21 (AP) Shares are mostly higher in key markets in Europe and Asia after US stocks logged their third straight winning week. Markets were closed for a holiday in Japan, where the ruling Liberal Democrats have lost their coalition majorities in both houses of parliament for the first time since 1955 following Sunday's upper house election and the loss of their lower house majority in October. Germany's DAX edged less than 0.1% higher to 24,229.41, while the CAC 40 in Paris slipped 0.2% to 7,804.80. Britain's FTSE 100 inched up less than 0.1% to 8,999.29. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.3% higher. In Japan, a grim Prime Minister Shigeru Ishiba has vowed to stay on after the drubbing by voters frustrated over rising prices and political instability. Analysts said they expect his weakened government to crank up spending, adding to Japan's huge debt burden. Japan is also facing the imposition of 25% tariffs across the board on its exports to the US as talks with the Trump administration appear to have made little headway. 'We expect short-term political instability to intensify due to the difficulties of forming a majority coalition, a likely change in leadership, and a potential deadlock in trade negotiations," Peter Hoflich of BMI, a part of the Fitch Group, said in a commentary. 'Without a structural reset through snap elections, Japan is likely to face prolonged policy drift throughout 2026," he said. Chinese shares advanced after the central bank kept its key 1-year and 5-year loan prime interest rates unchanged. Hong Kong's Hang Seng rose 0.7% to 24,994.14, while the Shanghai Composite index gained 0.7% to 3,559.79. Recent improved economic data have eased pressure on the Chinese leadership to soften credit. Meanwhile, President Donald Trump's administration has softened its criticism of Beijing, raising hopes that the two sides can work out a trade deal and avert the imposition of sharply higher tariffs on imports from China. South Korea's Kospi picked up 0.7% to 3,210.81 after the government reported a slight improvement in exports in June. In Australia, the S&P/ASX 200 shed 1% to 8,668.20, while Taiwan's Taiex dropped 0.2%. In India, the Sensex rose 0.3%. Bangkok's SET gained 0.2%. This week will bring updates on US home sales, jobless claims and manufacturing. Several Big Tech companies including Alphabet and Tesla are due to provide earnings reports. On Friday, the S&P 500 handed back less than 1 point after setting an all-time high the day before. The Dow Jones Industrial Average fell 0.3% and the Nasdaq composite edged up by less than 0.1% to add its own record. The heaviest weight on the market was Netflix, which fell 5.1% despite reporting a stronger-than-expected profit. Exxon Mobil sank 3.5% and also tugged on the market. It had been challenging Chevron's $53 billion deal to buy Hess, but an arbitration ruling in Paris about Hess assets off Guyana's coast allowed the buyout to go through. Chevron fell 0.9% after losing an early gain. Treasury yields eased after a report suggested U.S. consumers may be feeling less fearful about coming inflation. They're bracing for inflation of 4.4% in the year ahead, down from last month's projection of 5%, according to preliminary results from a University of Michigan survey. Prices may already be starting to feel the upward effects of President Donald Trump' s higher tariffs, according to data released last week. The Trump administration is preparing to impose steeper import duties on many countries as of Aug 1, although some have worked out deals to mitigate some of the damage. In other trading early Monday, US benchmark crude oil reversed gains, shedding 32 cents to $65.73 per barrel. Brent crude, the international standard, lost 37 cents to $68.91 per barrel. The US dollar fell to 147.88 Japanese yen from 147.98 yen. The euro climbed to $1.1645 from $1.1629. (AP) NSA NSA view comments First Published: July 21, 2025, 16:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
CTV News
2 days ago
- Business
- CTV News
World shares mostly gain after Wall Street logs a 3rd straight winning week
A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, July 21, 2025. (AP Photo/Ahn Young-joon) BANGKOK — Shares are mostly higher in key markets in Europe and Asia after U.S. stocks logged their third straight winning week. Markets were closed for a holiday in Japan, where the ruling Liberal Democrats have lost their coalition majorities in both houses of parliament for the first time since 1955 following Sunday's upper house election and the loss of their lower house majority in October. Germany's DAX edged less than 0.1% higher to 24,229.41, while the CAC 40 in Paris slipped 0.2% to 7,804.80. Britain's FTSE 100 inched up less than 0.1% to 8,999.29. The futures for the S&P 500 and the Dow Jones Industrial Average were 0.3% higher. In Japan, a grim Prime Minister Shigeru Ishiba has vowed to stay on after the drubbing by voters frustrated over rising prices and political instability. Analysts said they expect his weakened government to crank up spending, adding to Japan's huge debt burden. Japan is also facing the imposition of 25% tariffs across the board on its exports to the U.S. as talks with the Trump administration appear to have made little headway. 'We expect short-term political instability to intensify due to the difficulties of forming a majority coalition, a likely change in leadership, and a potential deadlock in trade negotiations,' Peter Hoflich of BMI, a part of the Fitch Group, said in a commentary. 'Without a structural reset through snap elections, Japan is likely to face prolonged policy drift throughout 2026,' he said. Chinese shares advanced after the central bank kept its key 1-year and 5-year loan prime interest rates unchanged. Hong Kong's Hang Seng rose 0.7% to 24,994.14, while the Shanghai Composite index gained 0.7% to 3,559.79. Recent improved economic data have eased pressure on the Chinese leadership to soften credit. Meanwhile, President Donald Trump's administration has softened its criticism of Beijing, raising hopes that the two sides can work out a trade deal and avert the imposition of sharply higher tariffs on imports from China. South Korea's Kospi picked up 0.7% to 3,210.81 after the government reported a slight improvement in exports in June. In Australia, the S&P/ASX 200 shed 1% to 8,668.20, while Taiwan's Taiex dropped 0.2%. In India, the Sensex rose 0.3%. Bangkok's SET gained 0.2%. This week will bring updates on U.S. home sales, jobless claims and manufacturing. Several Big Tech companies including Alphabet and Tesla are due to provide earnings reports. On Friday, the S&P 500 handed back less than 1 point after setting an all-time high the day before. The Dow Jones Industrial Average fell 0.3% and the Nasdaq composite edged up by less than 0.1% to add its own record. The heaviest weight on the market was Netflix, which fell 5.1% despite reporting a stronger-than-expected profit. Exxon Mobil sank 3.5% and also tugged on the market. It had been challenging Chevron's $53 billion deal to buy Hess, but an arbitration ruling in Paris about Hess assets off Guyana's coast allowed the buyout to go through. Chevron fell 0.9% after losing an early gain. Treasury yields eased after a report suggested U.S. consumers may be feeling less fearful about coming inflation. They're bracing for inflation of 4.4% in the year ahead, down from last month's projection of 5%, according to preliminary results from a University of Michigan survey. Prices may already be starting to feel the upward effects of President Donald Trump' s higher tariffs, according to data released last week. The Trump administration is preparing to impose steeper import duties on many countries as of Aug. 1, although some have worked out deals to mitigate some of the damage. In other trading early Monday, U.S. benchmark crude oil reversed gains, shedding 32 cents to $65.73 per barrel. Brent crude, the international standard, lost 37 cents to $68.91 per barrel. The U.S. dollar fell to 147.88 Japanese yen from 147.98 yen. The euro climbed to $1.1645 from $1.1629. Elaine Kurtenbach, The Associated Press
