Latest news with #LiberationDay
Miami Herald
2 hours ago
- Business
- Miami Herald
European Leaders Respond to Donald Trump's Tariff Announcement
European leaders on Saturday responded to President Donald Trump's announcement that he would apply a 30 percent tariff on goods from the European Union (EU) effective August 1. In a statement issued midday on Saturday, European Commission President Ursula von der Leyen stressed the EU's commitment to "dialogue, stability, and a constructive transatlantic partnership." Leaders in France and Italy also issued statements later in the day, urging both parties to reach a "fair agreement that can strengthen the West as a whole." Trump has relied on tariffs as a means of trying to renegotiate global trade between the United States and its various partners citing disparities in what he calls unfair trade agreements in order to try and strengthen his country's position. However, he has found himself at odds with his allies as they have pushed back against the tariffs despite his claim that these various partners would ultimately seek to make new deals with the U.S. in order to avoid having to face the tariffs. The administration made its boldest move in April with its Liberation Day tariffs, which applied reciprocal measures against trading partners in order to try and drive down protections against vital U.S. trade industries. Trump ultimately backtracked on the measure, saying that he would negotiate deals with all the various partners within 90 days, but only the United Kingdom and Vietnam ultimately agreed to deals within that timeframe. Trump announced the new tariffs in a letter posted on Truth Social shortly before 9 a.m. ET on Saturday, in which he also warned against retaliation, saying that any retaliatory tariff would produce a reciprocal tariff in addition to the base 30 percent he would impose on the EU. With Saturday's letters, Trump has issued tariff conditions on 24 countries and the 27-member EU, the Associated Press reported. The EU issued a response first, writing in a statement: "We take note of the letter sent by U.S. President Trump outlining a revised tariff rate and a new timeline." "Imposing 30 percent tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic," the statement continued. "Few economies in the world match the European Union's level of openness and adherence to fair trading practices." "The EU has consistently prioritized a negotiated solution with the U.S., reflecting our commitment to dialogue, stability, and a constructive transatlantic partnership." "We remain ready to continue working towards an agreement by August 1," the statement added. "At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required. Meanwhile, we continue to deepen our global partnerships, firmly anchored in the principles of rules-based international trade." French President Emmanuel Macron issued his own response just a few hours afterwards, writing in a post on X, formerly Twitter: "Along with the President of the European Commission, France shares the same very strong disapproval at the announcement of horizontal 30% tariffs on EU exports to the United States from August 1st." "This announcement comes after weeks of intense engagement by the Commission in negotiations with the United States, on the basis of a solid offer made in good faith," he wrote. "With European unity, it is more than ever up to the Commission to assert the Union's determination to resolutely defend European interests." His statement continued: "In particular, this implies speeding up the preparation of credible countermeasures, by mobilizing all the instruments at its disposal, including anti-coercion, if no agreement is reached by August 1st. On this basis, France fully supports the European Commission in the negotiations, which will now intensify, to reach a mutually acceptable agreement by August 1st, reflecting the respect that trading partners like the European Union and the United States owe each other, with their shared interests and integrated value chains." Italy followed France in backing the EU in negotiations, with Italian Prime Minister Giorgia Meloni's office writing: "We trust in the goodwill of all stakeholders to reach a fair agreement that can strengthen the West as a whole, given that—particularly in the current scenario—it would make no sense to trigger a trade conflict between the two sides of the Atlantic." "The Italian government continues to closely monitor the progress of the ongoing negotiations between the European Union and the United States, fully supporting the European Commission's efforts, which will be further intensified in the coming days," the statement added. "Now, it is crucial to remain focused on the negotiations, avoiding polarization that would make reaching an agreement more difficult." The EU will continue to seek a trade deal on behalf of all member states with the U.S. before the August 1 deadline or face the hefty 30 percent tariff Trump has promised. Related Articles Pope Francis' Funeral Could Turn Into Awkward Diplomatic EventEuropeans Told to Stockpile 72 Hours Worth Of FoodFrance Vows Retaliatory Measures Against Trump Tariffs: 'The Time Has Come'Some Reddit Groups are Banning X Links. Could Europe be Next? 2025 NEWSWEEK DIGITAL LLC.
Miami Herald
4 hours ago
- Automotive
- Miami Herald
Nissan has a genius plan to make money from auto tariffs
Nissan was not quite ready to become a subsidiary at the start of the year. On February 13, Honda CEO Toshihiro Mibe announced that the two Japanese carmakers would not consummate their merger agreement, which would have created the third-largest carmaker in the world by sales. Related: Toyota and Honda play a giant role in US-Japan trade negotiations Apparently, at the last minute, Honda proposed to divert from its original intention to one where "Honda would be the parent company and Nissan the subsidiary through a share exchange," a condition that broke down talks. Nissan and Honda (HMC) announced their intent to merge in December. Still, a month earlier, Nissan execs told the Financial Times that the automaker had "12 to 14 months" to survive if circumstances didn't improve. In May, Nissan announced it will be laying off 20,000 workers, about 15% of its workforce, including the 9,000 it announced in 2024 would be laid off through March 2028. Nissan is also closing seven of its 17 global factories. The moves are all part of a recovery plan to reduce costs by $3.4 billion. But instead of reducing costs, Nissan's latest move raises money by using the current tariff environment to its advantage. While President Donald Trump's administration has been in close contact with the auto industry throughout the process, the 25% auto tariffs he imposed in April have had long-lasting repercussions, as intended. Trump declared Liberation Day on April 2, 2025, but the auto industry, particularly in Japan, had been preparing for this eventuality for months. "We will be looking at how to absorb short-term shocks and what concrete measures we can take to deal with these shocks, as well as how to deal with them in an all-Japan manner," said Japan Automobile Manufacturers Association Chairman Masanori Katayama. Additionally, Katayama said the group discussed its strategies to absorb and mitigate potential tariffs with the country's Ministry of Economy, Trade and Industry officials. Nissan is reportedly negotiating a creative strategy to earn money while also helping a fellow Japanese automaker. Related: Nissan makes shocking move to battle tariffs Nissan is in talks to supply cars to Honda in the U.S., using the unused manufacturing capacity at its Canton plant in Mississippi. The company is considering building Honda pickup trucks at the Canton plant, where it currently builds models like its Frontier pickup. Nissan said in a statement viewed by Reuters that it would continue to work with Honda but would not speculate on any future plans. While Trump has pushed back his negotiations by another month, it appears that the U.S. and Japan are still far apart in negotiations. Ryosei Akazawa, Japan's lead trade negotiator, said Tuesday that negotiations must include auto industry concessions. Akazawa said he held a 40-minute phone call with U.S. Commerce Secretary Howard Lutnik, where "we are trying to agree on a package of measures." According to Reuters, those measures include expanded trade, non-tariff barriers, and cooperation on key economic security issues. However, the biggest issue on the table is Japan's auto sector. "There's no point striking a deal with the U.S. without an agreement on automobile tariffs," Akazawa said. "The two countries must garner trust through sincere dialogue, and reach common ground step by step. Through such a process, my job as negotiator is to agree on a full package as soon as possible." While General Motors still has the highest market share at 17% and Ford ranks third with a 13% market share, foreign models from Asia round out the top five, according to Cox Automotive data. Toyota ranks second with 15% U.S. market share, while Korean brand Hyundai ranks fourth with 11%. Toyota's fellow Japanese brand, Honda, is fifth in the market, with 9%. Related: President's latest interview gives US automakers much-needed boost The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
The Star
4 hours ago
- Business
- The Star
Bursa Malaysia seen trading range-bound with upside bias this week
KUALA LUMPUR (Bernama): Bursa Malaysia is expected to trade in cautious modet this week, but with an upside bias, with the US tariff deal deadline on July 9 in focus, analysts said. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng anticipates the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend within the range of 1,530-1,560 points, representing its support and resistance levels. "The benchmark index has broken out of its consolidation range with strong volume, climbing above critical moving averages. "A bullish exponential moving average crossover and strengthening moving average convergence/divergence indicator, along with a relative strength index that has yet to peak, strengthen the case for a shift toward a more bullish trend,' he told Bernama. Echoing Thong, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research, Mohd Sedek Jantan, said the local bourse is expected to experience heightened caution and intermittent volatility ahead, as investors closely monitor the evolving landscape of global trade policy. "Particular attention is centred on the 'Liberation Day' US tariff deadline of July 9, when elevated tariffs -ranging from 20 to 30 per cent- are expected to be reinstated on countries without formalised bilateral trade deals. "Malaysia, among others, may face renewed uncertainty should negotiations remain unresolved. US President Donald Trump has indicated that official notifications outlining new tariff rates will be issued imminently to affected trade partners,' he said. On a weekly basis, the barometer index advanced 22.03 points to 1,550.19 from 1,528.16 in the preceding week. The FBM Emas Index expanded 218.92 points to 11,617.72, the FBMT 100 Index rose 209.34 points to 11,390.70, and the FBM Emas Shariah Index garnered 276.69 points to 11,617.82. The FBM 70 Index climbed 516.38 points to 16,787.04, and the FBM ACE Index rose 51.64 points to 4,526.40. Across sectors, the Financial Services Index went up 54.12 points to 17,791.22, the Plantation Index surged 119.72 points to 7,448.74, and the Energy Index gained 8.93 points to 741.61. Turnover for the shortened trading week increased to 17.25 billion units worth RM12.62 billion from 11.68 billion units worth RM8.45 billion in the preceding week. The Main Market volume advanced to 9.22 billion units valued at RM11.41 billion against 5.40 billion units valued at RM7.39 billion previously. Warrant turnover improved to 6.62 billion units worth RM772.30 million versus 4.96 billion units worth RM655.61 million a week ago. The ACE Market volume ticked up to 1.40 billion units valued at RM437.52 million compared with 1.07 billion units valued at RM399.48 million a week earlier. - Bernama
Egypt Independent
5 hours ago
- Politics
- Egypt Independent
Rwandan ambassador commends Egypt's steadfast support for his country
Rwandan Ambassador to Egypt Dan Munyuza praised Egypt's steadfast support for his country. Munyuza made the remarks Saturday 12/7/2025 during a celebration marking the 31st anniversary of Rwanda's Liberation Day in Cairo. He described the Liberation Day as a turning point in Rwanda's history, symbolizing not only military victory but also the beginning of national unity and reconciliation. Munyuza also touched on regional challenges concerning peace and stability, particularly instability in the Eastern Democratic Republic of Congo (DRC). He commended the recent peace agreement signed between Rwanda and the DRC in Washington. He asserted Rwanda's commitment to peace in the Great Lakes region, considering the Liberation Day anniversary as a reminder that even from great suffering, a nation can rise, with unity, vision, and determination.
San Francisco Chronicle
5 hours ago
- Business
- San Francisco Chronicle
Trump's tariff threats are back. What should you do about your 401(k) and investments?
Wall Street seems to be shrugging off President Donald Trump's latest round of tariff threats. Should you? The 90-day 'pause' on sweeping U.S. tariffs was scheduled to end Wednesday, but Trump extended the deadline to Aug. 1. Fresh threats went out this week to more than 20 countries — including Japan, South Korea, Canada, Mexico and Brazil — as well as the European Union for reciprocal tariffs ranging from 20% to 50% starting that day. On Wednesday, Trump said a 50% tariff on copper would also take effect on that date. The first time tariff threats were issued, in Trump's April 2 'Liberation Day' announcements, the markets reacted by plunging into bear territory. The S&P 500 lost 10%, Nasdaq was down 11%, and the Dow dipped 9.48%. And despite the Trump administration's firm messaging that the president would never back down on the tariffs, he did. A 90-day pause was announced, and an acronym was born on Wall Street: TACO, short for Trump Always Chickens Out. The chaos also sowed widespread financial fear among Americans. Some investors panicked and sold when the market dropped. People at or nearing retirement worried they didn't have the horizon to ride out a prolonged down period. The Chronicle asked experts at the time what people should do with their money, with their 401(k), and with their investments if they were already retired. They all said the same thing: Stay the course. Each pointed out that market fluctuations are to be expected, and things always get back to normal, though it might take a while. In this case, it took very little time at all: The market losses were erased by the end of May. A different picture this time This time around, Wall Street doesn't appear to be taking the trade war too seriously, though markets bounced around a bit during the week. There was a notable downturn of nearly 1% on major markets after the tariff letters went out Monday, but things quickly rebounded. Then a letter Trump sent to Canada late Thursday suggesting the country could face a higher 35% tariff led to another small downturn Friday: The Dow fell by more than 250 points and closed down 1.02% for the week; the S&P 500 was down .31% and the Nasdaq down .08% for the week, though both hit record highs on Thursday. Overall, 'The market really seems to be shrugging this latest round of tariff threats off,' said Christine Benz, the director of personal finance and retirement planning for Morningstar. 'It seems to effectively be calling the president's bluff.' Still, she added, that doesn't mean we're out of the woods. 'U.S. stocks are not cheap, and when that's the case, they can be vulnerable to whatever shock that comes along, whether tariffs, geopolitical uncertainty or signs that the economy is slowing down,' Benz said. Historically speaking, the market always rebounds from those shocks. We just saw it happen in April. Back then, Matthew Chancey, a certified financial planner and the founder of Tax Alpha Companies, said some people experience a type of cognitive bias where they believe what they're experiencing is completely unique and no past patterns or rules apply — sometimes referred to in economics as the 'this time it's different' fallacy. People who said 'this is the end of the stock market forever' in April were wrong, and anyone who thinks this time around will be the definitive end of the American economy is probably wrong, too. 'The current administration has not articulated a consistent trade policy, and every position is only a compliment away from being reversed,' said Carlos Aguirre, a financial literacy and career development manager for San Mateo-based Peninsula Family Service. 'As a result, Wall Street seems to be tuning out the noise coming out of the White House.' Should you be tuning it out, too? Or is this an opportunity to make some moves to protect yourself and your savings? Here's what experts say. What should you do with your retirement and 401(k) right now? The Chronicle went back to every expert and asked them what people should be doing with their money right now to prepare for tariffs 2.0. The overwhelming advice: Stay the course. 'Generally that's always the right thing to do, keep it steady and don't do anything crazy,' said Sam Nofzinger, the general manager of brokerage for investment platform Public. Like Benz, he said just because things seem calm right now doesn't mean they'll stay that way: 'I do think we are going into some much more uncertain times.' On Public, he said he's observed some unusual investor activity over the past three months. More people have been searching for international stocks and crypto. He's seen more movement in diversified ETFs (investment funds that hold multiple assets like stocks, bonds and commodities) than traditional single stocks, and said for the first time in a decade he's seeing interest in international ETFs. And some people are opting to stash more in cash through high-yield savings accounts, reflecting uncertainty about the economy in the near term. 'What we're seeing, given the economy, people are a lot less confident in their job security than they may have been six to nine months ago,' he said. 'That's translating to higher emergency savings balances. People saving 12 months instead of six. I think we are seeing people get conservative because they're worried about their own situation.' Another chance to 'buy the dip'? In the post-Liberation Day downturn, some investors joked that it wasn't a stock market tumble — stocks were just on sale. If you put a little more money into the market then, what's known as 'buying the dip,' you probably saw a decent quick return. 'For folks that have a relatively good time horizon, any time the market is off 20% is a good time to buy,' Nofzinger said. But it could take years, not weeks or months, to see your return. JL Collins, the author of 'The Simple Path to Wealth' (the most recent edition of which was published in May), said he's not a fan of the practice. 'Research indicates 'buying the dip,' while sounding good, is not all that useful,' he said. 'Better to set up automatic investments and then, when the market happens to be down, celebrate buying shares at bargain prices.' Of course, it's always a good time to do a money check-in and revisit the fundamentals. If you did my Wealth Challenge back in January, we're now halfway through the year. (If you didn't, you can sign up at Are your investments and savings automated? Do you have a budget for your house — not in your head, but written down somewhere? Is your emergency fund in good shape? If you've got the basics down, there's no reason to sweat when politicians turn up the heat.
