Latest news with #R1.4-trillion
TimesLIVE
09-07-2025
- Business
- TimesLIVE
Trump says steep copper tariffs in store as he broadens his trade war
After Trump's announcement of higher tariffs for imports from the 14 countries, US research group Yale Budget Lab estimated consumers face an effective US tariff rate of 17.6%, up from 15.8% previously and the highest in nine decades. Trump's administration has been touting the tariffs as a significant revenue source. Treasury secretary Scott Bessent said Washington has taken in about $100bn (R1.7-trillion) so far and could collect $300bn (R5.3-trillion) by the end of the year. The US has taken in about $80bn (R1.4-trillion) annually in tariff revenue in recent years. The S&P 500 finished slightly lower on Tuesday, a day after Wall Street markets sold off sharply after Trump's new tariffs announcement. Trump said he will 'probably' tell the EU within two days what rate it can expect for its exports to the US, adding the 27-member bloc had been treating his administration 'very nicely' in trade talks. The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for key export industries such as aircraft, medical equipment and spirits, according to EU sources. Brussels is also considering an arrangement that would protect European automakers with large US production facilities. However, German finance minister Lars Klingbeil warned the EU was prepared to retaliate if necessary. 'If we don't reach a fair trade deal with the US, the EU is ready to take counter measures,' he said in the lower house of parliament. Japan, which faces a possible 25% tariff, up from 24% threatened in April, wants concessions for its large automobile industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. South Korea, which also faces a possible 25% tariff, said it planned to intensify trade talks over the coming weeks 'to reach a mutually beneficial result'. Washington and Beijing agreed to a trade framework in June, but with many of the details unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente. 'We have had a good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal,' Trump said, adding he has been speaking regularly to Chinese President Xi Jinping. Trump said the US would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, 30% on South Africa and Bosnia and Herzegovina, 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand and 40% on Laos and Myanmar.
TimesLIVE
08-05-2025
- Business
- TimesLIVE
Moroccan exchange to launch derivatives within weeks, CEO says
Morocco's Casablanca Stock Exchange expects to launch a new derivatives market within weeks as part of an effort to boost liquidity in one of Africa's largest exchanges, its CEO told Reuters. CSE CEO Tarik Senhaji said derivatives would expand the investor base by allowing participants to take long and short positions and enable them to trade a basket, particularly tracking the MASI 20, which includes the 20 largest and most liquid stocks. 'It's the flexibility that the derivatives market allows you, which is going to add to the main market, bring more liquidity, and essentially bring more flows,' Senhaji said. The derivative offerings are aimed at being the first part of a broader expansion, with contracts for interest rate futures, single-stock futures and equity options set to follow. In 2024, the exchange's average daily trading volume rose by nearly 70% to $37.5m (R683.7m), and total market capitalisation rose some 20% from December 2023 to the end of 2024, to $77.6bn (R1.4-trillion). But the bourse saw only one new listing in 2024 and participation of the local population is also less than 1%, Senhaji said. CSE is working to boost local familiarity with the exchange to attract more domestic investors. Foreigners account for roughly 30% of the CSE's investors, Senhaji said. The CSE's next target is to create an 'organic link' between Morocco's two biggest pools of liquidity — the exchange and the government bond market. 'We want to move into derivatives for interest rates in a big way, because that will connect the government bond market ... with the stock market ... and create some really interesting cross asset plays,' he said. The exchange is also looking to launch listed REITs. Senhaji said that despite worldwide market turmoil, marked by rising US tariffs and heightened geopolitical tensions, the country was well positioned. He noted that the proposed new US tariff for Morocco was set at the lowest level of 10%. 'We have a good relationship with everyone, whether it's on the social front or the economic front, and we view ourselves as well as one of the links into international commerce and international trading,' Senhaji said.
