Good morning and welcome back to Firstft. On today’s agenda:
-
Trade interviews Deadline looms
-
Budget Bill Inches closer to the Senate approval
-
Standard Chartered charged more than 1 mdb;
-
Postponing American sanctions for Syria;
-
And pay for Superstar AI Talent
The best officials of Donald Trump scales ambitions back for extensive mutual trade agreements with abroad to prevent the threatening recovery of the American rates next week.
What we know: American officials are looking for narrower phased deals with the most involved countries while racing to sign agreements by July 9, when Trump has sworn to re -introduce the hard levies that threaten more chaos in the global trading system. In principle, the administration would look for ‘agreements’ for a small number of commercial disputes prior to the deadline, people in the vicinity of the administration said. The White House is still considering imposing the rates on critical sectors, these people said.
Why this matters: Countries that agree that these narrower deals would be spared the strict mutual rates that will be in force for a week for a week, but would continue to leave an existing tax of 10 percent while conversations about Thornier -people said, people said. At the beginning of April, Trump trained a global stock market routes after imposing steep rates at the largest trading partners of the US. So far, the US has only reached a trading pact with the UK and has signed a provisional ceasefire with China. Aimee Williams in Washington has more.
-
More about the commercial interviews: Japan said it would refuse to sacrifice his farmers in trade discussions with the US, but Indian officials had more faith in the match of a deal.
-
Brazil-Mexico: The two largest economies of Latin -America discuss how they can build on their existing trade agreement, because they want to encourage commercial partnerships outside of China and the US.
And this is what I keep an eye on today:
-
Economic data: The US Institute for Supply Management releases the indices of purchasing managers of the production, while the Bureau of Labor Statistics releases data for vacancies for May. The Central Bank of Chile publishes data on economic activities compared to May and Peru’s Statistics Agency publishes the inflation figures for June.
-
Central banks: Jerome Powell will participate in a forum organized by the ECB in Portugal. In addition to the FED chairman, the heads of the European Central Bank, the Bank of England, the Bank of Japan and the Bank of Korea will be.
-
Companies: Corona Beermaker Constellation Brands reports the results of the first quarter and Tesla releases delivery figures from the second quarter for his electric vehicles. The largest banks of the US will announce their capital plans, including dividends and potential stock buying.
Five more top stories
1. Donald Trump’s “Big, Beautiful Bill” came closer to the Passage as a marathon voting session in the US Senate Dragged the early hours of this morning. But it remained unclear whether the radical account would receive the support of sufficient Republicans on Capitol Hill to be signed by Trump’s end of the week in the law. Here is the last of Lauren Fedor.
2. Saudi Aramco and Abu Dhabi National Oil CompanyTwo of the largest oil companies in the Middle East, scales their acquisition of millions of dollars back as expectations of a persistent decrease in oil income that curb their global dealing. This is what the pullback could mean for markets.
3. Liquiders who try to earn back billions of dollars who were initially transferred from the sovereign Wealth Fund of Malaysia Search more than $ 2.7 billion from Standard Chartered, in a lawsuit brought against the British bank because of her alleged role in the scandal. The suit represents the last attempt to recover money from 1MDB as part of a decade hunt in which several of the world’s largest banks are involved.
4. The US has lifted most sanctions against SyriaSaying that the move would give the country a ‘opportunity’ to rebuild an economy that was destroyed by more than 14 years of civil war. The Sanctions Relief is a voice of trust in Syria’s leader Ahmed al-Sharaa. This is what the sanction lighting means for the Arabian state.
5. California has limited environmental environmental legislation That is accused of causing a chronic housing shortage in the state and a homelessness crisis. Governor Gavin Newsom said that the reforms of the California Environmental Quality Act would accelerate the construction of housing and infrastructure. Read more about the great shift.
The Great Lecture
From the Norwegian North Pole area to the border of Poland with White -Russia, NATO bondmates work together to predict what a Russian attack could look like -and what the alliance would react to one. Investigate how NATO countries strengthen the eastern border in this visual story.
We also read and listen to. . .
-
Chinese economy: Beijing could use this moment of stability to collect people around required reforms that tackle deep structural issues, writes Eswar Prasad, professor at Cornell University.
-
Ukraine: NATO top cannot disguise the plight of the country that could easily deteriorate military aid quickly, writes Gideon Rachman.
-
Ghosts or Brexit: The Switzerland deal to keep access to the EU internal market includes all the thorny problems that the UK-EU relationship has been limited.
-
Tech Tonic 🎧: Meta Chief Executive Mark Zuckerberg has undergone a transformation, both physical and politics. But is this all an act?
Graph of the day
The American dollar had its worst start of the year since 1973, when the gold-supported Bretton Woods system ended. Against a basket of six important currencies, including the pound, euro and yen, the dollar fell by 10.8 percent in the first half of the year, because Donald Trump’s trade and the economic policy led the worldwide investors to recapture their exposure to the dominant currency of the world. “The dollar has become the whip boy of the whimsical policy of Trump 2.0,” said a strategist in the currency. Read the full story.
Take a break of the news
The new Grand Egyptian museum was conceived by former President Hosni Mubarak in 1992. He was dropped off in the Arab Spring of 2011, but his idea is now a reality. The 500,000 m² meter museum costs $ 1 billion to build and is a radical concept for Museology in Egypt, writes Maya Jaggi and has the making of quantity.
