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Trump threatens Asian allies with steep rates
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Wall Street Trading firm Fights India Ban
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Hong Kong’s Listings Pipeline Hits Record High
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Dishoom’s guide to dining in Mumbai
Donald Trump has renewed his threat to touch large trading partners with steep “reciprocal” rates, even while he has granted a three -week postponement for countries to negotiate trade agreements with the US.
What happened: Trump sent letters to Japan and Zuid -Korea, both among the largest trade counter parties in the US, and said that the country would impose 25 percent from 1 August. The president also announced major taxes on Malaysia, South Africa and various other countries. The rates were about the same as that Trump revealed during his “Liberation Day” announcement on 2 April.
In the letters, addressed to Shigeru Ishiba, the Japanese Prime Minister, and Lee Jae-Myung, President of South Korea, Trump said that if both land in retribution, then, regardless of the number you choose to lift them, will be added to the 25 percent we charge. ” But he indicated that the proposed rates could be negotiated if the countries opened their markets
Market reaction: The size of Trump’s rate threats put pressure on the markets yesterday despite the delay in their implementation. The S&P 500 ended on Monday with 0.8 percent. In the meantime, the Japanese, South Korean and South African currencies all fell by around 1 percent compared to the US dollar.
This is what we keep an eye on today:
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Economic data: Taiwan publishes the inflation and trade figures in June.
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Monetary policy: The Reserve Bank of Australia is expected slice interest rates. (The Guardian)
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Asean -Meeting: Foreign ministers from the Southeast Asian block come together in Kuala Lumpur, Malaysia, for meetings that continue until Friday. The American State Secretary Marco Rubio is expected to be present.
Five more top stories
1. Jane Street is planning to dispute a finding by the financial regulator of India That the Wall Street -Handelsbureau is involved in “a deliberate, well -planned and sinister scheme” to manipulate the markets of the country. The Securities and Exchange Board of India forbade Jane Street to act in the country and ordered the company to return more than $ 550 million in “illegal profit”.
2. Iranian President Masoud Pezeshkian said that Israel was trying to kill him During the 12-day war of last month between the two countries. Pezeshkian claimed in a video interview with the American conservative media personality Tucker Carlson, in which he also indicated that Iran remains open for renewed diplomacy with the US about the Nuclear program of the Islamic Republic. Read the full story.
3. The Russian State Research Authority said yesterday that the Minister of Transport of the Land had died of a suspected suicide, On the same day he was fired by President Vladimir Putin. The death of Roman Starovoyt came in the midst of a corruption probe in the construction of defensive fortifications in Kursk, which he ruled until May 2024.
4. Italian authorities have arrested a Chinese citizen who is suspected of being linked to a hack group sponsored by the state That tried to steal COVID-19-vaccingheimen from the US at the height of the pandemic. The group supported by Beijing was accused of invading Microsoft e-mail software in 2021 in a massive espionage campaign, said a person who was familiar with the case.
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EU-China Climate position: The EU is against signing a joint explanation about climate action with China at a top top this month, unless Beijing promises more efforts to reduce its greenhouse gas emissions.
5. Tesla shares tumbled after Elon Musk, Chief Executive of the electric car maker, said he would form a new political party, Escalating a feud with Trump that could endanger the business empire of the billionaire. A return to political activism is contrary to what Musk promised to the shareholders at the end of April.
The Great Lecture
While the world is preparing for marking the birthday of the Srebrenica -Bloedbad three decades ago this week, Bosnia and Herzegovina are confronted with a risky moment of political revolution. Read why brewing problems again in the ethnic Rijsven Balkan state.
We read too. . .
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Immigration: Trump has catapulted ice cream in the best-financed law enforcement agency of America and increasingly beyond accountability, writes Edward Luce.
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Death of the student model?: While hybrid work and learn AI on-the-job, employers will have to be more deliberately In the training they offer junior staff, Emma Jacobs writes.
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BlackRock’s HPS -Takeover: The Giant Public Markets previously tried a private credit. Will be his newest big trip better?
Graph of the day
The number of companies registering a list in Hong Kong this year has been achieved a record high, because the territory tries to regain its status as a financial top hub.
Take a break of the news
. . . And view Dishome’s Guide to Dining in Mumbai. The cousins behind the cult Indian restaurant Chain share where they eat and drink in the Megalopolis that inspires their kitchen.
