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Global stocks mostly fell Thursday despite strong earnings from US tech giants Microsoft and Meta as markets girded for a key US tariff deadline.US President Donald Trump has set August 1 as the date when trading partners need to reach agreement with the United States in order to avert major tariffs. While Washington has reached tentative deals with several key countries, dozens of economies –- including key commercial partners like Canada — had yet to secure US tariff accords.Major US indices began the day strongly, with both the S&P 500 and Nasdaq surging above closing highs. But stocks were unable to hold on to gains, with all three indices finishing in the red.Some of the caution was due to a squaring of trading positions ahead of Friday’s jobs data, which could lead to market volatility, said Steve Sosnick of Interactive Brokers.Facebook parent Meta surged 11.3 percent and Microsoft jumped 4 percent after both companies reported strong quarterly results that underscored their strength in artificial intelligence. Microsoft’s valuation topped $4 trillion for part of the day before retreating.”There was no follow through” to the broader market from the strong tech results, Sosnick said.Europe was sluggish, meanwhile, London sliding just into the red by the close while eurozone indices Paris and Frankfurt both lost around one percent.  “As Wall Street braces for a slew of further tech earnings and key economic data releases, volatility looks set to rise — particularly with the looming tariff deadline tomorrow, on 1st August, casting a shadow over sentiment,” said Fawad Razaqzada, market analyst with FOREX.com.Trump said Thursday he would hold off a planned tariff hike on Mexican products and instead keep duties at existing levels for 90 days after speaking with his counterpart Claudia Sheinbaum.After initially greeting trade deals, investors are also reevaluating Trump’s trade agreements, most recently with South Korea, the latest to set a 15 percent tariff on goods. “I think the market has kind of come to grips with the idea that 15 percent is the new standard but maybe there’s a little bit of a realization that 15 percent tariffs are not actually all that market friendly,” Sosnick said.Health was the weakest sector in the S&P 500, with pharmaceutical companies selling off after Trump threatened using “every tool in our arsenal” if the sector doesn’t lower prices. Pfizer, Merck and Bristol-Myers Squibb all dropped more than two percent.In the foreign exchange market, the yen retreated against the dollar after the Bank of Japan decided not to hike interest rates, while lifting economic growth and inflation costs. It also cautiously welcomed the country’s trade deal with the United States.Tokyo and Washington last week announced a deal that will see Japanese shipments to the United States — excluding steel and aluminum – hit with a 15 percent tariff.- Key figures at around 2045 GMT -New York – Dow: DOWN 0.7 percent at 44,130.98 (close)New York – S&P 500: DOWN 0.4 percent at 6,339.39 (close)New York – Nasdaq: DOWN less than 0.1 percent at 21,122.45 (close)London – FTSE 100: DOWN 0.1 percent at 9,132.81 (close)Paris – CAC 40: DOWN 1.1 percent at 7,771.97 (close) Frankfurt – DAX: DOWN 0.8 percent at 24,065.47 (close)Tokyo – Nikkei 225: UP 1.0 percent at 41,069.82 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 24,773.33 (close)Shanghai – Composite: DOWN 1.2 percent at 3,573.21 (close)Euro/dollar: UP at $1.1416 from $1.1405 on WednesdayPound/dollar: DOWN at $1.3204 from $1.3237Dollar/yen: UP at 150.81 yen from 149.51 yenEuro/pound: UP at 86.43 pence from 86.15 penceWest Texas Intermediate: DOWN 1.1 percent at $69.26 per barrelBrent North Sea Crude: DOWN 1.0 percent at $72.53burs-jmb/sla

Investor enthusiasm for artificial intelligence kept Wall Street buoyant Thursday as Microsoft surfed a tech wave to pass $4 trillion in market value even as traders weighed Federal Reserve rates caution.US tariffs and a Fed decision Wednesday to hold rates steady as inflation stays stubbornly high in the United States could not dampen down the bulls piling into tech.Shares of Microsoft vaulted around five percent after it reported $27.2 billion in quarterly profits as it touted massive investments in AI, joining fellow AI star Nvidia in leaping the $4 trillion value barrier.Just over two hours into trading, Wall Street had lost a smidgin of its earlier momentum as the Dow was flat while the tech-rich Nasdaq Composite Index had added 0.8 percent as the broader S&P 500 rose around half of one percent.Europe was sluggish, meanwhile, London sliding just into the red by the close while eurozone indices Paris and Frankfurt both lost around one percent.  “As Wall Street braces for a slew of further tech earnings and key economic data releases, volatility looks set to rise — particularly with the looming tariff deadline tomorrow, on 1st August, casting a shadow over sentiment,” said Fawad Razaqzada, market analyst with FOREX.comAhead of US jobs data Friday, focus was on company earnings, with Microsoft and Facebook owner Meta posting better-than-expected earnings, the latter seeing its shares soar 12 percent.With US rates on pause for now, “often, that might have been enough to send traders scurrying for cover — but strong earnings results from some of the leading US tech companies have kept sentiment strong, allowing markets to make new gains this morning,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.The latest developments on the tariffs front saw US President Donald Trump announce a deal that sees 15 percent levies on South Korean goods and a commitment from Seoul to invest $350 billion in the United States.The president Thursday said his sweeping tariffs were making the US “great & rich again”.Earlier, he revealed India would face 25-percent tolls, coupled with an unspecified penalty over New Delhi’s purchases of Russian weapons and energy.Trump has also signed an executive order implementing an additional tax on Brazilian products, as he lambasts what he calls Brazil’s “witch hunt” against his far-right ally, former president Jair Bolsonaro, on coup charges.Traders are keeping tabs on talks with other countries that are yet to sign deals with Washington ahead of Trump’s self-imposed Friday deadline.After a broadly negative session Wednesday on Wall Street, Asian markets struggled.Hong Kong, Shanghai, Sydney, Singapore, Seoul, Manila, Wellington and Jakarta closed lower, while Tokyo, Taipei, Mumbai and Bangkok climbed.The yen retreated against the dollar after the Bank of Japan decided against hiking interest rates, while lifting economic growth and inflation costs. – Key figures at around 1545 GMT -New York – Dow: FLAT at 44,434.37 pointsNew York – S&P 500: UP 0.7 percent at 6,390.88New York – Nasdaq: UP 1.3 percent at 21,307.73London – FTSE 100: DOWN 0.1 percent at 9,132.81 (close)Paris – CAC 40: DOWN 1.1 percent at 7,771.97 (close) Frankfurt – DAX: DOWN 0.8 percent at 24,065.47 (close)Tokyo – Nikkei 225: UP 1.0 percent at 41,069.82 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 24,773.33 (close)Shanghai – Composite: DOWN 1.2 percent at 3,573.21 (close)Euro/dollar: UP at $1.1435 from $1.1409 on WednesdayPound/dollar: DOWN at $1.3220 from $1.3239Dollar/yen: UP at 150.58 yen from 149.50 yenEuro/pound: UP at 86.46 pence from 86.15 penceWest Texas Intermediate: DOWN 1.8 percent at $68.72 per barrelBrent North Sea Crude: DOWN 1.1 percent at $72.43burs-bcp/ajb/cw/kjm

When Mohammad Hanif heard Qatar was opening jobs to Afghans, he joined thousands of others to put his name down for a shot to make a living in the gas-rich emirate, his own country wracked by unemployment.The Taliban authorities announced a deal with Gulf state this month to recruit 3,100 workers from Afghanistan, who started applying on Tuesday at centres across the country.By Wednesday, more than 8,500 people had put their names down from the capital Kabul and surrounding provinces, labour ministry spokesman Samiullah Ibrahimi told AFP, and more than 15,500 people are expected to register nationwide.The Taliban government says the jobs will help fight steep unemployment and poverty in the country of around 48 million people, facing what the United Nations says is one of the world’s worst humanitarian crises. “Our country has many problems, most people are poor and work odd jobs,” said Hanif, who travelled to western Herat from neighbouring Badghis to register. “I have skills in car mechanics and cooking, and I have certificates to prove it,” said the 35-year-old, adding he was grateful to Qatar for employing Afghans.  Competition is steep, however, with centres swarmed by hopeful applicants ready to present the required passports, identification cards and professional certificates to nab roles ranging from bus driver to cleaner, cook, mechanic and electrician. More than 1,000 people have applied in southern Kandahar for around 375 positions allocated to the region, and in Herat, around 2,000 people lined up on Wednesday to try for one of a few hundred jobs, AFP journalists said. – Doha instead of Tehran -Qatar, where the Taliban opened an office during the two-decade war with US-led forces, is one of the handful of countries to have strong diplomatic ties with Afghanistan’s rulers after they swept to power in 2021. Only Russia has so far officially recognised the Taliban government.Discussions are also underway with Saudi Arabia, the United Arab Emirates, Oman, Turkey and Russia to set up similar deals, labour minister Abdul Manan Omari said in a statement on Tuesday. The process “will undoubtedly have a positive impact on the country’s economic situation and reduce unemployment”, said Abdul Ghani Baradar, the deputy prime minister for economic affairs.Nearly half of Afghanistan’s population lives in poverty, and the unemployment rate (over 13 percent) affects nearly a quarter of young people aged 15 to 29, according to the World Bank. Those who do have work often support large, extended families on stretched salaries.High unemployment has been driven by infrastructure hamstrung by 40 years of conflict, drought impacting the crucial agriculture sector and the recent mass removals of Afghans from neighbouring countries, said Noorullah Fadwi, head of an association of job search companies.  This year, nearly two million Afghans have returned to their country after being driven out or deported from Iran and Pakistan, where many had lived for decades. “We are grateful to Qatar and ask other (Arab) countries to hire Afghan workers too, because the situation in Iran and Pakistan is very bad,” said 39-year-old Noor Mohammad, who registered in Herat, hoping for a hotel job.- ‘There is nothing’ -The Taliban authorities have not yet detailed how the Afghan recruits will be housed or their potential working conditions, while pledging to safeguard their rights.Qatar, where foreigners make up nearly 90 percent of the three million-strong population, has faced heavy criticism over the treatment of migrant labourers, particularly during construction leading up to hosting the 2022 FIFA World Cup. Qatar has since introduced major reforms to improve workers’ safety and punish employers who violate the rules.It has dismantled its “kafala” labour system, which gave employers powerful rights over whether workers could leave their jobs or even the country.Mohammad Qasim, 37, said he would not go to Qatar if he could find a job in Afghanistan, but he earned a university degree in education four years ago and has been unemployed ever since.”I tried very hard to find work but there is nothing,” he told AFP, saying he applied to be a cleaner at a centre in Kandahar.At least in Qatar, he said, “I will earn something.”

Hong Kong’s economy grew by 3.1 percent in the second quarter, according to government estimates released Thursday, beating expectations, with strong exports buoyed by businesses racing to take advantage of US tariff easing.Hong Kong is a special administrative region in China with its own trade policies, but is still vulnerable to tariff threats from US President Donald Trump, thanks to its significant re-exporting of Chinese goods.Improved domestic demand coupled with an increase of 11.5 percent in exports saw the economy “expand solidly”, a Hong Kong government spokesperson said.The “temporary easing of US tariff measures led to some ‘rush shipments'” which also helped growth, they added. Earlier in the year tariffs between China and the United States reached triple digits before a truce slashed them to more manageable levels. A 90-day grace period is meant to end on August 12, but the latest round of trade talks ended Tuesday without a deal.The US president on Wednesday announced tariffs on major trading partners South Korea, Brazil and India — a pattern Hong Kong’s government said would also affect its economy in the second half of the year. “The US’ renewed tariff hikes of late will exert pressure on global trade flows as well as its domestic economic activity and inflation. The uncertain pace of US interest rate cuts will also affect investment sentiment,” the government spokesperson said.- Trouble ahead? -Thursday’s estimates showed private consumption, which had declined for four consecutive quarters, increased 1.9 percent, while exports of services saw 7.5 percent growth. Hong Kong’s capital market has rebounded strongly this year, with dozens of companies from China piling into the city to raise overseas capital due to policy support from the Chinese government and optimised listing rules by Hong Kong regulators.But China’s regulator this month approved the fewest number of listing applications in eight months, Bloomberg reported, raising concerns that the IPO boom in the first half of this year may be slowing.Hong Kong’s government warned that the second half of the year could be harder.  “Given the geopolitical landscape, there is enormous uncertainty and volatility (for Hong Kong),” Financial Secretary Paul Chan told a press conference on Wednesday.Growth in the first quarter was three percent, but nevertheless authorities have set a goal of two to three percent for the whole year — which would be “prudent to keep”, Chan said. “The seemingly modest growth has not been fully reflected in the labour market,” Gary Ng, senior economist at Natixis Corporate and Investment Banking, told AFP.”It is hard to say the recovery is solid and shielded from geopolitical and trade tensions.”

Major stock markets and the dollar traded mixed Thursday as traders weighed a cautious Federal Reserve, strong tech earnings and new US tariffs.The US central bank held interest rates steady Wednesday and refrained from suggesting it would cut them any time soon as inflation stays stubbornly high in the world’s biggest economy.Ahead of US jobs data Friday, focus was on company earnings, with energy giant Shell plus automakers Renault and BMW reporting profit slumps after Microsoft and Facebook owner Meta posted better-than-expected earnings.The two American giants saw their share prices soar in futures trading ahead of Wall Street’s reopening Thursday and results from Amazon and Apple.”US markets are expected to enjoy a buoyant open thanks in no small part to the bumper earnings seen from Meta and Microsoft,” noted Joshua Mahony, chief market analyst at trading group Rostro.The latest developments on the tariffs front saw Trump announce a deal that sees 15 percent levies on South Korean goods and a commitment from Seoul to invest $350 billion in the United States.The president Thursday said his sweeping tariffs were making the US “great & rich again”.It came after he revealed that India would face 25 percent tolls, coupled with an unspecified penalty over New Delhi’s purchases of Russian weapons and energy.Trump has also signed an executive order implementing an additional tax on Brazilian products, as he lambasts what he calls Brazil’s “witch hunt” against his far-right ally, former president Jair Bolsonaro, on coup charges.Traders are keeping tabs on talks with other countries that are yet to sign deals with Washington ahead of Trump’s self-imposed Friday deadline.After a broadly negative session Wednesday on Wall Street, Asian markets struggled.Hong Kong, Shanghai, Sydney, Singapore, Seoul, Manila, Wellington and Jakarta closed lower, while Tokyo, Taipei, Mumbai and Bangkok climbed.London was higher around midday in the UK, while eurozone indices Paris and Frankfurt steadied.The yen retreated against the dollar after the Bank of Japan decided against hiking interest rates, while lifting economic growth and inflation costs. The BoJ cautiously welcomed the country’s trade deal with the United States.- Key figures at around 1045 GMT -London – FTSE 100: UP 0.6 percent at 9,189.22 pointsParis – CAC 40: DOWN 0.1 percent at 7,852.55 Frankfurt – DAX: FLAT at 24,261.38Tokyo – Nikkei 225: UP 1.0 percent at 41,069.82 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 24,773.33 (close)Shanghai – Composite: DOWN 1.2 percent at 3,573.21 (close)New York – Dow: DOWN 0.5 percent at 44,632.99 (close)Euro/dollar: UP at $1.1434 from $1.1409 on WednesdayPound/dollar: DOWN at $1.3220 from $1.3239Dollar/yen: UP at 149.98 yen from 149.50 yenEuro/pound: UP at 86.50 pence from 86.15 penceWest Texas Intermediate: DOWN 0.5 percent at $69.67 per barrelBrent North Sea Crude: DOWN 0.6 percent at $72.05burs-bcp/ajb/rl

US President Donald Trump said Thursday that the sweeping tariffs he has imposed on nations around the world were making the country “great & rich again” as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline.”Tariffs are making America GREAT & RICH Again,” he wrote on his Truth Social platform.”ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE “HOTTEST” COUNTRY ANYWHERE IN THE WORLD,” he added.A day earlier, the US President imposed new tariffs to punish or favor several major trading partners — the latest round of sweeping measures that have roiled markets around the world.South Korea squeezed in at the last moment, securing agreement on a 15 percent tariff for exports to the United States — significantly below the 25 percent that Trump had earlier threatened to introduce.But Trump also announced crippling 50 percent tariffs on Brazil and a 25 percent levy on Indian exports, while warning Canada it would face trade repercussions for planning to recognize a Palestinian state.The 15 percent rate on Seoul — Washington’s key security ally — was equivalent to levies determined from US trade deals with Japan and the European Union.He added that South Korea had committed to investing $350 billion in the United States, as well as the purchase of “$100 billion worth” of liquefied natural gas (LNG) or other energy sources.Seoul’s presidential office said tariffs on automobiles — one of Seoul’s key exports — would also stay at 15 percent. Trump hit Brazil with high tariffs as well as sanctions against the judge overseeing a trial of his far-right ally Jair Bolsonaro, who is accused of attempting a coup in Latin America’s biggest economy.But he delayed its implementation from Friday to August 6, and crucially exempted many products from the prohibitive levy, including orange juice, civil aircraft, iron ore and some energy products.- Canada trade threat -He had threatened to wield US economic might to punish Brazil — and its Supreme Court Justice Alexandre de Moraes, in particular — for what he has termed a “witch hunt” against former president Bolsonaro.Brazilian President Luiz Inacio Lula da Silva said he would defend “the sovereignty of the Brazilian people in the face of measures announced by the president of the United States.”Among Trump’s latest announcements were a 25 percent duty on Indian goods to begin Friday — slightly lower than previously threatened — after talks between Washington and New Delhi failed to bring about a trade pact.India would face an unspecified “penalty” over purchases of Russian weapons and energy as well, Trump said.”I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump wrote on his Truth Social platform.”We have done very little business with India, their Tariffs are too high, among the highest in the World,” he added.Canada’s trade relations with the United States also came under threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.”Wow! Canada has just announced that it is backing statehood for Palestine,” the US president wrote on his Truth Social platform. “That will make it very hard for us to make a Trade Deal with them.”- ‘Big day for America’ -He also signed an order Wednesday to impose previously threatened 50 percent tariffs on certain copper products and end a tariff exemption for low-value shipments from abroad.It left out products like copper ores, concentrates and cathodes, bringing some relief to industry.As Trump’s deal deadline neared, Commerce Secretary Howard Lutnick told Fox News that Washington had struck trade deals with Cambodia and Thailand, but provided no details of the accords.The US tariff hikes due Friday were initially announced in April as part of a package in which Trump slapped a minimum 10 percent levy on goods from almost all trading partners — citing unfair trade practices.This rate was set to rise to varying levels for dozens of economies such as the European Union, Japan and others, but Washington twice postponed their implementation as financial markets gyrated.The US leader insisted Wednesday that the August 1 deadline “will not be extended” any further.So far, Britain, Vietnam, Japan, Indonesia, the Philippines, the EU and South Korea have reached initial deals with Washington to secure less punishing conditions.While the United States and China earlier slapped escalating tariffs on each other’s products, both sides are working to further a truce maintaining duties at lower levels.Although Trump has promised a surge in government revenues from his duties, economists warn that higher tariffs can fuel an uptick in inflation and weigh on economic growth.

Asian markets mostly fell Thursday while the dollar held most of its gains as traders weighed a cautious Federal Reserve with strong tech earnings and Donald Trump’s tariffs on key economies South Korea and India.The central bank held interest rates steady and refrained from suggesting it would cut any time soon despite as he brushed off relentless pressure from the US president, with recent data indicating inflation remains elevated.While two members of the policyboard took the rare move of dissenting and voting to cut, investors pared their bets on a reduction in September sending the dollar rallying against its peers. The bank cited a moderation in economic activity in the first half and “solid” labour market conditions but warned “uncertainty about the economic outlook remains elevated”, while inflation too is somewhat heightened.Asked about Trump’s tariff deals and whether they brought more certainty, Fed boss Jerome Powell told reporters: “It’s been a very dynamic time for these trade negotiations.”He added that “we’re still a ways away from seeing where things settle down”.Kerry Craig of JP Morgan Asset Management said: “With some details on baseline tariffs only just becoming clear, and many of the details of the recently agreed ‘deals’ still to be ironed out, the risk is that inflation rates will continue to rise in the coming months.”US jobs data due Friday will be closely watched for a fresh look at the state of the world’s top economy, with a weak reading likely to put pressure on the Fed to cut.The latest developments on the trade front saw Trump announce a deal that sees 15 percent tariffs on South Korean goods and a commitment from Seoul to invest $350 billion in the United States.He also said India would face 25 percent tolls, coupled with an unspecified penalty over New Delhi’s purchases of Russian weapons and energy.And he signed an executive order implementing an additional tax on Brazilian products, as he lambasts what he calls Brazil’s “witch hunt” against his far-right ally, former president Jair Bolsonaro on coup charges.Traders are keeping tabs on talks with other countries that are yet to sign deals with Washington ahead of Trump’s self-imposed Friday deadline.After a broadly negative day on Wall Street, Asian markets struggled.Hong Kong, Shanghai, Sydney, Singapore, Seoul, Manila, Wellington and Jakarta all fell, though Tokyo, Taipei, Mumbai and Bangkok edged up.London, Paris and Frankfurt rose in the morning.The yen retreated against the dollar after the Bank of Japan decided against hiking interest rates, while lifting economic growth and inflation costs. It also cautiously welcomed the country’s trade deal with the United States.While the rising inflation outlook opened the door to a potential rate hike later in the year, Yuxuan Tang at JP Morgan Private Bank said such a move was “still highly uncertain”.”BoJ policymakers face a delicate balancing act between competing policy dilemmas, including sticky inflation, lukewarm consumer demand, fiscal pressures, and tariff impacts,” he wrote in a commentary.Traders had been given a healthy lead from the tech sector after titans Microsoft and Meta posted better-than-expected earnings, sending their stocks soaring in after-market trade. Amazon and Apple are due to release later Thursday.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 41,069.82 (close)Hong Kong – Hang Seng Index: DOWN 1.6 percent at 24,773.33 (close)Shanghai – Composite: DOWN 1.2 percent at 3,573.21 (close)London – FTSE 100: UP 0.4 percent at 9,172.12Euro/dollar: UP at $1.1443 from $1.1409 on WednesdayPound/dollar: UP at $1.3245 from $1.3239Dollar/yen: UP at 149.55 yen from 149.50 yenEuro/pound: UP at 86.39 pence from 86.15 penceWest Texas Intermediate: DOWN 0.1 percent at $69.92 per barrelBrent North Sea Crude: DOWN 0.2 percent at $73.11New York – Dow: DOWN 0.5 percent at 44,632.99 (close)

US President Donald Trump imposed new tariffs to punish or favor major trading partners Wednesday, as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline.South Korea squeezed in at the last moment, securing agreement on a 15 percent tariff for exports to the United States — significantly below the 25 percent that Trump had earlier threatened to introduce.But Trump also announced crippling 50 percent tariffs on Brazil and a 25 percent levy on Indian exports, while warning Canada it would face trade repercussions for planning to recognize a Palestinian state.The 15 percent rate on Seoul — Washington’s key security ally — was equivalent to levies determined from US trade deals with Japan and the European Union.An additional unspecified “large sum of money” will be invested by South Korea in the United States, the American leader said.Seoul’s presidential office said tariffs on automobiles — one of Seoul’s key exports — would also stay at 15 percent. Trump hit Brazil with high tariffs as well as sanctions against the judge overseeing a trial of his far-right ally Jair Bolsonaro, who is accused of attempting a coup in Latin America’s biggest economy.But he delayed its implementation from Friday to August 6, and crucially exempted many products from the prohibitive levy, including orange juice, civil aircraft, iron ore and some energy products.- Canada trade threat -He had threatened to wield US economic might to punish Brazil — and its Supreme Court Justice Alexandre de Moraes, in particular — for what he has termed a “witch hunt” against former president Bolsonaro.Brazilian President Luiz Inacio Lula da Silva said he would defend “the sovereignty of the Brazilian people in the face of measures announced by the president of the United States.”Among Trump’s latest announcements were a 25 percent duty on Indian goods to begin Friday — slightly lower than previously threatened — after talks between Washington and New Delhi failed to bring about a trade pact.India would face an unspecified “penalty” over purchases of Russian weapons and energy as well, Trump said.”I don’t care what India does with Russia. They can take their dead economies down together, for all I care,” Trump wrote on his Truth Social platform.”We have done very little business with India, their Tariffs are too high, among the highest in the World,” he added.Canada’s trade relations with the United States also came under threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.”Wow! Canada has just announced that it is backing statehood for Palestine,” the US president wrote on his Truth Social platform. “That will make it very hard for us to make a Trade Deal with them.”- ‘Big day for America’ -He also signed an order Wednesday to impose previously threatened 50 percent tariffs on certain copper products and end a tariff exemption for low-value shipments from abroad.It left out products like copper ores, concentrates and cathodes, bringing some relief to industry.As Trump’s deal deadline neared, Commerce Secretary Howard Lutnick told Fox News that Washington had struck trade deals with Cambodia and Thailand, but provided no details of the accords.The US tariff hikes due Friday were initially announced in April as part of a package in which Trump slapped a minimum 10 percent levy on goods from almost all trading partners — citing unfair trade practices.This rate was set to rise to varying levels for dozens of economies such as the European Union, Japan and others, but Washington twice postponed their implementation as financial markets gyrated.The US leader insisted Wednesday that the August 1 deadline “will not be extended” any further.In a Truth Social post, he vowed that this would be “a big day for America.”So far, Britain, Vietnam, Japan, Indonesia, the Philippines, the EU and South Korea have reached initial deals with Washington to secure less punishing conditions.While the United States and China earlier slapped escalating tariffs on each other’s products, both sides are working to further a truce maintaining duties at lower levels.Although Trump has promised a surge in government revenues from his duties, economists warn that higher tariffs can fuel an uptick in inflation and weigh on economic growth. This could change consumption patterns.Already, consumers face an overall average effective tariff rate that is the highest since the 1930s, according to a recent analysis by The Budget Lab at Yale University.The effect on consumer prices has been limited so far. But analysts cautioned this could become more pronounced as businesses run down on existing inventory and pass on more costs to buyers.

Asian markets mostly fell Thursday while the dollar held most of its gains as traders weighed a cautious Federal Reserve with strong tech earnings and Donald Trump’s tariffs on key economies South Korea and India.The central bank held interest rates steady and refrained from suggesting it would cut any time soon despite as he brushed off relentless pressure from the US president, with recent data indicating inflation remains elevated.While two members of the policyboard took the rare move of dissenting and voting to cut, investors pared their bets on a reduction in September sending the dollar rallying against its peers. The bank cited a moderation in economic activity in the first half and “solid” labour market conditions but warned “uncertainty about the economic outlook remains elevated”, while inflation too is somewhat heightened.Asked about Trump’s tariff deals and whether they brought more certainty, Fed boss Jerome Powell told reporters: “It’s been a very dynamic time for these trade negotiations.”He added that “we’re still a ways away from seeing where things settle down”.Kerry Craig of JP Morgan Asset Management said: “With some details on baseline tariffs only just becoming clear, and many of the details of the recently agreed ‘deals’ still to be ironed out, the risk is that inflation rates will continue to rise in the coming months.”US jobs data due Friday will be closely watched for a fresh look at the state of the world’s top economy, with a weak reading likely to put pressure on the Fed to cut.The latest developments on the trade front saw Trump announce a deal that sees 15 percent tariffs on South Korean goods and a commitment from Seoul to invest $350 billion in the United States.He also said India would face 25 percent tolls, coupled with an unspecified penalty over New Delhi’s purchases of Russian weapons and energy.And he signed an executive order implementing an additional tax on Brazilian products, as he lambasts what he calls Brazil’s “witch hunt” against his far-right ally, former president Jair Bolsonaro on coup charges.Traders are keeping tabs on talks with other countries that are yet to sign deals with Washington ahead of Trump’s self-imposed Friday deadline.After a broadly negative day on Wall Street, Asian markets struggled.Hong Kong, Shanghai, Sydney, Singapore, Seoul, Manila, Wellington and Jakarta all fell, though Tokyo, Taipei, Mumbai and Bangkok edged up.London, Paris and Frankfurt opened on a high.The yen retreated against the dollar after the Bank of Japan decided against hiking interest rates, while lifting economic growth and inflation costs. It also cautiously welcomed the country’s trade deal with the United States.Traders had been given a healthy lead from the tech sector after titans Microsoft and Meta posted better-than-expected earnings, sending their stocks soaring in after-market trade. Amazon and Apple are due to release later Thursday.- Key figures at around 0715 GMT -Tokyo – Nikkei 225: UP 1.0 percent at 41,069.82 (close)Hong Kong – Hang Seng Index: DOWN 1.5 percent at 24,811.86Shanghai – Composite: DOWN 1.2 percent at 3,573.21 (close)London – FTSE 100: UP 0.5 percent at 9,181.93Euro/dollar: UP at $1.1440 from $1.1409 on WednesdayPound/dollar: UP at $1.3248 from $1.3239Dollar/yen: UP at 149.71 yen from 149.50 yenEuro/pound: UP at 86.34 pence from 86.15 penceWest Texas Intermediate: UP 0.1 percent at $70.06 per barrelBrent North Sea Crude: UP 0.1 percent at $73.29New York – Dow: DOWN 0.5 percent at 44,632.99 (close)