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Most stock markets bounced on Monday on hopes of US interest rate cuts after weak jobs figures raised concerns about the world’s top economy.The broad gains followed a Wall Street sell-off on Friday in reaction to the jobs data and news that dozens of countries would be hit with US tariffs ranging from 10 to 41 percent.Major US indices spent the entire day in positive territory, with the broad-based S&P 500 finishing up 1.5 percent.”Traders and investors have made a lot of money by deciding that tariffs won’t matter, and they’re not going to change that now,” said Steve Sosnick of Interactive Brokers.”I think the bias that most of them have now is ‘Let’s not think about tariffs as being a problem until they actually prove that they are.'”European indices mostly started the week on the front foot, with Paris and Frankfurt both ending the day up more than one percent.”Investors seem to be taking an optimistic view… betting on an increased likelihood of further monetary easing by the Fed after Friday’s employment figures,” said John Plassard, head of investment strategy at Cite Gestion Private Bank.CME’s FedWatch tool now has investors seeing a 94.1 percent chance of the Fed making a quarter-point cut in interest rates at the next meeting in September.Plassard noted, however, that “uncertainty reigns” as US President Donald Trump’s latest round of tariffs are set to take effect on Thursday.Switzerland’s stock market dropped around two percent at Monday’s open, its first session as it returned from a holiday after a tough 39-percent US tariff rate was announced.But the index later pared most of its losses on hopes the Swiss government, which announced it would make an improved offer to Washington, could negotiate a reduction in the levy, which is steeper than that imposed on the European Union and Britain.London advanced, lifted by banking stocks after the sector was granted a reprieve from the worst of feared compensation claims over controversial car loans dating back to 2007.Lloyds Banking Group jumped nine percent while Close Brothers, listed on the FTSE 250, soared more than 23 percent.Asian investors started the week mixed, with Hong Kong and Shanghai advancing while Tokyo fell.Stocks had struggled Friday as US jobs growth fell short of expectations in July, with revised data showing the weakest hiring since the Covid-19 pandemic — fueling concerns that Trump’s tariffs are starting to bite.Trump responded to the data by firing the commissioner of labor statistics, accusing her of manipulating employment data for political reasons.Markets reacted more favorably on Monday, as the hiring slowdown boosted hopes of Fed rate cuts to support the economy.Elsewhere, oil prices fell more than two percent after a sharp output increase by eight OPEC+ countries, with markets anticipating abundant supply.However, they later trimmed their losses after Trump threatened to hike tariffs on Indian goods further over its purchases of Russian oil.- Key figures at around 2050 GMT -New York – Dow: UP 1.3 percent at 44,173.64 (close)New York – S&P 500: UP 1.5 percent at 6,329.94 (close)New York – Nasdaq Composite: UP 2.0 percent at 21,053.58 (close)London – FTSE 100: UP 0.7 percent at 9,128.30 (close)Paris – CAC 40: UP 1.1 percent at 7,632.01 (close)Frankfurt – DAX: UP 1.4 percent at 23,757.69 (close)Tokyo – Nikkei 225: DOWN 1.3 percent at 40,290.70 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 24,733.45 (close)Shanghai – Composite: UP 0.9 percent at 3,583.31 (close)Dollar/yen: DOWN at 147.08 yen from 147.40 yen on FridayEuro/dollar: DOWN at $1.1573 from $1.1587Pound/dollar: UP at $1.3285 from $1.3279Euro/pound: DOWN at 87.11 pence from 87.25 penceWest Texas Intermediate: DOWN 1.6 percent at $66.29 per barrelBrent North Sea Crude: DOWN 1.3 percent at $68.76 per barrelburs-jmb/sst

Most stock markets bounced on Monday on hopes of US interest rate cuts after weak jobs figures raised concerns about the world’s top economy.The broad gains followed a Wall Street sell-off on Friday in reaction to the jobs data and news that dozens of countries would be hit with US tariffs ranging from 10 to 41 percent.The main New York indices were up more than one percent in midday trading.European indices mostly started the week on the front foot, with Paris and Frankfurt both ending the day up more than one percent.”Investors seem to be taking an optimistic view… betting on an increased likelihood of further monetary easing by the Fed after Friday’s employment figures,” said John Plassard, head of investment strategy at Cite Gestion Private Bank.CME’s FedWatch tool has investors seeing an 87.5 percent of the Fed making a quarter-point cut in interest rates.Plassard noted, however, that “uncertainty reigns” as US President Donald Trump’s tariffs are set to take effect on Thursday.Switzerland’s stock market dropped around two percent at Monday’s open, its first session as it returned from a holiday after a tough 39-percent US tariff rate was announced.The index pared most of its losses to end the day off just 0.15 percent, on hopes the Swiss government, which announced it would make an improved offer to Washington, could negotiate a reduction in the levy, which is steeper than that imposed on the European Union and Britain.London advanced, lifted by banking stocks after the sector was granted reprieve from the worst of feared compensation claims over controversial car loans dating back to 2007.Lloyds Banking Group jumped nine percent while Close Brothers, listed on the FTSE 250, soared more than 23 percent.Asian investors started the week mixed, with Hong Kong and Shanghai advancing while Tokyo fell.Stocks had struggled Friday as US jobs growth missed expectation in July, with revised data showing the weakest hiring since the Covid-19 pandemic — fuelling concerns that Trump’s tariffs are starting to bite.Trump responded to the data by firing the commissioner of labour statistics, accusing her of manipulating employment data for political reasons.Markets reacted more favourably on Monday, as the hiring slowdown boosted hopes of Fed rate cuts to support the economy.”Analysts are betting that rate-setters will prioritise recession avoidance over price controls,” said Derren Nathan, head of equity research at Hargreaves Lansdown.Observers also noted that news of Federal Reserve governor Adriana Kugler stepping down six months early, which gives Trump a chance to increase his influence on the Fed as he pushes for lower rates.Kathleen Brooks, research director at trading platform XTB, said it was expected that Trump’s choice to replace Kugler would be in line to later succeed Fed Chairman Jerome Powell when his term ends in May.”Whoever replaces Powell is likely to be a dove and is more likely to acquiesce to President Trump’s demands to cut rates,” she said.Elsewhere, oil prices fell more than two percent after a sharp output increase by eight OPEC+ countries, with markets anticipating abundant supply.However, they later cut their losses after Trump threatened to hike tariffs on Indian goods further over its purchases of Russian oil.- Key figures at around 1530 GMT -New York – Dow: UP 1.1 percent at 44,046.19 pointsNew York – S&P 500: UP 1.2 percent at 6,309.45New York – Nasdaq Composite: UP 1.5 percent at 20,962.21London – FTSE 100: UP 0.7 percent at 9,128.30 (close)Paris – CAC 40: UP 1.1 percent at 7,632.01 (close)Frankfurt – DAX: UP 1.4 percent at 23,757.69 (close)Tokyo – Nikkei 225: DOWN 1.3 percent at 40,290.70 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 24,733.45 (close)Shanghai – Composite: UP 0.9 percent at 3,583.31 (close)Dollar/yen: DOWN at 147.32 yen from 147.43 yen on FridayEuro/dollar: DOWN at $1.1565 from $1.1586Pound/dollar: UP at $1.3282 from $1.3276Euro/pound: DOWN at 87.06 pence from 87.25 penceWest Texas Intermediate: DOWN 1.0 percent at $66.67 per barrelBrent North Sea Crude: DOWN 0.8 percent at $69.10 per barrelburs-rl/js

Chinese internet giant Baidu plans to launch its robotaxis on rideshare app Lyft in Germany and Britain in 2026, pending regulatory approval, the two companies said on Monday.  Last month, Baidu announced a similar agreement with Uber in Asia and the Middle East as it seeks to take pole position in the competitive autonomous driving field both at home and abroad.Lyft and Baidu said Monday that “in the following years” the fleet of Apollo Go driverless cars will be expanded to thousands of vehicles across Europe.They did not specify which other countries the cars would be deployed in, and it was not clear how long it might take to gain regulatory approval for the initial deployment.Driverless taxis are already on some roads with limited capacity in the United States and China, most notably in the central city of Wuhan, where a fleet of over 500 can be hailed by app in designated areas.Their reach is spreading, with Shanghai’s financial district Pudong recently announcing a batch of permits for multiple companies to operate robotaxis.China’s tech companies and automakers have poured billions of dollars into self-driving technology in recent years, with intelligent driving the new battleground in the country’s cutthroat domestic car market.Baidu is not alone among Chinese companies in searching to expand its foothold abroad. Its rival WeRide is also active in the Gulf region, and in January announced it had been picked to lead a small pilot project in Switzerland. Pony.AI, another Chinese company, said in May that it had signed a deal to launch its self-driving taxis on Uber in “a key market in the Middle East later this year”.San Francisco-based Lyft in April said it had agreed to buy German taxi app Freenow, planting a flag in the European market.The acquisition marked Lyft’s “most significant expansion outside North America”, the group said. 

Most stock markets bounced on Monday as hopes for US interest rate cuts rose following a sharp slowdown in jobs growth that raised concerns about the world’s top economy.The broad gains followed a sell-off on Wall Street Friday in reaction to the weak jobs data and news that dozens of countries would be hit with US tariffs ranging from 10 to 41 percent.European indices mostly started the week on the front foot, with Paris gaining 0.8 percent and Frankfurt rising over one percent.”Investors seem to be taking an optimistic view… betting on an increased likelihood of further monetary easing by the Fed after Friday’s employment figures,” said John Plassard, head of investment strategy at Cite Gestion Private Bank.He noted, however, that “uncertainty reigns” as US President Donald Trump’s tariffs are set to take effect on Thursday. Switzerland’s stock market dropped around two percent at Monday’s open, its first session as it returned from a holiday after a tough 39-percent US tariff rate was announced.The index pared some of its losses in early afternoon trading, with hopes the Swiss government can negotiate a reduction in the levy, which is steeper than that imposed on the European Union and Britain.London advanced, lifted by banking stocks after the sector was granted reprieve from the worst of feared compensation claims over controversial car loans dating back to 2007.Lloyds Banking Group rose nearly eight percent, while Close Brothers, listed on the FTSE 250, soared more than 20 percent.Asian investors started the week mixed, with Hong Kong and Shanghai advancing while Tokyo fell.Stocks had struggled Friday as US jobs growth missed expectation in July, with revised data showing the weakest hiring since the Covid-19 pandemic — fuelling concerns that Trump’s tariffs are starting to bite.The president responded to the data by firing the commissioner of labour statistics, accusing her of manipulating employment data for political reasons.Markets reacted more favourably on Monday, as the slowdown boosted hopes of Fed rate cuts to support the economy.”Analysts are betting that rate-setters will prioritise recession avoidance over price controls,” said Derren Nathan, head of equity research at Hargreaves Lansdown.”This is likely the main driver of a rebound in US stock futures in anticipation of a positive market open later today,” he added.Observers also noted that news of Federal Reserve governor Adriana Kugler stepping down six months early gives Trump a chance to increase his influence on the Fed as he pushes for lower rates.Oil prices fell after a sharp output increase by eight OPEC+ countries, with markets anticipating abundant supply.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.3 percent at 9,093.20 pointsParis – CAC 40: UP 0.8 percent at 7,606.20 Frankfurt – DAX: UP 1.3 percent at 23,720.70Tokyo – Nikkei 225: DOWN 1.3 percent at 40,290.70 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 24,733.45 (close)Shanghai – Composite: UP 0.9 percent at 3,583.31 (close)New York – Dow: DOWN 1.2 percent at 43,588.58 (close)Dollar/yen: UP at 147.57 yen from 147.43 yen on FridayEuro/dollar: DOWN at $1.1574 from $1.1586Pound/dollar: UP at $1.3293 from $1.3276Euro/pound: DOWN at 87.10 pence from 87.25 penceWest Texas Intermediate: DOWN 1.6 percent at $66.25 per barrelBrent North Sea Crude: DOWN 1.5 percent at $68.64 per barrel

A Malaysian hotel tycoon who helped bring Formula One to Singapore pleaded guilty Monday to abetting the obstruction of justice, in a rare corruption case in the city-state that saw a former transport minister jailed last year.Singapore-based billionaire Ong Beng Seng, 79, was charged in October last year with helping former transport minister S. Iswaran cover up evidence in a graft investigation.He was also accused of showering Iswaran with lavish gifts, including tickets to the 2017 Singapore Formula One Grand Prix, flights on a private jet, business class travel and a luxury hotel stay.Ong entered his guilty plea from a glass-encased dock at a district court in downtown Singapore on Monday.Prosecutors sought a two-month jail term after Ong agreed to plead guilty. He will be sentenced on August 15.But prosecutors also agreed with defence lawyers that the court could exercise “judicial mercy” in view of Ong’s poor health — which could further reduce any sentence.Defence lawyers pleaded for clemency, saying their septuagenarian client suffered from a litany of serious ailments, including an incurable form of cancer.They asked for a “stiff fine” instead of actual jail time. “The risks to Mr. Ong’s life increase dramatically in prison,” lawyer Cavinder Bull told the court, saying prison could not give his client sufficient care.”This man is living on the edge,” Bull added.The Attorney General’s Chambers said in a statement that after “considering the medical evidence before the Court”, the prosecutors did not object to imposing a fine instead of jail time.The trial of Malaysia-born Ong had attracted significant media attention due to his links with Iswaran and the affluent city-state’s reputation as one of the world’s least corrupt nations.Ong owns Singapore-based Hotel Properties Limited and is the rights holder to the Singapore Grand Prix Formula One race. He and Iswaran were instrumental in bringing the Formula One night race on a street circuit to Singapore in 2008.In July 2023, Ong was arrested as part of a graft probe involving Iswaran and was subsequently released on bail.In October last year, Iswaran was jailed for 12 months after he pleaded guilty to accepting illegal gifts worth more than Sg$400,000 ($310,000).He was also found guilty of obstructing justice, in the city-state’s first political graft trial in nearly half a century.Iswaran completed his sentence on June 6.

Italy’s competition watchdog said Monday it has fined the company responsible for Shein’s websites in Europe one million euros ($1.15 million) for false and confusing claims about the e-commerce giant’s efforts to be environmentally “green”.The AGCM watchdog accuses the China-founded fast-fashion colossal of having “adopted a misleading communication strategy regarding the characteristics and environmental impact of its clothing products”.The fine was imposed on Infinite Styles Services Co. Ltd, the company responsible for managing Shein’s product trading websites in Europe, the authority said in a statement.The AGCM accused it of “misleading and/or deceptive environmental messages and claims… in the promotion and sale of Shein-branded clothing products”.These were “in some instances, vague, generic, and/or overly emphatic, and in others, misleading or omissive”.In particular, claims about the recyclability of products “were found to be either false or at least confusing”, it said.Consumers could easily be led to believe Shein products were made exclusively from sustainable materials and fully recyclable, “a statement which, given the fibres used and current recycling systems, does not reflect reality”.The AGCM also took issue with the retailer’s claims it would reduce greenhouse gas emissions by 25 percent by 2030 and reach zero emissions by 2050.These “vague” pledges by a company which has seen phenomenal growth in recent years were “contradicted by an actual increase in Shein’s greenhouse gas emissions in 2023 and 2024”, it said.In a statement to AFP, Shein said it had “cooperated fully” with the watchdog’s investigation and “took immediate action” to address the concerns, saying all environmental claims on the website were now “clear, specific and compliant with regulations”.Environmentalists have long warned of the damage wreaked by the fast-fashion sector’s wasteful trend of mass producing low-cost clothes that are quickly thrown away.Fast fashion uses up massive amounts of water, produces hazardous chemicals and clogs up landfills in poor countries with textile waste, while also generating greenhouse gases in production, transport and disposal.

Most stock markets bounced on Monday as the chances of US interest rate cuts following a big miss on US jobs creation offset concerns about the world’s top economy.The broad advances followed a sell-off on Wall Street in reaction to the non-farm payrolls data, which compounded news on Friday that dozens of countries would be hit with levies ranging from 10 to 41 percent.With the date of implementation for the tariffs pushed back to Thursday, focus will be on talks this week between Washington and other capitals on paring down some of the tolls.Traders were taken by surprise by figures showing the US economy created just 73,000 jobs in July — against 104,000 forecast — while unemployment rose to 4.2 percent from 4.1 percent. Job gains from June and May were also revised down by nearly 260,000.The figures stoked concerns that Trump’s tariffs are beginning to bite, with inflation also seen pushing back towards three percent.The reading also saw the president fire the commissioner of labour statistics, accusing her of manipulating employment data for political reasons.Bets on the Federal Reserve cutting interest rates at its September meeting shot up following the jobs numbers, with some analysts predicting it will go for a 50-basis-point reduction, rather than the regular 25 points.Yields on US Treasury bonds fell sharply as investors priced in the cuts.Asian investors started the day on the back foot but fought back as it wore on.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila, Mumbai and Bangkok all rose, though there were losses in Tokyo, Wellington, Taipei and Jakarta.London, Paris and Frankfurt ticked up but Swiss shares sank more than two percent as traders there returned from a long weekend to react to Trump’s 39 percent duty on the country.US futures rose, after Friday’s selloff saw the S&P 500 and Dow each lose more than one percent and the Nasdaq more than two percent — with some also questioning whether a recent rally to multiple records has gone too far.The dollar continued to struggle against its major peers after tanking on the jobs report.George Brown, senior economist at Schroders, said before the jobs reading “all signs pointed to a solid US labour market. But that has been put into question by July’s US jobs report. Concerningly, both May and June were revised down by… the biggest two-month net downward revision outside of the pandemic”.He added: While it is important not to read too much into one data point, especially one as noisy as non-farm payrolls, the news that job creation was below 20,000 in May and June will certainly give the Federal Reserve food for thought.”Our base case had been for the Fed to hold rates for the rest of 2025, but any further fragility could encourage an earlier easing cycle.”Investors will now be keenly awaiting every utterance from Fed boss Jerome Powell leading up to the next policy meeting, not least because of the pressure Trump has put on him to lower rates.Observers said news that governor Adriani Kugler will step down from the bank six months early will give the president a chance to increase his influence on decision-making.”Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight,” said National Australia Bank’s Ray Attrill. “Fed officials, such as New York President John Williams speaking after the data, profess to be open minded about the September Fed meeting, but Mr Market has already decided they are cutting — ending Friday 88 percent priced for a 25-basis-points rate reduction.”Oil were barely moved despite supply worries after OPEC and other key producers agreed Sunday to another output hike and amid signs Trump’s tariffs were impacting the economy. The commodity sank almost three percent Friday.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.3 percent at 40,290.70 (close)Hong Kong – Hang Seng Index: UP 0.9 percent at 24,733.45 (close)Shanghai – Composite: UP 0.9 percent at 3,583.31 (close)London – FTSE 100: UP 0.4 percent at 9,106.37Dollar/yen: UP at 147.99 yen from 147.43 yen on FridayEuro/dollar: DOWN at $1.1556 from $1.1586Pound/dollar: DOWN at $1.3274 from $1.3276Euro/pound: DOWN at 87.05 pence from 87.25 penceWest Texas Intermediate: UP 0.1 percent at $67.41 per barrelBrent North Sea Crude: FLAT at $69.67 per barrelNew York – Dow: DOWN 1.2 percent at 43,588.58 (close)

Asian markets flitted between gains and losses Monday as investors continued to digest last week’s tariff blitz by Donald Trump and a US jobs report that fanned fears about the world’s top economy.News on Friday that dozens of countries would be hit with levies ranging from 10 to 41 percent sent shivers through exchanges amid concern about the impact on global trade.With the date of implementation pushed back to Thursday, focus will be on talks between Washington and other capitals on paring some of the tolls back.The pain was compounded later by figures showing the US economy created just 73,000 jobs in July — against 104,000 forecast — while unemployment rose to 4.2 percent from 4.1 percent. Job gains from June and May were also revised down by nearly 260,000.The figures stoked concerns that Trump’s tariffs are beginning to bite, with inflation also seen pushing back towards three percent.The reading also saw the president fire the commissioner of labor statistics, accusing her of manipulating employment data for political reasons.Bets on the Federal Reserve cutting interest rates at its September meeting shot up following the jobs numbers, with some analysts predicting it will go for a 50-basis-point reduction, rather than the regular 25 points.Yields on US Treasury bonds fell sharply as investors priced in the cuts.Investors will now be keenly awaiting every utterance from Fed boss Jerome Powell leading up to the next policy meeting, not least because of the pressure Trump has put on him to lower rates.Observers said news that governor Adriani Kugler will step down from the bank six months early will give the president a chance to increase his influence on decision-making.”Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight,” said National Australia Bank’s Ray Attrill. “Fed officials, such as New York President John Williams speaking after the data, profess to be open minded about the September Fed meeting, but Mr Market has already decided they are cutting — ending Friday 88 percent priced for a 25-basis-points rate reduction.”Still, Asian investors tried to get back on the horse after Friday’s selloff, with Hong Kong, Shanghai, Singapore and Seoul up, while Tokyo, Sydney, Wellington, Taipei, Manila and Jakarta were all down.The performance was better than New York, where the S&P 500 and Dow each lost more than one percent and the Nasdaq more than two percent — with some also questioning whether a recent rally to multiple records has gone too far.The dollar edged up but held most of its losses against its peers after tanking on the jobs report.And oil extended Friday’s losses of almost three percent, which came after OPEC and other key producers agreed another output hike, fanning oversupply fears owing to the effects of Trump’s tariffs and signs of a weakening economy.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 1.6 percent at 40,134.97 (close)Hong Kong – Hang Seng Index: UP 0.4 percent at 24,607.19Shanghai – Composite: UP 0.3 percent at 3,570.47Dollar/yen: UP at 147.86 yen from 147.43 yen on FridayEuro/dollar: DOWN at $1.1561 from $1.1586Pound/dollar: DOWN at $1.3262 from $1.3276Euro/pound: DOWN at 87.16 pence from 87.25 penceWest Texas Intermediate: DOWN 0.4 percent at $67.06 per barrelBrent North Sea Crude: DOWN 0.4 percent at $69.36 per barrelNew York – Dow: DOWN 1.2 percent at 43,588.58 (close)London – FTSE 100: DOWN 0.7 percent at 9,068.58 (close) 

Global markets reeled Friday after President Donald Trump’s tariffs barrage against nearly all US trading partners as governments looked down the barrel of a seven-day deadline before higher duties take effect.Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 percent.However, implementation will be on August 7 rather than Friday as previously announced, the White House said. This gives governments a window to rush to strike deals with Washington setting more favorable conditions.Neighboring Canada, one of the biggest US trade partners, was hit with 35 percent levies, up from 25 percent, effective Friday — but with wide-ranging, current exemptions remaining in place.The tariffs are a demonstration of raw economic power that Trump sees putting US exporters in a stronger position, while encouraging domestic manufacturing by keeping out foreign imports.But the muscular approach has raised fears of inflation and other economic fallout in the world’s biggest economy.Stock markets in Hong Kong, London and New York slumped as they digested the turmoil, while weak US employment data added to worries.Trump’s actions come as debate rages over how best to steer the US economy, with the Federal Reserve this week deciding to keep interest rates unchanged, despite massive political pressure from the White House to cut.Data Friday showed US job growth missing expectations for July, while unemployment ticked up to 4.2 percent from 4.1 percent.On Wall Street, the S&P 500 dropped 1.6 percent, while the Nasdaq tumbled 2.2 percent.- Political goals -Trump raised duties on around 70 economies, from a current 10 percent level imposed in April when he unleashed “reciprocal” tariffs citing unfair trade practices.The new, steeper levels listed in an executive order vary by trading partner. Any goods “transshipped” through other jurisdictions to avoid US duties would be hit with an additional 40 percent tariff, the order said.But Trump’s duties also have a distinctly political flavor, with the president using separate tariffs to pressure Brazil to drop the trial of his far-right ally, former president Jair Bolsonaro.He also warned of trade consequences for Canada, which faces a different set of duties, after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.In targeting Canada, the White House cited its failure to “cooperate in curbing the ongoing flood of fentanyl and other illicit drugs” — although Canada is not a major source of illegal narcotics.By contrast, Trump gave more time to Mexico, delaying for 90 days a threat to increase its tariffs from 25 percent to 30 percent.But exemptions remain for a wide range of Canadian and Mexican goods entering the United States under an existing North American trade pact.Carney said his government was “disappointed” with the latest rates hike but noted that with exclusions the US average tariff on Canadian goods remains one of the lowest among US trading partners.- ‘Tears up’ rule book -With questions hanging over the effectiveness of bilateral trade deals struck — including with the EU and Japan — the outcome of Trump’s overall plan remains uncertain.”No doubt about it — the executive order and related agreements concluded over the past few months tears up the trade rule book that has governed international trade since World War II,” said Wendy Cutler, senior vice president of the Asia Society Policy Institute.On Friday, Trump said he would consider distributing a tariff “dividend” to Americans.Notably excluded from Friday’s drama was China, which is in the midst of negotiations with the United States.Washington and Beijing at one point brought tit-for-tat tariffs to triple-digit levels, but have agreed to temporarily lower these duties and are working to extend their truce.Those who managed to strike deals with Washington to avert steeper threatened levies included Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union.Among other tariff levels adjusted in Trump’s latest order, Switzerland now faces a higher 39 percent duty.

Stock markets dived Friday following weak US jobs data that raised doubts about the world’s biggest economy as President Donald Trump moves forward with additional tariffs.Major US indices finished down 1.2 percent or more after spending the entire day in the red. Major indices in Asia and Europe also fell, with Paris and Frankfurt losing nearly three percent.The dollar fell sharply against other key currencies while oil prices plunged on fears that a weakening US economy would sap demand.The Labor Department said the US economy added just 73,000 jobs in July, while the unemployment rate rose to 4.2 percent from 4.1 percent. The department also cut the job gains from June and May by nearly 260,000 jobs.”Investors are getting a bit worried that this economy is softening more rapidly than we earlier thought,” said Sam Stovall of CFRA Research.The report comes at a moment when investors had been questioning whether the market was overvalued following a series of records in recent weeks.”There’s a lot of excuses to do some selling. The primary one today is the payrolls data,” said Briefing.com analyst Patrick O’Hare.Following the jobs data, yields on US Treasury bonds fell sharply as markets price in a weaker US growth outlook and expected cuts in Federal Reserve interest rates. “The market thinks the Fed needs to cut rates and will cut rates in September because of the data,” said O’Hare, who also pointed to “disappointing price action” in the market following generally strong earnings from large tech companies. The jobs data came as Trump’s long-telegraphed August 1 tariff deadline arrived.Trump announced late Thursday that dozens of economies, including the European Union, will face new tariff rates of between 10 and 41 percent.However, implementation will be on August 7 rather than Friday as previously announced, the White House said. This gives governments a window to rush to strike bilateral deals with Washington setting more favorable conditions.”The US payrolls data has eclipsed news about the latest tariff rates applied to the world’s economies by Donald Trump, and is now dominating markets,” said Kathleen Brooks, research director at XTB trading group.Some trading partners have reached deals with the United States — including Britain, the European Union, Japan and South Korea. China remains in talks with Washington to extend a fragile truce in place since May that is due to expire on August 12.- Key figures at around 2045 GMT -New York – Dow: DOWN 1.2 percent at 43,588.58 (close)New York – S&P 500: DOWN 1.6 percent at 6,238.01 (close)New York – Nasdaq: DOWN 2.2 percent at 20,650.13 (close)London – FTSE 100: DOWN 0.7 percent at 9,068.58 (close) Paris – CAC 40: DOWN 2.9 percent at 7,546.16 (close)Frankfurt – DAX: DOWN 2.7 percent at 23,425.97 (close)Tokyo – Nikkei 225: DOWN 0.7 percent at 40,799.60 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 24,507.81 (close)Shanghai – Composite: DOWN 0.4 percent at 3,559.95 (close)Euro/dollar: UP at $1.1586 from $1.1415 on ThursdayPound/dollar: UP at $1.3276 from $1.3207Dollar/yen: DOWN at 147.427 yen from 150.75 yenEuro/pound: UP at 87.25pence from 86.42 penceWest Texas Intermediate: DOWN 2.8 percent at $67.33 per barrelBrent North Sea Crude: DOWN 2.8 percent at $69.67 per barrel