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Japanese stocks rallied Friday on a broadly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.The news compounded optimism sparked by strong earnings from market heavyweights Sony and Softbank that fanned a rally in the tech sector.Meanwhile, expectations that the Federal Reserve will cut interest rates were boosted by Donald Trump’s nomination of a key economic adviser to the central bank’s policy committee, adding to downward pressure on the dollar.The Nikkei 225 jumped nearly two percent after Japan’s tariffs envoy Ryosei Akazawa told reporters that Washington is expected to revise an executive order that stacked tariffs on top of each other.It also lowered vehicle tariffs on Japanese autos, a crucial driver of the world’s number-four economy.Car titan Toyota jumped more than three percent and Nissan 2.8 percent.Tech investment giant SoftBank rocketed more than 10 percent to a record after posting a quarterly profit thanks to its booming Vision Fund.And Sony piled on more than three percent — extending Thursday’s 4.1 percent gain — after it hiked its annual profit forecasts owing to its gaming business.While Taipei and Jakarta also rose, the rest of Asia retreated, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Bangkok, Wellington and Manila all down. London and Paris edged up, but Frankfurt dipped.Gold futures soared after the Financial Times reported that Washington would put tariffs on one-kilo bars, the most traded type of bullion on Comex — the world’s biggest futures market. The price of the December contract, the most active, hit a peak of $3,534.10 an ounce before easing, according to Bloomberg data.It also makes up the largest part of Switzerland’s gold shipments to the United States. The FT also said 100-ounce bars would face tolls.Spot prices sat around $3,400.Investors are now keeping tabs on talks between Washington and several other trading partners following the imposition Thursday of Trump’s tariffs, with India and Switzerland scrabbling for a deal.Also in view are China-US talks to extend a 90-day truce in their stand-off, with their current agreement ending on August 12 and dealers looking on cautiously.”We think uncertainties in US-China trade relations remain high, and any perception of one side failing to fully uphold its promise could trigger a renewed escalation in tensions,” economists at Bank of America said.”Moreover, as is the case with India, China could face potential penalties from crude oil imports from Russia,” they added. The dollar held most of its recent losses against its peers on Fed rate cut bets after Trump said he had tipped Stephen Miran, the chair of his Council of Economic Advisers to a governor role recently made vacant.”He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” the president wrote on his Truth Social platform. Miran shares Trump’s calls for interest rate cuts and has been a critic of the central bank in the past.”Miran has been very critical of US Fed policy and would likely advocate for cuts. This makes at least two rate cuts by the end of the year much more probable,” said National Australia Bank’s Tapas Strickland.The greenback had already been under pressure this week following the release of data last Friday showing US job creation cratered in May, June and July.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 1.9 percent at 41,820.48 (close)Hong Kong – Hang Seng Index: DOWN 0.9 percent at 24,858.82 (close)Shanghai – Composite: DOWN 0.1 percent at 3,635.13 (close)London – FTSE 100: UP 0.1 percent at 9,110.45Pound/dollar: UP at $1.3450 from $1.3445 on ThursdayEuro/dollar: UP at $1.1666 from $1.1665Dollar/yen: UP at 147.24 yen from 147.07 yenEuro/pound: UP at 86.77 pence from 86.76 penceWest Texas Intermediate: DOWN 0.3 percent at $63.69 per barrelBrent North Sea Crude: DOWN 0.3 percent at $66.26 per barrelNew York – Dow: DOWN 0.5 percent at 43,968.64 (close)

Japanese stocks rallied Friday on a mixed day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal.The news compounded optimism sparked by strong earnings from market heavyweights Sony and Softbank that fanned a rally in the tech sector.Meanwhile, expectations that the Federal Reserve will cut interest rates were boosted by Donald Trump’s nomination of a key economic adviser to the central bank’s policy committee, adding to downward pressure on the dollar.The Nikkei 225 jumped more than two percent after Japan’s tariffs envoy Ryosei Akazawa told reporters that Washington is expected to revise an executive order that stacked tariffs on top of each other.It also lowered vehicle tariffs on Japanese autos, a crucial driver of the world’s number-four economy.Car titan Toyota jumped almost four percent and Nissan more than three percent.Tech investment giant SoftBank rocketed more than 13 percent to a record after posting a quarterly profit thanks to its booming Vision Fund.And Sony piled on more than four percent — extending Thursday’s 4.1 percent gain — after it hiked its annual profit forecasts owing to its gaming business.But while Wellington, Taipei and Jakarta also rose, the rest of Asia struggled, with Hong Kong, Shanghai, Sydney, Seoul, Singapore and Manila all down. Investors are now keeping tabs on talks between Washington and several other trading partners following the imposition Thursday of Trump’s tariffs, with India and Switzerland scrabbling for a deal.Also in view are China-US talks to extend a 90-day truce in their stand-off, with their current agreement ending on August 12 and dealers looking on cautiously.”We think uncertainties in US-China trade relations remain high, and any perception of one side failing to fully uphold its promise could trigger a renewed escalation in tensions,” economists at Bank of America said.”Moreover, as is the case with India, China could face potential penalties from crude oil imports from Russia,” they added. The dollar held losses on Fed rate cut bets after Trump said he had tipped Stephen Miran, the chair of his Council of Economic Advisers to a governor role recently made vacant.”He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” the president wrote on his Truth Social platform. Miran shares Trump’s calls for interest rate cuts and has been a critic of the central bank in the past.”Miran has been very critical of US Fed policy and would likely advocate for cuts. This makes at least two rate cuts by the end of the year much more probable,” said National Australia Bank’s Tapas Strickland.The greenback had already been under pressure this week following data last Friday showing US job creation cratered in May, June and July.- Key figures at around 0250 GMT -Tokyo – Nikkei 225: UP 2.2 percent at 41,968.68 (break)Hong Kong – Hang Seng Index: DOWN 0.5 percent at 24,958.15Shanghai – Composite: DOWN 0.1 percent at 3,636.18Pound/dollar: DOWN at $1.3438 from $1.3445 on ThursdayEuro/dollar: DOWN at $1.1659 from $1.1665Dollar/yen: UP at 147.31 yen from 147.07 yenEuro/pound: UP at 86.77 pence from 86.76 penceWest Texas Intermediate: FLAT at $63.88 per barrelBrent North Sea Crude: UP 0.1 percent at $66.46 per barrelNew York – Dow: DOWN 0.5 percent at 43,968.64 (close)London – FTSE 100: DOWN 0.7 percent at 9,100.77 (close)

President Donald Trump’s steeper global tariffs came into effect Thursday, leaving dozens of US partners scrambling to secure relief from soaring levies that are rewriting global trade practice.Shortly before the new rates kicked in, Washington also announced it would double India tariffs to 50 percent and hit many semiconductor imports with a 100-percent duty.Trump’s trade policy is a demonstration of economic power that he hopes will revive domestic manufacturing, but many economists fear it could fuel inflation and lower growth.In his latest move, the president raised import duties from 10 percent to levels between 15 percent and 41 percent for various trading partners.Many products from the European Union, Japan and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies.But questions remain surrounding the implementation of these agreements.Others like India face a 25-percent duty — to be doubled in three weeks — while Syria, Myanmar and Laos face levels of 40 or 41 percent.Switzerland’s government, which failed to convince Trump not to impose a 39-percent tariff, said after an extraordinary meeting Thursday that it remains committed to talks aimed at lowering levies.Trump’s latest wave of “reciprocal” duties — a response to trade practices Washington deems unfair — broadens measures imposed since he returned to the presidency.Wall Street’s major indexes mostly dipped, while global markets largely shrugged off the higher tariffs Thursday.- ‘No charge’ -The steeper duties maintain exemptions on sectors that Trump separately targeted, like steel and autos.Categories that could be hit later, like pharmaceuticals and semiconductors, are also spared for now.Trump said Wednesday that he plans an “approximately 100-percent tariff” on semiconductor imports, but with no charge for companies investing in his country or committed to doing so.Companies and industry groups warn Trump’s new levies will severely hurt smaller American businesses.But providing some reprieve from the “reciprocal” tariff hike is a clause saying that goods already en route to the United States before Thursday — and arriving before October 5 — will not face the new rates.With the dust settling, at least temporarily, Georgetown University professor Marc Busch expects US businesses to “pass along more of the tariff bill” to consumers.Inventories are depleting and it is unlikely firms will absorb costs indefinitely, he told AFP.Trump is using tariffs to pursue a variety of goals — such as doubling planned duties on India due to its purchase of Russian oil, a key revenue source in Moscow’s war in Ukraine.The order threatened penalties on countries that “directly or indirectly” import Russian oil too.The Federation of Indian Export Organisations called the move a “severe setback” impacting nearly 55 percent of shipments to the United States.- Discrepancies -Lingering questions remain for partners who have negotiated deals with Trump.Tokyo and Washington appear at odds over the terms of their pact, such as when levies on Japanese cars will be lowered from an existing 25 percent on US auto imports.Both countries also seem to differ on whether the new 15-percent toll on Japanese goods would be added to existing levies or — like the EU — be capped at that level for many products.Japan’s tariffs envoy Ryosei Akazawa told reporters Thursday that Washington is expected to revise its order such that the new toll does not stack uniformly on existing ones. It would also lower vehicle tariffs on Japanese autos.Washington and Beijing meanwhile have a temporary truce in their tariff standoff expiring August 12. Commerce Secretary Howard Lutnick told Fox Business it is likely this will be extended another 90 days.Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup.US tariffs on various Brazilian goods surged to 50 percent Wednesday with broad exemptions.Lutnick expects Trump’s duties could bring in $50 billion in monthly revenue.burs-bys/mlm

Global stocks had a mixed session Thursday as US President Donald Trump’s new tariffs on dozens of countries took effect, with investors eyeing exemptions from his threatened 100-percent levy on semiconductors.After a positive start, momentum on Wall Street faded, with both the Dow and S&P 500 finishing lower.”This tariff issue is still an overhang for the market as it kind of contemplates what that might mean in terms of inflation, and what it might mean in terms of earnings,” said Briefing.com analyst Patrick O’Hare.”There’s concerns about the market acting a little bit too complacent around these tariffs.”But tech stocks were lifted by Trump’s pledge of chip-tariff exemptions for companies that invest heavily in the United States or commit to do so. The Nasdaq rose 0.4 percent to 21,242.70, a new all-time high.Shares in Apple climbed 3.2 percent, adding to a gain of more than five percent on Wednesday when Apple CEO Tim Cook appeared at the White House to pledge new investments in the United States.  Shares in AI chipmaker Nvidia rose 0.8 percent, while several Asian chipmakers also moved higher. Taiwanese chip-making giant TSMC climbed five percent as Taipei said it would be exempt from Trump’s threatened levies on the sector.Seoul-listed Samsung, which is also pumping billions into the world’s number one economy, rose more than two percent while South Korean rival SK Hynix was up more than one percent.”The chip tariffs certainly sound terrible on the headline,” said Steve Sosnick of Interactive Brokers. “But there’s so many exemptions … so it’s perceived to be having so many loopholes that it’s not bad news.”Among individual companies, Intel dropped 3.1 percent as Trump called on the chipmaker’s CEO, Lip-Bu Tan, to resign after a Republican senator raised national security concerns over his links to firms in China.Airbnb dropped 8.0 percent on disappointment over the company’s outlook. The vacation rental company described demand as encouraging but warned of weak growth figures later in the year.In Europe, London was a rare faller despite a divided Bank of England cutting interest rates as expected and raising its growth forecast for the British economy.The BoE made clear that bringing down inflation is its main concern, putting in doubt further rate cuts in the immediate future and sending the pound higher.The rally in the British currency reflects the importance of “positioning, sentiment and expectations” among foreign exchange traders, said a note from Forex.com strategist James Stanley. “The fact that the vote was so close illustrates a divide at the bank that brings question to future moves,” Stanley said.- Key figures at around 2040 GMT -New York – Dow: DOWN 0.5 percent at 43,968.64 (close)New York – S&P 500: DOWN 0.1 percent at 6,340.00 (close)New York – Nasdaq Composite: UP 0.4 percent at 21,242.70 (close)London – FTSE 100: DOWN 0.7 percent at 9,100.77 (close)Paris – CAC 40: UP 1.0 percent at 7,709.32 (close)Frankfurt – DAX: UP 1.1 percent at 24,192.50 (close)Tokyo – Nikkei 225: UP 0.7 percent at 41,059.15 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,081.63 (close)Shanghai – Composite: UP 0.2 percent at 3,639.67 (close)Euro/dollar: UP at $1.1665 from $1.1660 on WednesdayPound/dollar: UP at $1.3445 from $1.3357Dollar/yen: DOWN at 147.07 yen from 147.37 yenEuro/pound: DOWN at 86.76 pence from 87.29 penceBrent North Sea Crude: DOWN 0.7 percent at $66.43 per barrelWest Texas Intermediate: DOWN 0.7 percent at $63.88 per barrelburs-jmb/ksb

Most stock markets climbed Thursday even as US President Donald Trump’s new tariffs on dozens of countries took effect, with investors eyeing exemptions from his threatened 100-percent levy on semiconductors.Sentiment was also lifted by hopes of easing geopolitical tensions after the Kremlin said Trump and Russia’s leader Vladimir Putin were set to meet for talks in the coming days.Wall Street’s main indices climbed as trading got underway, but the blue-chip Dow slipped into the red during morning trading and the S&P 500 was flat.Tech stocks were lifted by Trump’s pledge of chip-tariff exemptions for companies that invest heavily in the United States or commit to do so.”Donald Trump’s latest tariff move was taken with a positive twist after the president confirmed a 100-percent levy on imported semiconductors, but threw a lifeline to firms like Apple, saying US-based manufacturers would be exempt,” said City Index and FOREX.com analyst Fawad Razaqzada.Shares in Apple climbed 2.9 percent, adding to a gain of more than five percent on Wednesday.Shares in AI chipmaker Nvidia rose 1.0 percent. Some Asian semiconductor firms also got a boost.Taiwanese chip-making giant TSMC climbed five percent as Taipei said it would be exempt from Trump’s threatened levies on the sector.Seoul-listed Samsung, which is also pumping billions into the world’s number-one economy, rose more than two percent while South Korean rival SK Hynix was up more than one percent.Analysts said that while the chip tariff threat was steep, there was optimism the final level would be lower.And the entry into force of new US tariffs on many of its key trading partners as part of Trump’s efforts to reshape the global economy did not spook investors.”Trump’s global web of tariffs is now in place, but the stock market appears largely unfazed,” said Jochen Stanzl, chief market analyst at CMC Markets.Even Switzerland’s stock market rose 0.9 percent despite top officials failing to convince Washington not to impose a 39-percent tariff on Swiss goods.Stanzl added that buying was driven by “the potential for an interest rate cut by the Federal Reserve in just over a month and a possible meeting between Trump, (Ukraine leader Volodymyr) Zelensky, and Putin as early as next week”.In Europe, London was a rare faller despite the Bank of England cutting interest rates as expected and raising its growth forecast for the British economy.The decision to cut was split and the BoE made clear that bringing down inflation is its main concern, putting in doubt further rate cuts in the immediate future and sending the pound higher.Shares in chip maker Intel fell 3.3 percent after Trump demanded its new boss resign after a Republican Senator reportedly raised national security concerns over his links to firms in China.The price of bitcoin rose to near its record high on reports that Trump was about to sign an order that would allow US 401k pension savings accounts to use the cryptocurrency as an asset. – Key figures at around 1530 GMT -New York – Dow: DOWN 0.6 percent at 43,909.88 pointsNew York – S&P 500: FLAT at 6,340.70New York – Nasdaq Composite: UP 0.4 percent at 21,262.39London – FTSE 100: DOWN 0.7 percent at 9,100.77 (close)Paris – CAC 40: UP 1.0 percent at 7,709.32 (close)Frankfurt – DAX: UP 1.1 percent at 24,192.50 (close)Tokyo – Nikkei 225: UP 0.7 percent at 41,059.15 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,081.63 (close)Shanghai – Composite: UP 0.2 percent at 3,639.67 (close)Euro/dollar: DOWN at $1.1630 from $1.1659 on WednesdayPound/dollar: UP at $1.3413 from $1.3358Dollar/yen: UP at 147.45 yen from 147.38 yenEuro/pound: DOWN at 86.72 pence from 87.23 penceBrent North Sea Crude: DOWN 0.3 percent at $66.68 per barrelWest Texas Intermediate: DOWN 0.3 percent at $64.13 per barrelburs-rl/rlp

Weeks after he was forced to return from Iran, Mohammad Mohsen Zaryab was still searching for somewhere to live in Kabul, where rental prices have soared along with an influx of Afghans expelled from neighbouring countries. More than 2.1 million Afghans have returned from Pakistan and Iran so far this year, according to the United Nations refugee agency. They join earlier rounds of mass expulsions from the neighbouring countries, deported or driven out by fear of arrest.Many of the returnees, like Zaryab, fled with their meagre belongings to Kabul, expecting the swelling city of eight million to offer the best prospects of finding work in a country where half the population lives below the poverty line.Zaryab begged landlords to bring down prices for his family of eight, only to be told, “If you can’t pay, someone else will”. The 47-year-old factory worker said he had expected when he returned in July to find more solidarity for Afghans coming “from far away with no home”. Multiple Kabul property dealers told AFP that rental prices had skyrocketed with the influx of returnees. “Since landlords noticed that refugees (from Iran and Pakistan) were returning, they doubled their rents,” said real estate agent Hamed Hassani, calling for the government to “intervene”. “We have many refugees who come to ask us for an apartment to rent, and most of them cannot afford what’s available,” he said. – Urban anarchy -A year ago, a three-room house would on average cost 10,000 Afghanis ($145) per month, but renters now pay 20,000, said Nabiullah Quraishi, the head of a property dealership. The cost amounts to a fortune for the majority of Afghanistan’s 48 million people, 85 percent of whom live on less than one dollar a day, according to the UN.Two years ago, multiple landlords would come to Quraishi’s business every month seeking help renting their property. Now, demand outstrips supply, he said. The municipality denies any housing crisis in the city. Major urban development plans, which include building new roads even if it means bulldozing numerous residences, are further straining housing access.”Seventy-five percent of the city was developed unplanned,” municipality spokesman Nematullah Barakzai told AFP. “We don’t want this to happen again.” – Can’t stay, can’t leave -Zahra Hashimi fears being evicted from the single basement room that has served as her home since she and her family returned from Iran. Her husband, who works odd jobs, earns about 80 Afghanis per day (a little over a dollar), not enough to pay the rent for the property, which has no electricity or running water. “We lost everything when we returned to Afghanistan,” said Hashimi, whose eldest daughter can no longer attend school under Taliban rules that deny women and girls schooling and employment. Her two primary-school-aged daughters could still attend, but the family cannot afford the tuition. The housing pressures have also affected long-time Kabul residents. Tamana Hussaini, who teaches sewing in the west of Kabul, where rents are lower, said her landlord wants to raise the 3,000 Afghani rent for their three-bedroom apartment.The family of eight tried to move out, but “rents are too high”, she told AFP. “It’s a frustrating situation where you can’t stay, but you can’t leave either.” 

Indian exporters warned on Thursday that the cost of additional US tariffs risked making businesses “not viable” after President Donald Trump ordered steeper levies totalling 50 percent on imported Indian goods.Prime Minister Narendra Modi said he was willing to “pay a great personal price”, while opposition Congress party leader Rahul Gandhi called the levies “economic blackmail” and “an attempt to bully India into an unfair trade deal”.Stocks opened marginally lower on Thursday, with the benchmark Nifty index down 0.31 percent after an initial 25 percent US tariff came into effect.That levy will be doubled in three weeks after Trump signed an order on Wednesday to impose an additional 25 percent tariff because of New Delhi’s continued purchases of Russian oil, a key revenue source for Moscow’s war in Ukraine.India is the second-largest buyer of Russian oil, saving itself billions of dollars on discounted crude.India’s foreign ministry condemned Trump’s announcement of further tariffs, calling the move “unfair, unjustified and unreasonable”.S.C. Ralhan, president of the Federation of Indian Export Organisations, said he feared a troubling impact.”This move is a severe setback for Indian exports, with nearly 55 percent of our shipments to the US market directly affected,” he said in a statement.”The 50 percent reciprocal tariff effectively imposes a cost burden, placing our exporters at a 30–35 percent competitive disadvantage compared to peers from countries with lesser reciprocal tariff.”Ralhan said “many export orders have already been put on hold” as buyers reassess sourcing decisions.Profit margins for “a large number” of small- to medium-sized enterprises profit “are already thin”, he said.”Absorbing this sudden cost escalation is simply not viable,” he said.India, the world’s fifth-largest economy and most populous nation, is bracing for a bumpy ride because the United States is its largest trading partner, with New Delhi shipping goods worth $87.4 billion in 2024.”If the extra 25 percent tariff that President Trump has announced on imports from India remains in place, India’s attractiveness as an emerging manufacturing hub will be hugely undermined,” Shilan Shah of Capital Economics said in a note.US spending drives around 2.5 percent of India’s GDP, Shah said.A 50 percent tariff is “large enough to have a material impact”, he said, with the resulting drop in exports meaning the economy would grow by closer to six percent this year and next, down from the seven percent they currently forecast.- Drug, gems, seafood -India’s top exports include smart phones, drugs, gems, textiles and industrial machinery, with some of the most labour-intensive goods — including jewellery and seafood — under threat.The Seafood Exporters Association of India said on Wednesday that the 50 percent tariff “imperils” its $3 billion business.India’s jewellery sector, which exported goods worth more than $10 billion last year, had already warned of job losses potentially hitting “thousands” at lower levy levels. It called the higher rate “devastating”.A key sticking point for India has been its reluctance to fully open its agriculture, a sector that employs vast numbers of people, to US imports.Modi said in a speech on Thursday that “India will never compromise on the interests of its farmers”.He said he would “have to pay a great personal price, but I am ready for it”, without giving further details.It seemed a far cry from India’s early hopes for special tariff treatment. Trump said in February he found a “special bond” with Modi when the Indian leader visited Washington.Successive US administrations have seen India as a key partner that has like-minded interests with regard to China.India and China are intense rivals competing for strategic influence across South Asia. Indian media has reported that Modi might visit long-time rival China in late August. The trip has not been confirmed by officials but it would be his first visit to China since 2018.Modi and China’s President Xi Jinping last met in Russia in October 2024.

The United States began charging higher tariffs on goods from dozens of trading partners Thursday, in a major escalation of President Donald Trump’s drive to reshape global commerce in America’s favor.Shortly before the new levies kicked in, Washington separately announced it would double Indian tariffs to 50 percent and hit many semiconductor imports from around the world with a 100-percent levy.As an executive order signed last week by Trump took effect, US import duties rose from 10 percent to levels between 15 percent and 41 percent for a list of trading partners.Many imports from economies including the European Union, Japan and South Korea now face a 15-percent tariff, even with deals struck with Washington to avert steeper threatened levies.But others like India face a 25-percent duty — to be doubled in three weeks to 50 percent — while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 percent. Switzerland’s government, which failed to convince Trump not to impose a stinging 39-percent tariff, was set to hold an extraordinary meeting later Thursday.Taking to his Truth Social platform just after midnight, Trump posted: “IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”The latest wave of “reciprocal” duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency.- ‘No charge’ -On the eve of his latest salvo, he doubled planned duties on Indian goods to 50 percent, citing New Delhi’s continued purchase of Russian oil. The new levy — up from 25 percent now — would take effect in three weeks.The Federation of Indian Export Organisations called the move a “severe setback for Indian exports, with nearly 55 percent of our shipments to the US market directly affected.”For New Delhi, one of the main sticking points has been Washington’s demand to access India’s vast agricultural and dairy market. “We will not compromise with the interests of our farmers, our dairy sector, our fishermen,” Prime Minister Narendra Modi said Thursday.Trump’s order also threatened penalties on other countries that “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Washington has already separately stuck tariffs on sector-specific imports such as steel, autos and pharmaceuticals. Trump said Wednesday he also planned an “approximately 100 percent tariff” on semiconductor imports, but with “no charge” for companies investing in the United States or committed to do so.Shares in Taiwanese chip-making giant TSMC surged as Taipei said it would be exempt, but some other Asian manufacturers took a beating.Companies and industry groups warn the new levies will severely hurt smaller American businesses, while economists caution that they could fuel inflation and hit growth.With the dust settling on countries’ tariff levels, at least for now, Georgetown University professor Marc Busch expects US businesses to pass along more of the bill to consumers.- ‘This will matter’ -An earlier 90-day pause in these higher “reciprocal” tariffs gave importers time to stock up, he said.But although the wait-and-see strategy led businesses to absorb more of the tariff burden initially, inventories are depleting and it is unlikely they will do this indefinitely, he told AFP.”With back-to-school shopping just weeks away, this will matter politically,” said Busch, an international trade policy expert.The tariffs leave lingering questions for partners that have negotiated deals with Trump recently.Tokyo and Washington, for example, appear at odds over key details of their pact, in particular on when lower levies on Japanese cars will take place.Generally, US auto imports now face a 25-percent duty under a sector-specific order. Toyota has cut its full-year profit forecast by 14 percent because of the tariffs.Japan and the United States also appear to differ on whether the “reciprocal” tolls of 15 percent on other Japanese goods would be on top of existing levies or — like the EU — be capped at that level.China and the United States, meanwhile, currently have a shaky truce in their standoff but that is due to expire on August 12.Chinese exports to the United States tumbled 21.7 percent last month, official data showed, while those to the European Union jumped 9.2 percent and to Southeast Asia by 16.6 percent.The EU is seeking a carveout from tariffs for its key wine industry.In a recent industry letter addressed to Trump, the US Wine Trade Alliance and others urged the sector’s exclusion from tolls, saying: “Wine sales account for up to 60 percent of gross margins of full-service restaurants.”Trump has separately targeted Brazil over the trial of his right-wing ally, former president Jair Bolsonaro, who is accused of planning a coup.US tariffs on various Brazilian goods surged from 10 percent to 50 percent Wednesday, but broad exemptions including for orange juice and civil aircraft are seen as softening the blow. Still, key products like Brazilian coffee, beef and sugar are hit.burs-stu/dan

Apple will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years, US President Donald Trump said Wednesday.Trump announced the increased commitment at the White House alongside the tech giant’s CEO Tim Cook, calling it “the largest investment Apple has made in America.” “Apple will massively increase spending on its domestic supply chain,” Trump added, highlighting a new production facility for the glass used to make iPhone screens in Kentucky.In February, Apple said it would spend more than $500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision. It builds on plans announced in 2021, when the company founded by Steve Jobs said it would invest $430 billion in the country and add 20,000 jobs.”This year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states,” Cook said in the Oval Office.Trump, who has pushed US companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment.”This is a significant step toward the ultimate goal of… ensuring that iPhones sold in the United States of America also are made in America,” Trump said. Cook later clarified that, while many iPhone components will be manufactured in the United States, the complete assembly of iPhones will still be conducted overseas.”If you look at the bulk of it, we’re doing a lot of the semiconductors here, we’re doing the glass here, we’re doing the Face ID module here… and we’re doing these for products sold elsewhere in the world,” Cook said.He gifted Trump a custom-engraved glass piece made by iPhone glassmaker Corning, set in a 24-karat gold base.Cook said the Kentucky-made glass piece was designed by a former Marine Corps corporal now working at Apple. After receiving it, Trump said it was “nice” that “we’re doing these things now in the United States, instead of other countries, faraway countries.”- ‘They’re coming home’ -Trump has repeatedly said he plans to impose a “100 percent” tariff on imported semiconductors, a major export of Taiwan, South Korea, China and Japan. “We’re going to be putting a very large tariff on chips and semiconductors,” he told reporters at the White House.Taiwanese giant TSMC — the world’s largest contract maker of chips, which counts Nvidia and Apple among its clients — would be “exempt” from those tariffs as it has factories in the United States, Taipei said Thursday. While he did not offer a timetable for enactment of the new tech levies, on Tuesday, he said fresh tariffs on imported pharmaceuticals, semiconductors and chips could be unveiled within the coming week.The United States is “going to be very rich and it’s companies like Apple, they’re coming home,” Trump said.Trump specified further that “Apple will help develop and manufacture semiconductors and semiconductor equipment in Texas, Utah, Arizona and New York.” He noted that if tech companies commit to manufacturing their wares in the United States, “there will be no charge.”Apple reported a quarterly profit of $23.4 billion in late July, topping forecasts despite facing higher costs due to Trump’s sweeping levies.

Asian equities rose Thursday as investors looked past Donald Trump’s threat to impose 100 percent tariffs on semiconductors, with optimism still high that the Federal Reserve will slash interest rates next month.A day before sweeping tariffs came into effect on dozens of countries, the US president said Washington would also be placing a “100 percent” tariff on chips and semiconductors but he did not offer a timetable.However, he said “the good news for companies like Apple is, if you’re building in the United States, or have committed to build… in the United States, there will be no charge”.Stock gains were led Thursday by Taiwan’s giant TSMC, which surged almost five percent, with the island’s National Development Council chief Liu Chin-ching saying the firm was in the clear.”Because Taiwan’s main exporter is TSMC, which has factories in the United States, TSMC is exempt,” he told a briefing in parliament.TSMC, which is ramping up manufacturing in Arizona, has pledged to invest as much as $165 billion in the United States.Seoul-listed Samsung, which is also pumping billions into the world’s number one economy, rose more than two percent while South Korean rival SK hynix was up more than one percent.Apple-linked firms were helped after the US giant said it would invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years.However, Japanese trade Tokyo Electron, a major producer of chipmaking equipment, plunged more than two percent, while chipmaker Renesas sank 3.8 percent.Precision tools maker Disco Corporation gave up 1.8 percent.Sony soared 4.1 percent after the PlayStation-maker raised its annual profit forecasts, citing strong performance in its key gaming business and a smaller-than-expected negative impact of US trade tariffs.- Tariff talks -Analysts said that while the chip threat was steep, there was optimism the final level would be lower.”The figure fits Trump’s approach of ‘open high, negotiate down’ and the final figure could be similar to reciprocal tariffs to limit inflation in consumer goods — given that many have chips,” said Morningstar’s Phelix Lee.Trump’s remarks came hours before his sweeping “reciprocal” tariffs kicked in Thursday against trading partners, and after he doubled his levy on India to 50 percent over its purchase of Russian oil.Fifty percent tolls on Brazilian goods came into place Wednesday.Asian markets extended their recent run-up following a strong day on Wall Street, where Apple jumped more than five percent and Amazon piled on four percent.Tokyo, Hong Kong, Singapore, Seoul, Bangkok, Jakarta and Wellington were all in the green, with Taipei leading the way thanks to the surge in TSMC.Shanghai finished on a positive note after data showed Chinese exports rose more than expected, with a surge in shipments to the European Union and Southeast Asian nations offsetting a more than 20 percent plunge in those to the United States.Imports also climbed, providing a boost to efforts to kick-start the Chinese economy.Mumbai fell, along with Sydney and Manila as well as London. Paris and Frankfurt edged up.Traders had already been on a buying streak on optimism the Fed will cut rates after data last week showing US jobs creation cratered in May, June and July, signalling the economy was weakening. US futures rose.Oil prices also rose after Trump threatened penalties on other countries that “directly or indirectly” import Russian oil, after imposing his extra toll on India.Traders are keeping tabs on developments regarding Moscow and its war in Ukraine after the US president said he could meet with Vladimir Putin “very soon”. That followed what he called highly productive talks between his special envoy and the Russian leader.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.7 percent at 41,059.15 (close)Hong Kong – Hang Seng Index: UP 0.7 percent at 25,081.63 (close)Shanghai – Composite: UP 0.2 percent at 3,639.67 (close)London – FTSE 100: DOWN 0.4 percent at 9,129.05 Euro/dollar: UP at $1.1692 from $1.1659 on WednesdayPound/dollar: UP at $1.3376 from $1.3358Dollar/yen: DOWN at 146.89 yen from 147.38 yenEuro/pound: UP at 87.41 pence from 87.23 penceWest Texas Intermediate: UP 0.7 percent at $64.79 per barrelBrent North Sea Crude: UP 0.6 percent at $67.28 per barrelNew York – Dow: UP 0.2 percent at 44,193.12 (close)