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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)

US tariffs prompted Japanese auto giant Toyota on Thursday to cut its annual net profit forecast by 14 percent.The world’s largest automaker by vehicle sales now expects a net profit of 2.66 trillion yen ($18.06 billion), down from 3.1 trillion yen previously forecasted. “Due to the impact of US tariffs and other factors, actual results showed decreased operating income, and the forecast has been revised downward,” the firm said in a statement.Its shares fell by as much as 2.4 percent in Tokyo afternoon trade before recovering off lows.The Trump administration in April imposed a 25 percent levy on Japanese cars imported into the United States, dealing a hefty blow to Japan and its crucial auto sector.Although Tokyo and Washington announced a trade deal in July, lowering that rate to 15 percent and providing a degree of relief for the industry, it’s not yet clear when it will take effect.There is also confusion over whether the car tariff — as well as other “reciprocal” levies — will be capped at 15 percent, or if these would come on top of those in place before Trump’s trade blitz.The auto industry had a pre-existing 2.5 percent tariff, meaning the levy currently stands at 27.5 percent.Toyota’s revenues in the first quarter were up 3.5 percent, but net income plunged by 36.9 percent. – Tariffs hit forecasts -The results come after Honda said Wednesday its net profit had halved in the first quarter because of US tariffs, although it upgraded its annual profit forecast due to the deal with Washington.In the first three months of its fiscal year, which begins in April, net profit fell to 196.67 billion yen ($1.3 billion), a drop of 50.2 percent year-on-year, Honda said.Revenue dipped 1.2 percent to 5.34 trillion yen.Honda, Japan’s second-biggest automaker after Toyota, has managed to withstand the pressure better than its Japanese competitors. More than 60 percent of the vehicles it sells in the United States are built there, the highest percentage of all major Japanese automakers, according to Bloomberg Intelligence auto analyst Tatsuo Yoshida.Struggling Japanese rival Nissan, whose mooted merger with Honda collapsed this year and which is slashing jobs and closing factories, in July posted a net loss of 116 billion yen ($784 million).German carmaker BMW stuck to its 2025 targets last month despite quarterly profits tumbling a third due partly to US tariffs, insisting its large American operations meant it could weather the storm.That stood in contrast to domestic rivals Volkswagen and Mercedes-Benz, who cut their outlooks as they grapple with the fallout from Trump’s hardball trade policies.Ford meanwhile projected a $2 billion full-year earnings hit due to the levies.

China’s exports rose more than expected last month, with official data on Thursday showing a jump in shipments to the European Union and other markets offset a drop in those to the United States.The figures come as Beijing and Washington navigate a shaky trade war truce and will provide a boost to the country’s leaders as they look to kickstart an economy beset by weak domestic consumption. The reading showed that exports jumped 7.2 percent in July, an improvement on the previous month and much better than the 5.6 percent forecast in a survey of economists by Bloomberg.The report revealed that US-bound goods sank 21.7 percent year-on-year as Donald Trump’s levies — while down from the eye-watering levels initially announced — kicked in.However, exports to the European Union jumped 9.2 percent and those to the Association of Southeast Asian nations rose 16.6 percent.Southeast Asia and China have deeply interwoven supply chains and Washington has long accused Chinese manufacturers of “transshipping” — having products pass through a country to avoid harsher trade barriers elsewhere.In another welcome signal for China’s leaders, imports — a key gauge of struggling domestic demand — jumped 4.1 percent on-year in July, compared with a Bloomberg forecast of a one-percent fall.Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said the data showed “exports supported the economy strongly so far this year”.”Export growth may slow in coming months, as the front loading of exports due to US tariffs fades away,” he said.”The big question is how much China’s exports will slow and how it would spill over to the rest of the economy,” he said.Beijing has set an official goal of around five percent growth this year.But it has struggled to maintain a strong economic recovery from the pandemic, as it fights a debt crisis in its massive property sector, chronically low consumption and elevated youth unemployment.- Further US talks -Factory output shrank more than expected in July, data showed last week, logging its fourth straight month of contraction in a further sign that trade tensions were hitting the export-dependent economy.But the economic superpowers are working to reach a deal to lower trade tensions.The two hammered out a 90-day truce in May, and last month in Stockholm agreed to hold further talks on extending the ceasefire past an August 12 deadline.That pact has temporarily set fresh US duties on Chinese goods at 30 percent, while Beijing’s levies on US products stand at 10 percent.US Trade Representative Jamieson Greer said following the Stockholm talks that Trump would have the “final say” on any extension of a tariffs truce.Higher tariffs on dozens of trading partners — including a blistering 35 percent on Canada — also came into force Thursday as Trump seeks to reshape global trade to benefit the US economy.China’s dominance in the critical field of rare earths has also been a key point of contention with Washington, and Beijing’s recent restrictions on their export have sounded alarm bells at factories in the United States and elsewhere.Official data showed Thursday that Chinese exports of the elements receded last month from a June spike, though they remained high compared to recent years.Analysts say China’s trade will face significant hurdles in the latter half of the year as uncertainties linger.”Exports look set to remain under pressure in the near-term,” wrote Zichun Huang, China Economist at Capital Economics, in a note Thursday.And while “import growth surprised in July, this may reflect inventory building for certain commodities rather than a wider pick-up in domestic demand”, she added.

Higher US tariffs came into effect for dozens of economies Thursday, drastically raising the stakes in President Donald Trump’s wide-ranging efforts to reshape global trade.As an executive order signed last week by Trump took effect, US duties rose from 10 percent to levels between 15 percent and 41 percent for a list of trading partners.Many products 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 — while Syria, Myanmar and Laos face staggering levels at either 40 percent or 41 percent.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 tariff wave of “reciprocal” duties, aimed at addressing trade practices Washington deems unfair, broadens the measures Trump has imposed since returning to the presidency.But these higher tariffs do not apply to sector-specific imports that are separately targeted, such as steel, autos, pharmaceuticals and chips. Trump said Wednesday he planned a 100-percent tariff on semiconductors — though Taipei said chipmaking giant TSMC would be exempt as it has US factories. Even so, companies and industry groups warn that the new levies will severely hurt smaller American businesses. Economists caution that they could fuel inflation and weigh on growth in the longer haul.While some experts argue that the effects on prices will be one-off, others believe the jury is still out.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.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.- Devil in the details -The tariff order taking effect Thursday also leaves lingering questions for partners that have negotiated deals with Trump recently.Tokyo and Washington, for example, appear at odds over key details of their tariffs pact, such as when lower levies on Japanese cars will take place.Washington has yet to provide a date for reduced auto tariffs to take effect for Japan, the EU and South Korea. Generally, US auto imports now face a 25-percent duty under a sector-specific order.A White House official told AFP that Japan’s 15-percent tariff stacks atop of existing duties, despite Tokyo’s expectations of some concessions.Meanwhile, the EU continues to seek 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 tariffs, saying: “Wine sales account for up to 60 percent of gross margins of full-service restaurants.”- New fronts -Trump is also not letting up in his trade wars.He opened a new front Wednesday by doubling planned duties on Indian goods to 50 percent, citing New Delhi’s continued purchase of Russian oil. But the additional 25-percent duty would take effect in three weeks.Trump’s order for added India duties also threatened penalties on other countries that “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Existing exemptions still apply, with pharmaceuticals and smartphones excluded for now.And 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.Many of Trump’s sweeping tariffs face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the US Supreme Court.

PlayStation-maker Sony raised its annual profit forecasts on Thursday, citing strong performance in its key gaming business and a smaller-than-expected negative impact of US trade tariffs.The Japanese electronics and entertainment conglomerate said “user engagement continued its strong momentum” in the video game sector.Its shares surged more than six percent in Tokyo after the announcement.Monthly active users in June and total gameplay hours on PlayStation consoles in the April-June quarter both increased six percent year-on-year, it said.It added that “the situation surrounding the additional US tariffs is still fluid, and we intend to continue to monitor it and take action to minimise its impact”.”The impact of the additional US tariffs on operating income is estimated to be approximately 70 billion yen ($470 million), a decrease of 30 billion yen from the previous forecast.”The company hiked its net profit forecast for the current 2025-26 financial year to 970 billion yen ($6.6 billion), up from the previous estimate of 930 billion yen.But even the higher forecast would not top the record net profit of 1.1 trillion yen that Sony logged in the previous financial year.Atul Goyal, an equity analyst at Jefferies, said ahead of the earnings release that the massively anticipated global release of the game “Grand Theft Auto VI” in May 2026 “could lead to peak game profits” for Sony.GTA VI, which will be released on the PlayStation 5 and Microsoft’s XBox, will be set in Miami-like Vice City and features a playable female protagonist for the first time.The PlayStation 5, which launched in 2020, is entering a “late” stage of the usual lifecycle for a console, Goyal said.”Sony’s outlook hinges on navigating tariff headwinds near-term, leveraging GTA6’s blockbuster potential… and cyclical console risks,” he said.”A sensors spin-off could transform valuation, while music provides steady growth and pictures provides stability.”Music streaming is an important business pillar for Sony, which has an impressive back catalogue and a current roster that includes artists such as Beyonce and Lil Nas X.The Japanese giant, which saw net profit jump 23 percent on-year in this year’s April-June quarter, also raised its operating profit forecast on Thursday.Sony last month said it had bought a strategic 2.5 percent stake in Japanese game franchise giant Bandai Namco, which owns “Gundam” and arcade classic “Pac-Man”, with a view to growing its anime business.With the 68 billion yen transaction, the companies plan “to create new and emotionally moving experiences for fans”, they said in a joint statement.

Asian equities rose Thursday, with big-name chip firms making big gains after Donald Trump said those investing in the United States would be exempted from a threatened 100-percent tariff on semiconductors.The advances built on a strong lead from Wall Street and extended the previous day’s rally fuelled by hopes the Federal Reserve will cut interest rates next month.A day before sweeping tariffs were due to come into effect on dozens of countries, the president said: “we’re going to be putting a very large tariff on chips and semiconductors”.He added that the level would be “100 percent” but 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 by Taiwan’s giant TSMC, which surged almost five percent in early trade, 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, which the firm said in March was the “largest single foreign direct investment in US history”.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 also up.Apple-linked firms were also helped after the US giant said it will invest an additional $100 billion in the United States, taking its total pledge to $600 billion over the next four years.Foxconn and Pegatron both rose in Taipei.However, Tokyo Electron and Renesas both retreated in Japanese trade.- Tariff talks -“To some degree this outcome would be something of a relief,” said Morgan Stanley analysts.”Yes, 100 percent tariffs are unpalatable but if companies are given time to restore them, the real tax is just the higher cost of building chips in the United States.”Trump’s remarks came hours before his wide-ranging “reciprocal” tariffs are set to kick in 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, with significant exemptions, after Trump targeted Latin America’s biggest economy over its prosecution of former president Jair Bolsonaro.Investors are keeping tabs on talks between the White House and New Delhi, as well as other countries including Switzerland, which was this week hammered with a 39 percent toll.Asian markets extended their recent run-up and have regained much of last week’s losses sparked by the president’s tariff announcements and weak US jobs data.Tokyo, Hong Kong, Shanghai, Singapore, Seoul and Wellington were all in the green, with Taipei leading the way thanks to the surge in TSMC.The gains followed a strong day on Wall Street, where Apple jumped more than five percent and Amazon piled on four percent.Traders had already been on a buying streak as they grew optimistic that 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 Thursday.Oil prices rose after Trump threatened penalties on other countries that “directly or indirectly” import Russian oil, after imposing his extra toll on India.Still, 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” following what he called highly productive talks between his special envoy and the Russian leader.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.8 percent at 41,114.68 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 24,985.53Shanghai – Composite: UP 0.1 percent at 3,636.23Euro/dollar: DOWN at $1.1657 from $1.1659 on WednesdayPound/dollar: DOWN at $1.3355 from $1.3358Dollar/yen: UP at 147.50 yen from 147.38 yenEuro/pound: UP at 87.29 pence from 87.23 penceWest Texas Intermediate: UP 0.9 percent at $64.93 per barrelBrent North Sea Crude: UP 0.9 percent at $67.47 per barrelNew York – Dow: UP 0.2 percent at 44,193.12 (close)London – FTSE 100: UP 0.2 percent at 9,164.31 (close) 

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 over the next five years.”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.- ‘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 Wednesday 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 and semiconductors and chips could be unveiled within the coming week.The US 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 US, “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.The tariffs are essentially a tax paid by companies importing goods to the United States. This means Apple is on the hook for tariffs on iPhones and other products or components it brings into the country from abroad.

US President Donald Trump on Wednesday ordered steeper tariffs on Indian goods over New Delhi’s continued purchase of Russian oil, opening a new front in his trade wars hours before another wave of duties takes effect.The additional 25-percent tariff on Indian goods, coming into place in three weeks, stacks atop a separate 25-percent duty entering into force Thursday, taking the level to 50 percent for many products.Trump’s order also threatens penalties on other countries who “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Exemptions remain however for goods targeted under sector-specific duties such as steel and aluminum, and categories that could be hit later, like pharmaceuticals and semiconductors.Smartphones are in this list of exempted products for now, shielding Apple from a major hit as the US tech titan shifts production from China to India.India’s foreign ministry condemned Trump’s announcement Wednesday, calling the move “unfair, unjustified and unreasonable.”The ministry previously said India began importing oil from Russia as traditional supplies were diverted to Europe over the war — noting that Washington had “actively encouraged” such imports to strengthen “global energy market stability.”But Trump recently raised pressure on India over the oil purchases, threatening new tariffs as part of a campaign to force Moscow into ending its devastating invasion of Ukraine.India’s national security adviser was in Moscow on Wednesday, media in New Delhi reported, coinciding with US envoy Steve Witkoff’s visit.The 25-percent additional tariff is lower than the 100 percent Trump floated last month when he told Russia to end the war in Ukraine within 50 days or face massive new economic sanctions.The Republican said at the time that these would be “secondary tariffs” targeting Russia’s remaining trade partners, seeking to impede Moscow’s ability to survive already sweeping Western sanctions.”This marks a low point in US-India relations,” said Farwa Aamer, the Asia Society Policy Institute’s director of South Asia Initiatives.She expects domestic pressure for India to accede to US demands, but said “this will be a tough road to navigate.”- Tariff turmoil -Trump has separately taken aim at 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, although broad exemptions including for orange juice and civil aircraft are expected to soften the blow.Brazil took the first formal step Wednesday at the World Trade Organization to begin dispute proceedings against the tariffs, government sources told AFP.And come Thursday, a new wave of tariffs impacting dozens of other economies, from the European Union to Taiwan, is set to kick in.These updated “reciprocal” tariffs, meant to address trade practices Washington deems unfair, go up to 41 percent for Syria.US trading partners face varying increases from a current 10-percent level, starting at 15 percent for economies like the EU, Japan and South Korea.Countries not targeted by these “reciprocal” tariff hikes continue facing a 10-percent levy Trump imposed in April.Trump’s plans have sparked a rush to avert steeper duties, with Switzerland’s President Karin Keller-Sutter hurrying to Washington ahead of the Thursday deadline. It was unclear if she would meet Trump or any top economic officials.While Switzerland’s key pharmaceutical sector has been spared from the incoming 39-percent duty for now, Trump has warned that future pharma tariffs could eventually rise to 250 percent.Many of Trump’s sweeping tariffs also face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the Supreme Court.Tokyo’s tariffs envoy Ryosei Akazawa was also in Washington, pressing for clarity on when promised cuts to tariffs on Japan’s auto imports from 25 to 15 percent would take effect.A US official said meanwhile that, unlike for the European Union, tariffs on other Japanese imports would not be capped at 15 percent but that these “reciprocal” levies would be added to existing ones.Japan averted threatened extra tariffs of 25 percent in a deal struck in July, but the two sides appear at odds over key details, including over Japanese investments of $550 billion into the United States.”That’s like a signing bonus that a baseball player would get,” Trump told CNBC on Tuesday. “It’s our money to invest as we like.” 

Wall Street stocks rebounded Wednesday led by Apple and other large tech companies as markets largely shrugged off US President Donald Trump’s latest tariff hikes.Apple piled on more than five percent after White House officials said the tech giant plans an additional $100 billion in capital spending in the United States. Amazon and Google parent Alphabet were among the other large tech names that also rose.Dozens of economies around the world including the European Union and India are set to face higher US tariffs on Thursday, as US President Donald Trump’s long-threatened “reciprocal” duties over trade practices he deems unfair take effect.Trump also on Wednesday ordered an additional 25-percent tariff on Indian goods over New Delhi’s continued purchase of Russian oil, a key revenue source for Moscow’s war in Ukraine.Separate 50-percent US tariffs on Brazilian imports came into place Wednesday, with significant exemptions, after Trump targeted Latin America’s biggest economy over its prosecution of former president Jair Bolsonaro.But Wall Street equities spent most of the day firmly in positive territory. The tech-rich Nasdaq finished up 1.2 percent to 21,169.42, less than 10 points from an all-time record.”This is a market that’s fueled by enthusiasm,” said Jack Ablin of Cresset Capital Management. “Nothing has blown up yet. Perhaps the impact of tariffs won’t be as great as investors originally feared.”Earlier, Europe’s main markets also finished the day with gains.European investors are “in a relatively confident mood following a US-EU trade deal that eases concerns around tomorrow’s tariff headline”, said Joshua Mahony, chief market analyst at Rostro trading group.Markets are “heavily focused on the likes of India and Switzerland,” which have yet to reach a final agreement with Washington, he added.Elsewhere, oil prices gyrated as markets tried to determine the latest Russia developments, with Trump saying late Wednesday that there was a high probability of a summit with his Russian counterpart Vladimir Putin in the near future.Oil prices finished down more than one percent, while the dollar slid against its main rival currencies.In company news, shares in Danish drug giant Novo Nordisk fell 5.4 percent.The group reported a sharp rise in second-quarter net profit, but rising competition is hitting sales of its diabetes and obesity treatments Ozempic and Wegovy in the United States.In London, shares in Swiss mining and commodity giant Glencore shed 4.0 percent after it posted widening first-half losses on falling coal prices, US tariffs and Middle East tensions. Disney fell 2.7 percent as it reported around a doubling of profits to $5.3 billion and announced a series of new deals to boost its upcoming ESPN streaming venture.But McDonald’s jumped 3.0 percent as it reported an 11-percent rise in profits to $2.3 billion. While the fast food giant returned to sales growth at US stores, it warned that low-income consumers were cutting back amid financial pressures.- Key figures at around 2120 GMT -New York – Dow: UP 0.2 percent at 44,193.12 (close)New York – S&P 500: UP 0.7 percent at 6,345.06 (close)New York – Nasdaq Composite: UP 1.2 percent at 21,169.42 (close)London – FTSE 100: UP 0.2 percent at 9,164.31 (close) Paris – CAC 40: UP 0.2 percent at 7,635.03 (close)Frankfurt – DAX: UP 0.3 percent at 23,924.36 (close)Tokyo – Nikkei 225: UP 0.6 percent at 40,794.86 (close)Hong Kong – Hang Seng Index: FLAT at 24,910.63 (close)Shanghai – Composite: UP 0.5 percent at 3,633.99 (close)Euro/dollar: UP at $1.1659 from $1.1575 on TuesdayPound/dollar: UP at $1.3358 from $1.3299Dollar/yen: DOWN at 147.38 yen from 147.62 yenEuro/pound: UP at 87.23 pence from 87.04 penceBrent North Sea Crude: DOWN 1.1 percent at $66.89 per barrelWest Texas Intermediate: DOWN 1.2 percent at $64.35 per barrelburs-jmb/jgc

US President Donald Trump on Wednesday ordered steeper tariffs on Indian goods over New Delhi’s continued purchase of Russian oil, opening a new front in his trade wars hours before another wave of duties takes effect.The additional 25-percent tariff on Indian goods, coming into place in three weeks, stacks atop a separate 25-percent duty entering into force Thursday, taking the level to 50 percent for many products.Trump’s order also threatens penalties on other countries who “directly or indirectly” import Russian oil, a key revenue source for Moscow’s war in Ukraine.Exemptions remain however for goods targeted under sector-specific duties such as steel and aluminum, and categories that could be hit later, like pharmaceuticals and semiconductors.Smartphones are in this list of exempted products for now, shielding Apple from a major hit as the US tech titan shifts production from China to India.India’s foreign ministry condemned Trump’s announcement Wednesday, calling the move “unfair, unjustified and unreasonable.”The ministry previously said India began importing oil from Russia as traditional supplies were diverted to Europe over the war — noting that Washington had “actively encouraged” such imports to strengthen “global energy market stability.”But Trump recently raised pressure on India over the oil purchases, threatening new tariffs as part of a campaign to force Moscow into ending its devastating invasion of Ukraine.India’s national security adviser was in Moscow on Wednesday, media in New Delhi reported, coinciding with US envoy Steve Witkoff’s visit.The 25-percent additional tariff is lower than a 100-percent level Trump floated last month when he told Russia to end the war in Ukraine within 50 days or face massive new economic sanctions.The Republican said at the time that these would be “secondary tariffs” targeting Russia’s remaining trade partners, seeking to impede Moscow’s ability to survive already sweeping Western sanctions.”This marks a low point in US-India relations,” said Farwa Aamer, the Asia Society Policy Institute’s director of South Asia Initiatives.She expects domestic pressure for India to accede to US demands, but said “this will be a tough road to navigate.”- Tariff turmoil -Trump has separately taken aim at 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, although broad exemptions including for orange juice and civil aircraft are expected to soften the blow.Brazil took the first formal step Wednesday at the World Trade Organization to begin dispute proceedings against the tariffs, government sources told AFP.And come Thursday, a new wave of tariffs impacting dozens of other economies, from the European Union to Taiwan, is set to kick in.These updated “reciprocal” tariffs, meant to address trade practices Washington deems unfair, go up to 41 percent for Syria.US trading partners face varying increases from a current 10-percent level, starting at 15 percent for economies like the EU, Japan and South Korea.Countries not targeted by these “reciprocal” tariff hikes continue facing a 10-percent levy Trump imposed in April.Trump’s plans have sparked a rush to avert steeper duties, with Switzerland’s President Karin Keller-Sutter hurrying to Washington ahead of the Thursday deadline. It was unclear if she would meet Trump or any top economic officials.While Switzerland’s key pharmaceutical sector has been spared from the incoming 39-percent duty for now, Trump has warned future pharma tariffs could eventually rise to 250 percent.Mexico’s president said Wednesday that her country will seek to grow trade with Canada, as the North American economies grapple with separate US tariffs from other countries.Many of Trump’s sweeping tariffs also face legal challenges over his use of emergency economic powers, with the cases likely to ultimately reach the Supreme Court.