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European markets mostly fell Monday while Asia was mixed as investors digested Donald Trump’s latest trade war salvos that saw him threaten to hit the European Union and Mexico with 30 percent tariffs.The US president’s outburst came after a series of announcements last week including warnings of 50 percent levies on copper and Brazilian goods, 35 percent on Canadian goods, and a possible 200 percent charge on pharmaceuticals.While observers warn the measures could deal a hefty blow to the global economy, investors are largely optimistic that governments will hammer out agreements before the White House’s August 1 deadline.In announcing his latest measures on Saturday, Trump cited Mexico’s role in illicit drugs flowing into the United States and a trade imbalance with the European Union.The move threw months of painstaking talks with Brussels into disarray.European Commission chief Ursula von der Leyen has insisted the bloc still wants to reach an accord — and on Sunday delayed retaliation over separate US duties on steel and aluminium as a sign of goodwill.EU officials threatened in May to impose tariffs on US goods worth around 100 billion euros ($117 billion), including cars and planes, if talks fail.The bloc’s trade chief Maros Sefcovic said he planned to speak to his US counterparts Monday, adding that he “cannot imagine walking away without genuine effort”.French President Emmanuel Macron backed efforts to reach an agreement that “reflects the respect that trade partners such as the European Union and the United States owe each other”.But he urged the bloc to “step up the preparation of credible countermeasures” if the two sides fail to reach an agreement.Analysts also pointed out that the levies against Mexico and Canada come even after Trump agreed a trade deal with the two during his first administration.Shares fell in Frankfurt and Paris, though London ticked higher.In Asia, Hong Kong, Shanghai, Seoul, Singapore, Manila, Bangkok and Jakarta all rose, while Tokyo, Sydney, Taipei, Mumbai and Wellington edged down.Bitcoin hit a new record high of $123,205.”It is hard to say whether the muted market response over the week is best characterised by resilience or complacency,” said National Australia Bank’s Taylor Nugent.”But it is difficult to price the array of headlines purportedly defining where tariffs will sit from 1 August when negotiations are ongoing.”Data showed Chinese exports jumped more than expected in June after Washington and Beijing agreed a tentative deal to lower swingeing levies on each other.That included a 32.4 percent surge in shipments to the United States, having dropped in May.Traders are also keeping a nervous eye on the Federal Reserve as Trump continues to berate boss Jerome Powell for not cutting interest rates soon enough, saying Sunday “I hope he quits”, and adding “He should quit”.Reports also said the president’s allies were targeting the Fed chief over his handling of an expensive renovation at the bank’s headquarters, with some suggesting they were building a case to have him removed over it.However, strategists warned that such a move would bring the independence of the central bank into question and send US Treasury yields soaring and the dollar plunging.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.3 percent at 39,459.62 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 24,203.32 (close)Shanghai – Composite: UP 0.3 percent at 3,519.65 (close)London – FTSE 100: UP 0.2 percent at 8,961.25Euro/dollar: DOWN at $1.1685 from $1.1690 on ThursdayPound/dollar: DOWN at $1.3484 from $1.3497Dollar/yen: DOWN at 147.36 yen from 147.38 yenEuro/pound: UP at 86.61 pence from 86.59 penceWest Texas Intermediate: UP 1.2 percent at $69.29 per barrelBrent North Sea Crude: UP 1.2 percent at $71.18 per barrelNew York – Dow: DOWN 0.6 percent at 44,371.51 (close)

China’s exports rose more than expected in June, official data showed Monday, after Washington and Beijing agreed a tentative deal to lower swingeing tariffs on each other.Data from the General Administration of Customs said exports climbed 5.8 percent year-on-year, topping the five percent forecast in a Bloomberg survey of economists.Imports rose 1.1 percent, higher the 0.3 percent gain predicted and marking the first growth this year.China’s exports reached record highs in 2024 — a lifeline to its slowing economy as pressures elsewhere mounted.Beijing’s efforts to sustain growth have been hit by a bruising trade war with the United States, driven by President Donald Trump’s sweeping tariffs, though the two de-escalated their spat with a framework for a deal at talks in London last month.Monday’s customs figures showed Chinese exports to the United States surged 32.4 percent in June, having fallen the month before, according to an AFP calculation based on official data.”Growth in export values rebounded somewhat last month, helped by the US-China trade truce,” Zichun Huang, China economist at Capital Economics, said. “But tariffs are likely to remain high and Chinese manufacturers face growing constraints on their ability to rapidly expand global market share by slashing prices,” Huang said.”We therefore expect export growth to slow over the coming quarters, weighing on economic growth,” she added.Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said the figures showed Chinese firms were still “frontloading” exports to the United States — accelerating shipments in anticipation of further tariffs to come. The strong export figures “help to partly offset the weak domestic demand and likely keep GDP growth around the government target of five percent in the second quarter”, Zhang said.”But the outlook for the second half of the year is unclear, as the frontloading of exports (to the United States) will fade out sometime,” he said.Customs official Wang Lingjun told a news conference on Monday that Beijing hoped “the US will continue to work together with China towards the same direction”, state broadcaster CCTV reported.The tariff truce was “hard won”, Wang said.”There is no way out through blackmail and coercion. Dialogue and cooperation are the right path,” he added.- Stuttering growth -Analysts say China’s economy is expected to have expanded more than five percent in the second quarter thanks to its strong exports. Official figures are due to be released on Tuesday.But they also warn Trump’s trade war could cause a sharp slowdown in the final six months of the year.Beijing is targeting an overall expansion of around five percent in 2025 — the same as last year but a figure considered ambitious by many experts.First-quarter growth came in at 5.4 percent, beating forecasts and putting the economy on a positive trajectory.Beijing has struggled to sustain growth since the pandemic as it battles a prolonged debt crisis in the property sector, chronically low consumption and high youth unemployment.Data released last week showed that consumer prices edged up in June, barely snapping a four-month deflationary dip, but factory gate prices dropped at their fastest clip in nearly two years.Many economists argue that China needs to shift towards a growth model propelled more by domestic consumption than the traditional key drivers of infrastructure investment, manufacturing and exports.Beijing has introduced a slew of measures since last year in a bid to boost spending, including a consumer goods trade-in subsidy scheme that briefly lifted retail activity.

China’s exports jumped in June, official data showed Monday, beating forecasts in a month when Washington and Beijing agreed a tentative deal to lower swingeing tariffs on each other.Data from the General Administration of Customs said exports rose 5.8 percent year-on-year, topping the five percent forecast in a Bloomberg survey of economists. Imports rose 1.1 percent — beating the predicted 0.3 percent gain.China’s exports reached record highs last year — a lifeline to its slowing economy as pressures elsewhere mounted.Beijing has struggled to sustain growth since the pandemic as it battles a prolonged debt crisis in the property sector, chronically low consumption and high youth unemployment.And a bruising trade war with the United States, driven by President Donald Trump’s policy of sweeping import tariffs, has made things more difficult for the world’s second-largest economy.Washington and Beijing have de-escalated their trade spat after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty.Customs official Wang Lingjun said at a news conference on Monday that Beijing “(hopes) that the US will continue to work together with China towards the same direction”, state broadcaster CCTV reported.The tariff truce was “hard won”, Wang said.”There is no way out through blackmail and coercion. Dialogue and cooperation are the right path,” he added.

Most Asian markets rose Monday as investors digested Donald Trump’s latest trade war salvos that saw him threaten to hit the European Union and Mexico with 30 percent tariffs.The US president’s outburst came after a series of announcements last week including warnings of 50 percent levies on copper and Brazilian goods, 35 percent on Canadian goods, and a possible 200 percent charge on pharmaceuticals.While observers warn the measures could deal a hefty blow to the global economy, investors are largely optimistic that governments will hammer out agreements before the White House’s August 1 deadline.In announcing his latest measures on Saturday, Trump cited Mexico’s role in illicit drugs flowing into the United States and a trade imbalance with the European Union.The move threw months of painstaking talks with Brussels into disarray.European Commission chief Ursula von der Leyen has insisted the bloc still wants to reach an accord — and on Sunday delayed retaliation over separate US duties on steel and aluminium as a sign of goodwill.EU officials threatened in May to impose tariffs on US goods worth around 100 billion euros ($117 billion), including cars and planes, if talks fail.French President Emmanuel Macron backed efforts to reach an agreement that “reflects the respect that trade partners such as the European Union and the United States owe each other”.But he urged the bloc to “step up the preparation of credible countermeasures” if the two sides fail to reach an agreement.Analysts also pointed out that the levies against Mexico and Canada come even after Trump agreed a trade deal with the two during his first administration.Still, Asian investors brushed off Friday’s losses in New York and Europe, remaining hopeful that governments will strike deals with Washington and avoid the worst of the tariffs.Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila and Jakarta all rose, with Tokyo, Wellington and Taipei edging down.Bitcoin hit a new record high of $119,490.”It is hard to say whether the muted market response over the week is best characterised by resilience or complacency,” said National Australia Bank’s Taylor Nugent.”But it is difficult to price the array of headlines purportedly defining where tariffs will sit from 1 August when negotiations are ongoing.”Traders are also keeping a nervous eye on the Federal Reserve as Trump continues to berate boss Jerome Powell for not cutting interest rates soon enough, saying Sunday “I hope he quits”, and adding “He should quit”.Reports also said the president’s allies were targeting the Fed chief over his handling of an expensive renovation at the bank’s headquarters, with some suggesting they were building a case to have him removed over it.However, strategists warned that such a move would bring the independence of the central bank into question and send US Treasury yields soaring and the dollar plunging.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.3 percent at 39,469.72 (break)Hong Kong – Hang Seng Index: UP 0.1 percent at 24,174.34Shanghai – Composite: UP 0.4 percent at 3,524.93Euro/dollar: UP at $1.1693 from $1.1690 on ThursdayPound/dollar: DOWN at $1.3496 from $1.3497Dollar/yen: DOWN at 147.01 yen from 147.38 yenEuro/pound: UP at 86.64 pence from 86.59 penceWest Texas Intermediate: UP 0.1 percent at $68.52 per barrelBrent North Sea Crude: UP 0.1 percent at $70.43 per barrelNew York – Dow: DOWN 0.6 percent at 44,371.51 (close)London – FTSE 100: DOWN 0.4 percent at 8,941.12 (close)

Rising from the muddy fields on the Mekong riverbank in Laos, a lotus tops a casino in a sprawling city which analysts decry as a centre for cybercrime.Shabby, mismatched facades –- including an Iberian-style plaza replete with a church tower, turrets and statues — stand alongside high-rise shells. The Golden Triangle Special Economic Zone (GTSEZ) is the most prominent of more than 90 such areas established across the Mekong region in recent years, often offering people reduced taxes or government regulation.Traffic signs in the GTSEZ are in Chinese script, while everything from cigarettes to jade and fake Christian Dior bags are sold in China’s yuan.Analysts say the towers are leased out as centres operating finance and romance scams online, a multibillion-dollar industry that shows no signs of abating despite Beijing-backed crackdowns in the region.The GTSEZ was set up in 2007, when the Laos government granted the Kings Romans Group a 99-year lease on the area.Ostensibly an urban development project to attract tourists with casinos and resorts, away from official oversight international authorities and analysts say it quickly became a centre for money laundering and trafficking.The city has now evolved, they say, into a cybercrime hub that can draw workers from around the world with better-paying jobs than back home.Laundry hung out to dry on the balconies of one high-rise building supposed to be a tourist hotel, while the wide and palm-lined boulevards were eerily quiet.It is a “juxtaposition of the grim and the bling”, according to Richard Horsey of the International Crisis Group.It gives the “impression of opulence, a sort of Las Vegas in Laos”, he said, but it is underpinned by the “grim reality” of a lucrative criminal ecosystem.- ‘Horrendous illicit activities’ -In the daytime a few gamblers placed their bets at the blackjack tables in the city’s centrepiece Kings Romans Casino, where a Rolls Royce was parked outside.”There are people from many different countries here,” said one driver offering golf buggy tours of the city, who requested anonymity for security reasons. “Indians, Filipinos, Russians and (people from) Africa.””The Chinese mostly own the businesses,” he added.Cyberfraud compounds have proliferated in special economic zones across Southeast Asia, according to the UN Office on Drugs and Crime.Kings Romans’ importance as a “storage, trafficking, deal-making, and laundering hub (is) likely to expand”, it said in a report last year, despite crackdowns on illegal activities.The founder of the Kings Romans Group and the GTSEZ is Zhao Wei, a Chinese businessman with close links to the Laos government, which has given him medals for his development projects. He and three associates, along with three of his companies, were sanctioned by the US Treasury in 2018 over what it called “an array of horrendous illicit activities” including human, drug and wildlife trafficking and child prostitution.Britain sanctioned him in 2023, saying he was responsible for trafficking people to the economic zone.”They were forced to work as scammers targeting English-speaking individuals and subject to physical abuse and further cruel, inhuman and degrading treatment or punishment,” Britain’s Treasury said.The same year and again last August, authorities in China and Laos cracked down on cyberfraud operations in the GTSEZ, raiding offices and arresting hundreds of suspects. – ‘Violence doesn’t always pay’ -With public anger in China mounting, over both scamming itself and alleged kidnappings, Beijing instigated raids this year on centres in Myanmar and Cambodia. The operations primarily targeted Chinese workers, thousands of whom were released and repatriated, along with hundreds of other foreigners.Some say they are trafficking victims or were tricked and forced to scam people online, but some authorities say they are there voluntarily.Scammers have adapted by shifting their locations and targets, specialists say, and Horsey explained that trafficking and abuses have reduced as the business model has developed. “If you’re trying to scale and produce a huge business… violence doesn’t always pay,” he said.”It’s better to have motivated workers who aren’t scared, who aren’t looking over their shoulder, who are actually free to… do their job.”Beijing realises it cannot completely stop criminality in the region, so prefers to manage it, he added.Chinese authorities can “pick up the phone” to Zhao and tell him: “Don’t do this, limit this, don’t target Chinese people”, he said.That “is actually more valuable for China than trying to eradicate it everywhere and just lose all influence over it”.The United States Institute for Peace estimated in 2024 that Mekong-based criminal syndicates were probably stealing more than $43.8 billion annually.Representatives of both the GTSEZ and Kings Romans did not respond to AFP’s repeated requests for comment, while Zhao could not be reached.The Laos government could not be reached for comment, but the official Lao News Agency said after last year’s busts that the country was “committed to decisively addressing and eliminating cyber-scam” activity.

US senators on Sunday touted a bipartisan bill that would arm President Donald Trump with “sledgehammer” sanctions to use against Russia, ahead of a visit by the US special envoy to Ukraine.Trump has indicated he would be open to the sanctions bill as relations with Russian counterpart Vladimir Putin grow increasingly frosty.US special envoy Keith Kellogg is due to begin his latest visit to Ukraine while Trump said he would make a “major statement… on Russia” on Monday.Republican Senator Lindsey Graham said he had majority backing in the Senate for his bill, which was gaining momentum as Washington-led peace efforts in Ukraine have struggled to make headway.The bill would allow Trump “to go after Putin’s economy, and all those countries who prop up the Putin war machine,” Graham told broadcaster CBS news.Trump, who has repeatedly said he is “disappointed” with Putin as Moscow unleashed deadly barrages of missiles against Kyiv, has hinted he might finally be ready to toughen sanctions.Trump held off for the past six months while he tried to persuade Putin to end the war. But the Republican president’s patience appears to be wearing thin, telling reporters during a cabinet meeting at the White House Tuesday that Putin was talking “a lot of bullshit” on Ukraine.Last week, Trump also agreed to send Zelensky more weapons, including through a deal with NATO which would involve the alliance purchasing US weapons to send to Ukraine.On Thursday, Trump appeared to back the bill without detailing whether he would use it to slap sanctions on Moscow.”They’re going to pass a very major and very biting sanctions bill, but it’s up to the president as to whether or not he wants to exercise it,” Trump told broadcaster NBC.Asked during a cabinet meeting about his interest in the bill, Trump said: “I’m looking at it very strongly.””This congressional package that we’re looking at would give President Trump the ability to impose 500% tariffs on any country that helps Russia,” said Graham, adding that those could include economies that purchase Russian goods like China, India or Brazil.”This is truly a sledgehammer available to President Trump to end this war,” said Graham.”Without a doubt, this is exactly the kind of leverage that can bring peace closer and make sure diplomacy is not empty,” the Ukrainian leader said about the proposed bill in an X post.Graham and Democratic Senator Richard Blumenthal were to meet NATO Secretary General Mark Rutte on Monday night.Blumenthal told CBS news they would also discuss the legally thorny issue of unlocking frozen Russian assets in Europe and the United States for access by Ukraine.”The $5 billion that the United States has also could be accessed, and I think it’s time to do it,” said Blumenthal.

France’s defence relations with Australia have recovered after their 2021 bust-up over a major submarine contract, the country’s ambassador said Sunday.Paris expressed its “strong regrets” when Australia tore up a multibillion-dollar deal to buy a fleet of diesel-powered submarines from France, Ambassador Pierre-Andre Imbert said.Since the 2022 election of Prime Minister Anthony Albanese, however, the defence relationship had been “restarted”, he said.”Now, the first pillar of our cooperation is defence and security, so we have a very good level of cooperation,” the ambassador told AFP as French forces joined major military drills around Australia.When Australia ditched the French deal, it opted instead to acquire nuclear-powered vessels in a new three-way AUKUS pact with the United States and Britain.But a US defence official last month revealed that a review of AUKUS was underway to ensure it “aligned with the President’s America First agenda” and that the US defence industrial base was “meeting our needs”.Under the AUKUS deal, Australia would acquire at least three Virginia class submarines from the United States within 15 years, eventually manufacturing its own subs.The US Navy has 24 Virginia-class vessels but American shipyards are struggling to meet production targets set at two new boats each year. Asked if France would ever consider discussing a new submarine deal with Australia if the AUKUS agreement was torpedoed by the review, the French ambassador said he was reluctant to speculate.”I would say it’s more an issue for Australia for the moment. And of course, we are always discussing with our friends of Australia,” he said.”But for the moment, they have chosen AUKUS,” he said. “If this changes (and) they ask, we’ll see.”More than 30,000 military personnel from 19 nations are set to join the three-week, annual Talisman Sabre military exercises, which started Sunday across Australia and Papua New Guinea.

European and US stock markets retreated Friday as US President Donald Trump ramped up his trade offensive, threatening a 35-percent levy on Canada.Trump dampened earlier optimism by firing off more than 20 letters to governments outlining new tariffs if agreements are not reached by August 1.Bitcoin meanwhile pushed on with its climb, reaching an all-time high above $118,000.The dollar was higher against its main rivals, and oil prices gained.Wall Street’s three main indices fell, with both the S&P 500 and Nasdaq retreating from records.But the pullback was relatively modest, implying that many investors are taking a wait-and-see approach to Trump’s latest tariff broadsides.”We have yet to see new substantial tariffs actually be enforced,” said Adam Sarhan of 50 Park Investments, describing investors as skeptical the biggest levies will actually be enacted.A note from Oxford Economics characterized Trump’s moves as “more tariff theatrics,” while allowing that the levy on Canada produced “jitters.”In Europe, where investors were awaiting news of Trump’s new tariff level targeting the European Union, the Paris stock market dropped 0.9 percent and Frankfurt 0.8 percent.”The fallout hasn’t been more pronounced because the market still continues to view all of this as a point of negotiating leverage,” said analyst Patrick O’Hare of Briefing.com.Trump dialed up his trade war rhetoric Thursday, warning that Canada faced a 35-percent tax, while other countries would be handed blanket tariffs of up to 20 percent, from the current 10 percent.That came after he outlined plans to impose 50-percent tariffs on copper imports, while threatening 200-percent levies on pharmaceuticals, and hit Brazil with a new 50-percent charge.The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being “ripped off”.Trump’s initial bombshell tariffs announcement in April sent markets into turmoil until he paused them for three months, and the latest measures have had less impact.London’s FTSE 100 and the pound retreated after data showed the UK economy unexpectedly shrank in May — its second consecutive monthly decline.That followed a mixed session in Asia, where Hong Kong rose, Tokyo fell and Shanghai flattened by the close.Shares in BP jumped 3.4 percent in London after the energy giant said it expected to report higher oil and gas production for its second quarter.Levi Strauss & Co. shot up 11.3 percent after reporting higher profits on a 6.4 percent rise in revenues. The denim company scored especially solid growth in the Americas and Europe.- Key figures at around 2050 GMT -New York – Dow: DOWN 0.6 percent at 44,371.51 (close)New York – S&P 500: DOWN 0.3 percent at 6,259.75 (close)New York – Nasdaq Composite: DOWN 0.2 percent at 20,585.53 (close)London – FTSE 100: DOWN 0.4 percent at 8,941.12 (close)Paris – CAC 40: DOWN 0.9 percent at 7,829.29 (close)Frankfurt – DAX: DOWN 0.8 percent at 24,255.31 (close)Tokyo – Nikkei 225: DOWN 0.2 percent at 39,569.68 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 24,139.57 (close)Shanghai – Composite: FLAT at 3,510.18 (close)Euro/dollar: DOWN at $1.1690 from $1.1701 on ThursdayPound/dollar: DOWN at $1.3497 from $1.3579Dollar/yen: UP at 147.38 yen from 146.26 yenEuro/pound: UP at 86.59 pence from 86.16 penceBrent North Sea Crude: UP 2.5 percent at $68.64 per barrelWest Texas Intermediate: UP 2.8 percent at $66.57 per barrelburs-jmb/des

Stock markets mostly retreated Friday as US President Donald Trump ramped up his trade war, threatening a higher blanket tariff and a 35-percent levy on Canada.Trump dampened earlier optimism by firing off more than 20 letters to governments outlining new tolls if agreements aren’t reached by August 1.Bitcoin meanwhile pushed on with its climb, reaching an all-time high above $118,000. The dollar and oil prices both gained.”The optimism from earlier in the week… is giving way to fears of an impending tariff surprise as the weekend approaches,” said Jochen Stanzl, chief market analyst at CMC Markets.In Europe, Paris and Frankfurt stock markets each dropped around one percent. Investors were awaiting news of Trump’s new tariff level targeting the European Union, with a letter expected by the end of the week. London’s FTSE 100 and the pound retreated also after data showed the UK economy unexpectedly shrank in May — its second consecutive monthly decline.That followed a mixed session in Asia where Hong Kong rose, Tokyo fell and Shanghai flattened by the close.Trump dialled up his trade war rhetoric Thursday, warning that Canada faced a 35 percent tax, while other countries would be handed blanket tariffs of up to 20 percent, from the current 10 percent.That came after he outlined plans to impose 50-percent tariffs on copper imports, while threatening 200 percent levies on pharmaceuticals, and hit Brazil with a new 50 percent charge.The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being “ripped off”.Trump’s initial bombshell announcement of tariffs on April 2 sent markets into turmoil until he paused them for three months and the latest measures have had less impact.All three main indices on Wall Street rose Thursday, with the S&P 500 and Nasdaq hitting fresh peaks, hours after the FTSE 100 in London achieved an all-time high.Shares in BP jumped around two percent in London on Friday after the energy giant said it expected to report higher oil and gas production for its second quarter. But the FTSE 100 was down overall nearing midday.- Key figures at around 1040 GMT -London – FTSE 100: DOWN 0.6 percent at 8,923.68 pointsParis – CAC 40: DOWN 1.0 percent at 7,825.22 Frankfurt – DAX: DOWN 1.1 percent at 24,193.54Tokyo – Nikkei 225: DOWN 0.2 percent at 39,569.68 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 24,139.57 (close)Shanghai – Composite: FLAT at 3,510.18 (close)New York – Dow: UP 0.4 percent at 44,650.64 (close)Euro/dollar: DOWN at $1.1692 from $1.1698 on ThursdayPound/dollar: DOWN at $1.3540 from $1.3576Dollar/yen: UP at 146.80 yen from 146.19 yenEuro/pound: UP at 86.36 pence from 86.16 penceBrent North Sea Crude: UP 0.6 percent at $69.06 per barrelWest Texas Intermediate: UP 0.7 percent at $67.04 per barrel

Stocks were mixed Friday as investors cautiously watched trade developments as US President Donald Trump’s latest tariff salvos tempered optimism that most countries will strike a deal to avoid the worst of his levies.The US president has ramped up his trade war in the past week by firing off more than 20 letters to governments outlining new tolls if agreements aren’t reached by August 1.He has also said he would impose 50 percent tariffs on copper imports, while threatening 200 percent on pharmaceuticals, and hit Brazil with a new 50 percent charge while slamming its “witch hunt” trial of former leader Jair Bolsonaro on coup charges.Thursday saw him dial up the rhetoric by warning Canada faced a 35 percent tax, while most other countries would be handed blanket tariffs of up to 20 percent, from the current 10 percent.The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being “ripped off”.”We’re just going to say all of the remaining countries are going to pay, whether it’s 20 percent or 15 percent. We’ll work that out now,” Trump told NBC News. “I think the tariffs have been very well-received. The stock market hit a new high today,” Trump added.Stephen Innes, at SPI Asset Management, said: “Just as the market was catching its breath at new highs… President Trump tugged the rug again.”A new act in the tariff opera… Trump is less policymaker than ringmaster, whipping markets with one hand while feeding red meat to his base with the other. “Every letter sent to a trade partner is a chess move disguised as a slap.”While his initial bombshell announcement of tariffs on April 2 sent markets into turmoil, until he paused them for three months, the latest measures have had less impact.Analysts say traders now expect a deal or another delay, while investors appear to be waiting until a deal is done or the tariffs kick in. All three main indexes on Wall Street rose Thursday, with the S&P 500 and Nasdaq hitting fresh peaks, hours after the FTSE in London had done so.Asia started Friday on a strong note but lost momentum as the day progressed.Hong Kong, Singapore, Taipei, Bangkok and Jakarta rose, while Tokyo, Sydney, Seoul, Manila, Mumbai and Wellington fell. Shanghai was flat.London edged down in the morning as data showed the UK economy unexpectedly shrank in May, while Paris and Frankfurt were also in the red.Australia and New Zealand Banking Group’s Khoon Goh said Asian investors were expected to “pare back their positions ahead of the weekend, to avoid any whiplash that could occur next week on further tariff news over the next couple of days”.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.2 percent at 39,569.68 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 24,139.57 (close)Shanghai – Composite: FLAT at 3,510.18 (close)London – FTSE 100: DOWN 0.1 percent at 8,968.55Euro/dollar: DOWN at $1.1689 from $1.1698 on ThursdayPound/dollar: DOWN at $1.3547 from $1.3576Dollar/yen: UP at 146.82 yen from 146.19 yenEuro/pound: UP at 86.29 pence from 86.16 penceWest Texas Intermediate: UP 0.7 percent at $67.04 per barrelBrent North Sea Crude: UP 0.6 percent at $69.03 per barrelNew York – Dow: UP 0.4 percent at 44,650.64 (close)