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Oil prices fell on Tuesday as US President Donald Trump’s announcement of a 50-day deadline for Russia to end the Ukraine war eased immediate concerns about sanctions-related supply disruptions, giving markets a reprieve after recent volatility.&nbsp;According to Reuters, Brent crude futures declined 29 cents, or 0.4 per cent, to $68.92 a barrel by 0342 GMT, while US West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5 per cent, to $66.63. Both benchmarks had already fallen more than $1 in the previous session as traders digested Trump’s more measured timeline for potential sanctions.<h2>Market relief after sanctions scare</h2>Oil prices had surged initially on worries that new US sanctions would quickly disrupt Russian crude exports, but those gains evaporated after Trump set a relatively long 50-day window for Russia to withdraw its forces and avoid punitive measures.&nbsp;“Trump’s milder stance on sanctions over Russian oil eased fears of a supply crunch while his tariff plan continues to mount economic pressures,” Priyanka Sachdeva, senior market analyst at Phillip Nova, told Reuters.&nbsp;Analysts say the extended deadline gives Moscow a diplomatic off-ramp while giving global oil traders time to adjust. Traders are now debating whether the US will actually impose tough sanctions if the deadline passes without progress.<h2>Potential for major market shift remains</h2>Despite the near-term easing in prices, analysts warn that the risk of sanctions still looms large if Russia does not comply. “If Trump does follow through and the proposed sanctions are implemented, it would drastically change the outlook for the oil market,” ING analysts said in a note cited by Reuters.&nbsp;Such measures would pose a stark dilemma for Russia’s biggest crude buyers like China, India, and Turkey, which would have to balance the benefits of cheap Russian oil against the cost of possible US penalties or tariffs on their exports.<h2>Tariff threats and global demand worries</h2>In addition to the Russia sanctions warning, President Trump has also escalated trade tensions on other fronts. On Saturday, he announced plans to impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, adding to earlier tariff threats targeting other countries.&nbsp;As per Reuters, these trade measures risk slowing global economic growth, a factor that could dent oil demand and weigh on prices in the coming months. “Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower,” ING’s note added.<h2>Supply outlook remains tight in near term</h2>Despite these concerns, the underlying oil market remains relatively well-supported for now. According to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) secretary general said oil demand is set to stay “very strong” through the third quarter, keeping the market snugly balanced in the short run.&nbsp;Meanwhile, Goldman Sachs on Monday raised its oil price outlook for the second half of 2025. The bank cited potential supply disruptions, tightening inventories in Organisation for Economic Co-operation and Development (OECD) countries, and production constraints in Russia as factors that could support higher prices.&nbsp;

Crude benchmarks fell as Trump extended deadline for Russia Ukraine withdrawal soothed fears of near term sanctions. Analysts say the reprieve could be short-lived if Moscow fails to comply.

Oil prices fell on Tuesday as US President Donald Trump’s announcement of a 50-day deadline for Russia to end the Ukraine war eased immediate concerns about sanctions-related supply disruptions, giving markets a reprieve after recent volatility. According to Reuters, Brent crude futures declined 29 cents, or 0.4 per cent, to $68.92 a barrel by 0342 GMT, while US West Texas Intermediate (WTI) crude futures dropped 35 cents, or 0.5 per cent, to $66.63. Both benchmarks had already fallen more than $1 in the previous session as traders digested Trump’s more measured timeline for potential sanctions. Market relief after sanctions scare Oil prices had surged initially on worries that new US sanctions would quickly disrupt Russian crude exports, but those gains evaporated after Trump set a relatively long 50-day window for Russia to withdraw its forces and avoid punitive measures. “Trump’s milder stance on sanctions over Russian oil eased fears of a supply crunch while his tariff plan continues to mount economic pressures,” Priyanka Sachdeva, senior market analyst at Phillip Nova, told Reuters. Analysts say the extended deadline gives Moscow a diplomatic off-ramp while giving global oil traders time to adjust. Traders are now debating whether the US will actually impose tough sanctions if the deadline passes without progress. Potential for major market shift remains Despite the near-term easing in prices, analysts warn that the risk of sanctions still looms large if Russia does not comply. “If Trump does follow through and the proposed sanctions are implemented, it would drastically change the outlook for the oil market,” ING analysts said in a note cited by Reuters. Such measures would pose a stark dilemma for Russia’s biggest crude buyers like China, India, and Turkey, which would have to balance the benefits of cheap Russian oil against the cost of possible US penalties or tariffs on their exports. Tariff threats and global demand worries In addition to the Russia sanctions warning, President Trump has also escalated trade tensions on other fronts. On Saturday, he announced plans to impose a 30 per cent tariff on most imports from the European Union and Mexico from August 1, adding to earlier tariff threats targeting other countries. As per Reuters, these trade measures risk slowing global economic growth, a factor that could dent oil demand and weigh on prices in the coming months. “Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower,” ING’s note added. Supply outlook remains tight in near term Despite these concerns, the underlying oil market remains relatively well-supported for now. According to Reuters, the Organization of the Petroleum Exporting Countries (OPEC) secretary general said oil demand is set to stay “very strong” through the third quarter, keeping the market snugly balanced in the short run. Meanwhile, Goldman Sachs on Monday raised its oil price outlook for the second half of 2025. The bank cited potential supply disruptions, tightening inventories in Organisation for Economic Co-operation and Development (OECD) countries, and production constraints in Russia as factors that could support higher prices.

Oil prices dipped after President Trump gave Russia a 50-day deadline to end the Ukraine war, easing fears of immediate supply disruptions from sanctions.

Oil prices slip as Trump’s 50-day Russia deadline cools supply fears

The US government announced on July 14 the imposition of a 17 per cent antidumping duty on fresh tomatoes imported from Mexico, effectively terminating a 2019 agreement that had suspended similar tariffs. The decision marks a significant shift in US-Mexico trade relations, particularly in the agricultural sector, as the United States seeks to protect its domestic tomato producers. The US Commerce Department’s move comes after complaints from US tomato farmers who allege that Mexican tomatoes have been sold at artificially low prices, a practice known as dumping. The US government contends that the 17.09 per cent duty will help level the playing field for American growers who have struggled to compete with cheaper imports.&nbsp;“Mexico remains one of our greatest allies, but for far too long our farmers have been crushed by unfair trade practices that undercut pricing on produce like tomatoes,” said US Secretary of Commerce Howard Lutnick in a statement. The 1996 Tomato Suspension Agreement, renewed multiple times, had provided a framework that allowed Mexico to export tomatoes to the US without facing hefty tariffs, provided they adhered to price floors and other terms. However, US growers have long argued that the deal failed to protect them adequately.<h2>Repercussions for US consumers and Mexican producers</h2>The decision has sparked immediate concerns about rising costs for US consumers. As the US imports about 70 per cent of its fresh tomatoes from Mexico, the new tariff could result in a price increase of around 8.5 per cent for retail tomatoes, according to experts. Critics of the tariff, including US agricultural businesses and trade groups, have warned that the move could harm the US economy and raise grocery prices, particularly for tomato-based products like salsa.Mexican officials have condemned the US decision as unfair and detrimental to both Mexican and US industries. In a joint statement, Mexico's ministries of economy and agriculture expressed disappointment, claiming the new tariff will harm consumers in both countries and disrupt long-standing trade relationships. “The gains made by Mexican fresh tomatoes in the US market are due to the quality of the product and not to any unfair practices,” the statement read.The Mexican government has pledged to assist local producers in navigating the new tariff, including exploring alternative international markets. Mexican tomato growers have also expressed their commitment to negotiating with the US for a solution to avoid further disruptions.<h2>The broader trade landscape</h2>This move is part of a broader trend of protectionist trade policies under the Trump administration, which has repeatedly targeted Mexico with tariffs, including a 25 per cent duty on various products earlier this year. The imposition of the tomato tariff comes amid ongoing trade talks with Mexico, with President Trump threatening to raise duties to 30 per cent if a comprehensive agreement is not reached by August 1.The decision underscores the complexities of international trade agreements and the far-reaching consequences for industries reliant on cross-border supply chains. While US tomato farmers may benefit from the tariff in the short term, the long-term impact on US consumers and relations with Mexico remains uncertain.

The US government contends that the 17.09 per cent duty will help level the playing field for American growers who have struggled to compete with cheaper imports.

The US government announced on July 14 the imposition of a 17 per cent antidumping duty on fresh tomatoes imported from Mexico, effectively terminating a 2019 agreement that had suspended similar tariffs. The decision marks a significant shift in US-Mexico trade relations, particularly in the agricultural sector, as the United States seeks to protect its domestic tomato producers. The US Commerce Department’s move comes after complaints from US tomato farmers who allege that Mexican tomatoes have been sold at artificially low prices, a practice known as dumping. The US government contends that the 17.09 per cent duty will help level the playing field for American growers who have struggled to compete with cheaper imports. “Mexico remains one of our greatest allies, but for far too long our farmers have been crushed by unfair trade practices that undercut pricing on produce like tomatoes,” said US Secretary of Commerce Howard Lutnick in a statement. The 1996 Tomato Suspension Agreement, renewed multiple times, had provided a framework that allowed Mexico to export tomatoes to the US without facing hefty tariffs, provided they adhered to price floors and other terms. However, US growers have long argued that the deal failed to protect them adequately. Repercussions for US consumers and Mexican producers The decision has sparked immediate concerns about rising costs for US consumers. As the US imports about 70 per cent of its fresh tomatoes from Mexico, the new tariff could result in a price increase of around 8.5 per cent for retail tomatoes, according to experts. Critics of the tariff, including US agricultural businesses and trade groups, have warned that the move could harm the US economy and raise grocery prices, particularly for tomato-based products like salsa. Mexican officials have condemned the US decision as unfair and detrimental to both Mexican and US industries. In a joint statement, Mexico's ministries of economy and agriculture expressed disappointment, claiming the new tariff will harm consumers in both countries and disrupt long-standing trade relationships. “The gains made by Mexican fresh tomatoes in the US market are due to the quality of the product and not to any unfair practices,” the statement read. The Mexican government has pledged to assist local producers in navigating the new tariff, including exploring alternative international markets. Mexican tomato growers have also expressed their commitment to negotiating with the US for a solution to avoid further disruptions. The broader trade landscape This move is part of a broader trend of protectionist trade policies under the Trump administration, which has repeatedly targeted Mexico with tariffs, including a 25 per cent duty on various products earlier this year. The imposition of the tomato tariff comes amid ongoing trade talks with Mexico, with President Trump threatening to raise duties to 30 per cent if a comprehensive agreement is not reached by August 1. The decision underscores the complexities of international trade agreements and the far-reaching consequences for industries reliant on cross-border supply chains. While US tomato farmers may benefit from the tariff in the short term, the long-term impact on US consumers and relations with Mexico remains uncertain.

The US government contends that the 17.09 per cent duty will help level the playing field for American growers who have struggled to compete with cheaper imports.

US imposes 17% tariff on Mexican tomatoes, ending 2019 trade deal

Bitcoin (BTC) surged to a record-breaking high of $123,153.22 on July 14, continuing its meteoric rise and propelling the broader cryptocurrency market into new territory. The world’s largest digital asset has now surpassed $120,000 for the first time, marking a significant milestone in a year that has already seen impressive gains for Bitcoin. As the cryptocurrency set a new record, other digital tokens followed suit, with Ether reaching a five-month high of $3,048.2, further fuelling excitement across the crypto sector.&nbsp;This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion, according to CoinMarketCap. Crypto stocks and exchange-traded funds (ETFs) have also seen impressive gains, with Coinbase’s shares up 1.8 per cent and crypto ETFs drawing strong investor interest. Investors are increasingly looking to digital assets as a hedge against inflation and currency devaluation, with Bitcoin remaining a top choice for institutional buyers and retail investors alike.<h2>What is fuelling the Bitcoin rally?</h2>Several key factors have contributed to Bitcoin’s recent surge. One of the most significant drivers is institutional buying, with companies like Strategy leading the charge. Strategy announced last week that it had acquired an additional 4,225 Bitcoin, bringing its total holdings to an eye-popping 601,550 Bitcoin. Such large institutional purchases contribute to a bullish sentiment in the market, driving prices higher as demand for Bitcoin continues to outpace supply.Another important catalyst for Bitcoin’s rally is the optimism surrounding the “Crypto Week” in the US. The week of July 14 has been dubbed Crypto Week by US Republicans, during which the US House of Representatives is set to debate and vote on three crucial pieces of cryptocurrency legislation. These bills, if passed, could provide much-needed regulatory clarity for the industry, reducing uncertainty that has often held back crypto companies and institutional investors from fully committing to the space.The most significant of these bills is the GENIUS Act, which aims to provide a regulatory framework for stablecoins and other digital assets, offering clear guidelines on their classification. The Clarity Act seeks to limit the ability of federal agencies to regulate cryptocurrencies through court rulings, ensuring that Congress, not the courts, defines how digital assets are governed. Finally, the Anti-CBDC Surveillance State Act is a bill designed to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC), arguing that such a move would enable the government to monitor citizens’ financial activities and infringe upon personal privacy.With these bills likely to provide a clearer path for crypto businesses to operate and attract institutional investment, investors are optimistic that the legislation will continue to support the current rally in Bitcoin and other cryptocurrencies.<h2>Crypto Week and what’s at stake for the industry</h2>The events of this week, dubbed Crypto Week, could prove pivotal in shaping the future of cryptocurrency in the US. The three proposed bills are expected to address several critical issues, including how digital assets are classified, the regulatory framework for stablecoins, and the potential dangers posed by central bank digital currencies.The passage of the GENIUS Act, which would clarify how digital assets like crypto tokens are classified, could be a game-changer for the industry. By providing clearer guidelines for startups and businesses, it would eliminate much of the legal uncertainty that has previously surrounded crypto projects, making it easier for companies to issue their own digital tokens and raise capital.In addition to the regulatory clarity provided by the GENIUS Act and Clarity Act, the Anti-CBDC Surveillance State Act would ensure that cryptocurrencies remain outside of the scope of government surveillance. With privacy concerns on the rise, especially around the potential for central bank digital currencies to track individuals’ financial transactions, this bill is seen as a vital safeguard for protecting users’ privacy in the crypto space.However, not all lawmakers are on board with the proposed legislation. Democrats, particularly those aligned with the Biden administration, have raised concerns that the bills would be too favourable to the crypto industry, potentially undermining securities laws and allowing for more volatility in the market. Critics argue that the bills could enable public officials, including Trump, to profit from crypto tokens and weaken financial oversight in the industry.<h2>Bitcoin’s impressive gains since Trump’s re-election</h2>Since US President Donald Trump was re-elected in November 2024, Bitcoin has experienced a remarkable 75 per cent surge, climbing from about $69,539 on Election Day to its current record level. The rise of Bitcoin coincides with Trump’s push for a more crypto-friendly regulatory environment. Under his administration, the cryptocurrency market has seen a wave of support, with Trump himself positioning himself as the “crypto president.” His administration has made efforts to ease regulations, provide clarity for digital asset companies, and promote the widespread adoption of crypto assets.Bitcoin’s resilience has been particularly notable in the face of geopolitical uncertainty. The cryptocurrency has managed to maintain its upward trajectory, even in times of heightened economic instability, including the global fallout from Trump’s unpredictable tariff policies. Bitcoin’s ability to rebound quickly from market disruptions and its ongoing correlation with riskier assets like tech stocks have made it an attractive investment during periods of volatility. As central banks around the world take increasingly accommodative fiscal measures, such as low interest rates and massive government spending, Bitcoin has become a safe haven for investors looking to hedge against potential inflationary pressures.One of the major factors behind Bitcoin’s recent rise is the declining value of the US dollar. As the dollar weakens against other currencies, Bitcoin has become a more appealing store of value, particularly for international investors looking for a hedge against the dollar’s decreasing purchasing power. The ongoing inflation concerns, coupled with the dollar's decline, have created an environment where Bitcoin is seen as a reliable alternative asset.As Bitcoin continues to break records, its rise highlights a broader trend in the financial landscape: the increasing acceptance and integration of digital assets into traditional financial markets. With Bitcoin now valued higher than companies like Amazon and closing in on Apple, it is becoming clear that the digital currency is no longer a fringe asset but a mainstream financial instrument in its own right.

This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion.

Bitcoin (BTC) surged to a record-breaking high of $123,153.22 on July 14, continuing its meteoric rise and propelling the broader cryptocurrency market into new territory. The world’s largest digital asset has now surpassed $120,000 for the first time, marking a significant milestone in a year that has already seen impressive gains for Bitcoin. As the cryptocurrency set a new record, other digital tokens followed suit, with Ether reaching a five-month high of $3,048.2, further fuelling excitement across the crypto sector. This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion, according to CoinMarketCap. Crypto stocks and exchange-traded funds (ETFs) have also seen impressive gains, with Coinbase’s shares up 1.8 per cent and crypto ETFs drawing strong investor interest. Investors are increasingly looking to digital assets as a hedge against inflation and currency devaluation, with Bitcoin remaining a top choice for institutional buyers and retail investors alike. What is fuelling the Bitcoin rally? Several key factors have contributed to Bitcoin’s recent surge. One of the most significant drivers is institutional buying, with companies like Strategy leading the charge. Strategy announced last week that it had acquired an additional 4,225 Bitcoin, bringing its total holdings to an eye-popping 601,550 Bitcoin. Such large institutional purchases contribute to a bullish sentiment in the market, driving prices higher as demand for Bitcoin continues to outpace supply. Another important catalyst for Bitcoin’s rally is the optimism surrounding the “Crypto Week” in the US. The week of July 14 has been dubbed Crypto Week by US Republicans, during which the US House of Representatives is set to debate and vote on three crucial pieces of cryptocurrency legislation. These bills, if passed, could provide much-needed regulatory clarity for the industry, reducing uncertainty that has often held back crypto companies and institutional investors from fully committing to the space. The most significant of these bills is the GENIUS Act, which aims to provide a regulatory framework for stablecoins and other digital assets, offering clear guidelines on their classification. The Clarity Act seeks to limit the ability of federal agencies to regulate cryptocurrencies through court rulings, ensuring that Congress, not the courts, defines how digital assets are governed. Finally, the Anti-CBDC Surveillance State Act is a bill designed to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC), arguing that such a move would enable the government to monitor citizens’ financial activities and infringe upon personal privacy. With these bills likely to provide a clearer path for crypto businesses to operate and attract institutional investment, investors are optimistic that the legislation will continue to support the current rally in Bitcoin and other cryptocurrencies. Crypto Week and what’s at stake for the industry The events of this week, dubbed Crypto Week, could prove pivotal in shaping the future of cryptocurrency in the US. The three proposed bills are expected to address several critical issues, including how digital assets are classified, the regulatory framework for stablecoins, and the potential dangers posed by central bank digital currencies. The passage of the GENIUS Act, which would clarify how digital assets like crypto tokens are classified, could be a game-changer for the industry. By providing clearer guidelines for startups and businesses, it would eliminate much of the legal uncertainty that has previously surrounded crypto projects, making it easier for companies to issue their own digital tokens and raise capital. In addition to the regulatory clarity provided by the GENIUS Act and Clarity Act, the Anti-CBDC Surveillance State Act would ensure that cryptocurrencies remain outside of the scope of government surveillance. With privacy concerns on the rise, especially around the potential for central bank digital currencies to track individuals’ financial transactions, this bill is seen as a vital safeguard for protecting users’ privacy in the crypto space. However, not all lawmakers are on board with the proposed legislation. Democrats, particularly those aligned with the Biden administration, have raised concerns that the bills would be too favourable to the crypto industry, potentially undermining securities laws and allowing for more volatility in the market. Critics argue that the bills could enable public officials, including Trump, to profit from crypto tokens and weaken financial oversight in the industry. Bitcoin’s impressive gains since Trump’s re-election Since US President Donald Trump was re-elected in November 2024, Bitcoin has experienced a remarkable 75 per cent surge, climbing from about $69,539 on Election Day to its current record level. The rise of Bitcoin coincides with Trump’s push for a more crypto-friendly regulatory environment. Under his administration, the cryptocurrency market has seen a wave of support, with Trump himself positioning himself as the “crypto president.” His administration has made efforts to ease regulations, provide clarity for digital asset companies, and promote the widespread adoption of crypto assets. Bitcoin’s resilience has been particularly notable in the face of geopolitical uncertainty. The cryptocurrency has managed to maintain its upward trajectory, even in times of heightened economic instability, including the global fallout from Trump’s unpredictable tariff policies. Bitcoin’s ability to rebound quickly from market disruptions and its ongoing correlation with riskier assets like tech stocks have made it an attractive investment during periods of volatility. As central banks around the world take increasingly accommodative fiscal measures, such as low interest rates and massive government spending, Bitcoin has become a safe haven for investors looking to hedge against potential inflationary pressures. One of the major factors behind Bitcoin’s recent rise is the declining value of the US dollar. As the dollar weakens against other currencies, Bitcoin has become a more appealing store of value, particularly for international investors looking for a hedge against the dollar’s decreasing purchasing power. The ongoing inflation concerns, coupled with the dollar's decline, have created an environment where Bitcoin is seen as a reliable alternative asset. As Bitcoin continues to break records, its rise highlights a broader trend in the financial landscape: the increasing acceptance and integration of digital assets into traditional financial markets. With Bitcoin now valued higher than companies like Amazon and closing in on Apple, it is becoming clear that the digital currency is no longer a fringe asset but a mainstream financial instrument in its own right.

This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion.

Bitcoin surges to record highs again, but why?

China’s economy grew faster than expected in the second quarter of 2025, offering a show of resilience in the face of mounting US tariff threats. But despite beating forecasts, the data points to a slowing economy that faces deep-seated challenges, with analysts warning of deflationary pressures and flagging consumer confidence.&nbsp;According to data released on Tuesday by China’s National Bureau of Statistics and cited by Reuters, gross domestic product expanded by 5.2 per cent year-on-year between April and June. While this was a slowdown from the 5.4 per cent growth seen in the first quarter, it narrowly surpassed the 5.1 per cent median forecast in a Reuters poll.&nbsp;Economists say the better-than-expected growth offers Beijing a short-term cushion against a more severe slowdown. Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters the second-quarter growth was partly due to the front-loading of exports ahead of looming tariff deadlines. “The above-target growth in Q1 and Q2 give the government room to tolerate some slowdown in the second half of the year,” Zhang added.<h2>Quarterly momentum slows, stimulus bets rise</h2>On a quarter-on-quarter basis, China’s GDP rose 1.1 per cent in April-June, slowing slightly from a 1.2 per cent expansion in Q1 but ahead of expectations for a 0.9 per cent increase, as per Reuters.This solid start to the year has emboldened Beijing to stick with its official full-year growth target of around 5 per cent, though policymakers are preparing contingency plans as risks mount. A high-stakes Politburo meeting scheduled for late July is widely expected to chart the country’s economic policy for the rest of 2025.&nbsp;In response to slowing momentum and tariff threats from US President Donald Trump, Beijing has already stepped-up policy support. According to Reuters, the government has increased infrastructure spending, expanded consumer subsidies, and the central bank cut interest rates in May while injecting liquidity into the financial system.Analysts expect further monetary easing in the coming months. Some even predict an increase in deficit spending if the economy slows sharply in the second half of the year.<h2>Structural headwinds persist</h2>Despite the headline GDP beat, many analysts see worrying signs beneath the surface. According to Reuters, producer prices fell in June at their fastest pace in nearly two years, underscoring entrenched deflationary pressures in China’s industrial sector.&nbsp;Zichun Huang, China economist at Capital Economics, argued the GDP data “probably still overstate the strength of growth,” warning that the effect of current fiscal support may soon fade. “With exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year,” Huang told Reuters.&nbsp;Indeed, a Reuters poll projects China’s GDP growth to decelerate to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, reflecting deepening challenges from the trade war and domestic weakness. Looking further ahead, the same poll forecasts growth to slip to 4.6 per cent in 2025, below Beijing’s target, and to ease further to 4.2 per cent in 2026.<h2>Mixed activity data underscores fragile recovery</h2>Official June activity data released on Tuesday painted a mixed picture. As per Reuters, industrial output rose 6.8 per cent year-on-year, accelerating from 5.8 per cent in May and beating forecasts. But retail sales growth lost steam, suggesting that consumer sentiment remains subdued.&nbsp;Meanwhile, fixed-asset investment grew 2.8 per cent in the first half of 2025 compared to the same period last year, slowing from 3.7 per cent in January-May and missing analysts’ forecast of 3.6 per cent.One of the most persistent drags on the economy remains the property sector. Investment in real estate fell 11.2 per cent year-on-year in the first six months, worsening from a 10.7 per cent decline in January-May. Separate data also showed new home prices in June fell at their fastest monthly pace in eight months, highlighting the difficulty Beijing faces in reviving demand despite multiple rounds of support measures.<h2>Trade truce offers only temporary relief</h2>Exports showed some resilience in June as factories rushed to ship goods under a fragile trade truce with the United States. But this is seen as temporary, with risks of renewed tariff escalation after an August deadline. As per Reuters, both sides have so far avoided the sharpest trade blows through short-term deals, but tensions remain high, leaving China’s export outlook highly uncertain.&nbsp;For Beijing, the challenge is to rebalance the economy away from its heavy dependence on investment and exports, and to unlock stronger consumer spending despite households’ caution during an era of slowing growth and geopolitical risk. &nbsp;

China economy outpaced expectations in Q2 2025, buoyed by export acceleration ahead of US tariffs and increased state support. But with a key Politburo meeting ahead, the real test lies in sustaining momentum through year end.

China’s economy grew faster than expected in the second quarter of 2025, offering a show of resilience in the face of mounting US tariff threats. But despite beating forecasts, the data points to a slowing economy that faces deep-seated challenges, with analysts warning of deflationary pressures and flagging consumer confidence. According to data released on Tuesday by China’s National Bureau of Statistics and cited by Reuters, gross domestic product expanded by 5.2 per cent year-on-year between April and June. While this was a slowdown from the 5.4 per cent growth seen in the first quarter, it narrowly surpassed the 5.1 per cent median forecast in a Reuters poll. Economists say the better-than-expected growth offers Beijing a short-term cushion against a more severe slowdown. Zhiwei Zhang, chief economist at Pinpoint Asset Management, told Reuters the second-quarter growth was partly due to the front-loading of exports ahead of looming tariff deadlines. “The above-target growth in Q1 and Q2 give the government room to tolerate some slowdown in the second half of the year,” Zhang added. Quarterly momentum slows, stimulus bets rise On a quarter-on-quarter basis, China’s GDP rose 1.1 per cent in April-June, slowing slightly from a 1.2 per cent expansion in Q1 but ahead of expectations for a 0.9 per cent increase, as per Reuters. This solid start to the year has emboldened Beijing to stick with its official full-year growth target of around 5 per cent, though policymakers are preparing contingency plans as risks mount. A high-stakes Politburo meeting scheduled for late July is widely expected to chart the country’s economic policy for the rest of 2025. In response to slowing momentum and tariff threats from US President Donald Trump, Beijing has already stepped-up policy support. According to Reuters, the government has increased infrastructure spending, expanded consumer subsidies, and the central bank cut interest rates in May while injecting liquidity into the financial system. Analysts expect further monetary easing in the coming months. Some even predict an increase in deficit spending if the economy slows sharply in the second half of the year. Structural headwinds persist Despite the headline GDP beat, many analysts see worrying signs beneath the surface. According to Reuters, producer prices fell in June at their fastest pace in nearly two years, underscoring entrenched deflationary pressures in China’s industrial sector. Zichun Huang, China economist at Capital Economics, argued the GDP data “probably still overstate the strength of growth,” warning that the effect of current fiscal support may soon fade. “With exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year,” Huang told Reuters. Indeed, a Reuters poll projects China’s GDP growth to decelerate to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, reflecting deepening challenges from the trade war and domestic weakness. Looking further ahead, the same poll forecasts growth to slip to 4.6 per cent in 2025, below Beijing’s target, and to ease further to 4.2 per cent in 2026. Mixed activity data underscores fragile recovery Official June activity data released on Tuesday painted a mixed picture. As per Reuters, industrial output rose 6.8 per cent year-on-year, accelerating from 5.8 per cent in May and beating forecasts. But retail sales growth lost steam, suggesting that consumer sentiment remains subdued. Meanwhile, fixed-asset investment grew 2.8 per cent in the first half of 2025 compared to the same period last year, slowing from 3.7 per cent in January-May and missing analysts’ forecast of 3.6 per cent. One of the most persistent drags on the economy remains the property sector. Investment in real estate fell 11.2 per cent year-on-year in the first six months, worsening from a 10.7 per cent decline in January-May. Separate data also showed new home prices in June fell at their fastest monthly pace in eight months, highlighting the difficulty Beijing faces in reviving demand despite multiple rounds of support measures. Trade truce offers only temporary relief Exports showed some resilience in June as factories rushed to ship goods under a fragile trade truce with the United States. But this is seen as temporary, with risks of renewed tariff escalation after an August deadline. As per Reuters, both sides have so far avoided the sharpest trade blows through short-term deals, but tensions remain high, leaving China’s export outlook highly uncertain. For Beijing, the challenge is to rebalance the economy away from its heavy dependence on investment and exports, and to unlock stronger consumer spending despite households’ caution during an era of slowing growth and geopolitical risk.

China’s Q2 GDP growth of 5.2% reflects short-term resilience driven by front-loaded exports and stimulus, as Beijing braces for Trump’s looming tariff deadline.

China’s Q2 GDP grows 5.2%, beating forecast even as Trump’s tariff risks rise

The European Union (EU) has expressed strong opposition to US President Donald Trump’s threatened 30 per cent tariffs on imports from the bloc, due to take effect next month. Following a meeting of EU ministers in Brussels on July 14, EU officials made it clear that they are prepared to implement countermeasures if the tariffs are imposed, signalling a deepening trade rift between the two economic powerhouses. Maros Sefcovic, the EU’s trade representative, stated that the threat of such high tariffs is “absolutely unacceptable.”&nbsp;Sefcovic emphasised that while the EU remains committed to resolving the issue through negotiations, it must also be prepared for all potential outcomes. “It takes two hands to clap,” he remarked, referring to the necessity of cooperation from both sides to reach a mutually beneficial agreement. Despite the escalating tensions, Sefcovic expressed hope that a deal could still be achieved. “A negotiated solution is much better than the tension we might face after August 1,” he added. The EU has proposed countermeasures targeting up to $24.5 billion worth of US goods, should the tariffs go into effect.<h2>US tariffs shake European economy</h2>The proposed tariffs have caused alarm within the EU, particularly in countries like Germany, which could be severely impacted by the trade restrictions. German Chancellor Friedrich Merz warned that the 30 per cent tariff would “hit the German export industry to the core,” with significant knock-on effects for the wider European economy. The German Chamber of Commerce and Industry (DIHK) also issued a call for urgent negotiations to avoid a complete breakdown in transatlantic trade relations.On July 14, European stock markets dipped, with automotive and alcohol sectors bearing the brunt of the decline. Investors are increasingly concerned about the potential impact of a full-scale trade war between the US and Europe. According to analysts, the tariffs could disrupt established supply chains and harm businesses on both sides of the Atlantic.While EU officials are holding firm on their desire for a negotiated solution, the White House has signalled openness to further discussions. Speaking from the Oval Office, President Trump reiterated that he is “always open to talk,” including with European officials, and confirmed that EU representatives would be travelling to the US for trade talks in the coming days.<h2>EU’s countermeasures and global trade concerns</h2>The EU’s readiness to retaliate with counter-tariffs comes as part of a broader scramble by nations worldwide to strike trade agreements ahead of the looming August 1 deadline. South Korea, Canada, and Mexico are also in negotiations with the US to prevent the imposition of tariffs, with each country trying to secure exemptions or reduce the scope of the proposed duties.For now, the EU’s focus remains on avoiding a tariff conflict while seeking a fair and balanced trade deal. However, if a resolution is not reached soon, the consequences could be far-reaching for industries on both sides. From the wine producers in Italy to the US automotive sector, businesses are bracing for the possibility of substantial financial losses. The EU’s unified stance on the issue signals the bloc’s resolve to protect its economic interests, but with the August 1 deadline fast approaching, the clock is ticking for both sides to find common ground.

The EU’s readiness to retaliate with counter-tariffs comes as part of a broader scramble by nations worldwide to strike trade agreements ahead of the looming August 1 deadline. 

The European Union (EU) has expressed strong opposition to US President Donald Trump’s threatened 30 per cent tariffs on imports from the bloc, due to take effect next month. Following a meeting of EU ministers in Brussels on July 14, EU officials made it clear that they are prepared to implement countermeasures if the tariffs are imposed, signalling a deepening trade rift between the two economic powerhouses. Maros Sefcovic, the EU’s trade representative, stated that the threat of such high tariffs is “absolutely unacceptable.” Sefcovic emphasised that while the EU remains committed to resolving the issue through negotiations, it must also be prepared for all potential outcomes. “It takes two hands to clap,” he remarked, referring to the necessity of cooperation from both sides to reach a mutually beneficial agreement. Despite the escalating tensions, Sefcovic expressed hope that a deal could still be achieved. “A negotiated solution is much better than the tension we might face after August 1,” he added. The EU has proposed countermeasures targeting up to $24.5 billion worth of US goods, should the tariffs go into effect. US tariffs shake European economy The proposed tariffs have caused alarm within the EU, particularly in countries like Germany, which could be severely impacted by the trade restrictions. German Chancellor Friedrich Merz warned that the 30 per cent tariff would “hit the German export industry to the core,” with significant knock-on effects for the wider European economy. The German Chamber of Commerce and Industry (DIHK) also issued a call for urgent negotiations to avoid a complete breakdown in transatlantic trade relations. On July 14, European stock markets dipped, with automotive and alcohol sectors bearing the brunt of the decline. Investors are increasingly concerned about the potential impact of a full-scale trade war between the US and Europe. According to analysts, the tariffs could disrupt established supply chains and harm businesses on both sides of the Atlantic. While EU officials are holding firm on their desire for a negotiated solution, the White House has signalled openness to further discussions. Speaking from the Oval Office, President Trump reiterated that he is “always open to talk,” including with European officials, and confirmed that EU representatives would be travelling to the US for trade talks in the coming days. EU’s countermeasures and global trade concerns The EU’s readiness to retaliate with counter-tariffs comes as part of a broader scramble by nations worldwide to strike trade agreements ahead of the looming August 1 deadline. South Korea, Canada, and Mexico are also in negotiations with the US to prevent the imposition of tariffs, with each country trying to secure exemptions or reduce the scope of the proposed duties. For now, the EU’s focus remains on avoiding a tariff conflict while seeking a fair and balanced trade deal. However, if a resolution is not reached soon, the consequences could be far-reaching for industries on both sides. From the wine producers in Italy to the US automotive sector, businesses are bracing for the possibility of substantial financial losses. The EU’s unified stance on the issue signals the bloc’s resolve to protect its economic interests, but with the August 1 deadline fast approaching, the clock is ticking for both sides to find common ground.

The EU’s readiness to retaliate with counter-tariffs comes as part of a broader scramble by nations worldwide to strike trade agreements ahead of the looming August 1 deadline.&nbsp;

EU warns of retaliation as US tariffs loom over trade talks

US President Donald Trump’s trade policy is entering a new phase, threatening a dramatic escalation if partners don’t make concessions before an August 1 deadline. From industrial products to entire countries, Trump’s tariff regime is sweeping and complex and it’s sending shudders through global supply chains.&nbsp;According to Reuters, the White House has signalled it will impose tariffs ranging from 10 to 200 per cent on hundreds of billions of dollars’ worth of goods if trade talks fail.&nbsp;But what exactly is in place now and what could come next? Let’s break it down.<h2>Product tariffs: Industry under pressure</h2>Trump’s strategy targets industries he sees as strategically vital or vulnerable to foreign competition. Bloomberg reports that the administration has already locked in 50 per cent tariffs on steel and aluminium, hitting exporters across Europe, Asia, and North America.&nbsp;Autos and auto parts are also in the spotlight, with 25 per cent tariffs in effect. The White House says these measures are essential to revitalise American industry and reduce dependence on imports.But it goes further as Pharmaceuticals face tariffs up to 200 per cent, making them among the most heavily taxed categories. Semiconductors, at the heart of tech supply chains, are hit with 25 per cent or higher tariffs. Even cultural exports like movies face 100 per cent duties in some cases.&nbsp;Trump has also threatened new tariffs on copper from August 1, aimed at securing critical materials for clean energy and defence sectors.

<figure class="table"><table><tbody><tr><td>Product Category</td><td>Tariff Rate</td></tr><tr><td>Steel and aluminium</td><td>50%</td></tr><tr><td>Autos and auto parts</td><td>25%</td></tr><tr><td>Copper</td><td>50% (effective August 1)</td></tr><tr><td>Pharmaceuticals</td><td>Up to 200%</td></tr><tr><td>Semiconductors</td><td>25% or higher</td></tr><tr><td>Movies</td><td>100%</td></tr><tr><td>Timber and lumber</td><td>Targeted, variable rates</td></tr><tr><td>Aircraft, engines, parts</td><td>Included in sectoral tariffs</td></tr><tr><td>Critical minerals</td><td>Varies</td></tr></tbody></table></figure>Source: Reuters, Bloomberg, White House Trade Policy Announcements

These tariffs, says Reuters, aim to force new supply chain investments in the US, but have also raised fears of inflation and global trade fragmentation.Country-specific tariffs: Allies and rivals alike targeted Beyond products, Trump’s tariff policy is explicitly geopolitical. Reuters reports that China faces a blanket 30 per cent tariff, plus extra duties on key sectors, as part of an ongoing confrontation over technology and trade deficits.&nbsp;Mexico and Canada face tariffs on goods not covered by the USMCA, with threatened rates rising to 30–35 per cent if negotiations fail by August 1. Even allies like South Korea and Japan are in the crosshairs, with 25 per cent tariffs threatened.&nbsp;The European Union is currently under a 30 per cent tariff threat but has extended a suspension of countermeasures until early August in hopes of avoiding a tit-for-tat escalation. Emerging markets such as Brazil, Vietnam, and Myanmar face even higher proposed rates of 40 to 50 per cent, especially where the US accuses them of transshipment or unfair trade practices.

<figure class="table"><table><tbody><tr><td>Country</td><td>Tariff Rate</td></tr><tr><td>China</td><td>30% + additional product tariffs</td></tr><tr><td>Mexico</td><td>25–30%</td></tr><tr><td>Canada</td><td>10% (energy), 25–35% (other goods)</td></tr><tr><td>United Kingdom</td><td>10% baseline (exemptions on some goods)</td></tr><tr><td>European Union</td><td>30% (effective August 1 if no deal)</td></tr><tr><td>Vietnam</td><td>20–40% (transshipment crackdown)</td></tr><tr><td>Brazil</td><td>50% (effective August 1)</td></tr><tr><td>South Korea, Japan</td><td>25% (effective August 1)</td></tr><tr><td>Algeria, Libya, Iraq</td><td>30% (effective August 1)</td></tr><tr><td>Bangladesh, Serbia</td><td>35% (effective August 1)</td></tr><tr><td>Cambodia, Thailand</td><td>36% (effective August 1)</td></tr><tr><td>Laos, Myanmar</td><td>40% (effective August 1)</td></tr><tr><td>Indonesia, Philippines</td><td>20–32% (effective August 1)</td></tr><tr><td>South Africa</td><td>30% (effective August 1)</td></tr><tr><td>Tunisia, Moldova, Malaysia</td><td>25% (effective August 1)</td></tr></tbody></table></figure>Source: Reuters, Bloomberg, White House Trade Memoranda

<h2>A high-stakes deadline</h2>What’s at stake is not just the cost of goods but the entire structure of global trade. As Bloomberg notes, the Trump administration is using the threat of tariffs to push for bilateral deals on US terms. The August 1 deadline looms large. Without framework deals, these tariffs could go into force, hitting critical sectors from autos to energy and souring relations with allies.&nbsp;Reuters reports that the EU is holding off on countermeasures for now, hoping to secure a last-minute deal. Mexico and Canada are lobbying for exemptions under USMCA. But with Trump demanding more concessions, the threat of a full-blown trade war remains very real. For businesses and consumers alike, that means uncertainty, potential supply chain upheavals, and higher prices in the months ahead.&nbsp;

With Trump threatening tariffs of 10 to 200%, current duties already target steel, autos, chips, and pharma, while future measures may hit entire countries like the EU, Mexico, and BRICS nations if talks fail.

US President Donald Trump’s trade policy is entering a new phase, threatening a dramatic escalation if partners don’t make concessions before an August 1 deadline. From industrial products to entire countries, Trump’s tariff regime is sweeping and complex and it’s sending shudders through global supply chains. According to Reuters, the White House has signalled it will impose tariffs ranging from 10 to 200 per cent on hundreds of billions of dollars’ worth of goods if trade talks fail. But what exactly is in place now and what could come next? Let’s break it down. Product tariffs: Industry under pressure Trump’s strategy targets industries he sees as strategically vital or vulnerable to foreign competition. Bloomberg reports that the administration has already locked in 50 per cent tariffs on steel and aluminium, hitting exporters across Europe, Asia, and North America. Autos and auto parts are also in the spotlight, with 25 per cent tariffs in effect. The White House says these measures are essential to revitalise American industry and reduce dependence on imports. But it goes further as Pharmaceuticals face tariffs up to 200 per cent, making them among the most heavily taxed categories. Semiconductors, at the heart of tech supply chains, are hit with 25 per cent or higher tariffs. Even cultural exports like movies face 100 per cent duties in some cases. Trump has also threatened new tariffs on copper from August 1, aimed at securing critical materials for clean energy and defence sectors.

As Trump’s August 1 deadline nears, from steel and semiconductors to autos and pharmaceuticals, here’s what tariffs are already in place and what sweeping country-level measures could come next.

Trump’s tariff playbook: What’s in effect and what’s coming next

South Korea’s government says it will instruct all domestic airlines operating Boeing aircraft to inspect fuel switch locking mechanisms, after a fatal crash involving an Air India 787 put renewed focus on a long-standing safety advisory from the US Federal Aviation Administration (FAA). According to Reuters, the Ministry of Land, Infrastructure and Transport (MOLIT) confirmed on Monday that the upcoming directive will apply to South Korean carriers flying affected Boeing models, including the 787 Dreamliner. The ministry did not give a specific timeline for issuing the formal order or completing inspections.<h2>FAA advisory under scrutiny after India crash</h2>The renewed safety push comes in the wake of a catastrophic crash last month involving an Air India Boeing 787-8, which killed 260 people. A preliminary investigation report released in India cited a 2018 FAA safety bulletin warning airlines to check the locking feature of fuel cutoff switches. The FAA advisory, however, was only a recommendation—not a mandatory directive.&nbsp;According to the FAA document, operators of various Boeing models, including the 787, were urged to inspect the fuel switches to ensure they could not be moved accidentally. But India’s preliminary crash report said Air India had never conducted those recommended checks. Maintenance records also showed that the throttle control module, housing the fuel switches, had been replaced in both 2019 and 2023.<h2>Boeing and FAA say systems remain safe</h2>The safety spotlight on Boeing comes amid heightened global scrutiny over its aircraft design and production quality. As per Reuters reporting on Sunday, Boeing and the FAA have privately assured airlines and regulators that the fuel switch locks are safe and that additional inspections are not required.&nbsp;Yet national aviation regulators are increasingly unwilling to rely solely on voluntary measures.<h2>How many Boeing jets fly in South Korea?</h2>South Korea’s major airlines operate more than 100 Boeing aircraft across their commercial and cargo fleets, as per 2024 data compiled by Cirium and fleet-tracking platform ch-aviation. The majority, over 80 jets are Boeing 737s, including both 737-800s and 737 MAX variants, flown by carriers such as Korean Air, Jin Air, Jeju Air and T’way Air.&nbsp;Korean Air and Asiana Airlines also operate roughly 30 wide-body jets, including Boeing 777s and 787 Dreamliners, primarily for long-haul international routes. In addition, both carriers field Boeing 747 and 767 freighters through their cargo divisions. Korean Air is currently the world’s largest operator of the Boeing 747-8 passenger aircraft, according to its official fleet disclosures. These aircraft form the backbone of South Korea’s trans-Pacific passenger and cargo operations, with several deployed on key US and European routes.<h2>What about the cost of inspection?&nbsp;</h2>While South Korea’s transport ministry has not published any cost estimates for enforcing inspections of Boeing fuel cutoff switches, aviation maintenance experts say such inspections generally cost between $3,000 and $10,000 per aircraft, depending on model and labour costs. For over 100 Boeing jets in South Korean fleets, that suggests a total cost in the range of $300,000 to $1 million for a nationwide compliance sweep.&nbsp;According to data from the International Air Transport Association (IATA), such safety inspections are typically absorbed as part of airlines’ regular maintenance budgets but can still tighten margins, especially for low-cost carriers operating large single-aisle fleets. As per Cirium and ch-aviation estimates, Korean Air and Asiana would bear most of the wide-body-related costs given their large 777 and 787 fleets used on trans-Pacific routes.<h2>A global wave of inspections?</h2>The Korean order is likely to be part of a broader international reaction.&nbsp;According to industry experts cited by Reuters, aviation regulators often choose to enforce recommended inspections themselves after a major accident, even when the FAA does not make them mandatory. European safety authorities are also reviewing&nbsp;the FAA’s advisory history following the India crash, according to Reuters sources. &nbsp;&nbsp;While Boeing has declined immediate comment on South Korea’s announcement, the planemaker faces fresh questions about the clarity of its maintenance guidance and the rigour of its voluntary inspection recommendations. For South Korea’s airlines, the planned inspections add a layer of operational complexity just as passenger demand surges in the peak summer season. As the Air India crash investigation continues, regulators across Asia and beyond will be watching closely balancing the need to reassure passengers with the imperative to keep fleets flying safely. &nbsp;

The Korean directive could trigger a wave of fuel switch inspections worldwide, as aviation regulators reassess Boeing safety practices post-Air India crash.

South Korea’s government says it will instruct all domestic airlines operating Boeing aircraft to inspect fuel switch locking mechanisms, after a fatal crash involving an Air India 787 put renewed focus on a long-standing safety advisory from the US Federal Aviation Administration (FAA). According to Reuters, the Ministry of Land, Infrastructure and Transport (MOLIT) confirmed on Monday that the upcoming directive will apply to South Korean carriers flying affected Boeing models, including the 787 Dreamliner. The ministry did not give a specific timeline for issuing the formal order or completing inspections. FAA advisory under scrutiny after India crash The renewed safety push comes in the wake of a catastrophic crash last month involving an Air India Boeing 787-8, which killed 260 people. A preliminary investigation report released in India cited a 2018 FAA safety bulletin warning airlines to check the locking feature of fuel cutoff switches. The FAA advisory, however, was only a recommendation—not a mandatory directive. According to the FAA document, operators of various Boeing models, including the 787, were urged to inspect the fuel switches to ensure they could not be moved accidentally. But India’s preliminary crash report said Air India had never conducted those recommended checks. Maintenance records also showed that the throttle control module, housing the fuel switches, had been replaced in both 2019 and 2023. Boeing and FAA say systems remain safe The safety spotlight on Boeing comes amid heightened global scrutiny over its aircraft design and production quality. As per Reuters reporting on Sunday, Boeing and the FAA have privately assured airlines and regulators that the fuel switch locks are safe and that additional inspections are not required. Yet national aviation regulators are increasingly unwilling to rely solely on voluntary measures. How many Boeing jets fly in South Korea? South Korea’s major airlines operate more than 100 Boeing aircraft across their commercial and cargo fleets, as per 2024 data compiled by Cirium and fleet-tracking platform ch-aviation. The majority, over 80 jets are Boeing 737s, including both 737-800s and 737 MAX variants, flown by carriers such as Korean Air, Jin Air, Jeju Air and T’way Air. Korean Air and Asiana Airlines also operate roughly 30 wide-body jets, including Boeing 777s and 787 Dreamliners, primarily for long-haul international routes. In addition, both carriers field Boeing 747 and 767 freighters through their cargo divisions. Korean Air is currently the world’s largest operator of the Boeing 747-8 passenger aircraft, according to its official fleet disclosures. These aircraft form the backbone of South Korea’s trans-Pacific passenger and cargo operations, with several deployed on key US and European routes. What about the cost of inspection? While South Korea’s transport ministry has not published any cost estimates for enforcing inspections of Boeing fuel cutoff switches, aviation maintenance experts say such inspections generally cost between $3,000 and $10,000 per aircraft, depending on model and labour costs. For over 100 Boeing jets in South Korean fleets, that suggests a total cost in the range of $300,000 to $1 million for a nationwide compliance sweep. According to data from the International Air Transport Association (IATA), such safety inspections are typically absorbed as part of airlines’ regular maintenance budgets but can still tighten margins, especially for low-cost carriers operating large single-aisle fleets. As per Cirium and ch-aviation estimates, Korean Air and Asiana would bear most of the wide-body-related costs given their large 777 and 787 fleets used on trans-Pacific routes. A global wave of inspections? The Korean order is likely to be part of a broader international reaction. According to industry experts cited by Reuters, aviation regulators often choose to enforce recommended inspections themselves after a major accident, even when the FAA does not make them mandatory. European safety authorities are also reviewing the FAA’s advisory history following the India crash, according to Reuters sources. While Boeing has declined immediate comment on South Korea’s announcement, the planemaker faces fresh questions about the clarity of its maintenance guidance and the rigour of its voluntary inspection recommendations. For South Korea’s airlines, the planned inspections add a layer of operational complexity just as passenger demand surges in the peak summer season. As the Air India crash investigation continues, regulators across Asia and beyond will be watching closely balancing the need to reassure passengers with the imperative to keep fleets flying safely.

In a ripple effect from the deadly Air India 787 crash, South Korea joins growing list of nations enforcing inspections Boeing and FAA left optional.

South Korea to order fuel switch inspections on Boeing jets after deadly crash

The US-based high-frequency trading firm has deposited $567 million (around ₹4,730 crore) into an escrow account in India. According to Reuters, this was a key demand from India’s Securities and Exchange Board (SEBI), which had frozen Jane Street’s assets earlier this month and banned the firm from trading in local markets. SEBI said on Monday it had received the money and was now examining Jane Street’s request to lift the restrictions. The payment marks a significant development in one of the most closely watched clashes between a global trading powerhouse and India’s regulators.<h2>Accusations of market manipulation</h2>India’s market regulator alleges that Jane Street manipulated prices on the benchmark Bank Nifty index. According to SEBI’s charges, the firm bought large quantities of the index’s constituents in the cash and futures markets to push up prices during morning trading, while simultaneously betting on short positions in index options that would later pay out.&nbsp;SEBI told Reuters that its surveillance had tracked these trading patterns for over two years. The investigation is also being widened to examine other Indian indexes and exchanges, signaling regulators’ determination to clamp down on what they see as unfair practices in one of the world’s most active derivatives markets.<h2>Jane Street defends its trading strategy</h2>Jane Street has pushed back against the allegations, calling its activities standard “index arbitrage trading.” A source with direct knowledge of the matter told Reuters that the $567 million deposit was made “in good faith” as the firm prepares to file a formal response to SEBI’s order.&nbsp;The company maintains that its strategies are legitimate, widely used by market makers globally, and not manipulative. Jane Street is considered one of the largest proprietary trading firms in the world, with a reputation for using complex, high-speed strategies to profit from price differences across markets.However, even with the escrow payment, it remains unclear exactly when or under what conditions Jane Street will be allowed to resume full operations in India. Reuters quoted sources saying the firm does not intend to trade in Indian options while the dispute is unresolved.<h2>India’s growing scrutiny of high-frequency traders</h2>The clash is part of a broader effort by SEBI to strengthen oversight of India’s booming derivatives market. The National Stock Exchange (NSE) has become the world’s largest exchange by options volume, making India an increasingly important venue for global trading firms. SEBI’s aggressive posture signals it is prepared to tighten controls on sophisticated trading strategies that it fears could undermine fair price discovery and market stability.&nbsp;According to Reuters, SEBI froze Jane Street’s funds and demanded the escrow payment specifically to ensure it could recover potential penalties or damages if its allegations are proven. For now, India’s regulators are weighing Jane Street’s request to lift the ban, while global investors watch closely to see how this high-profile showdown will reshape the future of foreign participation in India’s capital markets.&nbsp;

SEBI tightens grip on highfrequency traders as Jane Street deposits $567M in escrow. Global trading giant clashes with India SEBI over index strategy, raising questions about foreign participation in India’s booming options market. 

The US-based high-frequency trading firm has deposited $567 million (around ₹4,730 crore) into an escrow account in India. According to Reuters, this was a key demand from India’s Securities and Exchange Board (SEBI), which had frozen Jane Street’s assets earlier this month and banned the firm from trading in local markets. SEBI said on Monday it had received the money and was now examining Jane Street’s request to lift the restrictions. The payment marks a significant development in one of the most closely watched clashes between a global trading powerhouse and India’s regulators. Accusations of market manipulation India’s market regulator alleges that Jane Street manipulated prices on the benchmark Bank Nifty index. According to SEBI’s charges, the firm bought large quantities of the index’s constituents in the cash and futures markets to push up prices during morning trading, while simultaneously betting on short positions in index options that would later pay out. SEBI told Reuters that its surveillance had tracked these trading patterns for over two years. The investigation is also being widened to examine other Indian indexes and exchanges, signaling regulators’ determination to clamp down on what they see as unfair practices in one of the world’s most active derivatives markets. Jane Street defends its trading strategy Jane Street has pushed back against the allegations, calling its activities standard “index arbitrage trading.” A source with direct knowledge of the matter told Reuters that the $567 million deposit was made “in good faith” as the firm prepares to file a formal response to SEBI’s order. The company maintains that its strategies are legitimate, widely used by market makers globally, and not manipulative. Jane Street is considered one of the largest proprietary trading firms in the world, with a reputation for using complex, high-speed strategies to profit from price differences across markets. However, even with the escrow payment, it remains unclear exactly when or under what conditions Jane Street will be allowed to resume full operations in India. Reuters quoted sources saying the firm does not intend to trade in Indian options while the dispute is unresolved. India’s growing scrutiny of high-frequency traders The clash is part of a broader effort by SEBI to strengthen oversight of India’s booming derivatives market. The National Stock Exchange (NSE) has become the world’s largest exchange by options volume, making India an increasingly important venue for global trading firms. SEBI’s aggressive posture signals it is prepared to tighten controls on sophisticated trading strategies that it fears could undermine fair price discovery and market stability. According to Reuters, SEBI froze Jane Street’s funds and demanded the escrow payment specifically to ensure it could recover potential penalties or damages if its allegations are proven. For now, India’s regulators are weighing Jane Street’s request to lift the ban, while global investors watch closely to see how this high-profile showdown will reshape the future of foreign participation in India’s capital markets.

Jane Street’s $567M escrow deposit marks a key step in resolving SEBI’s manipulation probe, as the firm defends its arbitrage strategy under regulatory scrutiny.

Jane Street deposits $567 million to unlock India trading ban

Gold prices climbed to a three-week high on Monday, as investors rushed to safe-haven assets in response to renewed global trade tensions sparked by US President Donald Trump’s tariff threats.Spot gold was up 0.4 per cent at $3,367.89 per ounce as of 0829 GMT, according to Reuters, hitting its highest level since June 23 earlier in the session. US gold futures rose by the same margin to $3,378.20.Analysts say Trump’s latest move has rattled global markets, driving fresh interest in traditional hedges against uncertainty.<h2>Trump’s new tariff salvo fuels demand for gold</h2>Over the weekend, President Trump said he would impose a 30 per cent tariff on most imports from the European Union and Mexico starting August 1. The announcement has reignited fears of a broader trade war just as global supply chains have begun to recover. The European Union and Mexico both condemned the tariff threats as unfair and destabilising.&nbsp;&nbsp;The EU said it would hold off on retaliatory measures until early August but vowed to keep pressing for a negotiated settlement. “Trump tariffs threats are supporting demand for safe haven assets, and gold is a main beneficiary of that,” Giovanni Staunovo, a commodities analyst at UBS, told Reuters.<h2>Silver surges to over 13-year high</h2>The uncertainty isn’t only boosting gold. Silver prices surged 1.5 per cent to $38.89 per ounce on Monday, their highest level since September 2011. Analysts at ANZ noted that silver’s recent rally has been “driven by speculative flows,” with the metal pushing above key technical resistance levels.&nbsp;ANZ added that breaking the $35–$37 range could unleash new buying and potentially send prices toward $40. But the bank also warned that failure to hold those levels could trigger a pullback, with initial support seen around $35.<h2>Eyes on US inflation data and Fed moves</h2>Investors this week are also closely watching for US consumer and producer price index data, which could influence the Federal Reserve’s next moves on interest rates. Markets are currently pricing in around 50 basis points of rate cuts by the end of the year, beginning as early as October. Gold tends to benefit from lower interest rates, as they reduce the opportunity cost of holding non-yielding assets.<h2>Precious metals rally beyond gold and silver</h2>The risk-off sentiment spread to other precious metals. Platinum held steady at $1,398.75 per ounce, while palladium jumped 1.2 per cent to $1,229.44—the highest since late October 2024, according to Reuters. For investors, the message is clear: safe-haven demand is back in force, as markets brace for what could be another turbulent round in the global trade standoff.&nbsp;

Gold and silver rally on trade tension; silver hits $38.89, highest since 2011, with platinum and palladium also gaining on safe haven demand. As gold climbs on tariff tensions, all eyes turn to upcoming US inflation data and Fed rate decisions that could shape the metals outlook.

Gold prices climbed to a three-week high on Monday, as investors rushed to safe-haven assets in response to renewed global trade tensions sparked by US President Donald Trump’s tariff threats. Spot gold was up 0.4 per cent at $3,367.89 per ounce as of 0829 GMT, according to Reuters, hitting its highest level since June 23 earlier in the session. US gold futures rose by the same margin to $3,378.20. Analysts say Trump’s latest move has rattled global markets, driving fresh interest in traditional hedges against uncertainty. Trump’s new tariff salvo fuels demand for gold Over the weekend, President Trump said he would impose a 30 per cent tariff on most imports from the European Union and Mexico starting August 1. The announcement has reignited fears of a broader trade war just as global supply chains have begun to recover. The European Union and Mexico both condemned the tariff threats as unfair and destabilising. The EU said it would hold off on retaliatory measures until early August but vowed to keep pressing for a negotiated settlement. “Trump tariffs threats are supporting demand for safe haven assets, and gold is a main beneficiary of that,” Giovanni Staunovo, a commodities analyst at UBS, told Reuters. Silver surges to over 13-year high The uncertainty isn’t only boosting gold. Silver prices surged 1.5 per cent to $38.89 per ounce on Monday, their highest level since September 2011. Analysts at ANZ noted that silver’s recent rally has been “driven by speculative flows,” with the metal pushing above key technical resistance levels. ANZ added that breaking the $35–$37 range could unleash new buying and potentially send prices toward $40. But the bank also warned that failure to hold those levels could trigger a pullback, with initial support seen around $35. Eyes on US inflation data and Fed moves Investors this week are also closely watching for US consumer and producer price index data, which could influence the Federal Reserve’s next moves on interest rates. Markets are currently pricing in around 50 basis points of rate cuts by the end of the year, beginning as early as October. Gold tends to benefit from lower interest rates, as they reduce the opportunity cost of holding non-yielding assets. Precious metals rally beyond gold and silver The risk-off sentiment spread to other precious metals. Platinum held steady at $1,398.75 per ounce, while palladium jumped 1.2 per cent to $1,229.44—the highest since late October 2024, according to Reuters. For investors, the message is clear: safe-haven demand is back in force, as markets brace for what could be another turbulent round in the global trade standoff.

Gold hits 3-week high at $3,367 as Trump’s EU and Mexico tariff threats reignite global trade fears, driving investors to safe-haven assets.

Gold hits 3-week high on safe-haven demand; silver at 13-year peak

Bitcoin has surged to historic new heights, smashing through the $120,000 level for the first time ever, as traders across the world bet big on looming policy changes out of Washington. According to Reuters, Bitcoin touched a record of $122,571 on Monday before trading slightly below that peak. The move capped weeks of mounting optimism among investors who see the US finally moving to deliver clear regulatory rules for digital assets.&nbsp;Market watchers say the breakout isn’t just technical hype, but the result of a confluence of bullish drivers, from President Donald Trump’s vocal embrace of crypto to heavy institutional buying and growing demand from Asia.<h2>Betting on US clarity: Crypto Week begins</h2>Much of the enthusiasm centres on what’s happening this week in Washington. The US House of Representatives has declared it “Crypto Week”—a high-profile push to debate and potentially pass legislation that could define the future of the industry. According to Reuters, the legislative calendar includes several bills that crypto advocates have been lobbying for over years. Among the most anticipated is the so-called Genius Act, which would finally establish federal rules for stablecoins, a key requirement for integrating crypto with the traditional financial system.&nbsp;Other proposals on the table include the Clarity Act, aiming to set clearer guardrails for how tokens are classified, and the Anti-CBDC Surveillance State Act, which seeks to limit government overreach via central bank digital currencies. Bloomberg reports that crypto industry leaders see the week as a make-or-break moment: either US lawmakers deliver the regulatory certainty the sector craves, or risk seeing innovation move offshore.<h2>Trump’s role in the rally</h2>Bitcoin’s rally has also been powered by President Trump’s unexpected embrace of the sector. Having once called crypto a threat, Trump now brands himself the “crypto president” and has been urging Congress to deliver the legal framework the industry wants.&nbsp;Reuters quotes IG market analyst Tony Sycamore as saying Trump’s pro-crypto pivot is one of the “tailwinds” pushing Bitcoin higher, alongside strong institutional demand and positive momentum across global markets. “It’s been a very strong move over the past week,” Sycamore noted. “It’s hard to see where it stops now.”&nbsp;Meanwhile, Bloomberg highlights that Bitcoin’s resurgence coincides with a broader “risk-on” mood, with stocks also hitting record highs. This environment has helped Bitcoin reassert itself as not just a speculative punt but a potential hedge against broader economic uncertainty.<h2>Not just Bitcoin: crypto market booms</h2>The bullish sentiment isn’t limited to Bitcoin. Reuters reports that Ether, the world’s second-largest cryptocurrency, has climbed to over $3,050, its highest in more than five months. Other tokens like XRP and Solana also saw gains of around 3 per cent each. The entire crypto sector’s market value has swollen to roughly $3.81 trillion, according to CoinMarketCap data.&nbsp;In Asia, demand is also booming. Bloomberg reports that spot Bitcoin ETFs in Hong Kong, launched by China AMC and Bosera, hit record highs on Monday. Meanwhile, Ether ETFs in the city jumped more than 2 per cent, highlighting the global reach of this rally.<h2>A shift in perception</h2>What’s striking to many analysts is how Bitcoin’s image is evolving. Once dismissed as purely speculative, it is increasingly seen as a legitimate store of value, even by some institutional and sovereign players. As OKX’s Singapore CEO Gracie Lin told Reuters, “We’re seeing increasing participation from Asia-based family offices and wealth managers.” She added that this reflects a “structural shift” in how Bitcoin is perceived globally.&nbsp;Bloomberg also quotes George Mandres of XBTO Trading describing the move as a sign of Bitcoin’s maturation into a “macro hedge and a structurally scarce store of value,” boosted by significant flows into spot Bitcoin and Ethereum ETFs.<h2>Is this sustainable?</h2>Not everyone is convinced this rally is built to last. Bloomberg notes that some analysts see it as an “isolated event,” driven more by short-term positioning than deep fundamental changes. Yet even sceptics acknowledge that the combination of Trump’s backing, US policy momentum, and rising demand from Asia could sustain prices at elevated levels, at least for now.&nbsp;For Bitcoin, breaking $120,000 is undeniably a landmark. But as Crypto Week unfolds in Washington, the real test will be whether lawmakers can finally deliver the clear, investor-friendly framework that the industry says it needs to keep growing. &nbsp;

Trump crypto pivot and rising demand from Asia fuel Bitcoin record-breaking rally, with spot ETFs hitting highs in Hong Kong. Bitcoin breakout lifts entire crypto market to $3.81T, with Ether, Solana, and XRP gaining amid bullish sentiment and record ETF inflows.

Bitcoin has surged to historic new heights, smashing through the $120,000 level for the first time ever, as traders across the world bet big on looming policy changes out of Washington. According to Reuters, Bitcoin touched a record of $122,571 on Monday before trading slightly below that peak. The move capped weeks of mounting optimism among investors who see the US finally moving to deliver clear regulatory rules for digital assets. Market watchers say the breakout isn’t just technical hype, but the result of a confluence of bullish drivers, from President Donald Trump’s vocal embrace of crypto to heavy institutional buying and growing demand from Asia. Betting on US clarity: Crypto Week begins Much of the enthusiasm centres on what’s happening this week in Washington. The US House of Representatives has declared it “Crypto Week”—a high-profile push to debate and potentially pass legislation that could define the future of the industry. According to Reuters, the legislative calendar includes several bills that crypto advocates have been lobbying for over years. Among the most anticipated is the so-called Genius Act, which would finally establish federal rules for stablecoins, a key requirement for integrating crypto with the traditional financial system. Other proposals on the table include the Clarity Act, aiming to set clearer guardrails for how tokens are classified, and the Anti-CBDC Surveillance State Act, which seeks to limit government overreach via central bank digital currencies. Bloomberg reports that crypto industry leaders see the week as a make-or-break moment: either US lawmakers deliver the regulatory certainty the sector craves, or risk seeing innovation move offshore. Trump’s role in the rally Bitcoin’s rally has also been powered by President Trump’s unexpected embrace of the sector. Having once called crypto a threat, Trump now brands himself the “crypto president” and has been urging Congress to deliver the legal framework the industry wants. Reuters quotes IG market analyst Tony Sycamore as saying Trump’s pro-crypto pivot is one of the “tailwinds” pushing Bitcoin higher, alongside strong institutional demand and positive momentum across global markets. “It’s been a very strong move over the past week,” Sycamore noted. “It’s hard to see where it stops now.” Meanwhile, Bloomberg highlights that Bitcoin’s resurgence coincides with a broader “risk-on” mood, with stocks also hitting record highs. This environment has helped Bitcoin reassert itself as not just a speculative punt but a potential hedge against broader economic uncertainty. Not just Bitcoin: crypto market booms The bullish sentiment isn’t limited to Bitcoin. Reuters reports that Ether, the world’s second-largest cryptocurrency, has climbed to over $3,050, its highest in more than five months. Other tokens like XRP and Solana also saw gains of around 3 per cent each. The entire crypto sector’s market value has swollen to roughly $3.81 trillion, according to CoinMarketCap data. In Asia, demand is also booming. Bloomberg reports that spot Bitcoin ETFs in Hong Kong, launched by China AMC and Bosera, hit record highs on Monday. Meanwhile, Ether ETFs in the city jumped more than 2 per cent, highlighting the global reach of this rally. A shift in perception What’s striking to many analysts is how Bitcoin’s image is evolving. Once dismissed as purely speculative, it is increasingly seen as a legitimate store of value, even by some institutional and sovereign players. As OKX’s Singapore CEO Gracie Lin told Reuters, “We’re seeing increasing participation from Asia-based family offices and wealth managers.” She added that this reflects a “structural shift” in how Bitcoin is perceived globally. Bloomberg also quotes George Mandres of XBTO Trading describing the move as a sign of Bitcoin’s maturation into a “macro hedge and a structurally scarce store of value,” boosted by significant flows into spot Bitcoin and Ethereum ETFs. Is this sustainable? Not everyone is convinced this rally is built to last. Bloomberg notes that some analysts see it as an “isolated event,” driven more by short-term positioning than deep fundamental changes. Yet even sceptics acknowledge that the combination of Trump’s backing, US policy momentum, and rising demand from Asia could sustain prices at elevated levels, at least for now. For Bitcoin, breaking $120,000 is undeniably a landmark. But as Crypto Week unfolds in Washington, the real test will be whether lawmakers can finally deliver the clear, investor-friendly framework that the industry says it needs to keep growing.

Bitcoin hits a record high of $122,571 as investors rally behind US regulatory clarity, Trump’s crypto pivot, and booming global demand.

Bitcoin breaks $120,000 barrier as US launches ‘Crypto Week’

South Korea is scrambling to seal an in-principle trade deal with the United States before a looming tariff deadline threatens to hit some of its most vital industries. With a 25 per cent tariff set to kick in on August 1, negotiators in Seoul are under growing pressure to find a compromise that will protect exports of cars and steel, key drivers of the country’s industrial base.<h2>A tight deadline for a fragile agreement</h2>South Korea’s Minister for Trade, Yeo Han-koo, suggested there was still hope for an “agreement in principle” before the deadline, but warned that a perfect, detailed treaty was unrealistic on such short notice. As reported by the Newsis news agency, Yeo said talks were progressing but that the next three weeks would be critical to avoid what he described as “unfair” tariffs from Washington.&nbsp;“Twenty days are not enough to come up with a perfect treaty that contains every detail,” Yeo told local media. He described the goal as agreeing on a broad framework that could head off Trump’s tariffs while buying time for more complex negotiations later.<h2>Agriculture market access on the table</h2>One of the most sensitive sticking points in the talks is agriculture. Traditionally a fiercely protected sector in South Korea, agriculture and livestock market access has now emerged as a potential bargaining chip. Yeo signalled that while “sensitive” areas would still need protection, Seoul could consider opening up some parts of the market to US exports as part of the broader deal.&nbsp;Such a move would be politically risky, given the power of South Korea’s farming lobby, but officials see it as necessary if it helps defuse Trump’s tariff threat.<h2>Trade surplus under scrutiny</h2>The urgency in Seoul is driven by fears of serious economic damage. According to Korea Customs Service data, South Korea posted a record $55.6 billion trade surplus with the US in 2024, up 25 per cent from the previous year, fuelled largely by surging car exports.&nbsp;Washington has long complained about that imbalance. Trump’s administration is demanding concrete measures to reduce the US trade deficit—echoing similar demands made during earlier rounds of trade fights with allies in Europe and Asia.<h2>Tariffs on cars and steel a key battleground</h2>For South Korea, the big worry is sector-specific tariffs that would hit its auto and steel industries hard. Trump has already threatened to impose 25 per cent duties on those goods if no deal is reached by August 1.&nbsp;South Korean officials hope that by offering concessions on agriculture and showing willingness to cut the surplus, they can secure exemptions similar to those the US granted Britain in past negotiations.Yeo said there had been “considerable progress” on industrial issues, but stressed that both sides would need to make concessions.<h2>Political turmoil complicates talks</h2>South Korea’s rush to negotiate is also shaped by recent political upheaval. President Lee Jae-myung only took office on June 4, after months of instability following his predecessor’s removal over an attempted martial law declaration.&nbsp;That turmoil left Seoul with little time to respond to Trump’s tariff threats. Negotiations began in earnest only after the new administration was sworn in, forcing officials to work under intense pressure with the clock ticking.<h2>Trump’s pressure tactics continue</h2>Meanwhile, President Trump has kept up the public pressure. Speaking to reporters in Maryland, he said bluntly that “South Korea wants to make a deal right now,” but did not specify what terms Washington would accept or how quickly a final pact could be concluded.&nbsp;Analysts suggest Trump is looking for headline commitments that he can sell as a win to domestic voters—a reduction in the trade deficit, increased access for US farm exports, and new proof of his tough-on-trade stance.<h2>A race against time</h2>With less than three weeks to go before the deadline, both sides know the stakes are high. The tariffs would not only disrupt trade flows but could also strain broader security and diplomatic ties between the allies.&nbsp;For Seoul, the mission is clear: avoid an economic shock that could ripple through its industrial base. For Washington, the goal is to extract concessions that help balance the trade relationship.As the deadline nears, negotiators on both sides face the delicate task of turning fragile progress into a deal that can withstand political scrutiny at home and avert a damaging escalation in one of Asia’s most important trade relationships.

South Korea seeks urgent trade deal with US to avoid 25% tariffs on cars and steel, offering farm concessions amid rising political and economic pressure.

South Korea is scrambling to seal an in-principle trade deal with the United States before a looming tariff deadline threatens to hit some of its most vital industries. With a 25 per cent tariff set to kick in on August 1, negotiators in Seoul are under growing pressure to find a compromise that will protect exports of cars and steel, key drivers of the country’s industrial base. A tight deadline for a fragile agreement South Korea’s Minister for Trade, Yeo Han-koo, suggested there was still hope for an “agreement in principle” before the deadline, but warned that a perfect, detailed treaty was unrealistic on such short notice. As reported by the Newsis news agency, Yeo said talks were progressing but that the next three weeks would be critical to avoid what he described as “unfair” tariffs from Washington. “Twenty days are not enough to come up with a perfect treaty that contains every detail,” Yeo told local media. He described the goal as agreeing on a broad framework that could head off Trump’s tariffs while buying time for more complex negotiations later. Agriculture market access on the table One of the most sensitive sticking points in the talks is agriculture. Traditionally a fiercely protected sector in South Korea, agriculture and livestock market access has now emerged as a potential bargaining chip. Yeo signalled that while “sensitive” areas would still need protection, Seoul could consider opening up some parts of the market to US exports as part of the broader deal. Such a move would be politically risky, given the power of South Korea’s farming lobby, but officials see it as necessary if it helps defuse Trump’s tariff threat. Trade surplus under scrutiny The urgency in Seoul is driven by fears of serious economic damage. According to Korea Customs Service data, South Korea posted a record $55.6 billion trade surplus with the US in 2024, up 25 per cent from the previous year, fuelled largely by surging car exports. Washington has long complained about that imbalance. Trump’s administration is demanding concrete measures to reduce the US trade deficit—echoing similar demands made during earlier rounds of trade fights with allies in Europe and Asia. Tariffs on cars and steel a key battleground For South Korea, the big worry is sector-specific tariffs that would hit its auto and steel industries hard. Trump has already threatened to impose 25 per cent duties on those goods if no deal is reached by August 1. South Korean officials hope that by offering concessions on agriculture and showing willingness to cut the surplus, they can secure exemptions similar to those the US granted Britain in past negotiations. Yeo said there had been “considerable progress” on industrial issues, but stressed that both sides would need to make concessions. Political turmoil complicates talks South Korea’s rush to negotiate is also shaped by recent political upheaval. President Lee Jae-myung only took office on June 4, after months of instability following his predecessor’s removal over an attempted martial law declaration. That turmoil left Seoul with little time to respond to Trump’s tariff threats. Negotiations began in earnest only after the new administration was sworn in, forcing officials to work under intense pressure with the clock ticking. Trump’s pressure tactics continue Meanwhile, President Trump has kept up the public pressure. Speaking to reporters in Maryland, he said bluntly that “South Korea wants to make a deal right now,” but did not specify what terms Washington would accept or how quickly a final pact could be concluded. Analysts suggest Trump is looking for headline commitments that he can sell as a win to domestic voters—a reduction in the trade deficit, increased access for US farm exports, and new proof of his tough-on-trade stance. A race against time With less than three weeks to go before the deadline, both sides know the stakes are high. The tariffs would not only disrupt trade flows but could also strain broader security and diplomatic ties between the allies. For Seoul, the mission is clear: avoid an economic shock that could ripple through its industrial base. For Washington, the goal is to extract concessions that help balance the trade relationship. As the deadline nears, negotiators on both sides face the delicate task of turning fragile progress into a deal that can withstand political scrutiny at home and avert a damaging escalation in one of Asia’s most important trade relationships.

South Korea is racing to secure an in-principle trade deal with the US before Trump’s August 1 tariff deadline threatens its key car and steel exports.

South Korea races to avert US tariff threat with last-minute trade push

The European Union is buying precious time to avoid a damaging transatlantic trade war. Brussels announced on Sunday it will extend its pause on retaliatory tariffs against the United States until early August, as negotiators race to strike a deal that could head off sweeping new import duties threatened by US President Donald Trump. According to Reuters, Trump warned he would impose a 30 per cent tariff on most EU and Mexican imports starting August 1. That threat leaves less than three weeks for negotiators to work out so-called “framework” agreements that could reduce or postpone the punitive measures.&nbsp;White House economic adviser Kevin Hassett made clear on Sunday that Trump is not satisfied with the concessions offered so far. “The president thinks that deals need to be better,” Hassett told ABC’s This Week, as quoted by Reuters. “And to basically put a line in the sand, he sent these letters out to folks, and we’ll see how it works out.”<h2>Brussels pushes for talks over retaliation</h2>European Commission President Ursula von der Leyen, whose executive body handles trade policy for the 27-member bloc, said the EU would maintain its “two-track approach” of continuing negotiations while preparing retaliatory measures in case talks break down.&nbsp;“We have always been very clear that we prefer a negotiated solution. This remains the case, and we will use the time that we have now,” von der Leyen told a press conference on Sunday, according to Reuters.Her decision to delay retaliatory tariffs underscores the EU’s aim to avoid a tit-for-tat escalation that could deal a heavy blow to its export-dependent economies, especially Germany.<h2>EU leaders debate strategy as deadline nears</h2>But the looming August 1 deadline is exposing differences within the EU over how hard to push back. German Chancellor Friedrich Merz sounded a conciliatory note in an interview with ARD television, saying he was “really committed” to finding a solution with Washington and warning that a 30 per cent tariff would “interfere with everything and hit the German export industry to the core.”&nbsp;By contrast, French President Emmanuel Macron urged the EU Commission to show “determination to defend European interests resolutely” and said retaliation might need to involve the bloc’s so-called anti-coercion instruments. German Finance Minister Lars Klingbeil also signalled a tougher line if talks fail. “If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe,” Klingbeil told Sueddeutsche Zeitung, as reported by Reuters.<h2>Billions in tariffs on standby</h2>While Brussels has so far held off on hitting back, it has prepared two large tariff packages targeting up to €93 billion worth of US goods, Reuters reported. A first package, in response to Trump’s 50 per cent tariffs on imported steel and aluminium, would target €21 billion in US exports. That retaliation had been suspended in April for 90 days to allow negotiations, and the pause was set to expire on Monday before the EU announced its extension.&nbsp;A second package, designed to counter Trump’s planned “reciprocal” tariffs, has been in development since May and would target up to €72 billion in US goods. The full list of products hasn’t been made public yet and will need formal approval by member states.<h2>Countdown to a high-stakes deadline</h2>The next few weeks will be critical in determining whether the EU and US can avoid a damaging new escalation in their long-running trade tensions. Trump’s tariff threats are part of a broader push to force trading partners to cut trade deficits with the US, an approach that has repeatedly rattled allies.&nbsp;For now, the EU is betting on diplomacy while quietly preparing its own arsenal of countermeasures. As von der Leyen put it, Europe still wants a deal but it’s getting ready for the worst.&nbsp;

EU delays tariffs to avoid US trade war, aiming for a deal before Trump August 1 deadline for 30% import duties on EU and Mexican goods.

The European Union is buying precious time to avoid a damaging transatlantic trade war. Brussels announced on Sunday it will extend its pause on retaliatory tariffs against the United States until early August, as negotiators race to strike a deal that could head off sweeping new import duties threatened by US President Donald Trump. According to Reuters, Trump warned he would impose a 30 per cent tariff on most EU and Mexican imports starting August 1. That threat leaves less than three weeks for negotiators to work out so-called “framework” agreements that could reduce or postpone the punitive measures. White House economic adviser Kevin Hassett made clear on Sunday that Trump is not satisfied with the concessions offered so far. “The president thinks that deals need to be better,” Hassett told ABC’s This Week, as quoted by Reuters. “And to basically put a line in the sand, he sent these letters out to folks, and we’ll see how it works out.” Brussels pushes for talks over retaliation European Commission President Ursula von der Leyen, whose executive body handles trade policy for the 27-member bloc, said the EU would maintain its “two-track approach” of continuing negotiations while preparing retaliatory measures in case talks break down. “We have always been very clear that we prefer a negotiated solution. This remains the case, and we will use the time that we have now,” von der Leyen told a press conference on Sunday, according to Reuters. Her decision to delay retaliatory tariffs underscores the EU’s aim to avoid a tit-for-tat escalation that could deal a heavy blow to its export-dependent economies, especially Germany. EU leaders debate strategy as deadline nears But the looming August 1 deadline is exposing differences within the EU over how hard to push back. German Chancellor Friedrich Merz sounded a conciliatory note in an interview with ARD television, saying he was “really committed” to finding a solution with Washington and warning that a 30 per cent tariff would “interfere with everything and hit the German export industry to the core.” By contrast, French President Emmanuel Macron urged the EU Commission to show “determination to defend European interests resolutely” and said retaliation might need to involve the bloc’s so-called anti-coercion instruments. German Finance Minister Lars Klingbeil also signalled a tougher line if talks fail. “If a fair negotiated solution does not succeed, then we must take decisive countermeasures to protect jobs and companies in Europe,” Klingbeil told Sueddeutsche Zeitung, as reported by Reuters. Billions in tariffs on standby While Brussels has so far held off on hitting back, it has prepared two large tariff packages targeting up to €93 billion worth of US goods, Reuters reported. A first package, in response to Trump’s 50 per cent tariffs on imported steel and aluminium, would target €21 billion in US exports. That retaliation had been suspended in April for 90 days to allow negotiations, and the pause was set to expire on Monday before the EU announced its extension. A second package, designed to counter Trump’s planned “reciprocal” tariffs, has been in development since May and would target up to €72 billion in US goods. The full list of products hasn’t been made public yet and will need formal approval by member states. Countdown to a high-stakes deadline The next few weeks will be critical in determining whether the EU and US can avoid a damaging new escalation in their long-running trade tensions. Trump’s tariff threats are part of a broader push to force trading partners to cut trade deficits with the US, an approach that has repeatedly rattled allies. For now, the EU is betting on diplomacy while quietly preparing its own arsenal of countermeasures. As von der Leyen put it, Europe still wants a deal but it’s getting ready for the worst.

The EU has extended its pause on retaliatory tariffs until August in hopes of striking a trade deal with the US, as Trump threatens steep new import duties.

Trump demands more trade concessions as EU delays tariff retaliation

Oil prices edged higher on Monday, extending last week’s gains, as traders kept watch for potential new sanctions on Russia from the United States that could disrupt global supply routes. But a mixed backdrop, including higher Saudi output and persistent tariff uncertainty kept investors cautious about the scale of any rally.&nbsp;According to Reuters, Brent crude futures rose to around $70.51 a barrel in early Asian trading, while US West Texas Intermediate crude was near $68.59. Both benchmarks had surged more than two per cent on Friday, buoyed by expectations of tighter summer demand.<h2>Spotlight on Trump’s Russia statement</h2>The market’s attention this week is firmly on Washington. As reported by Reuters, US President Donald Trump is expected to deliver what he called a “major statement” on Russia on Monday, following his announcement that the US will send Patriot air defence systems to Ukraine.&nbsp;Trump has grown increasingly frustrated with Russian President Vladimir Putin, accusing Moscow of showing no genuine willingness to end its invasion of Ukraine and continuing bombardment of Ukrainian cities. According to Reuters, a bipartisan bill in the US Congress that would impose tougher sanctions on Russia gained momentum last week but still requires Trump’s backing to become law.&nbsp;Meanwhile, four European Union sources told Reuters that EU envoys are on the verge of approving an 18th sanctions package against Russia. This package would include lowering the price cap on Russian oil exports, tightening Moscow’s ability to finance its war in Ukraine.<h2>Market faces push and pull</h2>Even with geopolitical risks supporting prices, there are headwinds keeping the rally in check. As per Reuters, the International Energy Agency warned last week that the oil market might be tighter than it appears on the surface, with demand getting a lift from peak summer refinery runs and power generation needs. That dynamic helped Brent notch a three per cent weekly gain, with WTI up around 2.2 per cent.But there is significant supply-side noise. Analysts at ANZ, quoted by Reuters, highlighted data showing Saudi Arabia lifted its output above its agreed OPEC+ quota in June. The IEA estimated that Riyadh’s production reached 9.8 million barrels per day, surpassing its target by more than 400,000 bpd.&nbsp;Saudi Arabia’s energy ministry disputed that figure, telling Reuters on Friday it remained fully compliant with its voluntary target under the OPEC+ pact. It said Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.<h2>China’s imports surge but raise questions</h2>According to Reuters, China’s oil imports climbed 7.4 per cent in June from a year earlier to 49.89 million tonnes, around 12.14 million barrels per day, marking the highest daily rate since August 2023.&nbsp;While this jump in demand has offered some bullish signals for traders, not all see it as sustainable. Reuters cited J.P. Morgan analysts warning that with China’s storage facilities at 95 per cent of their peak 2020 levels, much of this inventory may soon appear in “visible” Western markets that set global benchmarks, putting downward pressure on prices.<h2>High stakes in the coming days</h2>For oil markets, the next few days could prove pivotal. As Reuters notes, Trump’s looming statement on Russia has the potential to reshape the sanctions landscape, possibly disrupting Moscow’s energy exports and tightening supply at a moment of fragile demand recovery. At the same time, questions over Saudi production discipline, tariff uncertainty in global trade, and the risk of Chinese stockpiles flooding export markets all threaten to cap gains.&nbsp;Investors are waiting for clarity from Washington, knowing that the interplay of geopolitics and market fundamentals in the coming weeks will likely set the tone for oil prices through the rest of 2025.&nbsp;

Oil prices edge higher on supply concerns ahead of Trump Russia sanctions statement, but rising Saudi output and Chinese stockpiles temper the rally.

Oil prices edged higher on Monday, extending last week’s gains, as traders kept watch for potential new sanctions on Russia from the United States that could disrupt global supply routes. But a mixed backdrop, including higher Saudi output and persistent tariff uncertainty kept investors cautious about the scale of any rally. According to Reuters, Brent crude futures rose to around $70.51 a barrel in early Asian trading, while US West Texas Intermediate crude was near $68.59. Both benchmarks had surged more than two per cent on Friday, buoyed by expectations of tighter summer demand. Spotlight on Trump’s Russia statement The market’s attention this week is firmly on Washington. As reported by Reuters, US President Donald Trump is expected to deliver what he called a “major statement” on Russia on Monday, following his announcement that the US will send Patriot air defence systems to Ukraine. Trump has grown increasingly frustrated with Russian President Vladimir Putin, accusing Moscow of showing no genuine willingness to end its invasion of Ukraine and continuing bombardment of Ukrainian cities. According to Reuters, a bipartisan bill in the US Congress that would impose tougher sanctions on Russia gained momentum last week but still requires Trump’s backing to become law. Meanwhile, four European Union sources told Reuters that EU envoys are on the verge of approving an 18th sanctions package against Russia. This package would include lowering the price cap on Russian oil exports, tightening Moscow’s ability to finance its war in Ukraine. Market faces push and pull Even with geopolitical risks supporting prices, there are headwinds keeping the rally in check. As per Reuters, the International Energy Agency warned last week that the oil market might be tighter than it appears on the surface, with demand getting a lift from peak summer refinery runs and power generation needs. That dynamic helped Brent notch a three per cent weekly gain, with WTI up around 2.2 per cent. But there is significant supply-side noise. Analysts at ANZ, quoted by Reuters, highlighted data showing Saudi Arabia lifted its output above its agreed OPEC+ quota in June. The IEA estimated that Riyadh’s production reached 9.8 million barrels per day, surpassing its target by more than 400,000 bpd. Saudi Arabia’s energy ministry disputed that figure, telling Reuters on Friday it remained fully compliant with its voluntary target under the OPEC+ pact. It said Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota. China’s imports surge but raise questions According to Reuters, China’s oil imports climbed 7.4 per cent in June from a year earlier to 49.89 million tonnes, around 12.14 million barrels per day, marking the highest daily rate since August 2023. While this jump in demand has offered some bullish signals for traders, not all see it as sustainable. Reuters cited J.P. Morgan analysts warning that with China’s storage facilities at 95 per cent of their peak 2020 levels, much of this inventory may soon appear in “visible” Western markets that set global benchmarks, putting downward pressure on prices. High stakes in the coming days For oil markets, the next few days could prove pivotal. As Reuters notes, Trump’s looming statement on Russia has the potential to reshape the sanctions landscape, possibly disrupting Moscow’s energy exports and tightening supply at a moment of fragile demand recovery. At the same time, questions over Saudi production discipline, tariff uncertainty in global trade, and the risk of Chinese stockpiles flooding export markets all threaten to cap gains. Investors are waiting for clarity from Washington, knowing that the interplay of geopolitics and market fundamentals in the coming weeks will likely set the tone for oil prices through the rest of 2025.

Oil prices rose slightly as traders brace for a potential US sanctions announcement on Russia, but gains are capped by rising Saudi output and uncertain demand.

Oil prices inch up as markets await Trump’s next move on Russia

American taxpayers waiting on their tax refunds would soon receive their stimulus payments from the Internal Revenue Service (IRS). Here's all you need to know about the stimulus cheques amounts, eligibility and more.

American taxpayers waiting on their tax refunds would soon receive their stimulus payments from the Internal Revenue Service (IRS). Here's all you need to know about the stimulus cheque amounts, eligibility and more.

Stimulus payments worth $300 to $1,700 coming in July: Do you qualify? Here's how you can claim your rebate

China’s trade engine showed a surprising spark in June as both exports and imports picked up pace, but the bounce comes with a ticking clock. With President Donald Trump’s August tariff deadline looming, Chinese exporters appear to be racing against time to move goods before the trade barriers slam shut again. According to Reuters, outbound shipments rose 5.8 per cent in June compared to a year ago, exceeding economists’ expectations of 5 per cent. Imports, which had fallen in May, also posted a modest 1.1 per cent gain. Though the headline numbers signal recovery, analysts say the rebound is fuelled more by fear than fundamentals.&nbsp;June’s export boost reflects what traders call “front-loading” — a strategy to ship out goods quickly before new tariffs strike. The last few months have been a turbulent ride. May saw exports slow to 4.8 per cent as Trump’s renewed tariff threats rattled supply chains and reversed the momentum from March and April. Now, businesses are rushing to make the most of a fragile trade ceasefire struck in Geneva earlier this year.<h2>A truce under pressure</h2>The Geneva talks in May had rekindled hopes of peace between the world’s two largest economies, with both sides agreeing to revive dialogue. But the diplomatic thaw appears short-lived. According to Reuters, the temporary calm in June came as officials scrambled to hold the line before Trump’s August 12 deadline for further trade penalties.&nbsp;And Trump isn’t slowing down. The US president has expanded his global trade offensive, introducing a 40 per cent tariff on goods trans-shipped through Vietnam, a popular workaround for Chinese manufacturers trying to dodge direct US levies. Now that path too is blocked.&nbsp;Adding to the pressure, Trump has also floated a 10 per cent tariff on imports from BRICS nations, including China. That threatens to turn Beijing’s key emerging market allies into liabilities.<h2>Storm clouds in Europe too</h2>It’s not just Washington turning up the heat. Tensions are building with Brussels as well. Ahead of a crucial EU-China summit later this month, European leaders have accused China of flooding global markets with surplus production and supporting Russia’s wartime economy.&nbsp;The European Commission has targeted sectors like steel, EVs and solar panels, alleging Chinese state subsidies are distorting competition. If talks falter, Beijing could find itself entangled in not one but two simultaneous trade confrontations — with both the West’s political and economic power centres.<h2>Numbers paint a mixed picture</h2>Despite the stormy outlook, China’s June trade balance grew significantly. The surplus widened to $114.7 billion, up from $103.2 billion in May. That’s a positive headline — but one that masks deeper vulnerabilities.&nbsp;The rise in exports appears tied to companies rushing to deliver shipments ahead of new duties. Likewise, the rebound in imports suggests Chinese businesses are stockpiling essential goods in case the window for lower-tariff trade slams shut.&nbsp;A trade economist told Reuters that while the figures show short-term resilience, they do little to secure China’s long-term trade position if Trump’s next round of tariffs kicks in next month.<h2>The clock is ticking</h2>As August 12 approaches, Beijing finds itself cornered by converging pressures. Its export sector is clawing back some ground, but the foundation is shaky. Meanwhile, trans-Pacific supply chains remain riddled with uncertainty.&nbsp;“China’s exporters are in a sprint against time,” said a senior analyst quoted by Reuters. “They’re moving goods fast because they don’t know what happens next.”&nbsp;With Europe’s concerns growing and Washington’s stance hardening, Beijing faces a tough road ahead. What comes next diplomacy or confrontation, may shape the future of global trade well beyond 2025. &nbsp;

China trade rebounds in June amid fears of fresh US tariffs, as exporters rush to ship goods ahead of Trump August 12 deadline and EU scrutiny grows.

China’s trade engine showed a surprising spark in June as both exports and imports picked up pace, but the bounce comes with a ticking clock. With President Donald Trump’s August tariff deadline looming, Chinese exporters appear to be racing against time to move goods before the trade barriers slam shut again. According to Reuters, outbound shipments rose 5.8 per cent in June compared to a year ago, exceeding economists’ expectations of 5 per cent. Imports, which had fallen in May, also posted a modest 1.1 per cent gain. Though the headline numbers signal recovery, analysts say the rebound is fuelled more by fear than fundamentals. June’s export boost reflects what traders call “front-loading” — a strategy to ship out goods quickly before new tariffs strike. The last few months have been a turbulent ride. May saw exports slow to 4.8 per cent as Trump’s renewed tariff threats rattled supply chains and reversed the momentum from March and April. Now, businesses are rushing to make the most of a fragile trade ceasefire struck in Geneva earlier this year. A truce under pressure The Geneva talks in May had rekindled hopes of peace between the world’s two largest economies, with both sides agreeing to revive dialogue. But the diplomatic thaw appears short-lived. According to Reuters, the temporary calm in June came as officials scrambled to hold the line before Trump’s August 12 deadline for further trade penalties. And Trump isn’t slowing down. The US president has expanded his global trade offensive, introducing a 40 per cent tariff on goods trans-shipped through Vietnam, a popular workaround for Chinese manufacturers trying to dodge direct US levies. Now that path too is blocked. Adding to the pressure, Trump has also floated a 10 per cent tariff on imports from BRICS nations, including China. That threatens to turn Beijing’s key emerging market allies into liabilities. Storm clouds in Europe too It’s not just Washington turning up the heat. Tensions are building with Brussels as well. Ahead of a crucial EU-China summit later this month, European leaders have accused China of flooding global markets with surplus production and supporting Russia’s wartime economy. The European Commission has targeted sectors like steel, EVs and solar panels, alleging Chinese state subsidies are distorting competition. If talks falter, Beijing could find itself entangled in not one but two simultaneous trade confrontations — with both the West’s political and economic power centres. Numbers paint a mixed picture Despite the stormy outlook, China’s June trade balance grew significantly. The surplus widened to $114.7 billion, up from $103.2 billion in May. That’s a positive headline — but one that masks deeper vulnerabilities. The rise in exports appears tied to companies rushing to deliver shipments ahead of new duties. Likewise, the rebound in imports suggests Chinese businesses are stockpiling essential goods in case the window for lower-tariff trade slams shut. A trade economist told Reuters that while the figures show short-term resilience, they do little to secure China’s long-term trade position if Trump’s next round of tariffs kicks in next month. The clock is ticking As August 12 approaches, Beijing finds itself cornered by converging pressures. Its export sector is clawing back some ground, but the foundation is shaky. Meanwhile, trans-Pacific supply chains remain riddled with uncertainty. “China’s exporters are in a sprint against time,” said a senior analyst quoted by Reuters. “They’re moving goods fast because they don’t know what happens next.” With Europe’s concerns growing and Washington’s stance hardening, Beijing faces a tough road ahead. What comes next diplomacy or confrontation, may shape the future of global trade well beyond 2025.

China’s exports rose 5.8% in June as exporters rushed to beat Trump’s looming August tariffs, but mounting trade tensions with the US and EU cloud the outlook.

China rushes to beat Trump’s tariff clock as trade rebound surprises in June

Elon Musk on X has revealed that Tesla shareholders may soon vote on whether the electric carmaker should invest in his AI startup xAI — a controversial company currently valued at up to $200 billion. xAI, as per Bloomberg, is burning through over $1 billion per month, with its expenses far exceeding its revenues. Responding to an X user's post, Musk said that if it were up to him, Tesla would have invested in the AI startup "long ago".&nbsp;<h2>"If it was up to me"</h2><h2>&nbsp;</h2>On X, a user on Sunday posted, "Tesla needs to be able to invest in xAI, otherwise not fair to $TSLA retail investors." &nbsp;In reply, the world's richest man, Musk, said that it was not up to him and that "If it was up to me, Tesla would have invested in xAI long ago." He added that “We will have a shareholder vote on the matter.”&nbsp;The proposed tie-up marks the latest twist in Musk's growing AI empire. In recent months, the billionaire has aggressively pitched xAI as a potential challenger to OpenAI's ChatGPT, Anthropic's Claude and Google's Gemini. xAI's flagship product, the Grok chatbot, is integrated into the X platform, also owned by Musk. According to the Wall Street Journal, Musk's space company SpaceX is already investing $2 billion into xAI as part of a wider $5 billion capital raise.Watch | Trump tries to calm uproar over Epstein probe<a href="https://www.wionews.com/videos/trump-tries-to-calm-uproar-over-epstein-probe-1752480889991/embed">https://www.wionews.com/videos/trump-tries-to-calm-uproar-over-epstein-probe-1752480889991/embed</a>&nbsp;Musk has previously said that xAI will become the "most powerful AI training system in the world" and pitched it as highly complementary to Tesla and SpaceX, particularly in areas like autonomous driving, real-time navigation, and data processing for rockets and electric vehicles.&nbsp;<h2>xAI's staggering losses and controversial chatbot</h2><h2>&nbsp;</h2>Founded in July 2023, xAI is reportedly seeking a valuation between $170 and $200 billion, according to the Financial Times. However, But its financials remain deeply in the red. Bloomberg reports that xAI burns through over $1 billion a month to build its upgraded models, massive data centers and train its AI systems. Its virtual assistant Grok has recently been at the center of a number of controversies; the latest in which the AI chatbot praise Adolf Hitler and suggested that people with Jewish surnames were more likelu to spread hate online.On Saturday, xAI issued an apology and said the offensive instructions had been corrected.

On X, a user on Sunday posted, "Tesla needs to be able to invest in xAI, otherwise not fair to $TSLA retail investors."  In reply, the world's richest man, Musk, said that it was not up to him and that "If it was up to me, Tesla would have invested in xAI long ago."

Elon Musk on X has revealed that Tesla shareholders may soon vote on whether the electric carmaker should invest in his AI startup xAI — a controversial company currently valued at up to $200 billion. xAI, as per Bloomberg, is burning through over $1 billion per month, with its expenses far exceeding its revenues. Responding to an X user's post, Musk said that if it were up to him, Tesla would have invested in the AI startup "long ago". "If it was up to me" On X, a user on Sunday posted, "Tesla needs to be able to invest in xAI, otherwise not fair to $TSLA retail investors." In reply, the world's richest man, Musk, said that it was not up to him and that "If it was up to me, Tesla would have invested in xAI long ago." He added that “We will have a shareholder vote on the matter.” The proposed tie-up marks the latest twist in Musk's growing AI empire. In recent months, the billionaire has aggressively pitched xAI as a potential challenger to OpenAI's ChatGPT, Anthropic's Claude and Google's Gemini. xAI's flagship product, the Grok chatbot, is integrated into the X platform, also owned by Musk. According to the Wall Street Journal, Musk's space company SpaceX is already investing $2 billion into xAI as part of a wider $5 billion capital raise. Watch | Trump tries to calm uproar over Epstein probe https://www.wionews.com/videos/trump-tries-to-calm-uproar-over-epstein-probe-1752480889991/embed Musk has previously said that xAI will become the "most powerful AI training system in the world" and pitched it as highly complementary to Tesla and SpaceX, particularly in areas like autonomous driving, real-time navigation, and data processing for rockets and electric vehicles. xAI's staggering losses and controversial chatbot Founded in July 2023, xAI is reportedly seeking a valuation between $170 and $200 billion, according to the Financial Times. However, But its financials remain deeply in the red. Bloomberg reports that xAI burns through over $1 billion a month to build its upgraded models, massive data centers and train its AI systems. Its virtual assistant Grok has recently been at the center of a number of controversies; the latest in which the AI chatbot praise Adolf Hitler and suggested that people with Jewish surnames were more likelu to spread hate online.On Saturday, xAI issued an apology and said the offensive instructions had been corrected.

On X, a user on Sunday posted, "Tesla needs to be able to invest in xAI, otherwise not fair to $TSLA retail investors." &nbsp;In reply, the world's richest man, Musk, said that it was not up to him and that "If it was up to me, Tesla would have invested in xAI long ago."

Musk teases Tesla–xAI deal: 'If it was up to me, we’d have invested long ago,' leaves decision to shareholders

India’s crude oil imports from Russia surged to an 11-month high in June, as refiners hurried to bolster inventories against the backdrop of Israel–Iran tensions that have rattled global markets, according to vessel-tracking data cited by the Press Trust of India (PTI).&nbsp;Data from global commodity analytics firm Kpler show India imported 2.08 million barrels per day (bpd) of Russian crude in June, the highest monthly level since July 2024. “While India’s global imports of crude oil dropped by 6 per cent in June, Russian volumes saw an 8 per cent month-on-month rise to their highest levels since July 2024,” said the Centre for Research on Energy and Clean Air (CREA), as quoted by PTI. CREA added that “more than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries.”<h2>Russia cements its role as India’s top oil supplier</h2>India has shifted decisively toward Russian barrels over the past three years. Once a marginal supplier, Moscow became India’s biggest crude source after offering steep discounts when Western buyers shunned its oil following the invasion of Ukraine in February 2022. As of June 2025, Russia accounts for around 40 per cent of India’s total crude imports, according to PTI.&nbsp;India, which relies on imports for over 85 per cent of its crude oil needs, has traditionally sourced most of its supplies from the Middle East. But with discounted Russian oil, refiners have realigned their strategy despite geopolitical criticism from the West. Industry analysts say the discounts and flexible payment terms have made Russian grades irresistible, even as New Delhi insists on a strategy of diversifying suppliers to strengthen energy security.<h2>Competition from West Asian suppliers eases</h2>While Russian imports surged in June, India’s other major suppliers saw declines or only modest growth. According to Kpler data reported by the Press Trust of India (PTI), Iraq—India’s second-largest crude supplier, shipped 893,000 barrels per day (bpd) in June, marking a 17.2 per cent drop from May. Saudi Arabia’s deliveries held steady at around 581,000 bpd, while the United Arab Emirates boosted its volumes by 6.5 per cent to 490,000 bpd.&nbsp;As a share of India’s total oil imports in June, Iraq accounted for 18.5 per cent, Saudi Arabia for 12.1 per cent, the UAE for 10.2 per cent, and the United States maintained its fifth-place position with 303,000 bpd, or 6.3 per cent of the market, the data showed.<h2>India and China dominate Russian crude buying</h2>Analysts say India and China remain central to Moscow’s crude export strategy, with their purchases dwarfing those of other regions. As per analysis from the Centre for Research on Energy and Clean Air (CREA) cited by PTI, China bought 47 per cent of Russia’s crude exports in June, while India purchased 38 per cent.&nbsp;The European Union and Turkiye followed with about 6 per cent each. “India remained the second-largest purchaser of Russian fossil fuels in June, importing fossil fuels worth €4.5 billion, with crude oil accounting for 80 per cent (€3.6 billion) of these imports,” CREA said, according to PTI.<h2>US and Brazil flows rise as India diversifies</h2>Even as Russia retained its dominant position in India’s oil mix, imports from the United States and Brazil have been climbing sharply, highlighting New Delhi’s ongoing diversification strategy. According to S&amp;P Global Commodity Insights, US crude inflows to India during January–June 2025 jumped more than 50 per cent from the same period in 2024.&nbsp;India imported an average of 271,000 bpd from the US in the first half of 2025, compared with 180,000 bpd a year earlier. Brazilian shipments posted even steeper growth, with crude inflows rising 80 per cent year-over-year to 73,000 bpd from 41,000 bpd in the first half of 2024. According to S&amp;P data cited by PTI, Russia retained its top-supplier crown in the first half of 2025 with shipments averaging 1.67 million bpd, up slightly from 1.66 million bpd in the same period last year.<h2>Geopolitical backdrop: War worries and supply security</h2>Analysts attribute the spike in India’s Russian oil imports in June partly to precautionary stockpiling amid fears of wider conflict in West Asia following hostilities between Israel and Iran earlier this year. Indian refiners, keen to ensure robust inventories, have moved to secure supplies in case war disrupts shipping through the Strait of Hormuz, a critical chokepoint for global energy flows. &nbsp;As India navigates this tense geopolitical environment, its strategy appears to balance opportunistic buying of discounted Russian barrels with efforts to expand ties with non-OPEC suppliers such as the US and Brazil. Industry officials suggest that while Russia’s discounts have been attractive, India’s long-term policy is to avoid over-reliance on any single source, even one offering significant savings.

India boosts Russian oil imports to 2.08 million bpd in June amid Israel and Iran tensions, while expanding crude ties with the US and Brazil for supply security.

India’s crude oil imports from Russia surged to an 11-month high in June, as refiners hurried to bolster inventories against the backdrop of Israel–Iran tensions that have rattled global markets, according to vessel-tracking data cited by the Press Trust of India (PTI). Data from global commodity analytics firm Kpler show India imported 2.08 million barrels per day (bpd) of Russian crude in June, the highest monthly level since July 2024. “While India’s global imports of crude oil dropped by 6 per cent in June, Russian volumes saw an 8 per cent month-on-month rise to their highest levels since July 2024,” said the Centre for Research on Energy and Clean Air (CREA), as quoted by PTI. CREA added that “more than half of these imports from Russia were made by three refineries in India, which also export refined products to G7+ countries.” Russia cements its role as India’s top oil supplier India has shifted decisively toward Russian barrels over the past three years. Once a marginal supplier, Moscow became India’s biggest crude source after offering steep discounts when Western buyers shunned its oil following the invasion of Ukraine in February 2022. As of June 2025, Russia accounts for around 40 per cent of India’s total crude imports, according to PTI. India, which relies on imports for over 85 per cent of its crude oil needs, has traditionally sourced most of its supplies from the Middle East. But with discounted Russian oil, refiners have realigned their strategy despite geopolitical criticism from the West. Industry analysts say the discounts and flexible payment terms have made Russian grades irresistible, even as New Delhi insists on a strategy of diversifying suppliers to strengthen energy security. Competition from West Asian suppliers eases While Russian imports surged in June, India’s other major suppliers saw declines or only modest growth. According to Kpler data reported by the Press Trust of India (PTI), Iraq—India’s second-largest crude supplier, shipped 893,000 barrels per day (bpd) in June, marking a 17.2 per cent drop from May. Saudi Arabia’s deliveries held steady at around 581,000 bpd, while the United Arab Emirates boosted its volumes by 6.5 per cent to 490,000 bpd. As a share of India’s total oil imports in June, Iraq accounted for 18.5 per cent, Saudi Arabia for 12.1 per cent, the UAE for 10.2 per cent, and the United States maintained its fifth-place position with 303,000 bpd, or 6.3 per cent of the market, the data showed. India and China dominate Russian crude buying Analysts say India and China remain central to Moscow’s crude export strategy, with their purchases dwarfing those of other regions. As per analysis from the Centre for Research on Energy and Clean Air (CREA) cited by PTI, China bought 47 per cent of Russia’s crude exports in June, while India purchased 38 per cent. The European Union and Turkiye followed with about 6 per cent each. “India remained the second-largest purchaser of Russian fossil fuels in June, importing fossil fuels worth €4.5 billion, with crude oil accounting for 80 per cent (€3.6 billion) of these imports,” CREA said, according to PTI. US and Brazil flows rise as India diversifies Even as Russia retained its dominant position in India’s oil mix, imports from the United States and Brazil have been climbing sharply, highlighting New Delhi’s ongoing diversification strategy. According to S&P Global Commodity Insights, US crude inflows to India during January–June 2025 jumped more than 50 per cent from the same period in 2024. India imported an average of 271,000 bpd from the US in the first half of 2025, compared with 180,000 bpd a year earlier. Brazilian shipments posted even steeper growth, with crude inflows rising 80 per cent year-over-year to 73,000 bpd from 41,000 bpd in the first half of 2024. According to S&P data cited by PTI, Russia retained its top-supplier crown in the first half of 2025 with shipments averaging 1.67 million bpd, up slightly from 1.66 million bpd in the same period last year. Geopolitical backdrop: War worries and supply security Analysts attribute the spike in India’s Russian oil imports in June partly to precautionary stockpiling amid fears of wider conflict in West Asia following hostilities between Israel and Iran earlier this year. Indian refiners, keen to ensure robust inventories, have moved to secure supplies in case war disrupts shipping through the Strait of Hormuz, a critical chokepoint for global energy flows. As India navigates this tense geopolitical environment, its strategy appears to balance opportunistic buying of discounted Russian barrels with efforts to expand ties with non-OPEC suppliers such as the US and Brazil. Industry officials suggest that while Russia’s discounts have been attractive, India’s long-term policy is to avoid over-reliance on any single source, even one offering significant savings.

India’s crude oil imports from Russia hit an 11-month high in June 2025 amid West Asia tensions, as refiners stockpiled discounted barrels while diversifying with US and Brazilian supplies.

India’s Russian oil imports surge to 11-month high in June on war supply fears

American homeowners continue to face steep and rising property tax bills, with a new analysis showing New Jersey once again topping the list for the highest median property tax payments in the country, an eye-watering $9,413 per year. By contrast, many southern states remain relative havens for taxpayers, with bills often under $1,500. According to Fox Business News, citing the latest data from Realtor.com, property taxes remain one of the largest ongoing costs of owning a home in the United States. They fund essential local services ranging from public schools and road maintenance to police and fire departments.&nbsp;But they’re also highly variable, depending on where you live and how much your home is worth. Realtor.com’s data shows that local tax rates, frequent property revaluations, and fast-rising home values have been pushing bills even higher for most Americans. “The issue facing many homeowners is that property taxes are growing due to increased home values and changes to local tax rates,” explained Joel Berner, senior economist at Realtor.com, in an April report quoted by Fox Business.<h2>Nationwide, median tax bills keep climbing</h2>Nationally, property tax bills have been on an upward march. Realtor.com found that the typical US property tax bill rose 2.8 per cent between 2023 and 2024, with more than 73 per cent of properties seeing increases. The median tax bill nationwide now sits at $3,500. Much of this rise is directly tied to soaring home prices. As property values get reassessed, sometimes annually, owners see their bills increase even if tax rates themselves stay flat.&nbsp;But homeowners are not powerless. Berner pointed out that many Americans don’t realise they can appeal the valuation their local governments assign to their homes. Realtor.com estimates that over 40 per cent of properties could save at least $100 by contesting their assessment, with a typical saving of more than $500. &nbsp;“Many homeowners may not realize they can protest their home’s value assessment,” Berner said. “In fact, over 40% of properties nationwide could save at least $100 by protesting.”<h2>Political heat around property taxes</h2>Property taxes have become a major political flashpoint across the US. Critics argue that they effectively force homeowners to “pay rent” to the government for property they already own. Fox Business cited a Pennsylvania legislator who called for their complete elimination on these grounds. And in Florida, Republican Governor Ron DeSantis has revived his proposal to entirely scrap property taxes in the state, a move that would make Florida the only US state with neither property nor state income tax.&nbsp;&nbsp;“We want to make Florida the freest state for families to own a home without worrying about punishing taxes,” DeSantis said recently, per Fox Business.<h2>Northeast leads the country in high bills</h2>Unsurprisingly, many of the states with the highest property taxes are in the Northeast, where home values are often higher, and local governments rely heavily on property taxes to fund schools and infrastructure.Here are the top five states with the highest median property tax bills, according to Realtor.com data reported by Fox Business News:

<figure class="table"><table><tbody><tr><td>Rank</td><td>State</td><td>Median Property Tax Bill</td></tr><tr><td>1</td><td>New Jersey</td><td>$9,413</td></tr><tr><td>2</td><td>New Hampshire</td><td>$7,715</td></tr><tr><td>3</td><td>Connecticut</td><td>$6,944</td></tr><tr><td>4</td><td>Washington</td><td>$6,338</td></tr><tr><td>5</td><td>New York</td><td>$6,096</td></tr></tbody></table></figure>New Jersey’s position at the top reflects both its high property values and consistently elevated local tax rates.

<h2>Southern states offer relief</h2>By contrast, many southern and midwestern states offer far lower property tax burdens. Alabama, for instance, has the lowest median bill in the country at just $804. West Virginia ($728) and Arkansas ($725) are close behind. These states generally combine lower home prices with less reliance on property taxes to fund local services.&nbsp;Below is a quick look at the five states with the lowest median property tax bills:

<figure class="table"><table><tbody><tr><td>Rank</td><td>State</td><td>Median Property Tax Bill</td></tr><tr><td>1</td><td>Arkansas</td><td>$725</td></tr><tr><td>2</td><td>West Virginia</td><td>$728</td></tr><tr><td>3</td><td>Alabama</td><td>$804</td></tr><tr><td>4</td><td>Indiana</td><td>$995</td></tr><tr><td>5</td><td>Mississippi</td><td>$1,034</td></tr></tbody></table></figure>For many families, these stark regional differences shape decisions about where to buy a home or whether to move at all.

<h2>A rising national debate</h2>Beyond individual wallets, property taxes are becoming a central policy debate in America’s ongoing struggle with affordability. Housing costs, both in terms of purchase prices and ongoing expenses like taxes and insurance, have soared over the past decade.&nbsp;While property taxes fund critical local services, they can also price people out of their homes, especially retirees on fixed incomes or lower-income families in rapidly gentrifying neighbourhoods.Calls to overhaul the system are growing louder. Some policymakers propose capping annual assessment increases; others want to diversify local government funding away from property taxes entirely.&nbsp;For now, homeowners will continue to watch their assessments and their tax bills closely.&nbsp;

A new Realtor.com analysis reveals stark regional divides in US property taxes, with New Jersey homeowners paying the most and southern states offering the lowest bills, fueling political calls to cap assessments or overhaul the system entirely.

American homeowners continue to face steep and rising property tax bills, with a new analysis showing New Jersey once again topping the list for the highest median property tax payments in the country, an eye-watering $9,413 per year. By contrast, many southern states remain relative havens for taxpayers, with bills often under $1,500. According to Fox Business News, citing the latest data from Realtor.com, property taxes remain one of the largest ongoing costs of owning a home in the United States. They fund essential local services ranging from public schools and road maintenance to police and fire departments. But they’re also highly variable, depending on where you live and how much your home is worth. Realtor.com’s data shows that local tax rates, frequent property revaluations, and fast-rising home values have been pushing bills even higher for most Americans. “The issue facing many homeowners is that property taxes are growing due to increased home values and changes to local tax rates,” explained Joel Berner, senior economist at Realtor.com, in an April report quoted by Fox Business. Nationwide, median tax bills keep climbing Nationally, property tax bills have been on an upward march. Realtor.com found that the typical US property tax bill rose 2.8 per cent between 2023 and 2024, with more than 73 per cent of properties seeing increases. The median tax bill nationwide now sits at $3,500. Much of this rise is directly tied to soaring home prices. As property values get reassessed, sometimes annually, owners see their bills increase even if tax rates themselves stay flat. But homeowners are not powerless. Berner pointed out that many Americans don’t realise they can appeal the valuation their local governments assign to their homes. Realtor.com estimates that over 40 per cent of properties could save at least $100 by contesting their assessment, with a typical saving of more than $500. “Many homeowners may not realize they can protest their home’s value assessment,” Berner said. “In fact, over 40% of properties nationwide could save at least $100 by protesting.” Political heat around property taxes Property taxes have become a major political flashpoint across the US. Critics argue that they effectively force homeowners to “pay rent” to the government for property they already own. Fox Business cited a Pennsylvania legislator who called for their complete elimination on these grounds. And in Florida, Republican Governor Ron DeSantis has revived his proposal to entirely scrap property taxes in the state, a move that would make Florida the only US state with neither property nor state income tax. “We want to make Florida the freest state for families to own a home without worrying about punishing taxes,” DeSantis said recently, per Fox Business. Northeast leads the country in high bills Unsurprisingly, many of the states with the highest property taxes are in the Northeast, where home values are often higher, and local governments rely heavily on property taxes to fund schools and infrastructure. Here are the top five states with the highest median property tax bills, according to Realtor.com data reported by Fox Business News:

New Jersey tops US property tax rankings at $9,413, while southern states offer relief, sparking national debates over fairness, affordability, and reform.

New Jersey tops US property tax list at $9,413 as southern states push relief

The United States economy appears more resilient than expected, with economists trimming recession risks and projecting stronger job growth and cooler inflation, even as President Donald Trump’s aggressive tariff threats loom. That’s the key takeaway from The Wall Street Journal’s latest quarterly survey of professional forecasters, published this week. According to the Wall Street Journal, economists surveyed between July 3 and July 8 now see a 33 per cent chance of the US falling into recession within the next 12 months. That’s down sharply from 45 per cent in April, though still higher than the 22 per cent probability they had projected back in January.&nbsp;The improved outlook, noted the Journal, comes despite persistent uncertainty around Trump’s sweeping trade moves. In recent days, the President threatened major new tariffs on key partners such as the European Union, Canada, Mexico, and Brazil starting August 1. Growth projections improve despite tariff threats The survey of 69 economists, ranging from Wall Street banks to universities and consultancies found that inflation-adjusted GDP is now expected to expand by 1 per cent in the fourth quarter compared to a year earlier. That’s up from April’s 0.8 per cent forecast, though still well below the expectations at the start of 2025.&nbsp;Many economists credited the rebound in mood to Trump’s earlier decision to pause some of his harshest tariff threats this spring, which had caused widespread market anxiety. However, whether this optimism lasts remains an open question given the renewed tariff announcement. “Despite numerous headwinds, the US economy is proving stubbornly resilient,” Chad Moutray, chief economist at the National Restaurant Association, told The Wall Street Journal. “Consumers are continuing to spend, but the mood has clearly shifted from bold to careful.”<h2>Jobs market beats expectations</h2>Labour market data has also surprised on the upside. The survey noted that job growth averaged 150,000 per month over the past quarter, stronger than forecasters had expected back in April. The unemployment rate dipped to 4.1 per cent in June from 4.2 per cent in May, staying within its recent range.&nbsp;Weekly unemployment claims have remained low, showing no clear signs of mass layoffs. Meanwhile, consumer and business sentiment, which plunged earlier this year, appears to have stabilised. The S&amp;P 500 even notched a record high this month.<h2>Inflation fears ease, but tariffs still a wild card</h2>Perhaps most striking, the feared inflationary surge from tariffs hasn’t fully materialised yet. Core consumer prices (excluding volatile food and energy) rose 2.8 per cent year-on-year in May, the slowest in four years but still above the Federal Reserve’s 2 per cent target. Many economists think Trump’s tariffs will eventually push inflation higher, but their current forecasts have softened. On average, they now see consumer inflation at 3 per cent in December, down from April’s forecast of 3.6 per cent.&nbsp;“While tariff hikes still seem likely to raise inflation in the second half of the year, their impact will be partially offset by less energy and shelter-cost inflation,” Bill Adams, chief economist at Comerica Bank, told The Wall Street Journal. But Trump’s tariff plans remain a major uncertainty. JPMorgan economists estimate that average US tariffs recently climbed from 12.2 per cent in May to 14.6 per cent after new levies on steel, aluminum, copper, and other products. Additional proposed tariffs could lift that by another 6.1 percentage points, according to the Journal.<h2>Labour market outlook recovers</h2>Despite these concerns, the jobs outlook has firmed. Economists now forecast employers will add an average of 74,070 jobs per month over the coming year, up from 54,619 in April. They expect the unemployment rate to rise modestly to 4.5 per cent by December, a slight improvement on April’s projection of 4.7 per cent.&nbsp;This labour-market resilience may give the Federal Reserve some flexibility. Economists in the survey expect the Fed’s target range for rates to end the year with a midpoint of 3.94 per cent, implying one or two quarter-point cuts from the current 4.25–4.5 per cent band.<h2>Trump’s other policies cloud the forecast</h2>The Wall Street Journal also noted that Trump’s other policies, including mass deportations, a clampdown on illegal immigration and a newly signed tax-and-spending package are expected to have mixed economic impacts. Economists in the survey see Trump’s so-called “megabill” adding 0.2 percentage point to GDP growth in 2025 and 0.3 in 2026. But they also expect stepped-up deportations and lower immigration to fully offset those gains by subtracting 0.2 and 0.3 percentage point from growth in those years.&nbsp;“Immigration helped power growth significantly over the past two years,” Joel Naroff, an independent economist, told The Wall Street Journal. “That will wash out going forward.” As Trump’s tariffs and immigration policies continue to evolve, economists cautioned that official data may struggle to capture the full impact in real time. “As good as our stats are, they just weren’t made for these kinds of very large moves in policy that cause a knee-jerk reaction,” Diane Swonk, chief economist at KPMG US, told the Journal. “It makes it even harder to read the tea leaves.”&nbsp;Overall, while recession fears have eased, economists remain cautious about the second half of the year, highlighting the uncertain balance between trade tensions, inflation pressures and the resilience of American consumers and workers. &nbsp;

Economists have trimmed US recession odds and raised job growth forecasts amid surprising economic resilience, but The Wall Street Journal warns that Trump looming tariffs and immigration policies could still disrupt inflation and GDP growth.

The United States economy appears more resilient than expected, with economists trimming recession risks and projecting stronger job growth and cooler inflation, even as President Donald Trump’s aggressive tariff threats loom. That’s the key takeaway from The Wall Street Journal’s latest quarterly survey of professional forecasters, published this week. According to the Wall Street Journal, economists surveyed between July 3 and July 8 now see a 33 per cent chance of the US falling into recession within the next 12 months. That’s down sharply from 45 per cent in April, though still higher than the 22 per cent probability they had projected back in January. The improved outlook, noted the Journal, comes despite persistent uncertainty around Trump’s sweeping trade moves. In recent days, the President threatened major new tariffs on key partners such as the European Union, Canada, Mexico, and Brazil starting August 1. Growth projections improve despite tariff threats The survey of 69 economists, ranging from Wall Street banks to universities and consultancies found that inflation-adjusted GDP is now expected to expand by 1 per cent in the fourth quarter compared to a year earlier. That’s up from April’s 0.8 per cent forecast, though still well below the expectations at the start of 2025. Many economists credited the rebound in mood to Trump’s earlier decision to pause some of his harshest tariff threats this spring, which had caused widespread market anxiety. However, whether this optimism lasts remains an open question given the renewed tariff announcement. “Despite numerous headwinds, the US economy is proving stubbornly resilient,” Chad Moutray, chief economist at the National Restaurant Association, told The Wall Street Journal. “Consumers are continuing to spend, but the mood has clearly shifted from bold to careful.” Jobs market beats expectations Labour market data has also surprised on the upside. The survey noted that job growth averaged 150,000 per month over the past quarter, stronger than forecasters had expected back in April. The unemployment rate dipped to 4.1 per cent in June from 4.2 per cent in May, staying within its recent range. Weekly unemployment claims have remained low, showing no clear signs of mass layoffs. Meanwhile, consumer and business sentiment, which plunged earlier this year, appears to have stabilised. The S&P 500 even notched a record high this month. Inflation fears ease, but tariffs still a wild card Perhaps most striking, the feared inflationary surge from tariffs hasn’t fully materialised yet. Core consumer prices (excluding volatile food and energy) rose 2.8 per cent year-on-year in May, the slowest in four years but still above the Federal Reserve’s 2 per cent target. Many economists think Trump’s tariffs will eventually push inflation higher, but their current forecasts have softened. On average, they now see consumer inflation at 3 per cent in December, down from April’s forecast of 3.6 per cent. “While tariff hikes still seem likely to raise inflation in the second half of the year, their impact will be partially offset by less energy and shelter-cost inflation,” Bill Adams, chief economist at Comerica Bank, told The Wall Street Journal. But Trump’s tariff plans remain a major uncertainty. JPMorgan economists estimate that average US tariffs recently climbed from 12.2 per cent in May to 14.6 per cent after new levies on steel, aluminum, copper, and other products. Additional proposed tariffs could lift that by another 6.1 percentage points, according to the Journal. Labour market outlook recovers Despite these concerns, the jobs outlook has firmed. Economists now forecast employers will add an average of 74,070 jobs per month over the coming year, up from 54,619 in April. They expect the unemployment rate to rise modestly to 4.5 per cent by December, a slight improvement on April’s projection of 4.7 per cent. This labour-market resilience may give the Federal Reserve some flexibility. Economists in the survey expect the Fed’s target range for rates to end the year with a midpoint of 3.94 per cent, implying one or two quarter-point cuts from the current 4.25–4.5 per cent band. Trump’s other policies cloud the forecast The Wall Street Journal also noted that Trump’s other policies, including mass deportations, a clampdown on illegal immigration and a newly signed tax-and-spending package are expected to have mixed economic impacts. Economists in the survey see Trump’s so-called “megabill” adding 0.2 percentage point to GDP growth in 2025 and 0.3 in 2026. But they also expect stepped-up deportations and lower immigration to fully offset those gains by subtracting 0.2 and 0.3 percentage point from growth in those years. “Immigration helped power growth significantly over the past two years,” Joel Naroff, an independent economist, told The Wall Street Journal. “That will wash out going forward.” As Trump’s tariffs and immigration policies continue to evolve, economists cautioned that official data may struggle to capture the full impact in real time. “As good as our stats are, they just weren’t made for these kinds of very large moves in policy that cause a knee-jerk reaction,” Diane Swonk, chief economist at KPMG US, told the Journal. “It makes it even harder to read the tea leaves.” Overall, while recession fears have eased, economists remain cautious about the second half of the year, highlighting the uncertain balance between trade tensions, inflation pressures and the resilience of American consumers and workers.

US recession risks ease as job growth and inflation trends improve, but Trump’s tariff threats and immigration crackdowns cast uncertainty over the economic outlook.

US recession risk declines as inflation cools and jobs rise, says WSJ survey

Chinese Foreign Minister Wang Yi has signalled a fresh opening for deeper diplomatic engagement with the United States following talks with US Secretary of State Marco Rubio on the sidelines of the ASEAN meetings in Kuala Lumpur, Malaysia. According to China’s foreign ministry, Wang described the roughly hour-long meeting on Friday as “constructive”, emphasising that both sides engaged in equal, respectful dialogue and “managed differences while expanding cooperation.” Speaking to Chinese media on Saturday, Wang said the discussions had “paved the way for the next step of exchanges between the two countries’ diplomatic teams,” as quoted in the South China Morning Post. He stressed that China and the United States shared “extensive common interests and broad space for cooperation,” noting that the world’s two largest economies had a “responsibility and opportunity to find a correct way … to get along.”&nbsp;“From the perspective of historical evolution and humanity as a whole, China and the United States, as two major countries, share extensive common interests,” Wang said, according to a readout from the Chinese Foreign Ministry. Wang also summarised the meeting’s key outcomes as “strengthened engagement, prevented misjudgments, managed differences, and expanded cooperation,” adding that both sides acknowledged the global impact of their ties.<h2>A crucial meeting amid trade tensions and military rivalries</h2>The Kuala Lumpur sit-down was the first in-person meeting between Wang and Rubio since the latter was confirmed as Secretary of State in January. It comes at a time of escalating trade tensions between Washington and Beijing, marked by the Trump administration’s planned August 1 tariff hikes on US trading partners, including China.&nbsp;US-China trade frictions have dominated headlines this year. According to Reuters, the Trump administration’s latest tariff threats include raising levies on Chinese electronics, steel, and aluminium, as well as announcing 50% tariffs on copper imports, a move analysts warn could trigger retaliation from Beijing.&nbsp;Despite the tense backdrop, Rubio struck a cautiously optimistic tone after the meeting, saying the sides had “disagreed on some issues but the talks gave us some things we can work on together.” As reported by SCMP, he also hinted at the possibility of a presidential summit later this year between Donald Trump and Xi Jinping, saying the “odds are high” but that both sides would need to “build the right atmosphere and the right deliverables.”<h2>South China Sea calm – but frictions linger</h2>Wang Yi also addressed regional security issues, claiming his talks with Southeast Asian counterparts in Kuala Lumpur about the South China Sea had grown increasingly “calm and confident.” He insisted the disputed waterway was “clearly stable,” with no issues over freedom of navigation or overflight. But he criticised unnamed “external actors” for trying to sow discord, saying these countries “fear that the South China Sea will not be in chaos.”&nbsp;“Countries in the region have seen [through] these old tricks very clearly,” Wang said, in what observers widely interpreted as a swipe at US involvement. Beijing claims sovereignty over most of the South China Sea, a position rejected by several ASEAN members, notably the Philippines, a US treaty ally. Clashes between China and the Philippines have intensified over the past year, with Manila accusing Beijing of dangerous manoeuvres and water cannon attacks on Philippine vessels. As per a July 2024 Reuters report, the US has reaffirmed its commitment to the Philippines under their Mutual Defense Treaty, warning China that an armed attack on Philippine armed forces in the South China Sea would trigger American defence obligations.<h2>‘New narrative’ for the South China Sea</h2>Recalling his ASEAN meetings, Wang advocated for what he called a “new narrative” centred on peace and stability rather than confrontation. “Of course, there is still one country that remains out of step with the rest, but I believe it will eventually come to its senses. Acting as a pawn for others will only lead to being sacrificed,” he warned, again without naming the Philippines directly.&nbsp;Wang’s language follows months of tensions in which Beijing has accused Washington of encouraging Manila to challenge Chinese claims in contested waters. According to BBC Monitoring, China’s government-run media have increasingly portrayed the US as an outside troublemaker undermining Asian stability.<h2>Sharp words on trade and tariffs</h2>Wang also addressed the Trump administration’s latest tariff threats on Southeast Asian economies, describing the global environment as “a mix of change and chaos. He contrasted China’s trade policy with that of the US, saying Beijing embraced openness while Washington imposed “hefty tariffs on trade partners,” disrupting supply chains and hurting global growth.&nbsp;“It is irresponsible, unpopular, and unsustainable,” Wang said, as quoted by SCMP. “China will continue to stand firmly with countries in the region, promoting unity, cooperation, and collective strength.” He added that China would “always be an advocate of multilateralism, a defender of free trade, and a contributor to open development,” casting Beijing as a champion of regional integration.<h2>Outlook for US-China diplomacy</h2>The Rubio–Wang meeting comes amid cautious efforts by both sides to stabilise relations that have hit multi-decade lows over trade disputes, technology restrictions, Taiwan tensions and military activity in the South China Sea. In the past year, Washington and Beijing have reopened military-to-military communication channels and resumed working groups on trade, fentanyl trafficking, and climate issues. But substantive breakthroughs remain elusive.&nbsp;The possibility of a Trump–Xi summit later this year now looms as a test of whether the fragile diplomatic thaw can hold. Analysts say both leaders face domestic pressures that may make concessions difficult but see incentives to avoid an all-out rupture that would damage their economies.&nbsp;As Wang Yi put it after the meeting in Kuala Lumpur:&nbsp;“Both sides have the responsibility and the opportunity to find a correct way … to get along.” &nbsp;

China Wang Yi and US Secretary of State Marco Rubio hold constructive talks in Malaysia, signalling a cautious diplomatic thaw amid trade and South China Sea tensions.

Chinese Foreign Minister Wang Yi has signalled a fresh opening for deeper diplomatic engagement with the United States following talks with US Secretary of State Marco Rubio on the sidelines of the ASEAN meetings in Kuala Lumpur, Malaysia. According to China’s foreign ministry, Wang described the roughly hour-long meeting on Friday as “constructive”, emphasising that both sides engaged in equal, respectful dialogue and “managed differences while expanding cooperation.” Speaking to Chinese media on Saturday, Wang said the discussions had “paved the way for the next step of exchanges between the two countries’ diplomatic teams,” as quoted in the South China Morning Post. He stressed that China and the United States shared “extensive common interests and broad space for cooperation,” noting that the world’s two largest economies had a “responsibility and opportunity to find a correct way … to get along.” “From the perspective of historical evolution and humanity as a whole, China and the United States, as two major countries, share extensive common interests,” Wang said, according to a readout from the Chinese Foreign Ministry. Wang also summarised the meeting’s key outcomes as “strengthened engagement, prevented misjudgments, managed differences, and expanded cooperation,” adding that both sides acknowledged the global impact of their ties. A crucial meeting amid trade tensions and military rivalries The Kuala Lumpur sit-down was the first in-person meeting between Wang and Rubio since the latter was confirmed as Secretary of State in January. It comes at a time of escalating trade tensions between Washington and Beijing, marked by the Trump administration’s planned August 1 tariff hikes on US trading partners, including China. US-China trade frictions have dominated headlines this year. According to Reuters, the Trump administration’s latest tariff threats include raising levies on Chinese electronics, steel, and aluminium, as well as announcing 50% tariffs on copper imports, a move analysts warn could trigger retaliation from Beijing. Despite the tense backdrop, Rubio struck a cautiously optimistic tone after the meeting, saying the sides had “disagreed on some issues but the talks gave us some things we can work on together.” As reported by SCMP, he also hinted at the possibility of a presidential summit later this year between Donald Trump and Xi Jinping, saying the “odds are high” but that both sides would need to “build the right atmosphere and the right deliverables.” South China Sea calm – but frictions linger Wang Yi also addressed regional security issues, claiming his talks with Southeast Asian counterparts in Kuala Lumpur about the South China Sea had grown increasingly “calm and confident.” He insisted the disputed waterway was “clearly stable,” with no issues over freedom of navigation or overflight. But he criticised unnamed “external actors” for trying to sow discord, saying these countries “fear that the South China Sea will not be in chaos.” “Countries in the region have seen [through] these old tricks very clearly,” Wang said, in what observers widely interpreted as a swipe at US involvement. Beijing claims sovereignty over most of the South China Sea, a position rejected by several ASEAN members, notably the Philippines, a US treaty ally. Clashes between China and the Philippines have intensified over the past year, with Manila accusing Beijing of dangerous manoeuvres and water cannon attacks on Philippine vessels. As per a July 2024 Reuters report, the US has reaffirmed its commitment to the Philippines under their Mutual Defense Treaty, warning China that an armed attack on Philippine armed forces in the South China Sea would trigger American defence obligations. ‘New narrative’ for the South China Sea Recalling his ASEAN meetings, Wang advocated for what he called a “new narrative” centred on peace and stability rather than confrontation. “Of course, there is still one country that remains out of step with the rest, but I believe it will eventually come to its senses. Acting as a pawn for others will only lead to being sacrificed,” he warned, again without naming the Philippines directly. Wang’s language follows months of tensions in which Beijing has accused Washington of encouraging Manila to challenge Chinese claims in contested waters. According to BBC Monitoring, China’s government-run media have increasingly portrayed the US as an outside troublemaker undermining Asian stability. Sharp words on trade and tariffs Wang also addressed the Trump administration’s latest tariff threats on Southeast Asian economies, describing the global environment as “a mix of change and chaos. He contrasted China’s trade policy with that of the US, saying Beijing embraced openness while Washington imposed “hefty tariffs on trade partners,” disrupting supply chains and hurting global growth. “It is irresponsible, unpopular, and unsustainable,” Wang said, as quoted by SCMP. “China will continue to stand firmly with countries in the region, promoting unity, cooperation, and collective strength.” He added that China would “always be an advocate of multilateralism, a defender of free trade, and a contributor to open development,” casting Beijing as a champion of regional integration. Outlook for US-China diplomacy The Rubio–Wang meeting comes amid cautious efforts by both sides to stabilise relations that have hit multi-decade lows over trade disputes, technology restrictions, Taiwan tensions and military activity in the South China Sea. In the past year, Washington and Beijing have reopened military-to-military communication channels and resumed working groups on trade, fentanyl trafficking, and climate issues. But substantive breakthroughs remain elusive. The possibility of a Trump–Xi summit later this year now looms as a test of whether the fragile diplomatic thaw can hold. Analysts say both leaders face domestic pressures that may make concessions difficult but see incentives to avoid an all-out rupture that would damage their economies. As Wang Yi put it after the meeting in Kuala Lumpur: “Both sides have the responsibility and the opportunity to find a correct way … to get along.”

In a key meeting on ASEAN sidelines, China’s Wang Yi and US Secretary Marco Rubio discuss trade frictions, South China Sea stability, and a potential Trump–Xi summit, hinting at renewed diplomatic engagement despite deep divides.

China pushes for ‘new narrative’ with US after constructive Malaysia talks

SpaceX has committed $2 billion to Elon Musk’s artificial intelligence startup xAI, the Wall Street Journal reported on Saturday, marking one of the largest single investments into a private AI company and deepening the integration between the billionaire’s business empire. According to the Wall Street Journal, the SpaceX investment is part of a broader $5 billion equity round that now values the combined entity, including xAI and Musk’s social media platform X, at roughly $113 billion.&nbsp;The report underscores Musk’s aggressive push to position xAI as a serious competitor to OpenAI, the firm he co-founded and later fell out with. In May, Musk confirmed that xAI would be merged with X (formerly Twitter), aiming to harness its AI technology across his companies. SpaceX and xAI did not immediately respond to Reuters’ requests for comment.<h2>Grok chatbot at the centre of Musk’s AI ambitions</h2>The funding round highlights Musk’s plan to use xAI’s technology, particularly the Grok chatbot, in diverse applications across his businesses.&nbsp;Grok, xAI’s flagship large-language model, already powers customer support for Starlink, SpaceX’s satellite internet service. The Wall Street Journal also reported plans to integrate Grok into Tesla’s Optimus humanoid robots in future development cycles.&nbsp;&nbsp;Despite some recent controversies over Grok’s unpredictable responses, Musk has continued to promote it as a breakthrough. “The smartest AI in the world,” Musk said of Grok in April, defending its irreverent style as a feature, not a flaw, as quoted by Reuters.&nbsp;<h2>A broader AI arms race</h2>The $2 billion investment also reflects the staggering costs of staying competitive in AI development, where companies like OpenAI, Anthropic and Google DeepMind are spending heavily on training massive models and securing specialised chips.&nbsp;xAI has signalled its commitment to expanding infrastructure and model training at scale to catch up with established rivals. Analysts say the funding underscores Musk’s determination to maintain tight control over critical technology that could reshape everything from online services to robotics and space operations. As per Reuters, xAI has not publicly disclosed the full details of its training architecture or the scale of its compute resources, but Musk has repeatedly hinted at plans to build or acquire large GPU clusters.<h2>Musk’s empire: increasingly interconnected</h2>The latest deal shows how Musk is blurring the lines between his companies. X (Twitter), SpaceX, Tesla, and xAI now share resources, talent and technology to pursue ambitious cross-sector goals.For SpaceX, the AI investment is not merely financial: Grok’s technology could enhance customer service, improve Starlink’s network management and support advanced automation in manufacturing and operations.&nbsp;At the same time, Musk has been clear that controlling powerful AI tools is a strategic priority. He has been an outspoken critic of OpenAI’s direction since leaving its board, claiming it strayed from its original open-source mission.&nbsp;

Elon Musk xAI secures $2B from SpaceX in a $5B funding round, boosting its battle with OpenAI and integrating Grok AI into Tesla robots, Starlink, and beyond, blurring boundaries across Musk empire.

SpaceX has committed $2 billion to Elon Musk’s artificial intelligence startup xAI, the Wall Street Journal reported on Saturday, marking one of the largest single investments into a private AI company and deepening the integration between the billionaire’s business empire. According to the Wall Street Journal, the SpaceX investment is part of a broader $5 billion equity round that now values the combined entity, including xAI and Musk’s social media platform X, at roughly $113 billion. The report underscores Musk’s aggressive push to position xAI as a serious competitor to OpenAI, the firm he co-founded and later fell out with. In May, Musk confirmed that xAI would be merged with X (formerly Twitter), aiming to harness its AI technology across his companies. SpaceX and xAI did not immediately respond to Reuters’ requests for comment. Grok chatbot at the centre of Musk’s AI ambitions The funding round highlights Musk’s plan to use xAI’s technology, particularly the Grok chatbot, in diverse applications across his businesses. Grok, xAI’s flagship large-language model, already powers customer support for Starlink, SpaceX’s satellite internet service. The Wall Street Journal also reported plans to integrate Grok into Tesla’s Optimus humanoid robots in future development cycles. Despite some recent controversies over Grok’s unpredictable responses, Musk has continued to promote it as a breakthrough. “The smartest AI in the world,” Musk said of Grok in April, defending its irreverent style as a feature, not a flaw, as quoted by Reuters. A broader AI arms race The $2 billion investment also reflects the staggering costs of staying competitive in AI development, where companies like OpenAI, Anthropic and Google DeepMind are spending heavily on training massive models and securing specialised chips. xAI has signalled its commitment to expanding infrastructure and model training at scale to catch up with established rivals. Analysts say the funding underscores Musk’s determination to maintain tight control over critical technology that could reshape everything from online services to robotics and space operations. As per Reuters, xAI has not publicly disclosed the full details of its training architecture or the scale of its compute resources, but Musk has repeatedly hinted at plans to build or acquire large GPU clusters. Musk’s empire: increasingly interconnected The latest deal shows how Musk is blurring the lines between his companies. X (Twitter), SpaceX, Tesla, and xAI now share resources, talent and technology to pursue ambitious cross-sector goals. For SpaceX, the AI investment is not merely financial: Grok’s technology could enhance customer service, improve Starlink’s network management and support advanced automation in manufacturing and operations. At the same time, Musk has been clear that controlling powerful AI tools is a strategic priority. He has been an outspoken critic of OpenAI’s direction since leaving its board, claiming it strayed from its original open-source mission.

SpaceX to invests $2 billion into Elon Musk’s AI startup xAI, strengthening ties across his companies as Grok becomes central to a multi-sector tech strategy.

Spacex to invest $2 billion in Musk’s AI startup xAI in major funding push

Crypto markets are once again gripped by memecoin mania after Pump.fun, a platform that lets anyone create their own highly speculative tokens, raised $600 million in just 12 minutes during its public sale on Saturday. The staggering figure was confirmed by Pump.fun co-founder Alon Cohen in an interview with Bloomberg News. Including private sales, the platform’s total fundraising has reached $1.32 billion, marking one of the largest initial coin offerings (ICOs) in recent history.<h2>Huge demand despite regulatory limits</h2>Pump.fun, which runs on the Solana blockchain, announced its public sale via a post on X (formerly Twitter), offering 150 billion of its tokens at $0.004 each. The sale sold out within 12 minutes, underscoring the frenzied appetite for memecoin exposure.

<blockquote class="twitter-tweet">the <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> public sale has now ended. we are delighted to reveal that the <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> public sale was able to sell out in only 12 minutes. we would like to thank our entire community for participating! the <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> tokens will now enter the distribution phase 👇🏻 <a href="https://t.co/uqhQwRkL4f">pic.twitter.com/uqhQwRkL4f</a>&mdash; pump.fun (@pumpdotfun) <a href="https://twitter.com/pumpdotfun/status/1944043746292584849?ref_src=twsrc%5Etfw">July 12, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Bloomberg reports that the platform had earlier sold 180 billion tokens at the same price to private investors. However, the sale explicitly barred participants in the United States and the United Kingdom, a move aimed at avoiding regulatory complications.<h2>“You go from max fear to max FOMO”</h2>The crypto world’s roller-coaster psychology was on full display during the sale. Zaheer Ebtikar, founder of the crypto investment fund Split Capital, told Bloomberg. “You go from max fear to max FOMO very quickly,” he said, referring to how investors who initially hesitated jumped in once the sale started gaining momentum.&nbsp;While some investors had worried that such a massive sale might drain liquidity from other memecoins, Ebtikar noted the rapid shift in sentiment is typical in the space.<h2>A billion-dollar bet on blockchain culture</h2>Pump.fun has become a dominant player in the memecoin explosion on the Solana network. According to Bloomberg, the platform has generated nearly $800 million in revenue since its 2024 launch, largely by collecting fees from users eager to create and trade tokens themed on memes, jokes, and celebrities.&nbsp;Memecoins have become a cultural phenomenon, sometimes featuring the likeness of public figures. Even US President Donald Trump launched his own memecoin shortly before his second inauguration in January, reflecting the format’s mainstream infiltration.<h2>ICOs make a comeback despite past failures</h2>Pump.fun’s sale is part of a broader revival in ICOs, a funding model that nearly vanished after peaking at around $3 billion a month in early 2018. Bloomberg notes that ICOs fell out of favour after widespread fraud and regulatory crackdowns decimated investor confidence.&nbsp;&nbsp;A notorious example is TON, the blockchain project initially linked to Telegram Messenger, which raised $1.7 billion but was forced to return $1.2 billion to investors as part of a settlement with the US Securities and Exchange Commission. Despite these cautionary tales, the Pump.fun event shows ICOs are once again attracting massive sums from speculative investors.<h2>Industry reaction and future risks</h2>While the sale demonstrates crypto’s enduring appeal, it has also reignited debate about the sustainability and risks of memecoin speculation. Critics argue such platforms enable quick-profit gambling, while proponents see them as democratising access to blockchain development.&nbsp;According to Bloomberg, Cohen and his co-founders Noah Tweedale and Dylan Kerler designed Pump.fun to make token creation simple, even if many of those tokens have little intrinsic value beyond hype.<h2>The bottom line</h2>Pump.fun’s astonishing $1.32 billion total sale, completed just as Bitcoin set a fresh record high signals the crypto market’s speculative energy is far from exhausted. However, the platform’s decision to exclude US and UK investors shows the regulatory uncertainty looming over the space.&nbsp;&nbsp;As ICOs roar back, the challenge for the industry will be proving it has learned from past excesses. For now, the 12-minute, $600 million public sale stands as one of the clearest signs yet that memecoin fever is alive and well.&nbsp;

Pump.fun $600 million, 12-minute public token sale marks a dramatic comeback for ICOs and memecoins, as the crypto world navigates hype, revenue surges, and regulatory red lines.

Crypto markets are once again gripped by memecoin mania after Pump.fun, a platform that lets anyone create their own highly speculative tokens, raised $600 million in just 12 minutes during its public sale on Saturday. The staggering figure was confirmed by Pump.fun co-founder Alon Cohen in an interview with Bloomberg News. Including private sales, the platform’s total fundraising has reached $1.32 billion, marking one of the largest initial coin offerings (ICOs) in recent history. Huge demand despite regulatory limits Pump.fun, which runs on the Solana blockchain, announced its public sale via a post on X (formerly Twitter), offering 150 billion of its tokens at $0.004 each. The sale sold out within 12 minutes, underscoring the frenzied appetite for memecoin exposure.

Pump.fun raises $1.32 billion in a record-setting memecoin ICO, reviving speculative frenzy in crypto markets amid rising regulatory scrutiny.

Memecoin platform Pump.fun nets $600 million in lightning-fast ICO

From American consumers facing the return of price pressures, to China cementing new Asian trade corridors, to Argentina’s hard-won fight to tame hyperinflation, 2025 is proving a pivotal year for the global economy, Fresh data from official agencies, compiled by Bloomberg, reveals an increasingly fragmented landscape. While some economies maintain their footing, others are navigating headwinds from tariffs, soft demand, and persistent inflation.<h2>US inflation edges higher as tariffs bite</h2>Steep US tariffs are feeding through to consumers after months of relatively subdued price gains. Bloomberg’s latest survey of economists' points to a clear pick-up in June’s core consumer price index (CPI), excluding volatile food and energy.

US Consumer Prices Seen Climbing on Tariffs Pass-Through<figure class="table"><table><tbody><tr><td>Month</td><td>Change in Core CPI (MoM, %)</td><td>Forecast (%)</td></tr><tr><td>Jun 2022</td><td>~0.6</td><td>-</td></tr><tr><td>Sep 2022</td><td>~0.5</td><td>-</td></tr><tr><td>Dec 2022</td><td>~0.3</td><td>-</td></tr><tr><td>Mar 2023</td><td>~0.4</td><td>-</td></tr><tr><td>Jun 2023</td><td>~0.2</td><td>-</td></tr><tr><td>Sep 2023</td><td>~0.2</td><td>-</td></tr><tr><td>Dec 2023</td><td>~0.3</td><td>-</td></tr><tr><td>Mar 2024</td><td>~0.4</td><td>-</td></tr><tr><td>Jun 2024</td><td>~0.1</td><td>-</td></tr><tr><td>Sep 2024</td><td>~0.2</td><td>-</td></tr><tr><td>Dec 2024</td><td>~0.3</td><td>-</td></tr><tr><td>Mar 2025</td><td>~0.2</td><td>-</td></tr><tr><td>May 2025</td><td>~0.1</td><td>-</td></tr><tr><td>Jun 2025</td><td>-</td><td>0.3</td></tr></tbody></table></figure>Source: Bureau of Labor Statistics, Census Bureau, Bloomberg surveyNote: Core CPI excludes food and energy

As per Bloomberg, June 2025’s forecast rise of 0.3 per cent would be the fastest monthly increase in five months. Annual core inflation is also seen accelerating for the first time since January to 2.9 per cent.Economists attribute the uptick to companies passing on higher costs from President Donald Trump’s tariffs on imported goods. Yet the Federal Reserve remains cautious about cutting interest rates too soon, worried that sustained pass-through will keep price pressures alive even as the labour market cools.&nbsp;Policymakers meet again on July 29-30, with many watching closely whether tariffs force more businesses to hike prices despite wary consumers showing spending restraint.<h2>China’s trade pivot deepens ties in Asia</h2>Amid US tariff tensions, China is rapidly strengthening export channels to its Asian neighbours. Data from China’s General Administration of Customs, compiled by Bloomberg, show remarkable growth in shipments to ASEAN and other key partners.

Chinese Exports to Some Asian Nations Soar<figure class="table"><table><tbody><tr><td>Destination</td><td>Exports (12-month trailing average, 2025)</td></tr><tr><td>ASEAN</td><td>~$50 billion</td></tr><tr><td>Vietnam</td><td>~$15 billion</td></tr><tr><td>Malaysia</td><td>~$8 billion</td></tr><tr><td>Thailand</td><td>~$8 billion</td></tr><tr><td>Singapore</td><td>~$8 billion</td></tr><tr><td>Indonesia</td><td>~$8 billion</td></tr><tr><td>Philippines</td><td>~$6 billion</td></tr></tbody></table></figure>Source: China’s General Administration of Customs, BloombergNote: Shows 12-month trailing average

As per Bloomberg, Chinese exports to ASEAN as a bloc have now topped $50 billion on a rolling annual basis, more than doubling since 2020. Vietnam alone has seen shipments climb to about $15 billion, triple its 2020 level.&nbsp;This strategic reorientation is no accident. As the US ratchets up tariffs, threatening duties of up to 50 per cent on metals and other goods, China is solidifying regional supply chains to maintain its manufacturing dominance.&nbsp;Analysts see this as part of a longer-term shift that will reshape global trade flows. Southeast Asia is both a market and a production partner, enabling China to “near-shore” certain stages of manufacturing while blunting tariff risk, as per Bloomberg.&nbsp;<h2>UK growth remains fragile with production slump</h2>Britain’s economy has been lurching from month to month, struggling to find sustained growth in the face of stubborn inflation, elevated borrowing costs and fiscal challenges.

UK Economy Was Dragged Down by Production in May<figure class="table"><table><tbody><tr><td>Month</td><td>GDP (%)</td><td>Services (%)</td><td>Production (%)</td><td>Construction (%)</td></tr><tr><td>May 2024</td><td>0.4</td><td>~0.3</td><td>~0.05</td><td>~0.05</td></tr><tr><td>Jun 2024</td><td>-0.3</td><td>~-0.2</td><td>~-0.1</td><td>~0</td></tr><tr><td>Oct 2024</td><td>~0.3</td><td>~0.25</td><td>~0.05</td><td>~0</td></tr><tr><td>Jan 2025</td><td>~0.1</td><td>~0.1</td><td>~0</td><td>~0</td></tr><tr><td>Mar 2025</td><td>-0.3</td><td>~-0.2</td><td>~-0.1</td><td>~0</td></tr><tr><td>May 2025</td><td>0.1</td><td>~0.15</td><td>~-0.1</td><td>~0</td></tr></tbody></table></figure>Source: UK Office for National Statistics, Bloomberg

According to Bloomberg, in May 2025, GDP grew a meagre 0.1 per cent, with services contributing the only meaningful boost. Production contracted yet again, continuing a pattern of weakness that has plagued British industry since the energy price shocks of 2022.&nbsp;The numbers reflect an economy caught in limbo. While inflation is gradually retreating, headline CPI remains stubbornly above 3 per cent, interest rates remain high, damping business investment and household spending, as reported by Bloomberg.&nbsp;&nbsp;Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey have signalled cautious optimism, but markets remain alert to any further evidence that growth is stagnating even as public finances strain under higher debt servicing costs.<h2>Brazil’s economic streak faces tariff headwinds</h2>Latin America’s largest economy continues to outperform peers, posting its 16th straight quarter of expansion.

Brazil Likely Sustained Current Expansion in May<figure class="table"><table><tbody><tr><td>Period</td><td>IBC-BR GDP-proxy (YoY %)</td></tr><tr><td>Jul 2021</td><td>~5</td></tr><tr><td>Feb 2023</td><td>~6</td></tr><tr><td>Oct 2023</td><td>~7</td></tr><tr><td>Mar 2024</td><td>~4</td></tr><tr><td>Oct 2024</td><td>~3</td></tr><tr><td>May 2025</td><td>~2</td></tr></tbody></table></figure>Source: Central Bank of Brazil, BloombergNote: Average YoY from Jan. 2004 = 2.1%

According to Brazil’s central bank proxy, May’s estimated year-on-year growth of around 2 per cent is slightly below its long-term average of 2.1 per cent but still represents a notable streak, as per Bloomberg.&nbsp;&nbsp;According to Bloomberg, despite this resilience, the outlook is clouded by US trade tensions. President Trump’s threatened 50 per cent tariffs on imported metals could hit Brazil’s key export sectors hard. Analysts warn that a second-half slowdown or even a mild recession can’t be ruled out if such duties take effect.&nbsp;&nbsp;High domestic interest rates, among the highest in emerging markets, are also squeezing credit and consumption. Yet for now, Brazil’s diversified economy and commodity exports have kept growth on track.<h2>Argentina battles back from hyperinflation&nbsp;</h2>Once among the world’s most notorious inflation stories, Argentina has achieved 14 straight months of disinflation thanks to President Javier Milei’s drastic fiscal reforms.

Argentina Annual Inflation Likely Slowed for 14th Month<figure class="table"><table><tbody><tr><td>Month</td><td>Headline CPI (YoY %)</td><td>Monthly CPI (%)</td></tr><tr><td>Peak 2024</td><td>289.4</td><td>-</td></tr><tr><td>May 2025</td><td>~41</td><td>1.5</td></tr><tr><td>June 2025</td><td>39.6 (est.)</td><td>1.8 (est.)</td></tr></tbody></table></figure>Source: Argentina National Statistics Agency, BloombergNote: Average YoY from December 2017

Annual inflation has plummeted from a crisis peak near 290 per cent in 2024 to below 40 per cent in mid-2025. June’s headline CPI is projected at 39.6 per cent, with monthly increases forecast at 1.8 per cent, up slightly from May’s 1.5 per cent, as per Bloomberg.&nbsp;&nbsp;While the pace of disinflation has slowed, the improvement is striking. Milei’s administration slashed subsidies, reduced spending and allowed the peso to weaken, helping stabilise fiscal accounts and crush demand-driven price spirals.&nbsp;Still, economists warn that long-term stability will require not only monetary discipline but also growth-boosting reforms. Argentina remains one of the world’s most volatile economies and the cost of this adjustment has been immense for ordinary citizens.<h2>A world in flux</h2>From the world’s largest economy facing tariff-driven inflation risks, to China remapping its trade routes, to Britain’s struggle for growth, to Latin America’s twin stories of resilience and recovery, the global economy in 2025 is anything but settled.&nbsp;

In 2025, the global economy enters a period of realignment, US tariffs fuel inflation, China retools Asian trade routes, the UK and Brazil face growth hurdles, while Argentina makes rare progress against hyperinflation.

From American consumers facing the return of price pressures, to China cementing new Asian trade corridors, to Argentina’s hard-won fight to tame hyperinflation, 2025 is proving a pivotal year for the global economy, Fresh data from official agencies, compiled by Bloomberg, reveals an increasingly fragmented landscape. While some economies maintain their footing, others are navigating headwinds from tariffs, soft demand, and persistent inflation. US inflation edges higher as tariffs bite Steep US tariffs are feeding through to consumers after months of relatively subdued price gains. Bloomberg’s latest survey of economists' points to a clear pick-up in June’s core consumer price index (CPI), excluding volatile food and energy.

As the global economy fragments in 2025, the US faces rising inflation from Trump-era tariffs, China deepens trade ties across Asia, the UK and Brazil navigate growth challenges, and Argentina sees progress in taming hyperinflation.

US inflation expected to pick up as Trump’s tariffs bite

Online shopping in the United States surged by over $24 billion during a four-day sales blitz this week, as major retailers rolled out aggressive discounts in a bid to lure back-to-school shoppers, according to new data released by Adobe Analytics and reported by Reuters.&nbsp;Adobe said US consumers spent a total of $24.1 billion online between July 8 and 11, a period branded by many retailers as “Black Friday in Summer”—outstripping even Adobe’s own forecast for the sales event. The spending spike reflected year-on-year growth of 30.3 per cent for the promotional window, surpassing expectations of 28.4 per cent, as per Reuters.&nbsp;&nbsp;The sales event included Amazon’s Prime Day, which has firmly established itself as a major “back-to-school” shopping milestone. As quoted by Reuters, Adobe noted that shoppers were eager to secure early deals on school supplies and other essentials, trying to get ahead of the seasonal rush.<h2>Prime Day, extended sales windows fuel surge</h2>Amazon.com led the charge by extending its Prime Day sale from the usual 48 hours to 96 hours this year, offering deep discounts across categories from clothing to electronics. According to Reuters, this extended sales window helped maintain shopper interest for longer and drove up overall sales volumes.Retail heavyweights including Walmart, Target and Best Buy also launched their own rival promotions during the same period, intensifying the competition and helping fuel a broader industry-wide boom in online spending.&nbsp;Adobe said overall discount levels offered by US retailers ranged between 11 per cent and 24 per cent, compared to the earlier forecast of 10 to 24 per cent. The apparel category posted the most aggressive price cuts at 24 per cent, up from 20 per cent last year. Electronics, meanwhile, saw discounts averaging 23 per cent, roughly in line with 2023 levels.<h2>Mobile shopping dominates transactions</h2>Reuters also cited Adobe data showing that mobile phones were the dominant channel for shopping during the sales period. Adobe reported that 53.2 per cent of all online purchases were made on mobile devices, exceeding its earlier forecast of 52.5 per cent.&nbsp;The strong mobile performance highlights the continued shift in consumer behaviour, with shoppers increasingly comfortable browsing and buying big-ticket items directly from their smartphones.<h2>Broader economic backdrop</h2>The surge in online sales comes against a backdrop of heightened economic uncertainty in the United States, as President Donald Trump’s administration continues to pursue an aggressive trade agenda.As Reuters reported, the threat of new tariffs, including a looming August 1 deadline for countries to renegotiate trade deals has rattled businesses and injected fresh volatility into consumer sentiment.&nbsp;Retailers are responding by pushing heavier discounts in a bid to keep sales resilient despite these headwinds. Adobe also suggested the spending spree was partly driven by shoppers’ willingness to “trade up” on bigger purchases they might normally avoid, enticed by the deep discounts.<h2>A robust shopping moment despite challenges</h2>For the retail sector, the strong sales figures offer a rare bright spot in a landscape shaped by global trade tensions and cautious consumer spending.&nbsp;Adobe’s report underscores how carefully orchestrated sales events—coupled with targeted, early back-to-school promotions—can still generate powerful spikes in demand.&nbsp;As quoted by Reuters, Adobe pointed to the evolution of Prime Day into a wider shopping festival that now sets the pace for mid-year retail, much as Black Friday does for the year-end holiday season. With the success of this year’s promotions, industry analysts say retailers will be closely watching how they can replicate the “Black Friday in Summer” playbook in the future, particularly as economic uncertainty shows little sign of abating. &nbsp;

US consumers spent over $24 billion online from July 8 to 11, as Amazon 96 hour Prime Day and rival discounts from Walmart and Target created a summer shopping boom. Adobe Analytics reports 30.3% year-on-year growth, with mobile devices accounting for 53% of all purchases. 

Online shopping in the United States surged by over $24 billion during a four-day sales blitz this week, as major retailers rolled out aggressive discounts in a bid to lure back-to-school shoppers, according to new data released by Adobe Analytics and reported by Reuters. Adobe said US consumers spent a total of $24.1 billion online between July 8 and 11, a period branded by many retailers as “Black Friday in Summer”—outstripping even Adobe’s own forecast for the sales event. The spending spike reflected year-on-year growth of 30.3 per cent for the promotional window, surpassing expectations of 28.4 per cent, as per Reuters. The sales event included Amazon’s Prime Day, which has firmly established itself as a major “back-to-school” shopping milestone. As quoted by Reuters, Adobe noted that shoppers were eager to secure early deals on school supplies and other essentials, trying to get ahead of the seasonal rush. Prime Day, extended sales windows fuel surge Amazon.com led the charge by extending its Prime Day sale from the usual 48 hours to 96 hours this year, offering deep discounts across categories from clothing to electronics. According to Reuters, this extended sales window helped maintain shopper interest for longer and drove up overall sales volumes. Retail heavyweights including Walmart, Target and Best Buy also launched their own rival promotions during the same period, intensifying the competition and helping fuel a broader industry-wide boom in online spending. Adobe said overall discount levels offered by US retailers ranged between 11 per cent and 24 per cent, compared to the earlier forecast of 10 to 24 per cent. The apparel category posted the most aggressive price cuts at 24 per cent, up from 20 per cent last year. Electronics, meanwhile, saw discounts averaging 23 per cent, roughly in line with 2023 levels. Mobile shopping dominates transactions Reuters also cited Adobe data showing that mobile phones were the dominant channel for shopping during the sales period. Adobe reported that 53.2 per cent of all online purchases were made on mobile devices, exceeding its earlier forecast of 52.5 per cent. The strong mobile performance highlights the continued shift in consumer behaviour, with shoppers increasingly comfortable browsing and buying big-ticket items directly from their smartphones. Broader economic backdrop The surge in online sales comes against a backdrop of heightened economic uncertainty in the United States, as President Donald Trump’s administration continues to pursue an aggressive trade agenda. As Reuters reported, the threat of new tariffs, including a looming August 1 deadline for countries to renegotiate trade deals has rattled businesses and injected fresh volatility into consumer sentiment. Retailers are responding by pushing heavier discounts in a bid to keep sales resilient despite these headwinds. Adobe also suggested the spending spree was partly driven by shoppers’ willingness to “trade up” on bigger purchases they might normally avoid, enticed by the deep discounts. A robust shopping moment despite challenges For the retail sector, the strong sales figures offer a rare bright spot in a landscape shaped by global trade tensions and cautious consumer spending. Adobe’s report underscores how carefully orchestrated sales events—coupled with targeted, early back-to-school promotions—can still generate powerful spikes in demand. As quoted by Reuters, Adobe pointed to the evolution of Prime Day into a wider shopping festival that now sets the pace for mid-year retail, much as Black Friday does for the year-end holiday season. With the success of this year’s promotions, industry analysts say retailers will be closely watching how they can replicate the “Black Friday in Summer” playbook in the future, particularly as economic uncertainty shows little sign of abating.

Online shopping in the US soared past $24 billion during a four-day mid-July sales blitz, with Amazon’s extended Prime Day driving record back-to-school spending.

US online sales soar $24 billion on deep discounts, says Adobe

United States President Donald Trump has threatened to slap 30 per cent tariffs on imports from both the European Union and Mexico starting August 1, reigniting fears of a fresh wave of trade conflict with key allies.&nbsp;As per Reuters, the warning was delivered in letters Trump posted on his Truth Social platform on Saturday, addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum.&nbsp;The dramatic move marks an escalation in what has been a rocky year of negotiations between the US and some of its largest trading partners. Trump, who has previously relied on tariffs to extract trade concessions, appears determined to ramp up pressure again.<h2>EU, Mexico call tariffs unfair and disruptive</h2>Both the European Union and Mexico quickly pushed back against the threat, describing the proposed 30 per cent tariffs as unfair and disruptive to established supply chains.&nbsp;European Commission President Ursula von der Leyen warned that the move would damage essential transatlantic commerce. “Such tariffs would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic,” she said, as quoted by Reuters.&nbsp;She added the EU would continue to seek a negotiated settlement but would also “take all necessary steps to safeguard EU interests,” including considering proportionate countermeasures.&nbsp;Mexico’s President Claudia Sheinbaum also struck a defiant but measured tone, saying she believed an agreement could still be reached. “I’ve always said that in these cases, what you have to do is keep a cool head,” she told local media, reaffirming that Mexico would defend its sovereignty in negotiations.<h2>Broader tariff offensive</h2>Reuters reported that Trump didn’t stop with the EU and Mexico. In the past week, his administration sent similar letters to 23 other trading partners—including Canada, Japan and Brazil—proposing blanket tariff rates from 20 per cent up to 50 per cent.&nbsp;These new tariff threats come on top of existing sectoral tariffs: the US already charges 50 per cent on steel and aluminium imports and 25 per cent on autos. Trump’s letter clarified the new 30 per cent rate was “separate” from these existing measures.&nbsp;While the administration set an August 1 deadline for the threatened tariffs to take effect, Trump suggested countries still had time to negotiate to avoid them. Analysts noted he has a history of using aggressive tariff threats as leverage before pulling back.<h2>Politics and trade deficits</h2>The justification for the tariff hikes has varied. In his letter to the EU, Trump demanded that Europe remove its own tariffs to help reduce the US trade deficit. “The European Union will allow complete, open market access to the United States, with no tariff being charged to us,” he wrote, arguing for reciprocal treatment.&nbsp;Mexico’s letter singled out the cross-border drug trade. Trump criticised Mexico’s efforts to stop cartels smuggling fentanyl, blaming the country for failing to prevent North America from becoming what he described as a “narco-trafficking playground.”&nbsp;Reuters noted that while Trump’s letter to Mexico proposed a 30 per cent tariff rate, the threat to Canada was even steeper at 35 per cent, despite data showing fentanyl seizures at the Canadian border are minimal compared to the US-Mexico border.<h2>Markets watching closely</h2>The new tariff threats come despite the US stock market recently hitting record highs. Analysts told Reuters that Trump is betting on the resilience of the American economy to weather any short-term turbulence caused by a trade war.&nbsp;But there is real concern among business leaders and trade experts that a new wave of tariffs could undermine supply chains, raise costs for consumers, and prompt retaliatory measures.Bernd Lange, head of the European Parliament’s trade committee, told Reuters that the EU should consider countermeasures as soon as Monday, calling Trump’s approach “a slap in the face for the negotiations.”&nbsp;Jacob Funk Kirkegaard, a senior fellow at the Brussels-based think tank Bruegel, warned the move risked triggering a tariff spiral reminiscent of the trade war with China. “US and Chinese tariffs went up together and they came back down again. Not all the way down, but still down together,” he said.<h2>Billions in new revenue, but diplomatic strain</h2>Despite the diplomatic fallout, the Trump administration’s aggressive trade policy has delivered new customs revenue. According to US Treasury data cited by Reuters, customs duties revenue topped $100 billion in the federal fiscal year through June.&nbsp;However, it has also strained relations with close allies. Japan’s Prime Minister Shigeru Ishiba recently said Tokyo needed to reduce its dependence on the US. Some European allies have even begun exploring alternatives to US-made weapons systems in response to Washington’s hardball trade tactics.&nbsp;Trump’s latest tariff threats underscore his willingness to play tough on trade as he seeks leverage for new deals. But with an August 1 deadline looming and negotiations with partners still ongoing, the world will be watching to see whether this is genuine policy or another high-stakes negotiating tactic. &nbsp;

President Donald Trump has warned of 30% tariffs on imports from the EU and Mexico, escalating trade tensions just weeks ahead of the August 1 deadline. The move, criticised as disruptive and unfair by both Brussels and Mexico City, is part of a broader tariff push targeting over 20 nations.

United States President Donald Trump has threatened to slap 30 per cent tariffs on imports from both the European Union and Mexico starting August 1, reigniting fears of a fresh wave of trade conflict with key allies. As per Reuters, the warning was delivered in letters Trump posted on his Truth Social platform on Saturday, addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum. The dramatic move marks an escalation in what has been a rocky year of negotiations between the US and some of its largest trading partners. Trump, who has previously relied on tariffs to extract trade concessions, appears determined to ramp up pressure again. EU, Mexico call tariffs unfair and disruptive Both the European Union and Mexico quickly pushed back against the threat, describing the proposed 30 per cent tariffs as unfair and disruptive to established supply chains. European Commission President Ursula von der Leyen warned that the move would damage essential transatlantic commerce. “Such tariffs would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic,” she said, as quoted by Reuters. She added the EU would continue to seek a negotiated settlement but would also “take all necessary steps to safeguard EU interests,” including considering proportionate countermeasures. Mexico’s President Claudia Sheinbaum also struck a defiant but measured tone, saying she believed an agreement could still be reached. “I’ve always said that in these cases, what you have to do is keep a cool head,” she told local media, reaffirming that Mexico would defend its sovereignty in negotiations. Broader tariff offensive Reuters reported that Trump didn’t stop with the EU and Mexico. In the past week, his administration sent similar letters to 23 other trading partners—including Canada, Japan and Brazil—proposing blanket tariff rates from 20 per cent up to 50 per cent. These new tariff threats come on top of existing sectoral tariffs: the US already charges 50 per cent on steel and aluminium imports and 25 per cent on autos. Trump’s letter clarified the new 30 per cent rate was “separate” from these existing measures. While the administration set an August 1 deadline for the threatened tariffs to take effect, Trump suggested countries still had time to negotiate to avoid them. Analysts noted he has a history of using aggressive tariff threats as leverage before pulling back. Politics and trade deficits The justification for the tariff hikes has varied. In his letter to the EU, Trump demanded that Europe remove its own tariffs to help reduce the US trade deficit. “The European Union will allow complete, open market access to the United States, with no tariff being charged to us,” he wrote, arguing for reciprocal treatment. Mexico’s letter singled out the cross-border drug trade. Trump criticised Mexico’s efforts to stop cartels smuggling fentanyl, blaming the country for failing to prevent North America from becoming what he described as a “narco-trafficking playground.” Reuters noted that while Trump’s letter to Mexico proposed a 30 per cent tariff rate, the threat to Canada was even steeper at 35 per cent, despite data showing fentanyl seizures at the Canadian border are minimal compared to the US-Mexico border. Markets watching closely The new tariff threats come despite the US stock market recently hitting record highs. Analysts told Reuters that Trump is betting on the resilience of the American economy to weather any short-term turbulence caused by a trade war. But there is real concern among business leaders and trade experts that a new wave of tariffs could undermine supply chains, raise costs for consumers, and prompt retaliatory measures. Bernd Lange, head of the European Parliament’s trade committee, told Reuters that the EU should consider countermeasures as soon as Monday, calling Trump’s approach “a slap in the face for the negotiations.” Jacob Funk Kirkegaard, a senior fellow at the Brussels-based think tank Bruegel, warned the move risked triggering a tariff spiral reminiscent of the trade war with China. “US and Chinese tariffs went up together and they came back down again. Not all the way down, but still down together,” he said. Billions in new revenue, but diplomatic strain Despite the diplomatic fallout, the Trump administration’s aggressive trade policy has delivered new customs revenue. According to US Treasury data cited by Reuters, customs duties revenue topped $100 billion in the federal fiscal year through June. However, it has also strained relations with close allies. Japan’s Prime Minister Shigeru Ishiba recently said Tokyo needed to reduce its dependence on the US. Some European allies have even begun exploring alternatives to US-made weapons systems in response to Washington’s hardball trade tactics. Trump’s latest tariff threats underscore his willingness to play tough on trade as he seeks leverage for new deals. But with an August 1 deadline looming and negotiations with partners still ongoing, the world will be watching to see whether this is genuine policy or another high-stakes negotiating tactic.

US President Donald Trump threatens sweeping 30% tariffs on EU and Mexico starting August 1, sparking global backlash and fears of a new trade war.

Trump threatens 30% tariffs on EU and Mexico, escalating trade tensions

Meta Platforms Inc. has completed the acquisition of PlayAI, a voice-focused artificial intelligence (AI) startup, as part of its broader push to dominate the conversational AI and wearable tech space. The deal, finalised on July 11, sees PlayAI’s entire 59-person team joining Meta next week, according to a Bloomberg report. While financial details remain undisclosed, reports estimate the deal’s value at approximately $45 million. The PlayAI team will report to Johan Schalkwyk, a recent Meta hire with a deep background in voice AI, having previously worked at Google and Sesame AI. The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite.<h2>Enhancing Meta’s voice ecosystem</h2>Founded in 2016 by Mahmoud Felfel and former WhatsApp engineer Hammad Syed, PlayAI began as a basic text-to-speech tool and evolved into a sophisticated voice AI company. Its flagship product, PlayDialog, uses contextual understanding to generate emotionally nuanced, human-like speech in over 40 languages. This innovation allows for more realistic and responsive AI assistants, an essential component of Meta’s vision for next-gen digital experiences.The internal memo notes that PlayAI’s “work in creating natural voices, along with a platform for easy voice creation, is a great match for our work and roadmapacross AI Characters, Meta AI, Wearables, and audio content creation.”With Meta’s virtual assistant, Meta AI, already integrated into platforms like WhatsApp, Instagram, and Messenger, the addition of PlayAI’s technology is expected to significantly enhance the realism and functionality of voice interactions. Furthermore, the acquisition plays directly into Meta’s expanding ambitions in hardware. The company recently launched new versions of its Ray-Ban smart glasses and hinted at upcoming products in collaboration with Oakley.<h2>A strategic bet on voice tech</h2>The PlayAI acquisition is part of Meta’s broader AI overhaul. CEO Mark Zuckerberg has made AI the company’s top priority in 2024, backed by massive investments in custom silicon, new data centres, and top-tier AI research talent. As part of this effort, Meta recently announced the formation of Meta Superintelligence Labs, a centralised division aimed at unifying and accelerating AI development across the company’s sprawling ecosystem.With the global voice AI market projected to reach $47.5 billion by 2034, proprietary voice capabilities are becoming a crucial differentiator. PlayAI’s advanced cloning and natural speech tech offer Meta a competitive edge as voice becomes a primary interface for interacting with both devices and digital services.However, the move also invites ethical scrutiny. PlayAI’s ability to clone voices with limited input raises concerns about consent and misuse—issues that regulators, especially in the US and EU, are increasingly focused on. As Meta integrates PlayAI’s capabilities, it must navigate not just technical challenges but also build public trust in how the technology is used.

The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite.

Meta Platforms Inc. has completed the acquisition of PlayAI, a voice-focused artificial intelligence (AI) startup, as part of its broader push to dominate the conversational AI and wearable tech space. The deal, finalised on July 11, sees PlayAI’s entire 59-person team joining Meta next week, according to a Bloomberg report. While financial details remain undisclosed, reports estimate the deal’s value at approximately $45 million. The PlayAI team will report to Johan Schalkwyk, a recent Meta hire with a deep background in voice AI, having previously worked at Google and Sesame AI. The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite. Enhancing Meta’s voice ecosystem Founded in 2016 by Mahmoud Felfel and former WhatsApp engineer Hammad Syed, PlayAI began as a basic text-to-speech tool and evolved into a sophisticated voice AI company. Its flagship product, PlayDialog, uses contextual understanding to generate emotionally nuanced, human-like speech in over 40 languages. This innovation allows for more realistic and responsive AI assistants, an essential component of Meta’s vision for next-gen digital experiences. The internal memo notes that PlayAI’s “work in creating natural voices, along with a platform for easy voice creation, is a great match for our work and roadmapacross AI Characters, Meta AI, Wearables, and audio content creation.” With Meta’s virtual assistant, Meta AI, already integrated into platforms like WhatsApp, Instagram, and Messenger, the addition of PlayAI’s technology is expected to significantly enhance the realism and functionality of voice interactions. Furthermore, the acquisition plays directly into Meta’s expanding ambitions in hardware. The company recently launched new versions of its Ray-Ban smart glasses and hinted at upcoming products in collaboration with Oakley. A strategic bet on voice tech The PlayAI acquisition is part of Meta’s broader AI overhaul. CEO Mark Zuckerberg has made AI the company’s top priority in 2024, backed by massive investments in custom silicon, new data centres, and top-tier AI research talent. As part of this effort, Meta recently announced the formation of Meta Superintelligence Labs, a centralised division aimed at unifying and accelerating AI development across the company’s sprawling ecosystem. With the global voice AI market projected to reach $47.5 billion by 2034, proprietary voice capabilities are becoming a crucial differentiator. PlayAI’s advanced cloning and natural speech tech offer Meta a competitive edge as voice becomes a primary interface for interacting with both devices and digital services. However, the move also invites ethical scrutiny. PlayAI’s ability to clone voices with limited input raises concerns about consent and misuse—issues that regulators, especially in the US and EU, are increasingly focused on. As Meta integrates PlayAI’s capabilities, it must navigate not just technical challenges but also build public trust in how the technology is used.

The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite.

Meta acquires voice AI startup to bolster conversational tech