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Boeing delivered 60 aircraft in June, marking a strong rebound in its output and including long-awaited deliveries to China for the first time since a bruising trade dispute cooled earlier this year.<h2>Deliveries climb as trade tensions ease</h2>According to Reuters, Boeing’s June deliveries represented a 27 per cent increase from the same month last year, signalling progress for the US planemaker as it works to overcome years of production setbacks and debt pressures.&nbsp;Crucially, eight of those jets went to Chinese customers, marking the first such shipments since Beijing lifted a ban in May. The ban, imposed in April during an escalation in US-China tariff tensions, had threatened to sever a major revenue channel for the American aerospace giant.&nbsp;Reuters reported that the thaw came after Washington and Beijing agreed to temporarily reduce steep tariffs, opening the door to resumed aircraft trade between the world’s two largest economies.<h2>Wall Street watches deliveries closely</h2>Aircraft deliveries are more than just industry milestones, they’re vital cash-flow moments. Planemakers typically receive most of their payment when a jet is formally handed over. As such, Boeing’s June surge is welcome news for investors and analysts tracking its path back to stability.&nbsp;Boeing, long burdened by production delays and safety crises, is under intense pressure to boost output to meet demand and reduce its heavy debt load. As per Reuters, ramping up deliveries remains essential for shoring up its financial foundations.<h2>Strong showing for 737 MAX</h2>Boeing’s popular 737 MAX continued to anchor its output. In June, the company delivered 42 of these single-aisle jets. Southwest Airlines alone took 10 of them, underlining strong domestic demand.Five of those 737 MAX jets went to Chinese carriers, another signal of improving commercial ties. Boeing also delivered three other aircraft to China: a 787 Dreamliner and two 777 freighters.&nbsp;Beyond the MAX, June deliveries included nine 787s, four 777 freighters and five 767s. Of the 767s, three will be finished by Boeing’s defence division as KC-46 aerial refuelling tankers, supporting US military needs, as per Reuters.<h2>First half of 2025 shows recovery trend</h2>Overall, Boeing delivered 280 aircraft in the first half of 2025, Reuters reported. That included 206 737 MAX jets, 37 787s, 14 767s, 20 777s and three older-model 737s modified as P-8 Poseidon maritime patrol aircraft.&nbsp;These figures point to steady recovery from the chaos of the pandemic era and the lingering effects of safety crises, even as Boeing continues to grapple with production quality scrutiny from regulators.<h2>Order book highlights challenges and opportunities</h2>While deliveries gained pace, Boeing’s order activity in June cooled somewhat. The company booked 116 gross new orders last month, down from May, which Reuters noted was its sixth-best month on record for orders. June’s tally included 54 737 MAX jets and 62 787 Dreamliners. Notable orders came from Alaska Airlines for 12 737s and British Airways for 32 787s, boosting confidence in long-term demand for both short- and long-haul travel.&nbsp;Reuters also reported a small setback: Singapore Airlines cancelled three 737 MAX orders in June, showing that even as demand recovers, challenges remain. Through the first half of 2025, Boeing has booked 668 gross orders, equating to 625 net orders after cancellations and conversions.<h2>Competition with Airbus remains fierce</h2>The rivalry with Europe’s Airbus shows no signs of easing. Reuters reported that Airbus delivered 63 aircraft in June, narrowly topping Boeing’s 60.&nbsp;Airbus’s tally included eight widebody jets, three A330s and five A350s, alongside 43 single-aisle A320 and A321 aircraft, direct competitors to Boeing’s 737 family. The European manufacturer also delivered 12 A220 regional jets.<h2>A sign of stabilisation, but work remains</h2>For Boeing, June’s strong delivery total offers much-needed positive news in a year defined by trade tensions, safety reviews and questions about supply chain reliability.&nbsp;While the resumed deliveries to China reflect a rare diplomatic breakthrough, analysts caution that the company still faces a long road to full recovery. Managing production quality, meeting delivery targets, and navigating geopolitical risks will remain critical tests for Boeing as it looks to reclaim its leadership in global aviation.

Boeing June delivery surge, featuring renewed shipments to China and strong 737 MAX output, marks progress in its recovery, even as quality concerns and rivalry with Airbus persist.

Boeing delivered 60 aircraft in June, marking a strong rebound in its output and including long-awaited deliveries to China for the first time since a bruising trade dispute cooled earlier this year. Deliveries climb as trade tensions ease According to Reuters, Boeing’s June deliveries represented a 27 per cent increase from the same month last year, signalling progress for the US planemaker as it works to overcome years of production setbacks and debt pressures. Crucially, eight of those jets went to Chinese customers, marking the first such shipments since Beijing lifted a ban in May. The ban, imposed in April during an escalation in US-China tariff tensions, had threatened to sever a major revenue channel for the American aerospace giant. Reuters reported that the thaw came after Washington and Beijing agreed to temporarily reduce steep tariffs, opening the door to resumed aircraft trade between the world’s two largest economies. Wall Street watches deliveries closely Aircraft deliveries are more than just industry milestones, they’re vital cash-flow moments. Planemakers typically receive most of their payment when a jet is formally handed over. As such, Boeing’s June surge is welcome news for investors and analysts tracking its path back to stability. Boeing, long burdened by production delays and safety crises, is under intense pressure to boost output to meet demand and reduce its heavy debt load. As per Reuters, ramping up deliveries remains essential for shoring up its financial foundations. Strong showing for 737 MAX Boeing’s popular 737 MAX continued to anchor its output. In June, the company delivered 42 of these single-aisle jets. Southwest Airlines alone took 10 of them, underlining strong domestic demand. Five of those 737 MAX jets went to Chinese carriers, another signal of improving commercial ties. Boeing also delivered three other aircraft to China: a 787 Dreamliner and two 777 freighters. Beyond the MAX, June deliveries included nine 787s, four 777 freighters and five 767s. Of the 767s, three will be finished by Boeing’s defence division as KC-46 aerial refuelling tankers, supporting US military needs, as per Reuters. First half of 2025 shows recovery trend Overall, Boeing delivered 280 aircraft in the first half of 2025, Reuters reported. That included 206 737 MAX jets, 37 787s, 14 767s, 20 777s and three older-model 737s modified as P-8 Poseidon maritime patrol aircraft. These figures point to steady recovery from the chaos of the pandemic era and the lingering effects of safety crises, even as Boeing continues to grapple with production quality scrutiny from regulators. Order book highlights challenges and opportunities While deliveries gained pace, Boeing’s order activity in June cooled somewhat. The company booked 116 gross new orders last month, down from May, which Reuters noted was its sixth-best month on record for orders. June’s tally included 54 737 MAX jets and 62 787 Dreamliners. Notable orders came from Alaska Airlines for 12 737s and British Airways for 32 787s, boosting confidence in long-term demand for both short- and long-haul travel. Reuters also reported a small setback: Singapore Airlines cancelled three 737 MAX orders in June, showing that even as demand recovers, challenges remain. Through the first half of 2025, Boeing has booked 668 gross orders, equating to 625 net orders after cancellations and conversions. Competition with Airbus remains fierce The rivalry with Europe’s Airbus shows no signs of easing. Reuters reported that Airbus delivered 63 aircraft in June, narrowly topping Boeing’s 60. Airbus’s tally included eight widebody jets, three A330s and five A350s, alongside 43 single-aisle A320 and A321 aircraft, direct competitors to Boeing’s 737 family. The European manufacturer also delivered 12 A220 regional jets. A sign of stabilisation, but work remains For Boeing, June’s strong delivery total offers much-needed positive news in a year defined by trade tensions, safety reviews and questions about supply chain reliability. While the resumed deliveries to China reflect a rare diplomatic breakthrough, analysts caution that the company still faces a long road to full recovery. Managing production quality, meeting delivery targets, and navigating geopolitical risks will remain critical tests for Boeing as it looks to reclaim its leadership in global aviation.

Boeing delivers 60 jets in June, including the first to China post-tariff thaw, signaling a cautious comeback amid fierce competition and regulatory pressure.

Boeing delivers 60 jets in June, including 8 to China after tariff pause

Oil prices edged lower on Wednesday, retreating slightly from their strongest levels in two weeks, as investors weighed the uncertainty surrounding US trade policy and its potential impact on global demand.<h2>Investors cautious ahead of new tariff deadline</h2>After a rally earlier in the week, traders hit pause while they monitored US President Donald Trump’s intensifying tariff rhetoric. According to Reuters, Brent crude futures fell 20 cents, or 0.3 per cent, to $69.95 a barrel in early Wednesday trade, while US West Texas Intermediate (WTI) crude slipped 21 cents, or 0.4 per cent, to $68.12.&nbsp;Markets had been buoyed by hopes of resilient demand but turned cautious as Trump shifted his approach yet again. On Tuesday, the President pushed back a tariff deadline to 1 August, a date he described as “final,” insisting “no extensions will be granted,” as per Reuters.&nbsp;This delay offered some hope to major US trade partners such as Japan, South Korea, and the European Union that last-minute deals might ease the threatened duties. But it left other exporters, including South Africa, uncertain about their trading terms and wary of sudden policy shifts.<h2>Trump’s widening trade war rattles markets</h2>Trump’s tariff campaign is unsettling commodities markets well beyond oil. On Tuesday, he confirmed plans to impose a 50 per cent tariff on imported copper, a critical input for industries from electric vehicles to power grids. He also signalled that long-threatened tariffs on semiconductors and pharmaceuticals would soon follow, further broadening the trade conflict.&nbsp;&nbsp;According to Reuters, traders are worried that the escalating trade war could weigh on global economic growth and energy consumption by raising costs and disrupting supply chains.<h2>Demand hopes buoyed by US travel surge</h2>Despite these headwinds, some analysts see demand resilience in the near term. As per Reuters, strong travel demand around the 4th of July holiday weekend offered support to oil markets.Data from travel group AAA projected a record 72.2 million Americans would journey more than 50 miles (80 kilometres) over the holiday period, a sign of robust consumer activity that traders hope will underpin fuel demand even as the tariff debate rages.<h2>US oil production outlook softens</h2>On the supply side, the US government has trimmed its expectations for domestic production next year. The Energy Information Administration (EIA) said on Tuesday it now projects 2025 US oil output at 13.37 million barrels per day, down slightly from last month’s forecast of 13.42 million barrels per day.&nbsp;According to Reuters, this downgrade reflects weaker oil prices prompting US producers to slow drilling activity this year. For 2026, the EIA maintained its forecast at 13.37 million barrels per day.<h2>OPEC+ weighs further output increases</h2>Global supply dynamics are also evolving. OPEC+ producers are set to approve another significant output increase for September, building on their decision to add 548,000 barrels per day in August as they unwind voluntary cuts.&nbsp;As per Reuters, five sources close to the talks said the group, including Saudi Arabia and the United Arab Emirates, is completing both the unwinding of cuts by eight members and accommodating the UAE’s higher quota. Yet analysts caution that the actual output boost so far has fallen short of the group’s official targets, with most new supply coming from Saudi Arabia.<h2>Geopolitical risks keep floor under prices</h2>Beyond trade tensions, geopolitical risks continue to lend support to oil markets by threatening supply security. According to Reuters, four seafarers were killed on Tuesday when a Liberian-flagged, Greek-operated bulk carrier was attacked with drones and speedboats off Yemen, the second such incident in a single day after months of relative calm.&nbsp;This flare-up in tensions highlights the fragile security environment in key shipping lanes, which traders see as a reason for caution in betting on deeper price declines. As the world watches Washington’s next moves on tariffs, energy markets are bracing for further volatility, balancing hopes of steady demand against the risk of trade disruptions and geopolitical shocks.

Crude benchmarks retreat as markets weigh President Trump shifting trade strategy, a looming August 1 tariff deadline, strong US travel demand, OPEC+ output plans, and renewed geopolitical risks off Yemen.

Oil prices edged lower on Wednesday, retreating slightly from their strongest levels in two weeks, as investors weighed the uncertainty surrounding US trade policy and its potential impact on global demand. Investors cautious ahead of new tariff deadline After a rally earlier in the week, traders hit pause while they monitored US President Donald Trump’s intensifying tariff rhetoric. According to Reuters, Brent crude futures fell 20 cents, or 0.3 per cent, to $69.95 a barrel in early Wednesday trade, while US West Texas Intermediate (WTI) crude slipped 21 cents, or 0.4 per cent, to $68.12. Markets had been buoyed by hopes of resilient demand but turned cautious as Trump shifted his approach yet again. On Tuesday, the President pushed back a tariff deadline to 1 August, a date he described as “final,” insisting “no extensions will be granted,” as per Reuters. This delay offered some hope to major US trade partners such as Japan, South Korea, and the European Union that last-minute deals might ease the threatened duties. But it left other exporters, including South Africa, uncertain about their trading terms and wary of sudden policy shifts. Trump’s widening trade war rattles markets Trump’s tariff campaign is unsettling commodities markets well beyond oil. On Tuesday, he confirmed plans to impose a 50 per cent tariff on imported copper, a critical input for industries from electric vehicles to power grids. He also signalled that long-threatened tariffs on semiconductors and pharmaceuticals would soon follow, further broadening the trade conflict. According to Reuters, traders are worried that the escalating trade war could weigh on global economic growth and energy consumption by raising costs and disrupting supply chains. Demand hopes buoyed by US travel surge Despite these headwinds, some analysts see demand resilience in the near term. As per Reuters, strong travel demand around the 4th of July holiday weekend offered support to oil markets. Data from travel group AAA projected a record 72.2 million Americans would journey more than 50 miles (80 kilometres) over the holiday period, a sign of robust consumer activity that traders hope will underpin fuel demand even as the tariff debate rages. US oil production outlook softens On the supply side, the US government has trimmed its expectations for domestic production next year. The Energy Information Administration (EIA) said on Tuesday it now projects 2025 US oil output at 13.37 million barrels per day, down slightly from last month’s forecast of 13.42 million barrels per day. According to Reuters, this downgrade reflects weaker oil prices prompting US producers to slow drilling activity this year. For 2026, the EIA maintained its forecast at 13.37 million barrels per day. OPEC+ weighs further output increases Global supply dynamics are also evolving. OPEC+ producers are set to approve another significant output increase for September, building on their decision to add 548,000 barrels per day in August as they unwind voluntary cuts. As per Reuters, five sources close to the talks said the group, including Saudi Arabia and the United Arab Emirates, is completing both the unwinding of cuts by eight members and accommodating the UAE’s higher quota. Yet analysts caution that the actual output boost so far has fallen short of the group’s official targets, with most new supply coming from Saudi Arabia. Geopolitical risks keep floor under prices Beyond trade tensions, geopolitical risks continue to lend support to oil markets by threatening supply security. According to Reuters, four seafarers were killed on Tuesday when a Liberian-flagged, Greek-operated bulk carrier was attacked with drones and speedboats off Yemen, the second such incident in a single day after months of relative calm. This flare-up in tensions highlights the fragile security environment in key shipping lanes, which traders see as a reason for caution in betting on deeper price declines. As the world watches Washington’s next moves on tariffs, energy markets are bracing for further volatility, balancing hopes of steady demand against the risk of trade disruptions and geopolitical shocks.

Oil prices dip from two-week highs as traders await clarity on Trump’s tariff deadline amid rising global tensions.

Oil prices ease from two-week highs as markets await clarity on US tariffs

Wholesale used-vehicle prices in the US surged in June, continuing their upward trajectory despite market volatility caused by auto tariffs and shifting economic conditions. The Manheim Used Vehicle Value Index (MUVVI) rose by 1.6 per cent from May, marking a 6.3 per cent year-on-year increase and reaching a level of 208.5, its highest point since October 2023. The jump reflects persistent price pressures in the used-vehicle market, despite signs of cooling retail sales.<h2>Market volatility driven by tariffs and supply dynamics</h2>The rise in the Manheim Index comes amid the backdrop of tariffs imposed on imported vehicles by the Trump administration. These tariffs disrupted new vehicle sales, which in turn affected used vehicle pricing. According to Jeremy Robb, Senior Director of Economic and Industry Insights at Cox Automotive, the wholesale appreciation trends have been more volatile in the second quarter of 2025, largely due to the continued impacts of tariffs on new car sales and supply chains.“The market has experienced significant fluctuations due to tariff-induced volatility,” Robb explained. “The Manheim Index has shown consistent gains since last June, but with tougher year-on-year comparisons on the horizon, we may see some tapering in the second half of 2025.” Robb also noted that despite these fluctuations, retail vehicle sales remain stronger than in previous years, providing some support for higher values.While the seasonal adjustment to the index exaggerated the rise in June, non-seasonally adjusted prices saw a decline of 1.1 per cent from May. However, even with this dip, unadjusted prices were still up 5.1 per cent compared to the same time last year.<h2>Luxury vehicles and EVs lead the charge</h2>Price increases were seen across most vehicle segments in June, with the luxury segment showing the most significant growth. Luxury vehicle prices jumped by 8.8 per cent year-on-year, maintaining their position as the fastest-growing category in the used-car market. SUVs also saw a notable price hike of 6 per cent compared to June 2024, while compact cars, in contrast, registered the weakest performance, declining by 0.1 per cent.Electric vehicles (EVs) continued to demonstrate remarkable growth, with wholesale prices rising 12.1 per cent year-on-year in June, far outpacing the 5.6 per cent increase in non-EVs. This marked a significant rebound after EV prices hit their lowest levels in nearly three years in mid-2024. Month-over-month, EV prices increased by 1.5 per cent, slightly ahead of the 1.4 per cent gain for non-EVs. This shift is seen as a reflection of growing diversity in the used EV market, with more models contributing to the price increases.“The used-EV market is becoming more diverse, and this is contributing to a broader recovery in pricing,” Robb noted. He added that a potential surge in demand for used EVs could occur in the third quarter, especially as consumers look to take advantage of expiring tax credits.<h2>Retail sales lag, inventory levels stable</h2>On the retail side, used-vehicle sales were slightly down in June, dipping 1.5 per cent from May. However, sales were still up 2 per cent compared to the same month in 2024, suggesting a slow but steady recovery in consumer demand. The average retail listing price for a used vehicle rose by 0.3 per cent over the last four weeks, indicating some stability in pricing at the consumer level.Inventory levels remained relatively stable, with the used-vehicle supply finishing June at 45 days, the same as in May and just one day lower than the same time last year. This stability comes as new vehicle sales continue to decline. June saw a 4.2 per cent drop in new vehicle sales compared to the previous year, and volume fell sharply by 14.2 per cent from May, reflecting the ongoing effects of the tariff-induced price hikes on new cars.<h2>Outlook for the second half of 2025</h2>Looking forward, the used-vehicle market is expected to face more challenges in the second half of 2025 as the year-on-year comparisons become tougher, particularly in the latter part of the year. The Cox Automotive forecast predicts that used-vehicle sales will reach 20.1 million units in 2025, a modest 1.2 per cent increase over 2024. This growth will be tempered by constrained supply, driven by lower production during the pandemic and fewer lease returns entering the market.Despite the anticipated slowdown, Cox Automotive projects that the Manheim Index will continue to rise, though at a slower pace, ending 2025 with a 1.8 per cent year-on-year increase, just below its long-term average increase of 2.3 per cent. The shifting dynamics of new and used vehicle supply and demand will likely keep the used-vehicle market in flux, with tariffs continuing to play a significant role in shaping pricing trends.

The rise in the Manheim Index comes amid the backdrop of tariffs imposed on imported vehicles by the Trump administration. These tariffs disrupted new vehicle sales, which in turn affected used vehicle pricing.

Wholesale used-vehicle prices in the US surged in June, continuing their upward trajectory despite market volatility caused by auto tariffs and shifting economic conditions. The Manheim Used Vehicle Value Index (MUVVI) rose by 1.6 per cent from May, marking a 6.3 per cent year-on-year increase and reaching a level of 208.5, its highest point since October 2023. The jump reflects persistent price pressures in the used-vehicle market, despite signs of cooling retail sales. Market volatility driven by tariffs and supply dynamics The rise in the Manheim Index comes amid the backdrop of tariffs imposed on imported vehicles by the Trump administration. These tariffs disrupted new vehicle sales, which in turn affected used vehicle pricing. According to Jeremy Robb, Senior Director of Economic and Industry Insights at Cox Automotive, the wholesale appreciation trends have been more volatile in the second quarter of 2025, largely due to the continued impacts of tariffs on new car sales and supply chains. “The market has experienced significant fluctuations due to tariff-induced volatility,” Robb explained. “The Manheim Index has shown consistent gains since last June, but with tougher year-on-year comparisons on the horizon, we may see some tapering in the second half of 2025.” Robb also noted that despite these fluctuations, retail vehicle sales remain stronger than in previous years, providing some support for higher values. While the seasonal adjustment to the index exaggerated the rise in June, non-seasonally adjusted prices saw a decline of 1.1 per cent from May. However, even with this dip, unadjusted prices were still up 5.1 per cent compared to the same time last year. Luxury vehicles and EVs lead the charge Price increases were seen across most vehicle segments in June, with the luxury segment showing the most significant growth. Luxury vehicle prices jumped by 8.8 per cent year-on-year, maintaining their position as the fastest-growing category in the used-car market. SUVs also saw a notable price hike of 6 per cent compared to June 2024, while compact cars, in contrast, registered the weakest performance, declining by 0.1 per cent. Electric vehicles (EVs) continued to demonstrate remarkable growth, with wholesale prices rising 12.1 per cent year-on-year in June, far outpacing the 5.6 per cent increase in non-EVs. This marked a significant rebound after EV prices hit their lowest levels in nearly three years in mid-2024. Month-over-month, EV prices increased by 1.5 per cent, slightly ahead of the 1.4 per cent gain for non-EVs. This shift is seen as a reflection of growing diversity in the used EV market, with more models contributing to the price increases. “The used-EV market is becoming more diverse, and this is contributing to a broader recovery in pricing,” Robb noted. He added that a potential surge in demand for used EVs could occur in the third quarter, especially as consumers look to take advantage of expiring tax credits. Retail sales lag, inventory levels stable On the retail side, used-vehicle sales were slightly down in June, dipping 1.5 per cent from May. However, sales were still up 2 per cent compared to the same month in 2024, suggesting a slow but steady recovery in consumer demand. The average retail listing price for a used vehicle rose by 0.3 per cent over the last four weeks, indicating some stability in pricing at the consumer level. Inventory levels remained relatively stable, with the used-vehicle supply finishing June at 45 days, the same as in May and just one day lower than the same time last year. This stability comes as new vehicle sales continue to decline. June saw a 4.2 per cent drop in new vehicle sales compared to the previous year, and volume fell sharply by 14.2 per cent from May, reflecting the ongoing effects of the tariff-induced price hikes on new cars. Outlook for the second half of 2025 Looking forward, the used-vehicle market is expected to face more challenges in the second half of 2025 as the year-on-year comparisons become tougher, particularly in the latter part of the year. The Cox Automotive forecast predicts that used-vehicle sales will reach 20.1 million units in 2025, a modest 1.2 per cent increase over 2024. This growth will be tempered by constrained supply, driven by lower production during the pandemic and fewer lease returns entering the market. Despite the anticipated slowdown, Cox Automotive projects that the Manheim Index will continue to rise, though at a slower pace, ending 2025 with a 1.8 per cent year-on-year increase, just below its long-term average increase of 2.3 per cent. The shifting dynamics of new and used vehicle supply and demand will likely keep the used-vehicle market in flux, with tariffs continuing to play a significant role in shaping pricing trends.

The rise in the Manheim Index comes amid the backdrop of tariffs imposed on imported vehicles by the Trump administration. These tariffs disrupted new vehicle sales, which in turn affected used vehicle pricing.

Used vehicle prices surge as tariff fallout fuels volatility

Apple has announced that the company's senior vice president of Operations, Sabih Khan, will become the chief operating officer later this month, replacing veteran executive Jeff Williams. The outgoing COO will continue reporting to Apple CEO Tim Cook and overseeing Apple’s design team and Apple Watch, alongside the company’s health initiatives. Apple’s design team will then transition to reporting directly to Cook after Williams retires late in the year, the company added.&nbsp;"Jeff and I have worked alongside each other for as long as I can remember, and Apple wouldn’t be what it is without him. He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world-class team of designers with great wisdom, heart, and dedication,” said Tim Cook, Apple’s CEO.<h2>Who is Sabih Khan?</h2>Sabih Khan was named the company's senior vice president in 2019. He reported to Williams. His former boss had described him as the best operations manager in Apple's history.&nbsp;Sabih Khan was born in India's Moradabad in 1966. He moved to Singapore during his school years. He later relocated to the United States. He completed his education in the United States, completing his bachelor’s degree in Economics and Mechanical Engineering from Tufts University, followed by a master’s in Mechanical Engineering from Rensselaer Polytechnic Institute. Sabih Khan joined Apple in 1995. Before that, he used to work at GE Plastics.&nbsp;Tim Cook describes Khan as a brilliant strategist.&nbsp;"While overseeing Apple’s supply chain, he has helped pioneer new technologies in advanced manufacturing, overseen the expansion of Apple’s manufacturing footprint in the United States, and helped ensure that Apple can be nimble in response to global challenges," Tim Cook said in a statement.<h2>Sabih Khan's&nbsp;likely salary?</h2>Sabih Khan's predecessor got a base salary of $1 million, according to Barron's. With incentives and other perks, his pay package went up to $23 million. Sabir Khan's salary could be comparable. However, Apple hasn't released any official information regarding this.

Apple has announced that the company's senior vice president of Operations, Sabih Khan, will become the chief operating officer later this month, replacing veteran executive Jeff Williams.

Apple has announced that the company's senior vice president of Operations, Sabih Khan, will become the chief operating officer later this month, replacing veteran executive Jeff Williams. The outgoing COO will continue reporting to Apple CEO Tim Cook and overseeing Apple’s design team and Apple Watch, alongside the company’s health initiatives. Apple’s design team will then transition to reporting directly to Cook after Williams retires late in the year, the company added. "Jeff and I have worked alongside each other for as long as I can remember, and Apple wouldn’t be what it is without him. He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world-class team of designers with great wisdom, heart, and dedication,” said Tim Cook, Apple’s CEO. Who is Sabih Khan? Sabih Khan was named the company's senior vice president in 2019. He reported to Williams. His former boss had described him as the best operations manager in Apple's history. Sabih Khan was born in India's Moradabad in 1966. He moved to Singapore during his school years. He later relocated to the United States. He completed his education in the United States, completing his bachelor’s degree in Economics and Mechanical Engineering from Tufts University, followed by a master’s in Mechanical Engineering from Rensselaer Polytechnic Institute. Sabih Khan joined Apple in 1995. Before that, he used to work at GE Plastics. Tim Cook describes Khan as a brilliant strategist. "While overseeing Apple’s supply chain, he has helped pioneer new technologies in advanced manufacturing, overseen the expansion of Apple’s manufacturing footprint in the United States, and helped ensure that Apple can be nimble in response to global challenges," Tim Cook said in a statement. Sabih Khan's likely salary? Sabih Khan's predecessor got a base salary of $1 million, according to Barron's. With incentives and other perks, his pay package went up to $23 million. Sabir Khan's salary could be comparable. However, Apple hasn't released any official information regarding this.

Sabih Khan was born in India's Moradabad in 1966. He moved to Singapore during his school years.

Sabih Khan, Apple's next COO, was born in India's Moradabad; his predecessor's salary was...

The dollar extended its gains against the yen on Wednesday, buoyed by mounting expectations of fresh US trade actions under President Donald Trump’s intensifying protectionist campaign.<h2>Trump signals new trade announcements</h2>President Trump pledged additional trade-related proclamations just one day after unveiling steep 25 per cent tariffs on imports from Japan and other trading partners. According to Reuters, he indicated further announcements would come on Wednesday, mentioning “a minimum of 7 countries” in a post on social media.&nbsp;While he stopped short of specifying whether these would involve new tariff letters or trade deals, Trump reiterated that sharply higher tariffs were set to begin on August 1. He also left open the possibility of granting extensions if other countries offered proposals for improved trade terms.As per Reuters, multiple rounds of US-Japan trade talks have failed to deliver a breakthrough, with negotiators at odds over politically sensitive issues such as Japan’s rice market protections.<h2>Currency markets respond to tariff escalation</h2>The yen weakened for a third straight session against the greenback, with the dollar rising 0.2 per cent to 146.85 yen on Wednesday. This followed a move to more than a two-week high on Tuesday, as traders weighed the prospect of escalating US import tariffs.&nbsp;According to Reuters, the broader dollar index, which tracks the US currency against six major peers was steady at 97.582 after climbing over the previous two days. The euro held little changed at $1.1720.Sterling slipped 0.1 per cent to trade at $1.35795 in early dealings, while the Australian dollar dipped 0.07 per cent to $0.6526, giving back part of Tuesday’s 0.6 per cent rise. New Zealand’s kiwi dollar also fell 0.1 per cent to $0.5993.<h2>Bond yields underpin dollar strength</h2>Analysts noted that rising US Treasury yields have helped support the dollar’s rally. According to Reuters, the pair’s move was also aided by a fifth consecutive day of gains in US bond yields and a sharp rise in Japanese government bond (JGB) yields amid fiscal worries ahead of Japan’s upper house elections on 20 July.&nbsp;Tony Sycamore, an analyst at IG, wrote in a client note that talks between Washington and Tokyo appeared stalled over Japan’s reluctance to open its rice market further, making a near-term compromise unlikely.<h2>Bank of Japan cautious on inflation pressures</h2>Meanwhile, Japanese policymakers remain alert to the potential inflationary impact of food prices. Bloomberg reported that Bank of Japan board member Junko Koeda said she was closely monitoring possible second-round effects on underlying inflation stemming from recent increases in rice prices.<h2>EU may avoid new US tariffs</h2>As Trump prepares new tariff measures, European officials appear more optimistic about avoiding the worst of the fallout. EU sources familiar with negotiations told Reuters this week that the European Union would not receive a new tariff letter and could secure exemptions from the US baseline tariff rate of 10 per cent.<h2>Wider tariff agenda targets copper, semiconductors</h2>President Trump’s tariff escalation is not limited to Japan. On Tuesday, he confirmed a plan to impose a 50 per cent tariff on imported copper, arguing the measure would bolster domestic production of a metal crucial to sectors ranging from electric vehicles to military hardware.&nbsp;As per Reuters, Trump also signalled that new tariffs on semiconductors and pharmaceuticals were in the pipeline, underscoring the broad scope of his administration’s industrial policy agenda.<h2>Treasury Secretary to skip G20 meeting</h2>In a separate development, Reuters reported that US Treasury Secretary Scott Bessent will not attend the upcoming Group of 20 finance officials meeting in South Africa. Sources familiar with his plans said he would instead travel to Japan for the World Expo 2025 in Osaka.&nbsp;As markets await further clarity on Washington’s next moves, traders are bracing for a volatile period, with global currencies, bond yields and trade negotiations all in the spotlight as the US intensifies its trade war strategy. &nbsp;

With Trump eyeing new tariffs on at least seven countries and signaling tough trade action on Japan, global markets react as the yen slips, bond yields climb, and currencies brace for heightened volatility.

The dollar extended its gains against the yen on Wednesday, buoyed by mounting expectations of fresh US trade actions under President Donald Trump’s intensifying protectionist campaign. Trump signals new trade announcements President Trump pledged additional trade-related proclamations just one day after unveiling steep 25 per cent tariffs on imports from Japan and other trading partners. According to Reuters, he indicated further announcements would come on Wednesday, mentioning “a minimum of 7 countries” in a post on social media. While he stopped short of specifying whether these would involve new tariff letters or trade deals, Trump reiterated that sharply higher tariffs were set to begin on August 1. He also left open the possibility of granting extensions if other countries offered proposals for improved trade terms. As per Reuters, multiple rounds of US-Japan trade talks have failed to deliver a breakthrough, with negotiators at odds over politically sensitive issues such as Japan’s rice market protections. Currency markets respond to tariff escalation The yen weakened for a third straight session against the greenback, with the dollar rising 0.2 per cent to 146.85 yen on Wednesday. This followed a move to more than a two-week high on Tuesday, as traders weighed the prospect of escalating US import tariffs. According to Reuters, the broader dollar index, which tracks the US currency against six major peers was steady at 97.582 after climbing over the previous two days. The euro held little changed at $1.1720. Sterling slipped 0.1 per cent to trade at $1.35795 in early dealings, while the Australian dollar dipped 0.07 per cent to $0.6526, giving back part of Tuesday’s 0.6 per cent rise. New Zealand’s kiwi dollar also fell 0.1 per cent to $0.5993. Bond yields underpin dollar strength Analysts noted that rising US Treasury yields have helped support the dollar’s rally. According to Reuters, the pair’s move was also aided by a fifth consecutive day of gains in US bond yields and a sharp rise in Japanese government bond (JGB) yields amid fiscal worries ahead of Japan’s upper house elections on 20 July. Tony Sycamore, an analyst at IG, wrote in a client note that talks between Washington and Tokyo appeared stalled over Japan’s reluctance to open its rice market further, making a near-term compromise unlikely. Bank of Japan cautious on inflation pressures Meanwhile, Japanese policymakers remain alert to the potential inflationary impact of food prices. Bloomberg reported that Bank of Japan board member Junko Koeda said she was closely monitoring possible second-round effects on underlying inflation stemming from recent increases in rice prices. EU may avoid new US tariffs As Trump prepares new tariff measures, European officials appear more optimistic about avoiding the worst of the fallout. EU sources familiar with negotiations told Reuters this week that the European Union would not receive a new tariff letter and could secure exemptions from the US baseline tariff rate of 10 per cent. Wider tariff agenda targets copper, semiconductors President Trump’s tariff escalation is not limited to Japan. On Tuesday, he confirmed a plan to impose a 50 per cent tariff on imported copper, arguing the measure would bolster domestic production of a metal crucial to sectors ranging from electric vehicles to military hardware. As per Reuters, Trump also signalled that new tariffs on semiconductors and pharmaceuticals were in the pipeline, underscoring the broad scope of his administration’s industrial policy agenda. Treasury Secretary to skip G20 meeting In a separate development, Reuters reported that US Treasury Secretary Scott Bessent will not attend the upcoming Group of 20 finance officials meeting in South Africa. Sources familiar with his plans said he would instead travel to Japan for the World Expo 2025 in Osaka. As markets await further clarity on Washington’s next moves, traders are bracing for a volatile period, with global currencies, bond yields and trade negotiations all in the spotlight as the US intensifies its trade war strategy.

The dollar strengthens as Trump’s tariff threats widen, pressuring the yen and fueling market jitters ahead of fresh trade announcements.

Dollar strengthens against yen as Trump ramps up trade war rhetoric

US President Donald Trump has extended the deadline for tariff negotiations with 14 major trading partners, leaving uncertainty about the future of US trade policy and raising concerns among smaller exporters and industry leaders. Initially set for July 9, the deadline has now been pushed to August 1, with the possibility of further delays, leaving countries like Japan, South Korea, and the European Union cautiously optimistic while smaller nations like South Africa face mounting pressure.<h2>Strategic shifts and unpredictable moves</h2>The Trump administration’s latest move comes after a series of aggressive tariff announcements earlier this year, with duties ranging from 25 per cent to 40 per cent on imported goods. While the new deadline offers a slight reprieve, it also reflects growing frustration within the White House over stalled negotiations and the complexity of striking trade deals that meet the president’s high demands.Trump’s decision to delay the deadline again follows his earlier declaration that “no extensions will be granted.” In the latest round of announcements, the White House sent form letters to 14 countries informing them of the tariff rates while warning that this was a final call for “reciprocal” tariffs. The move aims to put more pressure on nations like Japan, South Korea, and the EU, all of which are currently in negotiations to ease US tariffs.“The strategy here is simple: they want to pressure-test things and see how far they can push the envelope, particularly for countries where talks haven’t moved forward,” Ryan Majerus, a former US Commerce official, told Reuters.Trump’s repeated shifting of deadlines, combined with his unilateral tariffs, has frustrated international trade partners, many of whom are seeking stable and predictable trade terms. While larger economies like Japan and South Korea are working to find compromises with the US, smaller exporters are struggling to keep up with the unpredictability.<h2>Japan and South Korea respond to US pressure</h2>For Japan, which faces a 25 per cent tariff on most exports to the US, the stakes are high. Tokyo is pushing for relief for its automotive sector, which has long been a target of Trump’s tariff threats. However, Japan’s political situation complicates matters. With an election for the upper house of Japan’s legislature set for July 20, Prime Minister Shigeru Ishiba is navigating a fine line. Too many concessions could jeopardise the ruling party’s standing in the upcoming election. Despite this, Japan remains hopeful that talks can reach a mutually beneficial outcome.South Korea, under newly elected President Lee Jae-myung, is also engaging in tough negotiations with the US. Though the new president has emphasised his commitment to achieving “mutually beneficial results,” analysts suggest he will not be a “pushover” when it comes to defending his country’s economic interests, particularly regarding US demands for increased purchases of American goods.South Africa, meanwhile, is one of the smaller economies feeling the weight of the tariff policies. The country is facing a steep 30 per cent tariff rate, a blow to industries already struggling under global pressures. President Cyril Ramaphosa has strongly criticised the tariff rates, calling them disproportionate to South Africa’s relatively low average tariff of 7.6 per cent. Despite this, the South African government is seeking to negotiate a framework to address the issue.<h2>Growing trade fragmentation</h2>While Trump’s tariffs are designed to reduce the US trade deficit, the broader effects on the global economy are becoming evident. As the US imposes higher tariffs, countries are increasingly looking to trade with one another outside the US-centric trade network. For instance, China’s exports to the US have decreased by nearly 10 per cent this year, but its exports to other markets, including the UK, ASEAN nations, and Africa, have seen significant increases.Financial markets appear relatively calm for now, with few signs of panic as investors await further developments. However, experts warn that the longer this uncertainty drags on, the more strained supply chains and industries could become. At the same time, US Treasury receipts from tariffs have surged, with record collections reported in May, indicating that the tariff strategy is generating short-term revenue for the government. However, the long-term effects of a fractured global trade system remain uncertain.“The rest of the world is beginning to realign itself. New trade agreements between the EU and Canada, as well as between the UK and India, show that countries are finding alternatives to US markets,” William Reinsch, a former US Commerce Department official, told Reuters.As the tariff deadline extension looms, industry leaders are scrambling to adjust their operations. Companies based across different countries are facing increased costs as they try to navigate the shifting trade landscape. Executives say the rapidly shifting tariff landscape has paralysed decision-making as they try to adjust their supply chains and cost structures to avoid tariff-induced price hikes. Many businesses are also left with tough choices about whether to absorb additional costs or pass them on to customers.With negotiations still at an impasse and no clear end in sight, the extension of the deadline raises more questions than it answers about the future of US trade policy.&nbsp;

The tariff deadline has now been pushed to August 1, with the possibility of further delays, leaving countries like Japan, South Korea, and the European Union cautiously optimistic while smaller nations like South Africa face mounting pressure.

US President Donald Trump has extended the deadline for tariff negotiations with 14 major trading partners, leaving uncertainty about the future of US trade policy and raising concerns among smaller exporters and industry leaders. Initially set for July 9, the deadline has now been pushed to August 1, with the possibility of further delays, leaving countries like Japan, South Korea, and the European Union cautiously optimistic while smaller nations like South Africa face mounting pressure. Strategic shifts and unpredictable moves The Trump administration’s latest move comes after a series of aggressive tariff announcements earlier this year, with duties ranging from 25 per cent to 40 per cent on imported goods. While the new deadline offers a slight reprieve, it also reflects growing frustration within the White House over stalled negotiations and the complexity of striking trade deals that meet the president’s high demands. Trump’s decision to delay the deadline again follows his earlier declaration that “no extensions will be granted.” In the latest round of announcements, the White House sent form letters to 14 countries informing them of the tariff rates while warning that this was a final call for “reciprocal” tariffs. The move aims to put more pressure on nations like Japan, South Korea, and the EU, all of which are currently in negotiations to ease US tariffs. “The strategy here is simple: they want to pressure-test things and see how far they can push the envelope, particularly for countries where talks haven’t moved forward,” Ryan Majerus, a former US Commerce official, told Reuters. Trump’s repeated shifting of deadlines, combined with his unilateral tariffs, has frustrated international trade partners, many of whom are seeking stable and predictable trade terms. While larger economies like Japan and South Korea are working to find compromises with the US, smaller exporters are struggling to keep up with the unpredictability. Japan and South Korea respond to US pressure For Japan, which faces a 25 per cent tariff on most exports to the US, the stakes are high. Tokyo is pushing for relief for its automotive sector, which has long been a target of Trump’s tariff threats. However, Japan’s political situation complicates matters. With an election for the upper house of Japan’s legislature set for July 20, Prime Minister Shigeru Ishiba is navigating a fine line. Too many concessions could jeopardise the ruling party’s standing in the upcoming election. Despite this, Japan remains hopeful that talks can reach a mutually beneficial outcome. South Korea, under newly elected President Lee Jae-myung, is also engaging in tough negotiations with the US. Though the new president has emphasised his commitment to achieving “mutually beneficial results,” analysts suggest he will not be a “pushover” when it comes to defending his country’s economic interests, particularly regarding US demands for increased purchases of American goods. South Africa, meanwhile, is one of the smaller economies feeling the weight of the tariff policies. The country is facing a steep 30 per cent tariff rate, a blow to industries already struggling under global pressures. President Cyril Ramaphosa has strongly criticised the tariff rates, calling them disproportionate to South Africa’s relatively low average tariff of 7.6 per cent. Despite this, the South African government is seeking to negotiate a framework to address the issue. Growing trade fragmentation While Trump’s tariffs are designed to reduce the US trade deficit, the broader effects on the global economy are becoming evident. As the US imposes higher tariffs, countries are increasingly looking to trade with one another outside the US-centric trade network. For instance, China’s exports to the US have decreased by nearly 10 per cent this year, but its exports to other markets, including the UK, ASEAN nations, and Africa, have seen significant increases. Financial markets appear relatively calm for now, with few signs of panic as investors await further developments. However, experts warn that the longer this uncertainty drags on, the more strained supply chains and industries could become. At the same time, US Treasury receipts from tariffs have surged, with record collections reported in May, indicating that the tariff strategy is generating short-term revenue for the government. However, the long-term effects of a fractured global trade system remain uncertain. “The rest of the world is beginning to realign itself. New trade agreements between the EU and Canada, as well as between the UK and India, show that countries are finding alternatives to US markets,” William Reinsch, a former US Commerce Department official, told Reuters. As the tariff deadline extension looms, industry leaders are scrambling to adjust their operations. Companies based across different countries are facing increased costs as they try to navigate the shifting trade landscape. Executives say the rapidly shifting tariff landscape has paralysed decision-making as they try to adjust their supply chains and cost structures to avoid tariff-induced price hikes. Many businesses are also left with tough choices about whether to absorb additional costs or pass them on to customers. With negotiations still at an impasse and no clear end in sight, the extension of the deadline raises more questions than it answers about the future of US trade policy.

The tariff deadline has now been pushed to August 1, with the possibility of further delays, leaving countries like Japan, South Korea, and the European Union cautiously optimistic while smaller nations like South Africa face mounting pressure.

Tariff turmoil: Trump’s new deadline further deepens global trade confusion

The United States could collect as much as $300 billion in tariff revenue by the end of 2025, Treasury Secretary Scott Bessent has said, highlighting the scale of President Donald Trump’s aggressive trade strategy.<h2>Treasury chief explains surge in collections</h2>Speaking at a White House Cabinet meeting on Tuesday, Bessent told colleagues that the US had already collected around $100 billion in tariff income so far this year. He added that revenues were accelerating after Trump’s imposition of sweeping new import duties in the second quarter.&nbsp;According to Reuters, Bessent said the new tariffs included a near-universal 10 per cent duty on all US imports as well as higher rates on steel, aluminium and automobiles. “So we could expect that that could be well over $300 billion by the end of the year,” Bessent said, outlining the administration’s expectations for tariff-driven income.&nbsp;A Treasury spokesperson clarified that the $300 billion target refers to the calendar year ending 31 December 2025, rather than the US government’s fiscal year ending 30 September, as reported by Reuters.<h2>Record-breaking customs revenue</h2>The projection builds on a sharp increase in tariff collections this year. As per Reuters, the Treasury reported record gross customs duties of $22.8 billion in May, a figure nearly four times higher than the $6.2 billion collected in the same month of 2024.&nbsp;This surge brought total customs duty collections for the first eight months of fiscal 2025 to $86.1 billion. For the first five months of the 2025 calendar year alone, the US took in $63.4 billion in tariff revenue.&nbsp;Bessent also cited an estimate from the Congressional Budget Office, which projects tariff revenue to total around $2.8 trillion over the next decade. He suggested, however, that even this figure might be too conservative. “We think it’s probably low,” Bessent said, according to Reuters.<h2>Trump’s August 1 deadline for sweeping tariff hikes</h2>President Trump’s trade strategy is expected to ramp up further in the coming weeks. As per Reuters, he has set an August 1 deadline for imposing higher “reciprocal” tariff rates on nearly all US trading partners.&nbsp;Trump said there is scope for negotiations over the next three weeks to secure more favourable deals for countries willing to offer concessions. “The big money will start coming in on August 1. I think it was made clear today by the letters that were sent out yesterday and today,” Trump told the Cabinet meeting, as quoted by Reuters.<h2>Targeting copper, semiconductors, and pharmaceuticals</h2>The Cabinet meeting also saw President Trump confirm a new 50 per cent tariff on copper imports. According to Reuters, Trump argued this measure was necessary to strengthen US production of a metal essential for electric vehicles, power grids, military equipment, and consumer electronics.&nbsp;Bloomberg reported that the announcement of the copper tariff has already shaken commodity markets, with US copper futures jumping to record highs in response to the news.&nbsp;Trump also signalled that his administration is planning additional tariffs on semiconductors and pharmaceuticals, further expanding his campaign to reshape America’s industrial policy.<h2>A high-stakes strategy with economic risks</h2>Mr. Trump’s expansive tariff agenda is becoming a defining feature of his economic policy in 2025, sending a clear message that he is willing to use aggressive trade measures to promote American manufacturing and reduce dependence on foreign suppliers. Yet the strategy carries clear risks. As per Reuters, economists warn that higher tariffs will mean increased costs for American businesses and consumers, particularly in industries that rely heavily on imported raw materials and components.&nbsp;While tariff revenue can help narrow budget deficits in the short term, sustained large-scale duties risk dampening economic growth, fuelling inflation, and straining relations with US allies. With the August 1 deadline approaching, global trading partners are now watching closely to see how far Washington is prepared to go in its effort to transform the terms of international commerce and whether any last-minute deals can avert a full-scale tariff confrontation. &nbsp;

As Trump targets imports from copper to pharmaceuticals and sets an August 1 deadline for tariff hikes, Treasury projects record revenue, but economists caution against long-term risks to growth and global trade stability.

The United States could collect as much as $300 billion in tariff revenue by the end of 2025, Treasury Secretary Scott Bessent has said, highlighting the scale of President Donald Trump’s aggressive trade strategy. Treasury chief explains surge in collections Speaking at a White House Cabinet meeting on Tuesday, Bessent told colleagues that the US had already collected around $100 billion in tariff income so far this year. He added that revenues were accelerating after Trump’s imposition of sweeping new import duties in the second quarter. According to Reuters, Bessent said the new tariffs included a near-universal 10 per cent duty on all US imports as well as higher rates on steel, aluminium and automobiles. “So we could expect that that could be well over $300 billion by the end of the year,” Bessent said, outlining the administration’s expectations for tariff-driven income. A Treasury spokesperson clarified that the $300 billion target refers to the calendar year ending 31 December 2025, rather than the US government’s fiscal year ending 30 September, as reported by Reuters. Record-breaking customs revenue The projection builds on a sharp increase in tariff collections this year. As per Reuters, the Treasury reported record gross customs duties of $22.8 billion in May, a figure nearly four times higher than the $6.2 billion collected in the same month of 2024. This surge brought total customs duty collections for the first eight months of fiscal 2025 to $86.1 billion. For the first five months of the 2025 calendar year alone, the US took in $63.4 billion in tariff revenue. Bessent also cited an estimate from the Congressional Budget Office, which projects tariff revenue to total around $2.8 trillion over the next decade. He suggested, however, that even this figure might be too conservative. “We think it’s probably low,” Bessent said, according to Reuters. Trump’s August 1 deadline for sweeping tariff hikes President Trump’s trade strategy is expected to ramp up further in the coming weeks. As per Reuters, he has set an August 1 deadline for imposing higher “reciprocal” tariff rates on nearly all US trading partners. Trump said there is scope for negotiations over the next three weeks to secure more favourable deals for countries willing to offer concessions. “The big money will start coming in on August 1. I think it was made clear today by the letters that were sent out yesterday and today,” Trump told the Cabinet meeting, as quoted by Reuters. Targeting copper, semiconductors, and pharmaceuticals The Cabinet meeting also saw President Trump confirm a new 50 per cent tariff on copper imports. According to Reuters, Trump argued this measure was necessary to strengthen US production of a metal essential for electric vehicles, power grids, military equipment, and consumer electronics. Bloomberg reported that the announcement of the copper tariff has already shaken commodity markets, with US copper futures jumping to record highs in response to the news. Trump also signalled that his administration is planning additional tariffs on semiconductors and pharmaceuticals, further expanding his campaign to reshape America’s industrial policy. A high-stakes strategy with economic risks Mr. Trump’s expansive tariff agenda is becoming a defining feature of his economic policy in 2025, sending a clear message that he is willing to use aggressive trade measures to promote American manufacturing and reduce dependence on foreign suppliers. Yet the strategy carries clear risks. As per Reuters, economists warn that higher tariffs will mean increased costs for American businesses and consumers, particularly in industries that rely heavily on imported raw materials and components. While tariff revenue can help narrow budget deficits in the short term, sustained large-scale duties risk dampening economic growth, fuelling inflation, and straining relations with US allies. With the August 1 deadline approaching, global trading partners are now watching closely to see how far Washington is prepared to go in its effort to transform the terms of international commerce and whether any last-minute deals can avert a full-scale tariff confrontation.

Trump's sweeping tariff push could net the U.S. $300 billion by end-2025, but experts warn of inflation and strained trade ties.

US aims for $300 billion in tariff revenue this year, says Treasury Secretary

A new report has painted a stark picture of US military spending: over the past five years, more than half of the Pentagon's discretionary budget has gone to private contractors — a staggering $2.4 trillion — in what is being described as a "continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing". The study by the Quincy Institute for Responsible Statecraft and Brown University's Costs of War project, first reported by The Guardian, details how the lion's share of the Pentagon's $4.4 trillion discretionary budget between 2020 and 2024 ended up in the hands of arms makers and defence tech firms.<h2>What did the report find?</h2>As per the report, between 2020 and 2024, the five largest Pentagon defence contractors — Lockheed Martin, Raytheon, Boeing, General Dynamics, and Northrop Grumman — alone secured $771 billion in contracts. Overall, private firms received as much as 54 per cent of the department's discretionary spending."High Pentagon budgets are often justified because the funds are ‘for the troops'," said William D. Hartung, one of the report’s authors. However, he explained that as the report shows "the majority of the department's budget goes to corporations, money that has as much to do with special interest lobbying as it does with any rational defense planning." He added that "Much of this funding has been wasted on dysfunctional or overpriced weapons systems and extravagant compensation packages."The report also projects that the Trump administration's latest Pentagon budget will push overall US military spending past $1 trillion a year. This, despite Trump's early claims that he might slash defence spending, a $157 billion increase was pushed through Congress under his "One Big Beautiful Bill Act," effectively continuing — and even expanding — former president Joe Biden's administration's high defence budget. As per the report, since 2000, the US military budget has nearly doubled – an increase of 99 per cent."These figures represent a continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing," said Stephanie Savell, director of the Costs of War project.&nbsp; The report authors say that the US withdrawal from Afghanistan, contrary to the projections, "did not result in a peace dividend". Instead, "President Biden requested, and Congress authorised, even higher annual budgets for the Pentagon, and President Trump is continuing that same trajectory of escalating military budgets.The report also highlights the sharp difference between what the US' Congress spent on development vs what it spent on defence. When calculated for inflation, the military spending clearly dwarfs the approximate $356 billion spent on diplomacy, development and humanitarian aid.

As per the report, between 2020 and 2024, the five largest Pentagon defence contractors — Lockheed Martin, Raytheon, Boeing, General Dynamics, and Northrop Grumman — alone secured $771 billion in contracts.

A new report has painted a stark picture of US military spending: over the past five years, more than half of the Pentagon's discretionary budget has gone to private contractors — a staggering $2.4 trillion — in what is being described as a "continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing". The study by the Quincy Institute for Responsible Statecraft and Brown University's Costs of War project, first reported by The Guardian, details how the lion's share of the Pentagon's $4.4 trillion discretionary budget between 2020 and 2024 ended up in the hands of arms makers and defence tech firms. What did the report find? As per the report, between 2020 and 2024, the five largest Pentagon defence contractors — Lockheed Martin, Raytheon, Boeing, General Dynamics, and Northrop Grumman — alone secured $771 billion in contracts. Overall, private firms received as much as 54 per cent of the department's discretionary spending. "High Pentagon budgets are often justified because the funds are ‘for the troops'," said William D. Hartung, one of the report’s authors. However, he explained that as the report shows "the majority of the department's budget goes to corporations, money that has as much to do with special interest lobbying as it does with any rational defense planning." He added that "Much of this funding has been wasted on dysfunctional or overpriced weapons systems and extravagant compensation packages." The report also projects that the Trump administration's latest Pentagon budget will push overall US military spending past $1 trillion a year. This, despite Trump's early claims that he might slash defence spending, a $157 billion increase was pushed through Congress under his "One Big Beautiful Bill Act," effectively continuing — and even expanding — former president Joe Biden's administration's high defence budget. As per the report, since 2000, the US military budget has nearly doubled – an increase of 99 per cent. "These figures represent a continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing," said Stephanie Savell, director of the Costs of War project. The report authors say that the US withdrawal from Afghanistan, contrary to the projections, "did not result in a peace dividend". Instead, "President Biden requested, and Congress authorised, even higher annual budgets for the Pentagon, and President Trump is continuing that same trajectory of escalating military budgets. The report also highlights the sharp difference between what the US' Congress spent on development vs what it spent on defence. When calculated for inflation, the military spending clearly dwarfs the approximate $356 billion spent on diplomacy, development and humanitarian aid.

As per the report, between 2020 and 2024, the five largest Pentagon defence contractors — Lockheed Martin, Raytheon, Boeing, General Dynamics, and Northrop Grumman — alone secured $771 billion in contracts.

'War and weapons' over welfare? Report exposes Pentagon's $2.4 trillion 'wealth transfer' to private contractors

US President Donald Trump has announced plans to impose a 50 per cent tariff on copper imports, sparking sharp reactions across global metals markets and sending American copper futures to record levels.<h2>What did Trump say?</h2>During a Cabinet meeting on Tuesday, Trump confirmed the tariff would be set at 50 per cent, describing the move as essential to boosting domestic production of a metal vital for electric vehicles, military equipment, power infrastructure and consumer electronics.&nbsp;“I believe the tariff on copper, we’re going to make 50%,” Trump told reporters at the White House, as quoted by Reuters. The announcement came earlier and was steeper than many in the industry had expected, fuelling an immediate rally in futures markets.<h2>US copper futures surge on tariff shock</h2>According to Reuters, US Comex copper futures climbed more than 12 per cent to an all-time high following the President’s remarks. Bloomberg reported an even more dramatic move: contracts on the Comex surged as much as 17 per cent on Tuesday, marking a record one-day spike before easing back slightly in overnight trading.&nbsp;Prices in New York briefly commanded a 24 per cent premium over equivalent contracts in London, which sets the global benchmark. On Wednesday morning in Shanghai, Comex copper was quoted at $5.5085 per pound, while London Metal Exchange prices were down 1.7 per cent at $9,627 per tonne, as per Bloomberg data.<h2>Commerce Secretary outlines timeline</h2>Shortly after Trump’s statement, US Commerce Secretary Howard Lutnick told CNBC that the tariffs would likely come into force by late July or August 1. He confirmed that the Commerce Department’s Section 232 investigation into copper imports, launched in February on national security grounds, had concluded ahead of its original November deadline.&nbsp;“The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America,” Lutnick said, as cited by Reuters. He added that further details would be posted on the President’s Truth Social account.<h2>Impact on global suppliers and US industry</h2>The announcement threatens to disrupt well-established copper supply chains. The US relies on imports for roughly half its annual copper needs. According to the US Geological Survey, American consumption of refined copper stood at around 1.6 million tonnes in 2024, while domestic production reached only about 850,000 tonnes. Reuters data show Chile, Canada and Mexico were the top suppliers of refined copper, copper alloys and copper products to the US last year. Chile alone supplied 38 per cent of total imports, followed by Canada at 28 per cent and Mexico at 8 per cent.&nbsp;Chile’s Foreign Ministry said there had been no formal notification of any decision, while mining giant Codelco indicated it was too early to draw firm conclusions. Freeport-McMoRan, the largest US copper producer, saw its shares rise nearly 5 per cent in response to the tariff news, though the company did not immediately comment.<h2>Concerns over costs and supply-chain disruption</h2>Manufacturers and commodity analysts have warned the move will likely drive up costs for industries reliant on copper, from home construction to renewable energy and electric vehicle production. Saxo Bank’s head of commodity strategy Ole Hansen told Reuters that although US storage levels are currently ample, following a rush of imports in recent months, prices could still see a correction after the initial surge.&nbsp;Bloomberg highlighted that traders have been accelerating shipments into the US to “front-run” the tariff’s introduction, adding to near-term dislocations in the market. Morgan Stanley analysts said the new tariff would embed import costs into the US market price, but that the recent build-up in inventories should help soften the immediate impact.<h2>Debate over US mining and future demand</h2>The tariff move also casts a spotlight on stalled US mining projects, such as Rio Tinto and BHP’s Resolution Copper in Arizona and Northern Dynasty Minerals’ Pebble Mine in Alaska, which have faced strong local opposition. Analysts note that the US and the world expects copper demand to surge in coming years as automakers, power companies and data centres expand capacity for electric vehicles and renewable energy systems.&nbsp;For now, the industry is waiting for further details from the White House on the scope of the tariffs, including the types of copper products covered and potential exemptions.As quoted by Bloomberg, Plusmining’s Juan Carlos Guajardo summarised the short-term effect: “In the short term, the price is going to rise significantly because the market was expecting a lower tariff rate.” &nbsp;

A surprise tariff on copper imports aims to revive US production but risks disrupting global supply chains, inflating costs, and complicating future demand amid the clean energy transition.

US President Donald Trump has announced plans to impose a 50 per cent tariff on copper imports, sparking sharp reactions across global metals markets and sending American copper futures to record levels. What did Trump say? During a Cabinet meeting on Tuesday, Trump confirmed the tariff would be set at 50 per cent, describing the move as essential to boosting domestic production of a metal vital for electric vehicles, military equipment, power infrastructure and consumer electronics. “I believe the tariff on copper, we’re going to make 50%,” Trump told reporters at the White House, as quoted by Reuters. The announcement came earlier and was steeper than many in the industry had expected, fuelling an immediate rally in futures markets. US copper futures surge on tariff shock According to Reuters, US Comex copper futures climbed more than 12 per cent to an all-time high following the President’s remarks. Bloomberg reported an even more dramatic move: contracts on the Comex surged as much as 17 per cent on Tuesday, marking a record one-day spike before easing back slightly in overnight trading. Prices in New York briefly commanded a 24 per cent premium over equivalent contracts in London, which sets the global benchmark. On Wednesday morning in Shanghai, Comex copper was quoted at $5.5085 per pound, while London Metal Exchange prices were down 1.7 per cent at $9,627 per tonne, as per Bloomberg data. Commerce Secretary outlines timeline Shortly after Trump’s statement, US Commerce Secretary Howard Lutnick told CNBC that the tariffs would likely come into force by late July or August 1. He confirmed that the Commerce Department’s Section 232 investigation into copper imports, launched in February on national security grounds, had concluded ahead of its original November deadline. “The idea is to bring copper home, bring copper production home, bring the ability to make copper, which is key to the industrial sector, back home to America,” Lutnick said, as cited by Reuters. He added that further details would be posted on the President’s Truth Social account. Impact on global suppliers and US industry The announcement threatens to disrupt well-established copper supply chains. The US relies on imports for roughly half its annual copper needs. According to the US Geological Survey, American consumption of refined copper stood at around 1.6 million tonnes in 2024, while domestic production reached only about 850,000 tonnes. Reuters data show Chile, Canada and Mexico were the top suppliers of refined copper, copper alloys and copper products to the US last year. Chile alone supplied 38 per cent of total imports, followed by Canada at 28 per cent and Mexico at 8 per cent. Chile’s Foreign Ministry said there had been no formal notification of any decision, while mining giant Codelco indicated it was too early to draw firm conclusions. Freeport-McMoRan, the largest US copper producer, saw its shares rise nearly 5 per cent in response to the tariff news, though the company did not immediately comment. Concerns over costs and supply-chain disruption Manufacturers and commodity analysts have warned the move will likely drive up costs for industries reliant on copper, from home construction to renewable energy and electric vehicle production. Saxo Bank’s head of commodity strategy Ole Hansen told Reuters that although US storage levels are currently ample, following a rush of imports in recent months, prices could still see a correction after the initial surge. Bloomberg highlighted that traders have been accelerating shipments into the US to “front-run” the tariff’s introduction, adding to near-term dislocations in the market. Morgan Stanley analysts said the new tariff would embed import costs into the US market price, but that the recent build-up in inventories should help soften the immediate impact. Debate over US mining and future demand The tariff move also casts a spotlight on stalled US mining projects, such as Rio Tinto and BHP’s Resolution Copper in Arizona and Northern Dynasty Minerals’ Pebble Mine in Alaska, which have faced strong local opposition. Analysts note that the US and the world expects copper demand to surge in coming years as automakers, power companies and data centres expand capacity for electric vehicles and renewable energy systems. For now, the industry is waiting for further details from the White House on the scope of the tariffs, including the types of copper products covered and potential exemptions. As quoted by Bloomberg, Plusmining’s Juan Carlos Guajardo summarised the short-term effect: “In the short term, the price is going to rise significantly because the market was expecting a lower tariff rate.”

US President Trump announces a steep copper import tariff to boost domestic output, triggering record price spikes and raising concerns over supply disruptions and future demand.

Trump pushes 50% tariff on copper imports, sparks price rally

India’s NSE International Exchange (NSE IX), located in Gujarat’s flagship GIFT City, is set to attract its first foreign-currency-denominated equity listing this quarter, in what officials say is a major step toward establishing the financial hub as a global fundraising centre.&nbsp;According to Bloomberg, the exchange is initially targeting unlisted companies for this debut listing. These may include Indian firms with foreign shareholding structures as well as overseas entities registered in places like Silicon Valley or Delaware.&nbsp;V. Balasubramaniam, chief executive of NSE IX, told Bloomberg the move represents an opportunity for Indian companies to access international capital while reducing currency risks and broadening their investor base.<h2>GIFT City’s ambition to rival global financial hubs</h2>The Gujarat International Finance Tec-City, widely known as GIFT City, is one of Prime Minister Narendra Modi’s flagship projects designed to position India as a world-class financial centre on par with Dubai or Hong Kong.&nbsp;As Bloomberg notes, the zone offers a range of incentives, including exemptions from certain taxes and regulatory requirements, aiming to make it an attractive destination for international capital raising. This special status is intended to help Indian firms raise funds more efficiently while luring global investors looking for favourable conditions. Industry leaders argue that just as Hong Kong’s stock exchange became a springboard for Chinese companies to go global, GIFT City can help Indian corporates achieve similar ambitions.<h2>Building an alternative to traditional overseas fundraising</h2>Indian firms have long used instruments like American Depository Receipts (ADRs) to tap overseas markets. According to Bloomberg, companies in India raised over $20 billion through initial share sales last year, reflecting strong appetite for equity fundraising.&nbsp;However, a foreign-currency listing within GIFT City offers a new onshore avenue for raising international capital. By allowing companies to issue shares directly in foreign currencies, it can reduce the costs associated with currency conversion and hedging, making overseas expansion strategies more viable.Officials also see the new mechanism as a way to showcase the growing maturity of India’s capital markets and provide companies with an alternative to traditional domestic exchanges.<h2>Regulatory coordination to enable future growth</h2>Bloomberg reports that the Securities and Exchange Board of India (SEBI) is working with the International Financial Services Centres Authority (IFSCA), GIFT City’s unified regulator, to address outstanding regulatory hurdles. Once these issues are resolved, already-listed Indian companies will be able to raise additional capital through GIFT City in the form of separate dollar floats or follow-on public offerings. This could greatly expand the scope of the new international exchange.&nbsp;Another key incentive for investors is the absence of securities transaction and capital gains taxes within GIFT City, which authorities hope will drive foreign inflows and cement the zone’s appeal as a regional financial hub. With five to six companies already preparing to list, according to Bloomberg, the first foreign-currency equity listing at NSE IX is set to mark an important milestone in India’s ongoing push to modernise its financial sector and compete on the world stage. &nbsp;

The move targets unlisted Indian and overseas companies looking to tap international capital. The platform reduces currency risks and tax burdens while expanding investor reach.

India’s NSE International Exchange (NSE IX), located in Gujarat’s flagship GIFT City, is set to attract its first foreign-currency-denominated equity listing this quarter, in what officials say is a major step toward establishing the financial hub as a global fundraising centre. According to Bloomberg, the exchange is initially targeting unlisted companies for this debut listing. These may include Indian firms with foreign shareholding structures as well as overseas entities registered in places like Silicon Valley or Delaware. V. Balasubramaniam, chief executive of NSE IX, told Bloomberg the move represents an opportunity for Indian companies to access international capital while reducing currency risks and broadening their investor base. GIFT City’s ambition to rival global financial hubs The Gujarat International Finance Tec-City, widely known as GIFT City, is one of Prime Minister Narendra Modi’s flagship projects designed to position India as a world-class financial centre on par with Dubai or Hong Kong. As Bloomberg notes, the zone offers a range of incentives, including exemptions from certain taxes and regulatory requirements, aiming to make it an attractive destination for international capital raising. This special status is intended to help Indian firms raise funds more efficiently while luring global investors looking for favourable conditions. Industry leaders argue that just as Hong Kong’s stock exchange became a springboard for Chinese companies to go global, GIFT City can help Indian corporates achieve similar ambitions. Building an alternative to traditional overseas fundraising Indian firms have long used instruments like American Depository Receipts (ADRs) to tap overseas markets. According to Bloomberg, companies in India raised over $20 billion through initial share sales last year, reflecting strong appetite for equity fundraising. However, a foreign-currency listing within GIFT City offers a new onshore avenue for raising international capital. By allowing companies to issue shares directly in foreign currencies, it can reduce the costs associated with currency conversion and hedging, making overseas expansion strategies more viable. Officials also see the new mechanism as a way to showcase the growing maturity of India’s capital markets and provide companies with an alternative to traditional domestic exchanges. Regulatory coordination to enable future growth Bloomberg reports that the Securities and Exchange Board of India (SEBI) is working with the International Financial Services Centres Authority (IFSCA), GIFT City’s unified regulator, to address outstanding regulatory hurdles. Once these issues are resolved, already-listed Indian companies will be able to raise additional capital through GIFT City in the form of separate dollar floats or follow-on public offerings. This could greatly expand the scope of the new international exchange. Another key incentive for investors is the absence of securities transaction and capital gains taxes within GIFT City, which authorities hope will drive foreign inflows and cement the zone’s appeal as a regional financial hub. With five to six companies already preparing to list, according to Bloomberg, the first foreign-currency equity listing at NSE IX is set to mark an important milestone in India’s ongoing push to modernise its financial sector and compete on the world stage.

Backed by tax exemptions and regulatory incentives, GIFT City’s NSE International Exchange is gearing up for its first foreign-currency equity float—aiming to attract global capital and showcase India’s maturing financial ecosystem.

India’s GIFT City exchange eyes first foreign-currency equity listing

Bangladesh will hold high-stakes negotiations with the United States this week to press for deeper tariff reductions, after President Donald Trump’s administration announced a 35 per cent tariff on Bangladeshi goods. The South Asian nation’s trade delegation is seeking to protect its crucial garment export sector from a damaging competitive blow.&nbsp;According to Bloomberg, Commerce Adviser to Bangladesh’s interim government, Sk. Bashir Uddin is leading the delegation in Washington for talks scheduled from 9 to 10 July. In an interview with Bloomberg from the US capital, Uddin said Dhaka is committed to finding “common ground” with Washington and is carefully reviewing the draft proposals shared by the US Trade Representative’s office.<h2>Trade tensions threaten key export sector</h2>Bloomberg reports that the new 35 per cent tariff, although slightly below the 37 per cent initially proposed, still risks undermining Bangladesh’s already fragile economy. The country’s ready-made garment industry, its largest export sector which employs millions and is a critical driver of foreign exchange earnings. By sharply raising costs for Bangladeshi apparel in the US market, the Trump administration’s move threatens to erode the country’s price competitiveness. This comes at a time when global demand is under pressure, and Bangladesh’s factories are already grappling with energy shortages and rising input costs.&nbsp;Commerce Adviser Uddin told Bloomberg the goal in Washington is to find a “mutually win-win proposition” despite the uncertainty of the negotiations. He acknowledged the challenges posed by the evolving trade environment, describing it as “an uncertain world” for exporters and policymakers alike.<h2>Vietnam’s better deal raises competitive stakes</h2>Bangladesh’s urgency is sharpened by the outcome of US trade talks with Vietnam. As per Bloomberg, Hanoi managed to secure a more favourable 20 per cent tariff on its exports to the US, leaving Bangladesh at a clear disadvantage in the lucrative American apparel market.&nbsp;Vietnam’s competitive edge could see global brands shift more sourcing there, dealing a further blow to Bangladesh’s garment industry. With both countries competing for the same buyers, the difference in tariff rates has become a critical concern for Dhaka.<h2>Diplomacy seen as path to compromise</h2>Analysts at Dhaka-based BRAC EPL Research told Bloomberg that the upcoming negotiations offer a potential pathway to ease trade tensions. They argue that proactive diplomacy could still deliver positive outcomes if Bangladesh can convince the US to lower tariff barriers. However, the window for compromise may be narrow. The Trump administration has sent formal notification letters to multiple countries detailing its new tariff schedules as part of a broader effort to rebalance trade relationships and prioritise American manufacturing.&nbsp;For Bangladesh, the stakes could hardly be higher. A failure to secure concessions in Washington this week risks deepening economic vulnerabilities and undermining export growth at a critical juncture. As the talks begin, Bangladesh’s negotiators face the challenge of navigating Trump-era trade policy while protecting the livelihoods of millions who depend on the garment sector for employment.&nbsp;

As the US slaps a 35% tariff on Bangladeshi goods, Dhaka interim government seeks a compromise in Washington to avert economic fallout, amid mounting pressure on trade-driven employment and foreign reserves.

Bangladesh will hold high-stakes negotiations with the United States this week to press for deeper tariff reductions, after President Donald Trump’s administration announced a 35 per cent tariff on Bangladeshi goods. The South Asian nation’s trade delegation is seeking to protect its crucial garment export sector from a damaging competitive blow. According to Bloomberg, Commerce Adviser to Bangladesh’s interim government, Sk. Bashir Uddin is leading the delegation in Washington for talks scheduled from 9 to 10 July. In an interview with Bloomberg from the US capital, Uddin said Dhaka is committed to finding “common ground” with Washington and is carefully reviewing the draft proposals shared by the US Trade Representative’s office. Trade tensions threaten key export sector Bloomberg reports that the new 35 per cent tariff, although slightly below the 37 per cent initially proposed, still risks undermining Bangladesh’s already fragile economy. The country’s ready-made garment industry, its largest export sector which employs millions and is a critical driver of foreign exchange earnings. By sharply raising costs for Bangladeshi apparel in the US market, the Trump administration’s move threatens to erode the country’s price competitiveness. This comes at a time when global demand is under pressure, and Bangladesh’s factories are already grappling with energy shortages and rising input costs. Commerce Adviser Uddin told Bloomberg the goal in Washington is to find a “mutually win-win proposition” despite the uncertainty of the negotiations. He acknowledged the challenges posed by the evolving trade environment, describing it as “an uncertain world” for exporters and policymakers alike. Vietnam’s better deal raises competitive stakes Bangladesh’s urgency is sharpened by the outcome of US trade talks with Vietnam. As per Bloomberg, Hanoi managed to secure a more favourable 20 per cent tariff on its exports to the US, leaving Bangladesh at a clear disadvantage in the lucrative American apparel market. Vietnam’s competitive edge could see global brands shift more sourcing there, dealing a further blow to Bangladesh’s garment industry. With both countries competing for the same buyers, the difference in tariff rates has become a critical concern for Dhaka. Diplomacy seen as path to compromise Analysts at Dhaka-based BRAC EPL Research told Bloomberg that the upcoming negotiations offer a potential pathway to ease trade tensions. They argue that proactive diplomacy could still deliver positive outcomes if Bangladesh can convince the US to lower tariff barriers. However, the window for compromise may be narrow. The Trump administration has sent formal notification letters to multiple countries detailing its new tariff schedules as part of a broader effort to rebalance trade relationships and prioritise American manufacturing. For Bangladesh, the stakes could hardly be higher. A failure to secure concessions in Washington this week risks deepening economic vulnerabilities and undermining export growth at a critical juncture. As the talks begin, Bangladesh’s negotiators face the challenge of navigating Trump-era trade policy while protecting the livelihoods of millions who depend on the garment sector for employment.

Bangladesh’s trade team heads to Washington this week in a bid to renegotiate steep US tariffs that threaten to derail its $45 billion garment export industry, amid energy woes, rising costs, and Vietnam's preferential trade deal.

Bangladesh seeks deeper tariff cuts in talks with US as Trump imposes 35% levy

The global semiconductor industry, projected to exceed US$1 trillion by 2030, faces a mounting threat from climate change as critical raw materials such as copper become increasingly vulnerable to drought and extreme weather. According to a new analysis by PwC, released on 8 July 2025, around one-third (32 per cent) of semiconductor production could rely on copper supplies at risk of climate disruption by 2035, a share that could rise to nearly 60 per cent by 2050 if emissions remain unchecked.&nbsp;The findings, published in PwC’s Protecting People and Prosperity series, highlight the urgent need for semiconductor manufacturers and copper miners to strengthen supply chain resilience in the face of accelerating climate risks.<h2>Copper’s critical role in chip production faces climate pressure</h2>Copper is essential in producing semiconductor circuits, which underpin technologies from smartphones to electric vehicles and industrial machinery. However, PwC’s report warns that copper mines around the world are increasingly exposed to drought risk, threatening the stable water supplies needed for extraction and processing.&nbsp;Currently, Chile is the only major copper source for semiconductors facing severe drought conditions. But PwC projects that within the next decade, mines in the majority of the 17 countries supplying the semiconductor industry will encounter similar drought risks. By 2035, at least 34 per cent of copper supplies critical to semiconductor production could face disruption from drought.&nbsp;PwC’s analysis traced copper supply chains for the five largest semiconductor-producing nations, mapping trade data to identify major mines and assess their exposure to climate-driven drought. The study defined severe drought risk as any location projected to spend at least 20 per cent of time in severe drought conditions, a threshold that may underestimate the full extent of future disruption.<h2>The trillion-dollar industry’s resilience challenge</h2>Semiconductors have become indispensable to the modern digital economy. As PwC notes, they are essential not only for consumer electronics but also for powering artificial intelligence, cloud computing, electric vehicles, and renewable energy systems. The sector’s projected growth to US$1 trillion by 2030 is built on complex, globalised supply chains that are increasingly exposed to environmental risks.According to the press release, companies are beginning to recognise the urgency of the threat. Semiconductor manufacturers are investing in material innovation, such as developing alternative materials or more compact circuits, diversifying suppliers, and adopting circular economy approaches through recycling. Copper miners, meanwhile, are exploring ways to secure water supplies, including building desalination plants, improving water efficiency, and increasing recycling of water within operations.&nbsp;PwC’s 2024 Global Investor Survey suggests that nearly 70 per cent of investors believe companies should do more to mitigate supply chain risks related to climate change. Yet the firm argues that efforts so far remain uneven and insufficient given the accelerating pace of climate impacts.<h2>Building climate resilience across supply chains</h2>PwC’s report calls on companies to approach climate change not just as an environmental issue but as a clear commercial risk. It recommends that business leaders identify vulnerabilities throughout their value chains, collaborate with suppliers to manage risks, and reduce over-reliance on single commodities or sourcing regions.&nbsp;Lynne Baber, PwC’s Global Deputy Sustainability Leader, emphasised in the release that businesses can unlock competitive advantage by proactively managing these hidden risks. She argued that smarter climate adaptation strategies could enhance agility, inspire innovation, and protect financial, operational and reputational value in an increasingly volatile world. By making climate resilience a strategic priority, semiconductor makers and their suppliers can help secure the critical components that power today’s digital economy and ensure they are prepared for the growing challenges posed by climate change.&nbsp;

As extreme weather hits global resource hubs, PwC says the semiconductor industry must build supply chain resilience, warning that nearly 60% of copper inputs could face disruption by 2050 if emissions are not curbed.

The global semiconductor industry, projected to exceed US$1 trillion by 2030, faces a mounting threat from climate change as critical raw materials such as copper become increasingly vulnerable to drought and extreme weather. According to a new analysis by PwC, released on 8 July 2025, around one-third (32 per cent) of semiconductor production could rely on copper supplies at risk of climate disruption by 2035, a share that could rise to nearly 60 per cent by 2050 if emissions remain unchecked. The findings, published in PwC’s Protecting People and Prosperity series, highlight the urgent need for semiconductor manufacturers and copper miners to strengthen supply chain resilience in the face of accelerating climate risks. Copper’s critical role in chip production faces climate pressure Copper is essential in producing semiconductor circuits, which underpin technologies from smartphones to electric vehicles and industrial machinery. However, PwC’s report warns that copper mines around the world are increasingly exposed to drought risk, threatening the stable water supplies needed for extraction and processing. Currently, Chile is the only major copper source for semiconductors facing severe drought conditions. But PwC projects that within the next decade, mines in the majority of the 17 countries supplying the semiconductor industry will encounter similar drought risks. By 2035, at least 34 per cent of copper supplies critical to semiconductor production could face disruption from drought. PwC’s analysis traced copper supply chains for the five largest semiconductor-producing nations, mapping trade data to identify major mines and assess their exposure to climate-driven drought. The study defined severe drought risk as any location projected to spend at least 20 per cent of time in severe drought conditions, a threshold that may underestimate the full extent of future disruption. The trillion-dollar industry’s resilience challenge Semiconductors have become indispensable to the modern digital economy. As PwC notes, they are essential not only for consumer electronics but also for powering artificial intelligence, cloud computing, electric vehicles, and renewable energy systems. The sector’s projected growth to US$1 trillion by 2030 is built on complex, globalised supply chains that are increasingly exposed to environmental risks. According to the press release, companies are beginning to recognise the urgency of the threat. Semiconductor manufacturers are investing in material innovation, such as developing alternative materials or more compact circuits, diversifying suppliers, and adopting circular economy approaches through recycling. Copper miners, meanwhile, are exploring ways to secure water supplies, including building desalination plants, improving water efficiency, and increasing recycling of water within operations. PwC’s 2024 Global Investor Survey suggests that nearly 70 per cent of investors believe companies should do more to mitigate supply chain risks related to climate change. Yet the firm argues that efforts so far remain uneven and insufficient given the accelerating pace of climate impacts. Building climate resilience across supply chains PwC’s report calls on companies to approach climate change not just as an environmental issue but as a clear commercial risk. It recommends that business leaders identify vulnerabilities throughout their value chains, collaborate with suppliers to manage risks, and reduce over-reliance on single commodities or sourcing regions. Lynne Baber, PwC’s Global Deputy Sustainability Leader, emphasised in the release that businesses can unlock competitive advantage by proactively managing these hidden risks. She argued that smarter climate adaptation strategies could enhance agility, inspire innovation, and protect financial, operational and reputational value in an increasingly volatile world. By making climate resilience a strategic priority, semiconductor makers and their suppliers can help secure the critical components that power today’s digital economy and ensure they are prepared for the growing challenges posed by climate change.

A new PwC report reveals that one-third of copper critical to chip manufacturing could face drought disruption by 2035, urging tech firms to treat climate change as a core commercial risk—threatening everything from AI to EVs.

One-third of global semiconductor supply at climate risk by 2035: PwC

China has warned the United States against reigniting trade tensions by reimposing steep tariffs next month, signalling potential retaliation if other countries strike supply chain deals that deliberately cut China out. The warning reflects mounting uncertainty over a fragile trade truce agreed in June, with fresh tariffs now looming as deadlines approach.&nbsp;According to Reuters, the sharp response came through an official commentary in the People’s Daily, the Chinese Communist Party’s flagship newspaper, underscoring the seriousness of Beijing’s position ahead of planned tariff increases.<h2>Fresh tensions over trade truce</h2>Washington and Beijing had reached a tentative framework in June, which eased immediate fears of further escalation. However, with many details unresolved, investors and exporters remain wary that the deal could unravel. President Donald Trump on Monday began notifying trading partners that sharply higher tariffs would resume from 1 August. This reverses an earlier decision in April to delay the full implementation of duties, which was meant to give countries time to negotiate concessions.&nbsp;China now faces a deadline of 12 August to reach a new agreement with the White House that would prevent the return of tariffs that were imposed during earlier rounds of tit-for-tat exchanges. As Reuters reports, average US tariffs on Chinese exports currently stand at 51.1 per cent, while China’s average duties on US goods are around 32.6 per cent, according to the Peterson Institute for International Economics.<h2>Beijing’s warning to trading partners</h2>China’s state media commentary also sent a pointed message to countries in the region considering closer trade ties with the US that could bypass China’s manufacturing base. As per Reuters, Beijing criticised moves by nations to secure tariff reductions with Washington by effectively excluding Chinese inputs from their supply chains.&nbsp;Vietnam, for instance, recently negotiated a reduction in US tariffs from 46 per cent to 20 per cent for its own goods. However, items “transshipped” through Vietnam, typically originating in China, would still face a 40 per cent levy. The Chinese government signalled that it would not accept any arrangement that sacrifices Chinese interests in exchange for US concessions, warning of firm countermeasures.<h2>Uncertainty over global supply chains</h2>The increasingly combative rhetoric highlights the strategic battle over supply chains across Asia. The United States has been working to reduce its dependence on Chinese manufacturing while encouraging regional partners to adopt tougher controls on goods with Chinese origins. Analysts say this approach risks fragmenting trade relationships in the region, forcing countries to balance access to the US market against ties with China.&nbsp;Reuters notes that traders and businesses are closely watching the situation, with concerns that another round of tariff escalation could disrupt global commerce. With the August deadline approaching, the threat of renewed tariffs hangs over an already strained economic relationship, adding to the uncertainty facing exporters, investors, and policymakers alike. &nbsp;

China has warned Asian nations against siding with the US in trade realignment efforts, as Washington reactivates steep tariffs on Chinese goods.

China has warned the United States against reigniting trade tensions by reimposing steep tariffs next month, signalling potential retaliation if other countries strike supply chain deals that deliberately cut China out. The warning reflects mounting uncertainty over a fragile trade truce agreed in June, with fresh tariffs now looming as deadlines approach. According to Reuters, the sharp response came through an official commentary in the People’s Daily, the Chinese Communist Party’s flagship newspaper, underscoring the seriousness of Beijing’s position ahead of planned tariff increases. Fresh tensions over trade truce Washington and Beijing had reached a tentative framework in June, which eased immediate fears of further escalation. However, with many details unresolved, investors and exporters remain wary that the deal could unravel. President Donald Trump on Monday began notifying trading partners that sharply higher tariffs would resume from 1 August. This reverses an earlier decision in April to delay the full implementation of duties, which was meant to give countries time to negotiate concessions. China now faces a deadline of 12 August to reach a new agreement with the White House that would prevent the return of tariffs that were imposed during earlier rounds of tit-for-tat exchanges. As Reuters reports, average US tariffs on Chinese exports currently stand at 51.1 per cent, while China’s average duties on US goods are around 32.6 per cent, according to the Peterson Institute for International Economics. Beijing’s warning to trading partners China’s state media commentary also sent a pointed message to countries in the region considering closer trade ties with the US that could bypass China’s manufacturing base. As per Reuters, Beijing criticised moves by nations to secure tariff reductions with Washington by effectively excluding Chinese inputs from their supply chains. Vietnam, for instance, recently negotiated a reduction in US tariffs from 46 per cent to 20 per cent for its own goods. However, items “transshipped” through Vietnam, typically originating in China, would still face a 40 per cent levy. The Chinese government signalled that it would not accept any arrangement that sacrifices Chinese interests in exchange for US concessions, warning of firm countermeasures. Uncertainty over global supply chains The increasingly combative rhetoric highlights the strategic battle over supply chains across Asia. The United States has been working to reduce its dependence on Chinese manufacturing while encouraging regional partners to adopt tougher controls on goods with Chinese origins. Analysts say this approach risks fragmenting trade relationships in the region, forcing countries to balance access to the US market against ties with China. Reuters notes that traders and businesses are closely watching the situation, with concerns that another round of tariff escalation could disrupt global commerce. With the August deadline approaching, the threat of renewed tariffs hangs over an already strained economic relationship, adding to the uncertainty facing exporters, investors, and policymakers alike.

With US tariffs set to resume on August 1, China issues a stark warning to regional partners like Vietnam, criticising deals that exclude Chinese supply chains and signalling potential diplomatic or trade retaliation.

China threatens retaliation as Trump signals new tariff escalation

The scope of the Jane Street scandal may be larger, with illegal gains made by the US-based firm amounting to as high as Rs 1 lakh crore (One trillion rupees), Zee Business reported, citing sources. The SEBI had said that the illegal gains were to the tune of Rs 4,842 crore. The sources further said that the firm's involvement in alleged market manipulation extends beyond the known four entities, with 3-4 more associated firms also being under the scanner.&nbsp;The fresh revelations came days after the market regulator barred the US-based high-frequency trading firm from Dalal Street, accusing the company of taking large derivative positions to manipulate indices such as Nifty Bank.&nbsp;The Tuhin Kanta Pande-led market watchdog has seized $567 million (Rs 4,843 crore) of the company's funds. It alleged that the firm had bought large quantities of Nifty Bank constituents in the cash and futures markets to artificially support the index in morning trade, while simultaneously building large short positions in index options. Later in the day, Jane Street reversed the trades to profit from options positions, SEBI mentioned in its 105-page order against the US-based group.&nbsp;On Monday, Pandey said there may be more such cases. He expressed SEBI's intent to enhance its surveillance over attempts to manipulate derivatives trading.&nbsp;<h2>Was abnormal F&amp;O data screaming manipulation during Buch's term and no SEBI action materialised?</h2>The sources pointed out&nbsp;several instances of violent expiry-related moves in the country's derivatives market in 2024 under SEBI chief Madhabi Buch's tenure.&nbsp;"In each case, the implied volatility of more than three sigma (3σ), causing the index to move by as much as two per cent. This indicates no investment move but a planned manipulation," the sources told Zee Business.&nbsp;Implied volatility--often referred to as IV--is a key indicator in the futures and options (F&amp;O) segment, with any spike typically suggesting the expectation of larger price action. In statistics, sigma represents standard deviation, which is a measure of variation or spread.&nbsp;The sources also pointed out "several instances where IV was deliberately suppressed to keep the market in a range", with the settlement "intentionally kept within 0.10 to 1.1 points of the strike price".&nbsp;&nbsp;Here are some examples of such abnormal spikes in the market in 2024, according to sources: &nbsp; November 28, 2024: IV in Nifty jumped from 14.3% to 27.7%, with a 400-point fall December 5, 2024: IV in Nifty rose from 22% to 37.7%, with a 490-point rally December 13, 2024: IV in Sensex jumped from 9.5% to 27.8%, with a 1,900-point surge November 22, 2024: IV in Sensex moved from 16% to 30%, with a 1,700-point swing December 30, 2024: IV in Midselect jumped from 11.5% to 32.5%, with a 300-point surge January 2, 2025: IV in Nifty rose from 12% to 26%, with a 470-point rally Quiet expiry date examples: October 24, 2024: IV: 15% to 4%, Range: 34 pts, Closing: 0.6 pts away November 21, 2024: IV: 14% to 4%, Range: 42 pts, Closing: 0.1 pts away June 13, 2024: IV: 16.5% to 7%, Range: 50 pts, Closing: 1.1 pts away December 17, 2024: On a Tuesday, IV jumped from 11% to 19%, with a 350-point move NSE flagged big spikes to SEBI, but no action&nbsp; &nbsp;NSE was learned to have flagged the spikes since January 2024, however, there was no prompt action from SEBI in this regard, said sources.&nbsp;The sources said there were spikes before 2024 as well, but they were not as big. Also, these spikes were shown as a procedure.&nbsp;&nbsp;The data suggests that the manipulation wasn’t limited to expiry days. On Tuesday, December 17, 2024, for instance, a non-expiry day, the Nifty50 saw a sharp 350-point move with the implied volatility soaring from 11 per cent to 19 per cent.&nbsp;&nbsp;SEBI itself termed this as the "first mid-week manipulation case". It was the first time under her leadership that the market regulator showed signs of noticing the problem.&nbsp;Buch, the sources said, didn't heed the red flags because she had invested via the FPI structure in Singapore and was busy reaping the benefits.&nbsp;&nbsp;Major manipulation cases surfaced during Madhabi Puri Buch’s tenure&nbsp;During Buch's term as SEBI chairperson, several cases linked to suspected market manipulation surfaced. Several instances where the same patterns were followed, like pre-positioned in options, followed by index moves, were seen. However, the regulator didn't take any action.&nbsp;"However, SEBI didn’t take any strict action... It had the charts, the evidence, the pattern: but no response," said the sources.&nbsp;The sources said that under Buch's watch, SEBI remained a silent spectator to blatant market manipulation.

The scope of the Jane Street scandal may be larger, with illegal gains made by the US-based firm amounting to as high as Rs 1 lakh crore (One trillion rupees), Zee Business reported, citing sources. The SEBI had said that the illegal gains were to the tune of Rs 4,842 crore.

The scope of the Jane Street scandal may be larger, with illegal gains made by the US-based firm amounting to as high as Rs 1 lakh crore (One trillion rupees), Zee Business reported, citing sources. The SEBI had said that the illegal gains were to the tune of Rs 4,842 crore. The sources further said that the firm's involvement in alleged market manipulation extends beyond the known four entities, with 3-4 more associated firms also being under the scanner. The fresh revelations came days after the market regulator barred the US-based high-frequency trading firm from Dalal Street, accusing the company of taking large derivative positions to manipulate indices such as Nifty Bank. The Tuhin Kanta Pande-led market watchdog has seized $567 million (Rs 4,843 crore) of the company's funds. It alleged that the firm had bought large quantities of Nifty Bank constituents in the cash and futures markets to artificially support the index in morning trade, while simultaneously building large short positions in index options. Later in the day, Jane Street reversed the trades to profit from options positions, SEBI mentioned in its 105-page order against the US-based group. On Monday, Pandey said there may be more such cases. He expressed SEBI's intent to enhance its surveillance over attempts to manipulate derivatives trading. Was abnormal F&O data screaming manipulation during Buch's term and no SEBI action materialised? The sources pointed out several instances of violent expiry-related moves in the country's derivatives market in 2024 under SEBI chief Madhabi Buch's tenure. "In each case, the implied volatility of more than three sigma (3σ), causing the index to move by as much as two per cent. This indicates no investment move but a planned manipulation," the sources told Zee Business. Implied volatility--often referred to as IV--is a key indicator in the futures and options (F&O) segment, with any spike typically suggesting the expectation of larger price action. In statistics, sigma represents standard deviation, which is a measure of variation or spread. The sources also pointed out "several instances where IV was deliberately suppressed to keep the market in a range", with the settlement "intentionally kept within 0.10 to 1.1 points of the strike price". Here are some examples of such abnormal spikes in the market in 2024, according to sources: November 28, 2024: IV in Nifty jumped from 14.3% to 27.7%, with a 400-point fall December 5, 2024: IV in Nifty rose from 22% to 37.7%, with a 490-point rally December 13, 2024: IV in Sensex jumped from 9.5% to 27.8%, with a 1,900-point surge November 22, 2024: IV in Sensex moved from 16% to 30%, with a 1,700-point swing December 30, 2024: IV in Midselect jumped from 11.5% to 32.5%, with a 300-point surge January 2, 2025: IV in Nifty rose from 12% to 26%, with a 470-point rally Quiet expiry date examples: October 24, 2024: IV: 15% to 4%, Range: 34 pts, Closing: 0.6 pts away November 21, 2024: IV: 14% to 4%, Range: 42 pts, Closing: 0.1 pts away June 13, 2024: IV: 16.5% to 7%, Range: 50 pts, Closing: 1.1 pts away December 17, 2024: On a Tuesday, IV jumped from 11% to 19%, with a 350-point move NSE flagged big spikes to SEBI, but no action NSE was learned to have flagged the spikes since January 2024, however, there was no prompt action from SEBI in this regard, said sources. The sources said there were spikes before 2024 as well, but they were not as big. Also, these spikes were shown as a procedure. The data suggests that the manipulation wasn’t limited to expiry days. On Tuesday, December 17, 2024, for instance, a non-expiry day, the Nifty50 saw a sharp 350-point move with the implied volatility soaring from 11 per cent to 19 per cent. SEBI itself termed this as the "first mid-week manipulation case". It was the first time under her leadership that the market regulator showed signs of noticing the problem. Buch, the sources said, didn't heed the red flags because she had invested via the FPI structure in Singapore and was busy reaping the benefits. Major manipulation cases surfaced during Madhabi Puri Buch’s tenure During Buch's term as SEBI chairperson, several cases linked to suspected market manipulation surfaced. Several instances where the same patterns were followed, like pre-positioned in options, followed by index moves, were seen. However, the regulator didn't take any action. "However, SEBI didn’t take any strict action... It had the charts, the evidence, the pattern: but no response," said the sources. The sources said that under Buch's watch, SEBI remained a silent spectator to blatant market manipulation.

The fresh revelations came days after the market regulator barred the US-based high-frequency trading firm from Dalal Street.&nbsp;

In scandal started during Madhabi Buch tenure at SEBI, Jane Street may have gained 1 trillion rupees: Sources

The European Union has so far avoided receiving a formal letter from the United States threatening sharply higher tariffs on its goods, even as President Donald Trump moves ahead with plans to impose new duties on other major trading partners starting 1 August, according to EU sources quoted by Reuters.<h2>Trump targets global partners with new tariff wave</h2>President Trump has begun notifying a broad range of trading partners, from Japan and South Korea to Myanmar, of steep new tariffs on goods they sell into the United States. The measures, set to take effect on 1 August, mark a renewed effort to pressure allies into making what Trump calls fairer trade deals.While Japan and South Korea have confirmed receiving letters outlining 25 per cent tariffs on their goods, EU sources familiar with the matter told Reuters on Monday that Brussels has not been sent such a letter.<h2>EU seeks exemptions from baseline 10% levy</h2>Instead, European officials are working urgently to secure exemptions from a proposed US baseline tariff rate of 10 per cent on certain categories of goods. As per Reuters, sources said discussions with the Trump administration are focused on avoiding the worst-case tariff outcome while offering targeted concessions.&nbsp;Three EU sources told Reuters that potential compromises could include accepting limited US tariffs of around 10 per cent on aircraft and parts, some medical equipment, and certain spirits in a broader deal.<h2>Talks may benefit EU carmakers</h2>According to Reuters, two sources also said the EU is examining an arrangement that would allow European automakers to increase the volume of EU-built cars imported at rates below the current 25 per cent tariff, in exchange for maintaining or expanding production in the United States.&nbsp;Such an arrangement would benefit German carmakers in particular, including BMW, Mercedes-Benz, and Volkswagen, which already operate large production facilities in the US. By boosting American production, these firms could secure better access for European-built models.<h2>EU weighs concessions versus tariff risk</h2>The European Commission, which leads trade negotiations for the bloc’s 27 member states, has warned that Brussels may have to choose between accepting a narrower, less balanced deal and facing even greater uncertainty over potential tariffs.&nbsp;According to Reuters, the Commission briefed EU envoys late on Monday that although negotiations were making progress, there were no guarantees the Trump administration would not impose further tariffs or demand additional concessions in future.<h2>Existing tariffs already strain trade ties</h2>The threat of new tariffs comes on top of existing measures that have strained transatlantic trade relations. As per Reuters, the EU already faces 50 per cent US tariffs on its steel and aluminium exports, 25 per cent on cars and car parts, and 10 per cent on most other goods.&nbsp;The United States is also examining possible new tariffs on pharmaceuticals and semiconductors, raising the stakes for European exporters in strategically important sectors.<h2>Critical test for EU–US trade relations</h2>The latest developments underscore the delicate balancing act for EU negotiators as they try to avoid a full-scale trade conflict with Washington while safeguarding European industries. Despite initial hopes for a broader, more balanced trade agreement, EU officials acknowledge they may have to make targeted concessions to head off steeper tariffs and bring some stability to exporters facing an increasingly protectionist US trade policy under Trump.&nbsp;As the 1 August deadline for new tariffs approaches, Brussels faces mounting pressure to finalise any deal that can protect European businesses already grappling with higher costs, disrupted supply chains and geopolitical uncertainty. &nbsp;

While the EU has yet to receive a formal US tariff letter, Brussels is negotiating targeted concessions to avoid steep duties on cars, aircraft, and key exports, as Trump’s aggressive trade push reshapes transatlantic economic ties.

The European Union has so far avoided receiving a formal letter from the United States threatening sharply higher tariffs on its goods, even as President Donald Trump moves ahead with plans to impose new duties on other major trading partners starting 1 August, according to EU sources quoted by Reuters. Trump targets global partners with new tariff wave President Trump has begun notifying a broad range of trading partners, from Japan and South Korea to Myanmar, of steep new tariffs on goods they sell into the United States. The measures, set to take effect on 1 August, mark a renewed effort to pressure allies into making what Trump calls fairer trade deals. While Japan and South Korea have confirmed receiving letters outlining 25 per cent tariffs on their goods, EU sources familiar with the matter told Reuters on Monday that Brussels has not been sent such a letter. EU seeks exemptions from baseline 10% levy Instead, European officials are working urgently to secure exemptions from a proposed US baseline tariff rate of 10 per cent on certain categories of goods. As per Reuters, sources said discussions with the Trump administration are focused on avoiding the worst-case tariff outcome while offering targeted concessions. Three EU sources told Reuters that potential compromises could include accepting limited US tariffs of around 10 per cent on aircraft and parts, some medical equipment, and certain spirits in a broader deal. Talks may benefit EU carmakers According to Reuters, two sources also said the EU is examining an arrangement that would allow European automakers to increase the volume of EU-built cars imported at rates below the current 25 per cent tariff, in exchange for maintaining or expanding production in the United States. Such an arrangement would benefit German carmakers in particular, including BMW, Mercedes-Benz, and Volkswagen, which already operate large production facilities in the US. By boosting American production, these firms could secure better access for European-built models. EU weighs concessions versus tariff risk The European Commission, which leads trade negotiations for the bloc’s 27 member states, has warned that Brussels may have to choose between accepting a narrower, less balanced deal and facing even greater uncertainty over potential tariffs. According to Reuters, the Commission briefed EU envoys late on Monday that although negotiations were making progress, there were no guarantees the Trump administration would not impose further tariffs or demand additional concessions in future. Existing tariffs already strain trade ties The threat of new tariffs comes on top of existing measures that have strained transatlantic trade relations. As per Reuters, the EU already faces 50 per cent US tariffs on its steel and aluminium exports, 25 per cent on cars and car parts, and 10 per cent on most other goods. The United States is also examining possible new tariffs on pharmaceuticals and semiconductors, raising the stakes for European exporters in strategically important sectors. Critical test for EU–US trade relations The latest developments underscore the delicate balancing act for EU negotiators as they try to avoid a full-scale trade conflict with Washington while safeguarding European industries. Despite initial hopes for a broader, more balanced trade agreement, EU officials acknowledge they may have to make targeted concessions to head off steeper tariffs and bring some stability to exporters facing an increasingly protectionist US trade policy under Trump. As the 1 August deadline for new tariffs approaches, Brussels faces mounting pressure to finalise any deal that can protect European businesses already grappling with higher costs, disrupted supply chains and geopolitical uncertainty.

The EU is racing to secure exemptions from looming US tariffs ahead of Trump’s 1 August deadline, as Brussels navigates delicate trade talks to protect key industries.

EU avoids US tariff letter, eyes concessions in talks, sources say

Samsung Electronics has warned of a much steeper-than-expected fall in its second-quarter profit, blaming United States export restrictions on advanced AI chips for China and slow shipments to key customers.<h2>Profit set to plunge 56%, missing forecasts</h2>The South Korean technology giant on Tuesday forecast a 56 per cent drop in operating profit for April–June from a year earlier, far below analyst expectations. According to Reuters, Samsung estimated its operating profit at 4.6 trillion won ($3.32 billion) for the second quarter, well under the 6.2 trillion won average forecast from analysts in LSEG’s SmartEstimate.&nbsp;That would mark its weakest quarterly profit in six quarters, down from 10.4 trillion won a year earlier and 6.7 trillion won in the previous quarter. Revenue is expected to edge down 0.1 per cent year-on-year to 74 trillion won, the company’s filing showed.<h2>US export controls hit AI chip sales</h2>Samsung cited Washington’s curbs on selling advanced artificial intelligence chips to China as a key reason for the disappointing performance. “The DS Division recorded a quarter-on-quarter decline in profit due to inventory value adjustments and the impact of US restrictions on advanced AI chips for China,” Samsung said in a statement on Tuesday.&nbsp;According to Reuters, US authorities last year ordered Taiwan Semiconductor Manufacturing Co to halt shipments of advanced chips used in AI applications to Chinese customers. Samsung now faces similar headwinds, with its own sales of high-bandwidth memory (HBM) products also affected.<h2>Delays in Nvidia chip supply add to woes</h2>Analysts noted that Samsung’s earnings slump also stemmed from production delays in supplying advanced chips to major customer Nvidia, the US-based AI chip leader. Samsung said its upgraded HBM products were “undergoing customer evaluation and proceeding with shipments” but did not provide further detail, as per Reuters.&nbsp;Greg Roh, head of research at Hyundai Motor Securities, told Reuters that the sharp miss would weigh on investor confidence. “The worse-than-expected profit will be negative for investor sentiment,” he said.<h2>Foundry business also under pressure</h2>Samsung also warned of continued weakness in its semiconductor foundry business. The company said earnings fell due to the same export restrictions and related inventory value adjustments, alongside persistently low utilisation rates.&nbsp;However, Samsung expressed some cautious optimism for the second half of the year, forecasting that its foundry losses would narrow as demand recovers and utilisation improves.<h2>Hopes for recovery in the second half</h2>Despite the grim second-quarter outlook, Samsung said it expects its broader earnings to recover gradually in the third quarter. The company is counting on rising sales of HBM chips to non-Nvidia customers and the boost from upcoming smartphone launches.&nbsp;Detailed results, including a business-by-business earnings breakdown, are expected to be released in late July. As Samsung grapples with geopolitical tensions and supply-chain challenges, the earnings warning highlights the growing impact of US–China trade restrictions on global technology supply chains and underscores the risks facing the world’s largest memory chipmaker.

Samsung Electronics warns of a steep Q2 profit decline, down 56% year on year, blaming US chip export controls to China and supply delays to Nvidia, with hopes pinned on a second-half recovery amid foundry and HBM chip headwinds.

Samsung Electronics has warned of a much steeper-than-expected fall in its second-quarter profit, blaming United States export restrictions on advanced AI chips for China and slow shipments to key customers. Profit set to plunge 56%, missing forecasts The South Korean technology giant on Tuesday forecast a 56 per cent drop in operating profit for April–June from a year earlier, far below analyst expectations. According to Reuters, Samsung estimated its operating profit at 4.6 trillion won ($3.32 billion) for the second quarter, well under the 6.2 trillion won average forecast from analysts in LSEG’s SmartEstimate. That would mark its weakest quarterly profit in six quarters, down from 10.4 trillion won a year earlier and 6.7 trillion won in the previous quarter. Revenue is expected to edge down 0.1 per cent year-on-year to 74 trillion won, the company’s filing showed. US export controls hit AI chip sales Samsung cited Washington’s curbs on selling advanced artificial intelligence chips to China as a key reason for the disappointing performance. “The DS Division recorded a quarter-on-quarter decline in profit due to inventory value adjustments and the impact of US restrictions on advanced AI chips for China,” Samsung said in a statement on Tuesday. According to Reuters, US authorities last year ordered Taiwan Semiconductor Manufacturing Co to halt shipments of advanced chips used in AI applications to Chinese customers. Samsung now faces similar headwinds, with its own sales of high-bandwidth memory (HBM) products also affected. Delays in Nvidia chip supply add to woes Analysts noted that Samsung’s earnings slump also stemmed from production delays in supplying advanced chips to major customer Nvidia, the US-based AI chip leader. Samsung said its upgraded HBM products were “undergoing customer evaluation and proceeding with shipments” but did not provide further detail, as per Reuters. Greg Roh, head of research at Hyundai Motor Securities, told Reuters that the sharp miss would weigh on investor confidence. “The worse-than-expected profit will be negative for investor sentiment,” he said. Foundry business also under pressure Samsung also warned of continued weakness in its semiconductor foundry business. The company said earnings fell due to the same export restrictions and related inventory value adjustments, alongside persistently low utilisation rates. However, Samsung expressed some cautious optimism for the second half of the year, forecasting that its foundry losses would narrow as demand recovers and utilisation improves. Hopes for recovery in the second half Despite the grim second-quarter outlook, Samsung said it expects its broader earnings to recover gradually in the third quarter. The company is counting on rising sales of HBM chips to non-Nvidia customers and the boost from upcoming smartphone launches. Detailed results, including a business-by-business earnings breakdown, are expected to be released in late July. As Samsung grapples with geopolitical tensions and supply-chain challenges, the earnings warning highlights the growing impact of US–China trade restrictions on global technology supply chains and underscores the risks facing the world’s largest memory chipmaker.

Samsung forecasts a 56% plunge in Q2 profit, citing US export curbs on AI chips for China and delays in Nvidia-related shipments as key drivers of the downturn.

Samsung flags sharp Q2 profit drop, blames US curbs on AI chip sales to China

Here is a quick reckoner of each country hit by Trump tariff letters, with the percentage of threatened tariff, what has now been announced, and the per cent of trade with the US.


Here is a quick reckoner of each country hit by Trump tariff letters, with the percentage of threatened tariff, what has now been announced, and the per cent of trade with the US. &nbsp;

Trump tariff letters sent out to 14 countries: How much is your country hit? Find out from these slides

US-based high-frequency trading giant Jane Street has vowed to challenge a trading ban imposed by India’s market regulator, rejecting accusations of manipulation and insisting its activity amounted to legitimate index arbitrage.<h2>SEBI accuses Jane Street of market manipulation</h2>India’s Securities and Exchange Board (SEBI) on Friday barred Jane Street from buying and selling securities in Indian markets and ordered the seizure of $567 million of its funds. As per Reuters, the regulator alleges that Jane Street artificially propped up India’s Bank Nifty index during morning trading by buying large quantities of index constituents in both the cash and futures markets, while simultaneously building large short positions in index options. SEBI claims the firm allowed these options to expire or exercised them later in the day for profit.&nbsp;The watchdog has been tracking Jane Street’s trading patterns for more than two years and has widened its investigation to other indices and exchanges, according to Reuters sources.<h2>Jane Street rejects ‘inflammatory’ claims</h2>In an internal email seen by Reuters, Jane Street told employees over the weekend that it was “beyond disappointed” by SEBI’s “extremely inflammatory” accusations and was preparing a formal response. The email characterised the contested activity as “basic index arbitrage trading,” describing arbitrage as “a core and commonplace mechanism of financial markets that keeps the prices of related instruments in line.”&nbsp;“SEBI’s order that this activity is ‘prima facie manipulative’ disregards the role of liquidity providers and arbitrageurs in markets,” Jane Street said in its message to staff, as per Reuters.<h2>Firm denies failing to cooperate with regulators</h2>Jane Street also rejected SEBI’s assertion that it had not adequately addressed regulatory concerns. The firm said its executives had met regulators and exchange officials multiple times. “Once again, we left this process feeling that we had reached an understanding of the concerns and reflected them in modifications to our trading behaviour,” the email said, as per Reuters.&nbsp;According to Jane Street, it had continued efforts to communicate with SEBI since February but had been “consistently rebuffed.”<h2>Explosive growth in India’s derivatives market</h2>The dispute underscores mounting regulatory scrutiny of India’s booming derivatives market, which has seen an influx of retail investors. According to the Futures Industry Association, India accounted for roughly 60 per cent of global equity derivative trading volume in May, making it the largest such market in the world.&nbsp;But rapid growth has also brought risks. Data released on Monday showed retail investors in India suffered widening losses in equity derivatives, with losses growing 41 per cent to 1.06 trillion rupees ($12.4 billion) in the financial year that ended in March.<h2>SEBI ramps up surveillance as other firms watch</h2>SEBI Chairman Tuhin Kanta Pandey said on Monday the regulator was enhancing surveillance to identify manipulation in derivatives trading, while adding there may not be many more cases similar to Jane Street’s. Other global proprietary trading firms active in India include Citadel Securities, IMC Trading, Millennium and Optiver, according to Reuters.&nbsp;SEBI did not respond to Reuters’ requests for comment on the details of the investigation or Jane Street’s accusations of poor communication. As the standoff escalates, Jane Street’s case is shaping up as a key test of India’s approach to policing sophisticated trading strategies in a rapidly expanding market and of how global firms adapt to tightening oversight.&nbsp;

US trading firm Jane Street has vowed to challenge SEBI ban and $567M seizure, rejecting market manipulation charges in India Bank Nifty index and defending its strategy as standard index arbitrage amid rising scrutiny of India’s booming derivatives market.

US-based high-frequency trading giant Jane Street has vowed to challenge a trading ban imposed by India’s market regulator, rejecting accusations of manipulation and insisting its activity amounted to legitimate index arbitrage. SEBI accuses Jane Street of market manipulation India’s Securities and Exchange Board (SEBI) on Friday barred Jane Street from buying and selling securities in Indian markets and ordered the seizure of $567 million of its funds. As per Reuters, the regulator alleges that Jane Street artificially propped up India’s Bank Nifty index during morning trading by buying large quantities of index constituents in both the cash and futures markets, while simultaneously building large short positions in index options. SEBI claims the firm allowed these options to expire or exercised them later in the day for profit. The watchdog has been tracking Jane Street’s trading patterns for more than two years and has widened its investigation to other indices and exchanges, according to Reuters sources. Jane Street rejects ‘inflammatory’ claims In an internal email seen by Reuters, Jane Street told employees over the weekend that it was “beyond disappointed” by SEBI’s “extremely inflammatory” accusations and was preparing a formal response. The email characterised the contested activity as “basic index arbitrage trading,” describing arbitrage as “a core and commonplace mechanism of financial markets that keeps the prices of related instruments in line.” “SEBI’s order that this activity is ‘prima facie manipulative’ disregards the role of liquidity providers and arbitrageurs in markets,” Jane Street said in its message to staff, as per Reuters. Firm denies failing to cooperate with regulators Jane Street also rejected SEBI’s assertion that it had not adequately addressed regulatory concerns. The firm said its executives had met regulators and exchange officials multiple times. “Once again, we left this process feeling that we had reached an understanding of the concerns and reflected them in modifications to our trading behaviour,” the email said, as per Reuters. According to Jane Street, it had continued efforts to communicate with SEBI since February but had been “consistently rebuffed.” Explosive growth in India’s derivatives market The dispute underscores mounting regulatory scrutiny of India’s booming derivatives market, which has seen an influx of retail investors. According to the Futures Industry Association, India accounted for roughly 60 per cent of global equity derivative trading volume in May, making it the largest such market in the world. But rapid growth has also brought risks. Data released on Monday showed retail investors in India suffered widening losses in equity derivatives, with losses growing 41 per cent to 1.06 trillion rupees ($12.4 billion) in the financial year that ended in March. SEBI ramps up surveillance as other firms watch SEBI Chairman Tuhin Kanta Pandey said on Monday the regulator was enhancing surveillance to identify manipulation in derivatives trading, while adding there may not be many more cases similar to Jane Street’s. Other global proprietary trading firms active in India include Citadel Securities, IMC Trading, Millennium and Optiver, according to Reuters. SEBI did not respond to Reuters’ requests for comment on the details of the investigation or Jane Street’s accusations of poor communication. As the standoff escalates, Jane Street’s case is shaping up as a key test of India’s approach to policing sophisticated trading strategies in a rapidly expanding market and of how global firms adapt to tightening oversight.

Jane Street plans to fight SEBI’s $567 million trading ban, calling manipulation claims over its Bank Nifty strategy "inflammatory" and insisting it engaged in legitimate index arbitrage.

Jane Street to challenge India market ban, rejects manipulation claims

US President Donald Trump on Monday (Jul 7) said that he would like to lift the US sanctions imposed on Iran but added that this could only be done "at the right time". The POTUS also revealed that Washington was scheduled to hold talks with Tehran, claiming, "they want to talk". Trump made the statement as he hosted Israeli Prime Minister Benjamin Netanyahu for a dinner at the White House. When asked about the probability of the US carrying out another strike on Iran, Trump did not dismiss the possibility but said, "We're not going to have to do that".<h2>Impending Iran-US talks</h2>According to Donald Trump, Iran has "requested a meeting" as "they want to talk". The POTUS said that it'll be "good" if a deal can be signed as a result of the talks. “If we can put something down on paper, that will be fine. It'll be good," he said, adding, "We'll see what happens." Meanwhile, Trump's Middle East envoy has said that the meeting could happen in the "next week or so".When asked if there was something that could make him "have the desire" to carry out fresh strikes on Iran, Trump coyly replied, "we're not going to have to do that. I can't imagine wanting to do that". However, it must be noted that he did not dismiss the possibility that the US could strike Iran in the future. "I can't imagine them wanting to do that. They want to meet...they want to work something out," he added, as reported by the Anadolu news agency.<h2>Will Trump lift Iran sanctions?</h2>When asked about US-imposed sanctions on Tehran, Trump said that Iran was "very different now" than it was two weeks ago – before the US carried out "Operation Midnight Hammer", striking Iranian nuclear sites. "I hope it's over. Yeah, I think Iran wants to meet. I think they want to make peace, and I'm all for it," he added.Referring to the US lifting Syrian sanctions, he said that the decision was taken at the request of many countries in the Middle East, adding that the US wanted "to give them (Syria) a chance". He then said, similarly, he would like to remove the tough "biting" sanctions the US has imposed on Iran, but "at the right time". "I would love to be able to, at the right time, take those sanctions off (Iran), give them a chance at rebuilding, because I'd like to see Iran build itself back up in a peaceful manner and not going around saying, 'Death to America,' 'Death to the USA,' 'Death to Israel,' as they were doing," he said.&nbsp;

When asked about the probability of the US carrying out another strike on Iran, Trump did not dismiss the possibility but said, "We're not going to have to do that".

US President Donald Trump on Monday (Jul 7) said that he would like to lift the US sanctions imposed on Iran but added that this could only be done "at the right time". The POTUS also revealed that Washington was scheduled to hold talks with Tehran, claiming, "they want to talk". Trump made the statement as he hosted Israeli Prime Minister Benjamin Netanyahu for a dinner at the White House. When asked about the probability of the US carrying out another strike on Iran, Trump did not dismiss the possibility but said, "We're not going to have to do that". Impending Iran-US talks According to Donald Trump, Iran has "requested a meeting" as "they want to talk". The POTUS said that it'll be "good" if a deal can be signed as a result of the talks. “If we can put something down on paper, that will be fine. It'll be good," he said, adding, "We'll see what happens." Meanwhile, Trump's Middle East envoy has said that the meeting could happen in the "next week or so". When asked if there was something that could make him "have the desire" to carry out fresh strikes on Iran, Trump coyly replied, "we're not going to have to do that. I can't imagine wanting to do that". However, it must be noted that he did not dismiss the possibility that the US could strike Iran in the future. "I can't imagine them wanting to do that. They want to meet...they want to work something out," he added, as reported by the Anadolu news agency. Will Trump lift Iran sanctions? When asked about US-imposed sanctions on Tehran, Trump said that Iran was "very different now" than it was two weeks ago – before the US carried out "Operation Midnight Hammer", striking Iranian nuclear sites. "I hope it's over. Yeah, I think Iran wants to meet. I think they want to make peace, and I'm all for it," he added. Referring to the US lifting Syrian sanctions, he said that the decision was taken at the request of many countries in the Middle East, adding that the US wanted "to give them (Syria) a chance". He then said, similarly, he would like to remove the tough "biting" sanctions the US has imposed on Iran, but "at the right time". "I would love to be able to, at the right time, take those sanctions off (Iran), give them a chance at rebuilding, because I'd like to see Iran build itself back up in a peaceful manner and not going around saying, 'Death to America,' 'Death to the USA,' 'Death to Israel,' as they were doing," he said.

When asked about the probability of the US carrying out another strike on Iran, Trump did not dismiss the possibility but said, "We're not going to have to do that".

Trump open to lifting Iran sanctions 'at the right time,' doesn't rule out future strikes

Oil prices fell for the third time in four sessions as traders assessed the impact of renewed US tariff threats and a decision by OPEC+ to restore more of its idled production capacity.<h2>Brent nears $69 as supply worries mount</h2>Global benchmark Brent crude slipped toward $69 a barrel on Tuesday, while West Texas Intermediate traded below $68. According to Bloomberg, the declines come as investors react to a wave of letters from US President Donald Trump threatening higher tariffs on key trading partners, while leaving the door open for negotiations ahead of a 1 August implementation date.Trump’s tariff move adds fresh uncertainty to the global demand outlook; compounding market worries about a potential economic slowdown and its impact on energy consumption.<h2>OPEC+ supply increase weighs on prices</h2>Oil markets had initially rebounded on Monday despite OPEC+ confirming at the weekend that it would increase production in August by restoring more of its idled capacity. Officials from the producer group cited strong summer demand as a reason for optimism that the market could absorb the extra barrels.As per Bloomberg, Saudi Arabia also announced it would raise the official selling price of its main crude grade for Asia, underscoring its confidence in regional demand despite broader market jitters.<h2>West Asia tensions simmer despite truce</h2>Market sentiment has been volatile in recent weeks due to geopolitical risks, particularly after the war between Israel and Iran. A fragile ceasefire remains in place, but tensions are simmering once more. According to Bloomberg, shipping in the Red Sea has come under renewed threat, with Iranian-backed Houthi forces claiming responsibility for attacks on vessels near Yemen. On Monday, a second ship was reportedly targeted in the same area, hours after an earlier attack.&nbsp;“These attacks raise supply-chain costs and insurance premiums for oil cargoes,” said Haris Khurshid, chief investment officer at Karobaar Capital LP, speaking to Bloomberg. “But unless there’s a major supply disruption, the impact stays mostly at the margins.”<h2>Global demand outlook under pressure</h2>Traders are also wary of the broader economic implications of Trump’s drawn-out trade war. With higher tariffs threatening to slow growth in key markets, energy demand forecasts face renewed downside risks.&nbsp;“Traders are watching Trump’s new tariff threats and global growth risks, which could soften demand,” Khurshid added. “Looking ahead, we should be paying attention to any new OPEC+ signals about extending or adjusting supply cuts.”<h2>Diesel market tightens despite crude glut fears</h2>Even as crude prices soften on fears of oversupply, signs of tightness are emerging in refined products. According to Bloomberg, US diesel inventories are at their lowest seasonal level since 1996, while European benchmark futures suggest a tighter market than during the peak of the Israel–Iran conflict. These mixed signals highlight the complexity of the current oil landscape, as traders weigh short-term geopolitical risks, OPEC+ production decisions, and the potentially chilling effect of an escalating trade dispute between the United States and its partners.&nbsp;As the 1 August tariff deadline approaches, oil markets will remain acutely sensitive to developments in Washington’s trade negotiations, Middle East security dynamics, and any fresh guidance from OPEC+ about its production strategy for the remainder of the year.

Oil prices fell as Trump renewed tariff threats and OPEC+ production increases stirred demand uncertainty and supply concerns, weighing on market sentiment.

Oil prices fell for the third time in four sessions as traders assessed the impact of renewed US tariff threats and a decision by OPEC+ to restore more of its idled production capacity. Brent nears $69 as supply worries mount Global benchmark Brent crude slipped toward $69 a barrel on Tuesday, while West Texas Intermediate traded below $68. According to Bloomberg, the declines come as investors react to a wave of letters from US President Donald Trump threatening higher tariffs on key trading partners, while leaving the door open for negotiations ahead of a 1 August implementation date. Trump’s tariff move adds fresh uncertainty to the global demand outlook; compounding market worries about a potential economic slowdown and its impact on energy consumption. OPEC+ supply increase weighs on prices Oil markets had initially rebounded on Monday despite OPEC+ confirming at the weekend that it would increase production in August by restoring more of its idled capacity. Officials from the producer group cited strong summer demand as a reason for optimism that the market could absorb the extra barrels. As per Bloomberg, Saudi Arabia also announced it would raise the official selling price of its main crude grade for Asia, underscoring its confidence in regional demand despite broader market jitters. West Asia tensions simmer despite truce Market sentiment has been volatile in recent weeks due to geopolitical risks, particularly after the war between Israel and Iran. A fragile ceasefire remains in place, but tensions are simmering once more. According to Bloomberg, shipping in the Red Sea has come under renewed threat, with Iranian-backed Houthi forces claiming responsibility for attacks on vessels near Yemen. On Monday, a second ship was reportedly targeted in the same area, hours after an earlier attack. “These attacks raise supply-chain costs and insurance premiums for oil cargoes,” said Haris Khurshid, chief investment officer at Karobaar Capital LP, speaking to Bloomberg. “But unless there’s a major supply disruption, the impact stays mostly at the margins.” Global demand outlook under pressure Traders are also wary of the broader economic implications of Trump’s drawn-out trade war. With higher tariffs threatening to slow growth in key markets, energy demand forecasts face renewed downside risks. “Traders are watching Trump’s new tariff threats and global growth risks, which could soften demand,” Khurshid added. “Looking ahead, we should be paying attention to any new OPEC+ signals about extending or adjusting supply cuts.” Diesel market tightens despite crude glut fears Even as crude prices soften on fears of oversupply, signs of tightness are emerging in refined products. According to Bloomberg, US diesel inventories are at their lowest seasonal level since 1996, while European benchmark futures suggest a tighter market than during the peak of the Israel–Iran conflict. These mixed signals highlight the complexity of the current oil landscape, as traders weigh short-term geopolitical risks, OPEC+ production decisions, and the potentially chilling effect of an escalating trade dispute between the United States and its partners. As the 1 August tariff deadline approaches, oil markets will remain acutely sensitive to developments in Washington’s trade negotiations, Middle East security dynamics, and any fresh guidance from OPEC+ about its production strategy for the remainder of the year.

Brent crude slipped toward $69 as traders react to looming US tariffs, OPEC+ output hikes, and fragile Middle East tensions—creating a complex mix of geopolitical risk, demand worries, and refined product tightness.

Oil prices fall as traders assess US tariff threats, OPEC+ supply boost

Japanese Prime Minister Shigeru Ishiba has pledged to continue negotiations with the United States to secure a mutually beneficial trade agreement, after President Donald Trump threatened to impose a 25 per cent tariff on Japanese goods starting 1 August.<h2>Trump’s tariff threat escalates trade tensions</h2>President Trump on Monday formally announced the new 25 per cent tariff on imports from Japan, sharing letters addressed to Prime Minister Ishiba and other leaders on his social media platform. As per Reuters, the letters informed major trade partners, from suppliers like Japan and South Korea to smaller players, of steep new US tariffs.&nbsp;While the tariffs are set to begin on 1 August, Trump suggested he was willing to consider delaying implementation if countries submitted acceptable proposals. According to Reuters, Trump told reporters the deadline was “firm, but not 100% firm,” leaving open the possibility of a negotiated settlement.<h2>Japan seeks balanced deal while avoiding higher tariffs</h2>Prime Minister Ishiba acknowledged that talks so far had helped Tokyo avoid even steeper tariff levels previously floated by Washington. As per Reuters, Trump had at one point signalled tariffs in the range of 30 to 35 per cent.&nbsp;Speaking at a cabinet meeting on Tuesday, Ishiba said: “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised.”Ishiba added that Japan would “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest.” He also directed cabinet ministers to prepare measures to mitigate the potential impact of tariffs on industries and jobs, as per Reuters.&nbsp;<h2>Trade talks complicated by automotive tariffs</h2>According to Reuters, Japan and the United States failed to reach a deal before the 9 July expiry of a temporary pause on reciprocal tariffs. Talks have been especially fraught over automobiles, which are central to Japan’s export-driven economy. Tokyo has prioritised eliminating the existing 25 per cent US tariff on cars, a demand Washington has resisted.&nbsp;Ishiba’s government is under pressure to avoid damaging concessions ahead of Japan’s upper house election on 20 July. As per Reuters, Ishiba has repeatedly insisted Japan will not make “easy concessions” just for the sake of a quick deal.<h2>Political risks for Ishiba’s government</h2>Analysts warn that the upcoming election complicates Tokyo’s negotiating position. Recent media polls cited by Reuters suggest Ishiba’s ruling coalition could struggle to maintain its majority in the upper chamber, potentially weakening the prime minister’s domestic standing and leverage in talks with Washington.<h2>Economic headwinds add urgency</h2>Japan’s economy faces wider challenges that make avoiding new tariffs all the more urgent. According to Bloomberg, the Japanese government this week delivered its bleakest assessment of the economy in nearly five years, citing weak consumption and manufacturing.&nbsp;Official data show Japan’s economy shrank in the first quarter, with real wages in May falling at their fastest pace in nearly two years. As per Reuters, the threat of US tariffs has also weighed on currency markets, driving the dollar to a two-week high of 146.24 yen and raising already rising import costs.<h2>Impact on exporters and wages</h2>Economists warn that even with the avoided worst-case scenario of 35 per cent tariffs, the planned 25 per cent duty would still be painful for Japan’s manufacturers. Kazuki Fujimoto, an analyst at Japan Research Institute, told Reuters: “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%.”&nbsp;Fujimoto added that weakening corporate profits could make it “hard to avoid companies from toning down on efforts to hike wages,” compounding risks to domestic demand.<h2>Hope for deal remains despite tough negotiations</h2>Despite the sharp rhetoric and the fast-approaching deadline, both sides continue to hold out hope for a deal. According to Reuters, Ishiba stressed Japan’s commitment to finding a “mutually beneficial” solution that preserves the country’s national interest while meeting US demands.&nbsp;As the 1 August deadline nears, the coming weeks will test Ishiba’s diplomatic skill and determine whether Japan can protect its vital industries without compromising its negotiating principles, while preserving a stable relationship with its most important security ally.

Facing 25% US tariffs and mounting political and economic pressure, Prime Minister Shigeru Ishiba vows to pursue a balanced trade deal with Washington, as auto sector tensions and upcoming elections complicate talks.

Japanese Prime Minister Shigeru Ishiba has pledged to continue negotiations with the United States to secure a mutually beneficial trade agreement, after President Donald Trump threatened to impose a 25 per cent tariff on Japanese goods starting 1 August. Trump’s tariff threat escalates trade tensions President Trump on Monday formally announced the new 25 per cent tariff on imports from Japan, sharing letters addressed to Prime Minister Ishiba and other leaders on his social media platform. As per Reuters, the letters informed major trade partners, from suppliers like Japan and South Korea to smaller players, of steep new US tariffs. While the tariffs are set to begin on 1 August, Trump suggested he was willing to consider delaying implementation if countries submitted acceptable proposals. According to Reuters, Trump told reporters the deadline was “firm, but not 100% firm,” leaving open the possibility of a negotiated settlement. Japan seeks balanced deal while avoiding higher tariffs Prime Minister Ishiba acknowledged that talks so far had helped Tokyo avoid even steeper tariff levels previously floated by Washington. As per Reuters, Trump had at one point signalled tariffs in the range of 30 to 35 per cent. Speaking at a cabinet meeting on Tuesday, Ishiba said: “We have received a proposal from the United States to swiftly proceed with negotiations towards the newly set August 1 deadline, and that depending on Japan’s response, the content of the letter could be revised.” Ishiba added that Japan would “actively seek the chance of an agreement that benefits both countries, while protecting Japan’s national interest.” He also directed cabinet ministers to prepare measures to mitigate the potential impact of tariffs on industries and jobs, as per Reuters. Trade talks complicated by automotive tariffs According to Reuters, Japan and the United States failed to reach a deal before the 9 July expiry of a temporary pause on reciprocal tariffs. Talks have been especially fraught over automobiles, which are central to Japan’s export-driven economy. Tokyo has prioritised eliminating the existing 25 per cent US tariff on cars, a demand Washington has resisted. Ishiba’s government is under pressure to avoid damaging concessions ahead of Japan’s upper house election on 20 July. As per Reuters, Ishiba has repeatedly insisted Japan will not make “easy concessions” just for the sake of a quick deal. Political risks for Ishiba’s government Analysts warn that the upcoming election complicates Tokyo’s negotiating position. Recent media polls cited by Reuters suggest Ishiba’s ruling coalition could struggle to maintain its majority in the upper chamber, potentially weakening the prime minister’s domestic standing and leverage in talks with Washington. Economic headwinds add urgency Japan’s economy faces wider challenges that make avoiding new tariffs all the more urgent. According to Bloomberg, the Japanese government this week delivered its bleakest assessment of the economy in nearly five years, citing weak consumption and manufacturing. Official data show Japan’s economy shrank in the first quarter, with real wages in May falling at their fastest pace in nearly two years. As per Reuters, the threat of US tariffs has also weighed on currency markets, driving the dollar to a two-week high of 146.24 yen and raising already rising import costs. Impact on exporters and wages Economists warn that even with the avoided worst-case scenario of 35 per cent tariffs, the planned 25 per cent duty would still be painful for Japan’s manufacturers. Kazuki Fujimoto, an analyst at Japan Research Institute, told Reuters: “While Japan likely averted the worst-case scenario, 25% tariffs would still hurt exporters’ profits by up to 25%.” Fujimoto added that weakening corporate profits could make it “hard to avoid companies from toning down on efforts to hike wages,” compounding risks to domestic demand. Hope for deal remains despite tough negotiations Despite the sharp rhetoric and the fast-approaching deadline, both sides continue to hold out hope for a deal. According to Reuters, Ishiba stressed Japan’s commitment to finding a “mutually beneficial” solution that preserves the country’s national interest while meeting US demands. As the 1 August deadline nears, the coming weeks will test Ishiba’s diplomatic skill and determine whether Japan can protect its vital industries without compromising its negotiating principles, while preserving a stable relationship with its most important security ally.

Japan is pushing to secure a trade deal with the US before Trump’s 1 August tariff deadline, aiming to shield its key industries while avoiding damaging concessions.

Japan vows to pursue US trade deal as Trump’s tariff deadline looms

South Korea says it will intensify negotiations with the United States in a last-ditch effort to avoid a threatened 25 per cent tariff, as President Donald Trump’s administration sets an August 1 deadline for the new duties.<h2>Trump threatens new tariffs from August 1</h2>President Trump announced on Monday that he would impose a 25 per cent tariff on South Korean goods from 1 August, posting formal letters to President Lee Jae Myung and Japan’s prime minister on his social media platform.&nbsp;In the letter to President Lee, Trump criticised what he called a lopsided trading relationship, urging Seoul to open “heretofore closed markets” and eliminate tariff and non-tariff barriers. According to South Korea’s Industry Ministry, the letter effectively grants a grace period before the new tariffs are enforced, as per Reuters.&nbsp;<h2>Seoul promises intensified negotiations</h2>In response, South Korea’s Industry Ministry said it would use the remaining time to secure a deal that could prevent the tariffs from taking effect. “We will step up negotiations during the remaining period to reach a mutually beneficial result to quickly resolve the uncertainties from tariffs,” the ministry said in an official statement, as quoted by Reuters.&nbsp;&nbsp;As per Reuters, South Korea also plans to use the window to address US concerns about its large trade surplus and overhaul domestic regulations. The ministry said it would pursue reforms through what it described as a “manufacturing renaissance partnership” with Washington.&nbsp;<h2>Record trade surplus draws US scrutiny</h2>As per Korea Customs Service data cited by Reuters, South Korea posted a record $55.6 billion trade surplus with the United States in 2024, up 25 per cent from the previous year. The imbalance has been driven largely by strong car exports, making South Korea a target for Trump’s renewed push on trade.&nbsp;Although the two countries have a free trade agreement, signed in 2007 and revised in 2018, economists note that South Korea’s effective tariff rates on US imports are near zero. However, Washington has continued to argue that non-tariff and regulatory barriers remain a major obstacle.<h2>High-level diplomacy after political upheaval</h2>President Lee Jae Myung, who took office on 4 June after a snap election, faces his first major foreign policy test with these negotiations. Lee has blamed his predecessor’s martial law declaration in December for weakening South Korea’s ability to respond quickly to Trump’s tariff demands.&nbsp;After initially sticking to technical-level discussions, Seoul has moved rapidly to high-level diplomacy. South Korea’s top trade envoy and National Security Advisor Wi Sung-lac have travelled to Washington in recent days for trade and defence talks.<h2>Hopes for a last-minute deal</h2>According to President Lee’s office, Wi met US Secretary of State Marco Rubio in Washington on Monday. The two agreed that a summit between Lee and Trump could help advance negotiations. Lee’s office cited Rubio as saying there was still time to reach a settlement before the deadline. “Tariff letters to major trading partners including South Korea were sent out today but there is still time until tariffs are implemented on August 1 so he hopes the two countries can communicate closely to reach an agreement before that,” Lee’s office said, as quoted by Reuters.&nbsp;&nbsp;Trump himself suggested the deadline was not entirely rigid. Asked if it was firm, he told reporters: “I would say firm, but not 100% firm. If they call up and they say we’d like to do something a different way, we’re going to be open to that.”<h2>Uncertainty for exporters</h2>The Industry Ministry acknowledged in its statement that the new administration did not have enough time after Lee’s inauguration to settle all outstanding issues with Washington, despite what it called “intense negotiations”.&nbsp;As the 1 August deadline looms, the threat of new tariffs casts a shadow over one of Asia’s most critical trade relationships with the United States. For South Korea, securing an exemption could not only protect exporters from fresh costs but also prove that President Lee’s new government can restore stability to a vital alliance after months of domestic political turmoil.

Facing a record trade surplus and rising US pressure, South Korea new government intensifies talks with Washington to prevent steep tariffs, with hopes pinned on high-level diplomacy and a potential Lee-Trump summit.

South Korea says it will intensify negotiations with the United States in a last-ditch effort to avoid a threatened 25 per cent tariff, as President Donald Trump’s administration sets an August 1 deadline for the new duties. Trump threatens new tariffs from August 1 President Trump announced on Monday that he would impose a 25 per cent tariff on South Korean goods from 1 August, posting formal letters to President Lee Jae Myung and Japan’s prime minister on his social media platform. In the letter to President Lee, Trump criticised what he called a lopsided trading relationship, urging Seoul to open “heretofore closed markets” and eliminate tariff and non-tariff barriers. According to South Korea’s Industry Ministry, the letter effectively grants a grace period before the new tariffs are enforced, as per Reuters. Seoul promises intensified negotiations In response, South Korea’s Industry Ministry said it would use the remaining time to secure a deal that could prevent the tariffs from taking effect. “We will step up negotiations during the remaining period to reach a mutually beneficial result to quickly resolve the uncertainties from tariffs,” the ministry said in an official statement, as quoted by Reuters. As per Reuters, South Korea also plans to use the window to address US concerns about its large trade surplus and overhaul domestic regulations. The ministry said it would pursue reforms through what it described as a “manufacturing renaissance partnership” with Washington. Record trade surplus draws US scrutiny As per Korea Customs Service data cited by Reuters, South Korea posted a record $55.6 billion trade surplus with the United States in 2024, up 25 per cent from the previous year. The imbalance has been driven largely by strong car exports, making South Korea a target for Trump’s renewed push on trade. Although the two countries have a free trade agreement, signed in 2007 and revised in 2018, economists note that South Korea’s effective tariff rates on US imports are near zero. However, Washington has continued to argue that non-tariff and regulatory barriers remain a major obstacle. High-level diplomacy after political upheaval President Lee Jae Myung, who took office on 4 June after a snap election, faces his first major foreign policy test with these negotiations. Lee has blamed his predecessor’s martial law declaration in December for weakening South Korea’s ability to respond quickly to Trump’s tariff demands. After initially sticking to technical-level discussions, Seoul has moved rapidly to high-level diplomacy. South Korea’s top trade envoy and National Security Advisor Wi Sung-lac have travelled to Washington in recent days for trade and defence talks. Hopes for a last-minute deal According to President Lee’s office, Wi met US Secretary of State Marco Rubio in Washington on Monday. The two agreed that a summit between Lee and Trump could help advance negotiations. Lee’s office cited Rubio as saying there was still time to reach a settlement before the deadline. “Tariff letters to major trading partners including South Korea were sent out today but there is still time until tariffs are implemented on August 1 so he hopes the two countries can communicate closely to reach an agreement before that,” Lee’s office said, as quoted by Reuters. Trump himself suggested the deadline was not entirely rigid. Asked if it was firm, he told reporters: “I would say firm, but not 100% firm. If they call up and they say we’d like to do something a different way, we’re going to be open to that.” Uncertainty for exporters The Industry Ministry acknowledged in its statement that the new administration did not have enough time after Lee’s inauguration to settle all outstanding issues with Washington, despite what it called “intense negotiations”. As the 1 August deadline looms, the threat of new tariffs casts a shadow over one of Asia’s most critical trade relationships with the United States. For South Korea, securing an exemption could not only protect exporters from fresh costs but also prove that President Lee’s new government can restore stability to a vital alliance after months of domestic political turmoil.

South Korea is racing to negotiate a last-minute trade deal with the US to avoid Trump’s threatened 25% tariffs set to take effect on August 1.

South Korea races to secure US tariff deal before August 1 deadline

US President Donald Trump on Monday (July 7) announced fresh tariffs on 14 countries, including South Korea and Japan. The POTUS shared signed tariff letters for these countries on his Truth Social platform. In the fresh round of tariffs, the highest rate of 40 per cent has been imposed on Myanmar and the Lao People’s Democratic Republic. Japan and South Korea were the first countries named in the list with 25 per cent tariff each. In each of these letters, Trump warned of retaliatory measures if the concerned country increases its tariff against the US. These tariffs would come into effect from August 1 this year.&nbsp;"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by will be added onto the tariffs that we charge," wrote Trump. “The deficit is a major threat to our economy and indeed our national security,” the US President added. The fresh list of tariffs comes two months after the US President announced 'Liberation Day tariffs' on US trade partners, claiming that unfair trade practices have been taking place and the US has been at the receiving end of it. He later paused the tariffs for 90 days, giving a window to nations to negotiate. In this 90-day period, he has hinted several times that the US and India are on the verge of signing the trade deal and has also announced a deal with China.<h2>Countries on which Donald Trump imposed tariffs</h2><ul><li>Japan: 25% &nbsp;</li><li>South Korea: 25%&nbsp;</li><li>Lao People's Democratic Republic: 40% &nbsp;</li><li>Myanmar: 40%&nbsp;</li><li>Cambodia: 36%&nbsp;</li><li>Thailand: 36%&nbsp;</li><li>Bangladesh: 35%</li><li>Republic of Serbia: 35%&nbsp;</li><li>Indonesia: 32% &nbsp;</li><li>Bosnia and Herzegovina: 30%</li><li>South Africa: 30%&nbsp;</li><li>Kazakhstan: 25%&nbsp;</li><li>Malaysia: 25%&nbsp;</li><li>Republic of Tunisia: 25%</li></ul><h2>How can countries skip the tariffs?</h2>Even as the POTUS imposed fresh tariffs, he added he would remain open to discussions and negotiations. “I would say firm, but not 100% firm. If they call up and they say we'd like to do something a different way, we're going to be open to that,” Trump answered when asked if the deadline for the tariffs was firm. Trump's press secretary Karoline Leavitt was also asked why the President chose Japan and South Korea as first targets. Leavitt responded, “It was the president’s prerogative. Those are the countries he chose.”&nbsp;

Donald Trump's tariff war is back: In the first list of countries, he has imposed tariffs on 14 countries, including Japan, South Korea. The highest rate of 40 per cent has been imposed on Myanmar and the Lao People’s Democratic Republic.

US President Donald Trump on Monday (July 7) announced fresh tariffs on 14 countries, including South Korea and Japan. The POTUS shared signed tariff letters for these countries on his Truth Social platform. In the fresh round of tariffs, the highest rate of 40 per cent has been imposed on Myanmar and the Lao People’s Democratic Republic. Japan and South Korea were the first countries named in the list with 25 per cent tariff each. In each of these letters, Trump warned of retaliatory measures if the concerned country increases its tariff against the US. These tariffs would come into effect from August 1 this year. "If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by will be added onto the tariffs that we charge," wrote Trump. “The deficit is a major threat to our economy and indeed our national security,” the US President added. The fresh list of tariffs comes two months after the US President announced 'Liberation Day tariffs' on US trade partners, claiming that unfair trade practices have been taking place and the US has been at the receiving end of it. He later paused the tariffs for 90 days, giving a window to nations to negotiate. In this 90-day period, he has hinted several times that the US and India are on the verge of signing the trade deal and has also announced a deal with China. Countries on which Donald Trump imposed tariffs Japan: 25% South Korea: 25% Lao People's Democratic Republic: 40% Myanmar: 40% Cambodia: 36% Thailand: 36% Bangladesh: 35% Republic of Serbia: 35% Indonesia: 32% Bosnia and Herzegovina: 30% South Africa: 30% Kazakhstan: 25% Malaysia: 25% Republic of Tunisia: 25% How can countries skip the tariffs? Even as the POTUS imposed fresh tariffs, he added he would remain open to discussions and negotiations. “I would say firm, but not 100% firm. If they call up and they say we'd like to do something a different way, we're going to be open to that,” Trump answered when asked if the deadline for the tariffs was firm. Trump's press secretary Karoline Leavitt was also asked why the President chose Japan and South Korea as first targets. Leavitt responded, “It was the president’s prerogative. Those are the countries he chose.”

Donald Trump's tariff war is back: In the first list of countries, he has imposed tariffs on 14 countries, including Japan, South Korea. The highest rate of 40 per cent has been imposed on Myanmar and the Lao People’s Democratic Republic.

Trump slaps fresh tariffs on THESE nations as TARIFF WAR begins again - here's how countries can SKIP it

Capgemini, a French business and technology transformation player, and WNS, a business transformation and services firm, announced on Monday (July 7, 2025) that they have entered into a definitive transaction agreement under which Capgemini will acquire WNS for a total cash consideration of $3.3 billion. French IT services giant Capgemini announced the acquisition of business transformation services firm WNS for $3.3 billion, excluding debt, on Monday, in a move that will expand the company’s generative AI and agentic AI capabilities. Capgemini said the two entered a definitive transaction agreement, wherein London-based WNS will be acquired for a cash consideration of $76.50 a share, a premium of 17 per cent to the last closing share price. “Capgemini’s acquisition of WNS will provide the group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” chief executive officer Aiman Ezzat said.&nbsp;“Together we will create a leader in Intelligent Operations, uniquely positioned to support organisations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise,” Ezzat added.This will address the client needs for agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes.&nbsp;<h2>Transaction to help seize Intelligent Operations strategic market opportunity</h2>&nbsp;Capgemini said the transaction would immediately unlock cross-selling opportunities. It would also lay the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity.“With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys,” it added.&nbsp;WNS CEO Keshav R Murugesh said, “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention.”“As a recognised leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organisations that have already digitised are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” the WNS CEO added. The portfolio of WNS includes blue-chip clients like United Airlines, Aviva, M&amp;T Bank, Centrica, and McCain Foods.&nbsp;A media statement from Capgemini said the total cash consideration would amount to $3.3 billion, excluding WNS’s net financial debt. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors and is expected to close by the end of the year.&nbsp;

A media statement from Capgemini said the total cash consideration would amount to $3.3 billion, excluding WNS’s net financial debt. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors and is expected to close by the end of the year.

Capgemini, a French business and technology transformation player, and WNS, a business transformation and services firm, announced on Monday (July 7, 2025) that they have entered into a definitive transaction agreement under which Capgemini will acquire WNS for a total cash consideration of $3.3 billion. French IT services giant Capgemini announced the acquisition of business transformation services firm WNS for $3.3 billion, excluding debt, on Monday, in a move that will expand the company’s generative AI and agentic AI capabilities. Capgemini said the two entered a definitive transaction agreement, wherein London-based WNS will be acquired for a cash consideration of $76.50 a share, a premium of 17 per cent to the last closing share price. “Capgemini’s acquisition of WNS will provide the group with the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift from traditional BPS to Agentic AI-powered Intelligent Operations,” chief executive officer Aiman Ezzat said. “Together we will create a leader in Intelligent Operations, uniquely positioned to support organisations in their AI-powered business process transformation, blending the critical capabilities needed from consulting, technology and platforms to deep process and industry expertise,” Ezzat added. This will address the client needs for agentic AI-driven process transformation to deliver efficiency and agility through hyper-automation while achieving superior business outcomes. Transaction to help seize Intelligent Operations strategic market opportunity Capgemini said the transaction would immediately unlock cross-selling opportunities. It would also lay the foundations to build the capabilities to seize the Intelligent Operations strategic market opportunity. “With combined revenues of €1.9 billion in 2024 in Digital BPS, this will strengthen Capgemini’s ability to accompany clients on their business and technology transformation journeys,” it added. WNS CEO Keshav R Murugesh said, “By combining our deep domain and process expertise with Capgemini’s global reach, cutting-edge Gen AI and Agentic AI capabilities, a robust partner ecosystem, and advanced technology platforms, we are creating a powerful proposition that accelerates enterprise reinvention.” “As a recognised leader in the Digital Business Process Services space, we see the next wave of transformation being driven by intelligent, domain-centric operations that unlock strategic value for our clients. Organisations that have already digitised are now seeking to reimagine their operating models by embedding AI at the core—shifting from automation to autonomy,” the WNS CEO added. The portfolio of WNS includes blue-chip clients like United Airlines, Aviva, M&T Bank, Centrica, and McCain Foods. A media statement from Capgemini said the total cash consideration would amount to $3.3 billion, excluding WNS’s net financial debt. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors and is expected to close by the end of the year.

A media statement from Capgemini said the total cash consideration would amount to $3.3 billion, excluding WNS’s net financial debt. The transaction has been unanimously approved by both Capgemini’s and WNS’ Boards of Directors and is expected to close by the end of the year.

Capgemini acquires WNS for $3.3 billion with focus on AI growth

China’s central bank continued to bolster its gold reserves in June, extending a buying streak that underscores Beijing’s strategy to reduce reliance on the US dollar and strengthen its financial resilience. According to Bloomberg, the People’s Bank of China (PBOC) added 70,000 troy ounces of gold to its official reserves last month. This marks the eighth consecutive monthly increase, bringing total purchases since November to about 1.1 million troy ounces, or roughly 34.2 metric tons.<h2>Building reserves as prices hover near record highs</h2>The sustained buying comes as global gold prices have traded near historic highs. Year to date, gold has risen more than 25 per cent, supported by robust central bank demand, safe-haven flows linked to geopolitical tensions in the Middle East, and uncertainty surrounding US trade and economic policy.&nbsp;While June saw gold prices stabilise after earlier gains, analysts suggest ongoing purchases by official institutions, including the PBOC are likely to provide a floor for prices in the months ahead, as per Bloomberg.<h2>Diversifying away from the dollar</h2>China’s appetite for gold reflects a long-running effort to diversify its foreign exchange reserves away from dollar-denominated assets. According to Bloomberg, the PBOC had paused gold buying for six months before resuming acquisitions in November, ending what had been an 18-month buying spree that started in 2024.&nbsp;This renewed push highlights Beijing’s concern over the sustainability of US fiscal policy and the perceived long-term weakening of the dollar.<h2>Part of a global central bank trend</h2>China is not alone in boosting gold holdings. Central banks worldwide have been buying bullion at elevated levels, viewing it as a hedge against currency volatility, inflation, and geopolitical risk.&nbsp;Bloomberg notes that these official-sector purchases have been a key driver of gold’s rally this year, even as other factors such as investor demand and safe-haven buying also play a role.<h2>Outlook remains firm despite price consolidation</h2>Though gold prices showed signs of levelling off in June, many analysts expect steady central bank demand, including from China to continue supporting the market.&nbsp;Persistent worries about the global economic outlook, tensions in the Middle East, and trade frictions driven by US President Donald Trump’s policy stance are all contributing to a cautious environment where gold remains an attractive reserve asset.&nbsp;(With inputs from the agencies) &nbsp;

The People’s Bank of China added 70,000 ounces of gold in June, part of a broader move by global central banks to reduce dollar reliance and safeguard against inflation, geopolitical shocks, and trade tensions.

China’s central bank continued to bolster its gold reserves in June, extending a buying streak that underscores Beijing’s strategy to reduce reliance on the US dollar and strengthen its financial resilience. According to Bloomberg, the People’s Bank of China (PBOC) added 70,000 troy ounces of gold to its official reserves last month. This marks the eighth consecutive monthly increase, bringing total purchases since November to about 1.1 million troy ounces, or roughly 34.2 metric tons. Building reserves as prices hover near record highs The sustained buying comes as global gold prices have traded near historic highs. Year to date, gold has risen more than 25 per cent, supported by robust central bank demand, safe-haven flows linked to geopolitical tensions in the Middle East, and uncertainty surrounding US trade and economic policy. While June saw gold prices stabilise after earlier gains, analysts suggest ongoing purchases by official institutions, including the PBOC are likely to provide a floor for prices in the months ahead, as per Bloomberg. Diversifying away from the dollar China’s appetite for gold reflects a long-running effort to diversify its foreign exchange reserves away from dollar-denominated assets. According to Bloomberg, the PBOC had paused gold buying for six months before resuming acquisitions in November, ending what had been an 18-month buying spree that started in 2024. This renewed push highlights Beijing’s concern over the sustainability of US fiscal policy and the perceived long-term weakening of the dollar. Part of a global central bank trend China is not alone in boosting gold holdings. Central banks worldwide have been buying bullion at elevated levels, viewing it as a hedge against currency volatility, inflation, and geopolitical risk. Bloomberg notes that these official-sector purchases have been a key driver of gold’s rally this year, even as other factors such as investor demand and safe-haven buying also play a role. Outlook remains firm despite price consolidation Though gold prices showed signs of levelling off in June, many analysts expect steady central bank demand, including from China to continue supporting the market. Persistent worries about the global economic outlook, tensions in the Middle East, and trade frictions driven by US President Donald Trump’s policy stance are all contributing to a cautious environment where gold remains an attractive reserve asset. (With inputs from the agencies)

China extended its gold buying streak in June, reinforcing its strategy to diversify reserves and hedge against dollar risks amid global uncertainty.

China’s central bank extends gold-buying spree for eighth straight month

Once plagued by smuggling and unregulated mining, China’s rare earth industry is now a tightly controlled strategic sector and a key lever in Beijing’s global trade diplomacy. Over the past 15 years, China has turned what was once a chaotic network of miners and exporters into a state-dominated supply chain, responsible for 90 per cent of global processing capacity.&nbsp;As per Reuters, the shift has not only curbed environmental damage but also allowed China to weaponise supply chains, most recently during export restrictions in April 2025, which left global automakers scrambling within weeks.<h2>From fragmentation to state-led consolidation</h2>In the early 2000s, China’s rare earth sector resembled the wild west. Hundreds of small-scale miners and processors operated across the country with little oversight. Much of the output bypassed official channels and was smuggled abroad, undermining Beijing’s attempts to regulate exports.&nbsp;According to Reuters, by 2013 just 10 companies controlled most of China’s rare earth mining. Today, that number is down to two powerful, state-owned giants: China Rare Earth Group and China Northern Rare Earth Group High-Tech. This consolidation has given Beijing tighter control over output while addressing rampant illegal mining that had caused significant environmental degradation, as noted by Boise State University’s David Abraham.<h2>Quotas tighten as Beijing slows supply growth</h2>Alongside industry consolidation, China has steadily strengthened its quota regime, capping how much rare earth material can be mined, smelted, and processed each year. These quotas, first introduced in 2006, now serve as a key indicator of global supply expectations. In 2024, only the two state-owned producers received quotas, compared to six companies the previous year.&nbsp;&nbsp;Mining output growth was sharply slowed to just 5.9 per cent in 2024, down from 21.4 per cent in 2023. Reuters reports that quotas this year are expected to either remain flat or rise only marginally, further constraining global access to key materials used in electric vehicles, wind turbines and advanced electronics.<h2>Cracking down on smuggling and magnet tech exports</h2>In 2014, it was estimated that around 40,000 metric tonnes of rare earth oxides were smuggled out of China, more than half the volume of the country’s legal exports. Beijing has since moved aggressively to shut down illegal trade routes and introduce supply chain transparency. Although magnet manufacturing remains more fragmented, with companies like JL Mag Rare-Earth and Ningbo Yunsheng still operating independently, Beijing has now introduced mandatory tracking for rare earth magnet production.&nbsp;&nbsp;As of June 2025, companies must report customer information and transaction volumes, in a bid to oversee end-user access. Moreover, China has long banned the export of rare earth processing technology. That restriction was expanded in late 2023 to cover advanced technologies used in rare earth magnet production, a move that limits other nations’ ability to replicate the full value chain.<h2>A strategic tool in trade disputes</h2>Beijing’s rare earth policy has evolved from reactive to proactive. In 2010, when China cut exports to Japan during a diplomatic spat, smuggling undercut its impact. But in 2025, a similar restriction triggered visible shortages within two months.&nbsp;With China now commanding both the upstream and downstream sides of the rare earth sector, the country holds substantial sway over industries critical to the energy transition and high-tech manufacturing. As per Reuters, this transformation has turned rare earths into a potent geopolitical tool, one that the rest of the world may find increasingly difficult to decouple from. &nbsp;

By transforming a once chaotic rare earth sector into a state controlled powerhouse, China now wields strategic control over materials vital to EVs, wind turbines, and electronics, intensifying global dependence amid rising trade tensions.

Once plagued by smuggling and unregulated mining, China’s rare earth industry is now a tightly controlled strategic sector and a key lever in Beijing’s global trade diplomacy. Over the past 15 years, China has turned what was once a chaotic network of miners and exporters into a state-dominated supply chain, responsible for 90 per cent of global processing capacity. As per Reuters, the shift has not only curbed environmental damage but also allowed China to weaponise supply chains, most recently during export restrictions in April 2025, which left global automakers scrambling within weeks. From fragmentation to state-led consolidation In the early 2000s, China’s rare earth sector resembled the wild west. Hundreds of small-scale miners and processors operated across the country with little oversight. Much of the output bypassed official channels and was smuggled abroad, undermining Beijing’s attempts to regulate exports. According to Reuters, by 2013 just 10 companies controlled most of China’s rare earth mining. Today, that number is down to two powerful, state-owned giants: China Rare Earth Group and China Northern Rare Earth Group High-Tech. This consolidation has given Beijing tighter control over output while addressing rampant illegal mining that had caused significant environmental degradation, as noted by Boise State University’s David Abraham. Quotas tighten as Beijing slows supply growth Alongside industry consolidation, China has steadily strengthened its quota regime, capping how much rare earth material can be mined, smelted, and processed each year. These quotas, first introduced in 2006, now serve as a key indicator of global supply expectations. In 2024, only the two state-owned producers received quotas, compared to six companies the previous year. Mining output growth was sharply slowed to just 5.9 per cent in 2024, down from 21.4 per cent in 2023. Reuters reports that quotas this year are expected to either remain flat or rise only marginally, further constraining global access to key materials used in electric vehicles, wind turbines and advanced electronics. Cracking down on smuggling and magnet tech exports In 2014, it was estimated that around 40,000 metric tonnes of rare earth oxides were smuggled out of China, more than half the volume of the country’s legal exports. Beijing has since moved aggressively to shut down illegal trade routes and introduce supply chain transparency. Although magnet manufacturing remains more fragmented, with companies like JL Mag Rare-Earth and Ningbo Yunsheng still operating independently, Beijing has now introduced mandatory tracking for rare earth magnet production. As of June 2025, companies must report customer information and transaction volumes, in a bid to oversee end-user access. Moreover, China has long banned the export of rare earth processing technology. That restriction was expanded in late 2023 to cover advanced technologies used in rare earth magnet production, a move that limits other nations’ ability to replicate the full value chain. A strategic tool in trade disputes Beijing’s rare earth policy has evolved from reactive to proactive. In 2010, when China cut exports to Japan during a diplomatic spat, smuggling undercut its impact. But in 2025, a similar restriction triggered visible shortages within two months. With China now commanding both the upstream and downstream sides of the rare earth sector, the country holds substantial sway over industries critical to the energy transition and high-tech manufacturing. As per Reuters, this transformation has turned rare earths into a potent geopolitical tool, one that the rest of the world may find increasingly difficult to decouple from.

China’s crackdown on illegal mining and consolidation of its rare earth industry has tightened global supply and heightened its influence over critical green technologies.

How China turned rare earths into a powerful geopolitical tool