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Stock markets rose on Wednesday after Japan and the United States hammered out a trade deal to slash Donald Trump’s tariffs, including those on the crucial car sector.Investors were also cheered by news that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that other countries will also follow suit before Trump’s August 1 deadline.”News of a trade agreement between the US and Japan is fostering optimism among investors that further deals might be reached before punishing tariffs come into force,” said AJ Bell investment director Russ Mould.London’s FTSE 100 was up 0.5 percent, after hitting another record high at the open.Paris piled on one percent and Frankfurt also advanced, tracking gains in Asia.Tokyo surged over three percent after the US president announced a deal lowering tariffs on some Japanese goods to 15 percent, down from the threatened 25 percent.The deal will also reduce tolls on autos — a sector accounting for eight percent of Japanese jobs — to 15 percent, compared, with 25 percent for other countries.In return, Japan pledged to invest $550 billion in the United States, Trump said on social media.Shares in carmaker Toyota rocketed higher by more than 14 percent, Mitsubishi 13 percent and Nissan eight percent. European carmakers also rallied, with Porsche rising over seven percent, while Volkswagen and BMW were up around six percent in Frankfurt.In Paris, Stellantis topped the gainers on the CAC 40, advancing close to seven percent.The deal is providing optimism that other countries can “seal good deals if they pledge investment into the US,” said Kathleen Brooks, research director at trading group XTB.Trump also hailed an agreement with Manila to lower levies on Philippine goods by one percentage point to 19 percent, while tariffs on Indonesia were slashed from 32 percent to 19 percent.Shares in Manila and Jakarta rallied.The announcements boosted hopes of other deals before next Friday’s deadline, though talks with the European Union and South Korea remain elusive.The EU’s top trade negotiator will speak to US Commerce Secretary Howard Lutnick later on Wednesday.US Treasury Secretary Scott Bessent will meet his Chinese counterparts in Stockholm next week, as a separate mid-August deadline approaches for levies on Chinese goods to snap back to steeper levels.Japan’s 10-year government bond yield soared to the highest since 2008 after media speculation that Prime Minister Shigeru Ishiba would resign after a weekend election debacle, which he denied.Elsewhere in Asia, Hong Kong hit its highest level since late 2021, while Shanghai was flat.The advances came after a broadly positive day on Wall Street where the S&P 500 hit another peak but the Nasdaq snapped a six-day streak of records.Eyes are also on the release of earnings from Google parent Alphabet and tech giants including Tesla and Intel.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.5 percent at 9,065.57 pointsParis – CAC 40: UP 1.0 percent at 7,823.93 Frankfurt – DAX: UP 0.5 percent at 24,158.28Tokyo – Nikkei 225: UP 3.5 percent at 41,171.32 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 25,538.07 (close)Shanghai – Composite: FLAT at 3,582.30 (close)New York – Dow: UP 0.4 percent at 44,502.44 (close)Dollar/yen: DOWN at 146.37 yen from 146.66 yen on TuesdayEuro/dollar: DOWN at $1.1726 from $1.1755Pound/dollar: UP at $1.3534 from $1.3532Euro/pound: DOWN at 86.63 pence from 86.84 penceWest Texas Intermediate: DOWN 0.6 percent at $64.91 per barrelBrent North Sea Crude: DOWN 0.6 percent at $68.16 per barrel

In the Japanese city of Seki, famed for its razor-sharp artisan knives, news that incoming US tariffs will be lowered is welcome but not entirely unexpected.Around 40 percent of kitchen blades produced in Seki, where knifemaking expertise dates back 700 years, are exported to the United States, local authorities say.The two countries announced Wednesday they had cut a deal to lower the 25-percent tariffs on Japanese goods threatened by US President Donald Trump — starting on August 1 — to 15 percent.”Lower tariffs are better” but “I’m not that surprised” at the trade deal, said Katsumi Sumikama, head of Sumikama Cutlery in Seki.”I don’t know what truly happened, but I feel like maybe Trump thought tariffs up to 15 percent were acceptable, and boldly proposed a higher tariff rate at first,” Sumikama told AFP.”Then as the negotiations took shape, he tried to create a good impression in the public eye by lowering it from 25 percent. That kind of strategy would be so Trump-like.”The US leader, who hailed the Japan deal as “massive”, has vowed to hit dozens of countries with punitive tariffs if they do not hammer out a pact with Washington by the end of July.Japan is one of five nations to have signed an agreement — along with Britain, Vietnam, Indonesia and the Philippines — after Trump said in April he would strike “90 deals in 90 days”.Headlines have focused on the impact of US tariffs on the likes of Toyota and others in Japan’s huge auto industry, as well as trade in steel, rice and other key goods.But Japanese knives have in recent years become a luxury must-have in kitchens worldwide including the United States, partly fuelled by a pandemic-era home cooking boom.- ‘Weathered the storm’ -Blademaking in Seki dates back to the 14th century, when the city in the mountains of Gifu region became a major producer of swords thanks to its rich natural environment.Today its knives are prized for their precision, sleek finish and long lifespan, with record tourism to Japan also boosting sales for companies like Sumikama Cutlery.Exports to North America, including Canada, account for just five percent of the firm’s sales on a value basis. The company exports more knives to Europe and other Asian countries.CEO Sumikama, who is in his 60s, said he did not plan price hikes for the US market, even before the tariffs were reduced.Seki’s industry has “weathered the storm” through the decades, including during exchange rate fluctuations — with one dollar worth 80 yen or more than 300 yen at times, he told AFP.On the US side, clients have also survived tumultuous events such as the 2008 financial crisis, meaning they are “not worried at all” about tariffs, he added.If Trump is “trying to make America strong by deliberately raising tariffs” he should know that “problems cannot be solved by such simple means”, Sumikama said, adding that “American people will have to bear the burden of higher costs”.Sumikama Cutlery, which has about 30 workers, uses machines that guarantee accuracy to one-thousandth of a millimetre to make the knives, then artisans finish the job by hand.Japanese knives make food taste better, “have unique ‘wabi-sabi’ aesthetics” — meaning beauty in imperfection — “and when it comes to sharpness, they’re second to none”, Sumikama said.”Different countries have different strengths and weaknesses… even if President Trump tells people to make (Japanese-style) knives, they cannot.”

Tokyo stocks surged Wednesday after Japan and the United States finally hammered out a trade deal to slash Donald Trump’s tariffs, including those on the crucial car sector.Investors were also cheered by news that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that other countries will also follow suit.Despite a lack of deals ahead of Trump’s August 1 deadline, equity markets have been on the march in recent weeks on optimism that governments will eventually get over the line.Investor sentiment in Tokyo had been subdued as Japanese trade envoy Ryosei Akazawa travelled seven times to Washington since April in a bid to persuade Trump to scrap the levies.But the US president announced Tuesday a “massive” deal lowering tariffs on some Japanese goods to 15 percent, down from the threatened 25 percent.Tokyo also cut a deal to reduce tolls on its autos — a sector accounting for eight percent of Japanese jobs — to 15 percent, compared, with 25 percent for other countries.”Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits,” Trump said on social media.He did not provide details on the investment plan, but claimed the deal “will create Hundreds of Thousands of Jobs.”With car shipments deal in the bag, Japanese Prime Minister Shigeru Ishiba said: “We are the first (country) in the world to reduce tariffs on automobiles and auto parts, with no limits on volume.”Akazawa wrote on social media: “Mission accomplished.”However, he later said the 50 percent levies on steel and aluminium were not part of the deal.Traders poured back into the market, pushing the Nikkei up more than three percent to a one-year high thanks to soaring automakers.Toyota rocketed more than 14 percent, Mitsubishi 13 percent and Nissan jumped more than eight percent.”With the reciprocal tariff rate at 15 percent, our base case view that tariffs should have a limited direct impact for most industries in Japan is unchanged,” said Lorraine Tan Morningstar’s director of equity research in Asia.”The key risk remains the indirect impact of slower global demand given ongoing tariff uncertainty.”- ‘Win not clear-cut’ -The yen strengthened to 146.20 per dollar — compared with close to 148 Tuesday but it lost some weight after a top Bank of Japan official indicated it was not in any rush to hike interest rates.However, analysts were cautious over the agreement.Stefan Angrick at Moody’s Analytics warned the deal “is unlikely to be the final chapter in a saga that has bruised Japan’s economy”.”Japan’s apparent ‘win’ is not that clear-cut; the country faced US tariffs in the low single digits before April and a 10 percent tariff since mid-April. It’s unclear when the new tariff rate will take effect,” he said.”It’s too early to assess the economic ramifications based on the superficial information available at the moment; the most that can be said at this point is that the 15 percent tariff is worse than what Japan had but better than what was threatened.”Trump also hailed an agreement with Manila to lower the toll on Philippine goods by one percentage point to 19 percent, while tariffs on Indonesia were slashed from 32 percent to 19 percent.Shares in Manila and Jakarta rallied.The announcements boosted hopes of other deals before next Friday’s deadline, though talks with the European Union and South Korea remain elusive.Still, US Treasury Secretary Scott Bessent said he would meet his Chinese counterparts in Stockholm next week, as a separate mid-August deadline approaches for US levies on China to return to steeper levels.Elsewhere in Asia, Hong Kong hit its highest level since late 2021, while Sydney, Singapore and Taipei, Seoul, Mumbai and Bangkok all enjoyed healthy buying interest. Shanghai was flat.London started the day in the green with Paris and Frankfurt.The advances came after a broadly positive day on Wall Street where the S&P 500 hit another peak but the Nasdaq snapped a six-day streak of records.Eyes are also on the release of earnings from Google parent Alphabet and tech giants including Tesla and Intel.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 3.5 percent at 41,171.32 (close)Hong Kong – Hang Seng Index: UP 1.6 percent at 25,538.07 (close)Shanghai – Composite: FLAT at 3,582.30 (close)London – FTSE 100: UP 0.4 percent at 9,059.96Dollar/yen: UP at 146.79 yen from 146.66 yen TuesdayEuro/dollar: DOWN at $1.1734 from $1.1755Pound/dollar: UP at $1.3539 from $1.3532Euro/pound: DOWN at 86.67 pence from 86.84 penceWest Texas Intermediate: UP 0.1 percent at $65.35 per barrelBrent North Sea Crude: UP 0.1 percent at $68.65 per barrelNew York – Dow: UP 0.4 percent at 44,502.44 (close)

Donald Trump announced Tuesday a “massive” trade deal with Japan, as a deadline looms for other major US trade partners to strike agreements before the end of the month.In an attempt to slash his country’s colossal trade deficit, the US president has vowed to hit dozens of countries with punitive “reciprocal” tariffs if they do not hammer out a pact with Washington by August 1.The Japan agreement, along with another pact with the Philippines also announced on Tuesday, means Trump has now secured five agreements since his administration promised in April “90 deals in 90 days.”The others were with Britain, Vietnam and Indonesia, which the White House said Tuesday would ease critical mineral export restrictions.”We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump wrote on his Truth Social platform. He said that under the deal, “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits”.He did not provide further details on the unusual investment plan, but said it “will create Hundreds of Thousands of Jobs”.Japanese exports to the United States were already subject to a 10 percent tariff, which would have risen to 25 percent on August 1 without a deal.Duties of 25 percent on Japanese autos — an industry accounting for eight percent of Japanese jobs — were also already in place, plus 50 percent on steel and aluminium.Japanese Prime Minister Shigeru Ishiba said that the autos levy had now been cut to 15 percent, sending Japanese car stocks soaring, with Toyota and Mitsubishi up around 14 percent each. The Nikkei rose 3.5 percent.”We are the first (country) in the world to reduce tariffs on automobiles and auto parts, with no limits on volume,” he told reporters.”By protecting what needs to be protected, we continued the negotiations with an aim to reach an agreement that meets the national interest of both Japan and the United States,” Ishiba added.- Rice imports -However, Japan’s trade envoy Ryosei Akazawa, who secured the deal on his eighth visit to Washington, said the 50 percent tariffs on steel and aluminium would remain. Akazawa also said increased defense spending by Japan — something Trump has pressed for — was not part of the agreement.Trump said Tuesday Japan has also agreed to “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.”Rice imports are a sensitive issue in Japan, and Ishiba’s government — which lost its upper house majority in elections on Sunday — had previously ruled out any concessions. Japan currently imports 770,000 tonnes of rice tariff-free under its World Trade Organization commitments, and Ishiba said it would import more US grain within this.Ishiba said Wednesday that the deal does not “sacrifice” Japan’s agricultural sector.Tatsuo Yasunaga, the chair of Japan Foreign Trade Council welcomed the trade deal announcement but said the business community needed to see details to assess its impact.”I highly commend the fact that this major milestone has been achieved and dispelled the uncertainty that private companies had been concerned about,” Yasunaga said.Naomi Omura, an 80-year-old voter, said it was “disappointing that Japan cannot act more strongly” towards the United States.Tetsuo Momiyama, 81, said that Ishiba “is finished… It’s good timing for him to go.”Reports claimed Wednesday that he aims to step down soon following the election debacle.- China talks -Trump has been under pressure to wrap up trade pacts after promising a flurry of deals ahead of his deadline.Trump also said levies on the Philippines, another close US ally, would be cut by one percentage point to 19 percent after hosting President Ferdinand Marcos.But negotiations are still ongoing with much larger US trading partners China, Canada, Mexico and the European Union.US Treasury Secretary Scott Bessent said Tuesday that he would meet his Chinese counterparts in Stockholm next week.Leaders of the world’s two biggest economies imposed escalating, tit-for-tat levies on each other’s exports earlier this year, reaching triple-digit levels.But in talks in Geneva in May they agreed to lower them temporarily until August 12.China said on Wednesday it supported “equal dialogue” following the announcement of the Japan-US deal.”China always advocates that all parties solve economic and trade issues through equal dialogue and consultations, to protect a good environment for international economic and trade cooperation,” foreign ministry spokesman Guo Jiakun said at a briefing. burs-je/abs

US President Donald Trump agreed Tuesday to reduce threatened tariffs on the Philippines, but only by one percentage point, after what he termed a successful meeting with his counterpart Ferdinand Marcos.Welcoming Marcos to the White House, Trump called him a “very tough negotiator” and said: “We’re very close to finishing a trade deal — a big trade deal, actually.”In a social media post shortly afterward, Trump said that while the Philippines would open up completely to US goods, he would still impose a 19 percent tariff on products from the Southeast Asian country, a major exporter of high-tech items and apparel.”It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs,” Trump wrote on his Truth Social platform.The Philippines was among two dozen economies confronted by Trump with letters this month warning of 20 percent tariffs on all goods coming into the United States as of August 1.The 19 percent rate is still above the 17 percent threatened by Trump in April, when he threatened sweeping global tariffs.Speaking at a press briefing Wednesday in Manila, Marcos’s press secretary Claire Castro said the Philippine president had confirmed Trump’s zero tariffs statement but only for “certain markets,” without elaborating.She also downplayed the potential effects of a tariff regime, noting that just 16 percent of the country’s exports go to the United States, with about two-thirds being electronic components not subject to the levies.”To put it plainly, it has an impact on the country, but not that much,” she told reporters.Speaking to reporters following the meeting, Marcos described the tariff situation as a “living thing” that could potentially be revisited as global markets adjusted.The trade rift comes despite increasingly close defense relations between the United States and the Philippines, a former US colony and treaty-bound ally that has seen high tensions with China.The United States deployed ground-launched missiles in the Philippines last year, and has also eyed ammunition manufacturing there, despite the closure in 1992 of the US naval base at Subic Bay due to heavy public pressure.”All of what we consider part of the modernization of the Philippine military is really a response to the circumstances that surround the situation in the South China Sea,” Marcos said next to Trump.”We are essentially concerned with the defense of our territory and the exercise of our sovereign rights,” said Marcos.”Our strongest, closest, most reliable ally has always been the United States.”- Trump eyes China visit -China and the Philippines have engaged in a series of confrontations in the contested waters of the South China Sea, which Beijing claims almost entirely, despite an international ruling that the assertion has no legal basis.Trump has frequently questioned allies in Europe over their military spending, but voiced fewer doubts about the Philippines. Both Defense Secretary Pete Hegseth and Secretary of State Marco Rubio in meetings with Marcos on Monday vowed to honor the 1951 Mutual Defense Treaty with the Southeast Asian nation.The Trump administration has identified China as the top US adversary but the president has also boasted of his relationship with Chinese counterpart Xi Jinping.Speaking alongside Marcos, Trump said he would “probably” visit China at Xi’s invitation “in the not-too-distant future.”He said of Marcos: “I don’t mind if he gets along with China very well, because we’re getting along with China very well.”Trump added the Philippines had been “maybe tilting toward China” and “we untilted it very, very quickly.””I just don’t think that would have been good for you,” Trump said.He credited himself with the shift, although the turn towards Washington began after the 2022 election of Marcos, before Trump returned to power.Marcos’s predecessor Rodrigo Duterte had flirted with closer relations with China and bristled at US criticism over human rights under Joe Biden and Barack Obama.

A leading deep-sea mining company in the paradisal Cook Islands is aiming to start commercial production by 2030, spurred on by Donald Trump’s recent backing for the much-maligned industry.Moana Minerals wants to mine a swathe of deep ocean in the South Pacific nation for polymetallic nodules, golf-ball sized lumps studded with metals like cobalt, nickel and manganese. Efforts to start commercial-scale production have been dogged by growing calls to ban the industry until its environmental impact is clear.But Moana Minerals boss Hans Smit said fresh momentum was building, citing the support of US President Trump. Trump earlier this year signed an executive order targeted at “unleashing” mineral resources found in the deep ocean. “What he’s done is tasked his people to go and look at it seriously,” Smit said.  “It certainly is helpful that we are engaging with a lot of people that in the past would not give us the time of day. But they are listening.”Both the United States and China have signalled renewed interest in deep-sea mining, which could offer a pipeline of critical minerals that helps insulate them from future trade ructions. Trump is eager to weaken China’s stranglehold on the coveted metals, which are used in everything from rechargeable batteries to military technology. Cook Islands — which lays claim to one of the world’s biggest deposits of polymetallic nodules — signed a contentious deep-sea mining cooperation deal with China earlier this year. US-based Smit had a simple message for those worried about China’s foray into the industry. “The people yelling at the Cook Islands for talking to the Chinese, I have a very simple statement for them: If you want to counter the Chinese, get off your arse and do something proactive.” Cook Islands’ Pacific neighbour Kiribati is also exploring a deep-sea mining deal with China. China already holds some of the world’s largest deposits of critical minerals and is fiercely protective of its position. Smit said he hoped to start industrial-scale deep-sea mining by the end of the decade. “I want to be mining before 2030. Yeah, absolutely, I think that we can.”- Frustration -The International Seabed Authority — which oversees deep-sea mining in international waters — has yet to adopt long-awaited rules governing the industry. Canada-based The Metals Company has indicated it could forge ahead and start mining international waters without the authority’s approval, applying instead for a mining permit under obscure and untested US laws. Those laws say US citizens can mine the ocean, as long as their activities lie outside the nation’s maritime territory. “I can understand why The Metals Company have done it,” Smit said. “I can understand their frustration and empathise with it. “But I still think there’s a lot to be unpacked before we’re going to have any clarity as to which way it’s going to go.” The Cook Islands government, which is supportive of deep-sea mining, said it would not set a time frame on when it hoped to have the industry under way. But the government said it remained “aligned” with the International Seabed Authority’s approach. “Cook Islands will remain steadfast in our precautionary approach,” government spokesman Edward Herman told AFP. “We believe that the Cook Islands government and the people can make an informed decision.”

A 1,000-tonne ship is exploring the far-flung South Pacific for riches buried beneath the waves, spearheading efforts to dredge the tropical waters for industrial deep-sea mining.Fringed by sparkling lagoons and palm-shaded beaches, Pacific nation the Cook Islands has opened its vast ocean territory for mining exploration.Research vessels roam the seas searching for deposits of battery metals, rare earths and critical minerals that litter the deep ocean’s abyssal plains.The frontier industry is likened by some to a modern-day gold rush, and decried by others as environmental “madness”.AFP visited the sunburst-orange MV Anuanua Moana at the Cook Islands’ sleepy port of Avatiu, where it loaded supplies before setting sail for the archipelago’s outer reaches.”The resource in our field is probably in the order of about US$4 billion in potential value,” said chief executive Hans Smit from Moana Minerals, which converted the former supply ship into a deepwater research vessel. It is fitted with chemistry labs, sonar arrays and sensors used to probe the seabed for coveted metals.For two years it has sailed the Cook Islands, halfway between New Zealand and Hawaii, gathering data to convince regulators that deep-sea mining is safe. While exploration is far advanced, no company has started mining on a commercial scale. – Big business -“I want to be mining before 2030,” Smit said from the ship’s tower, as whirring cranes loaded wooden crates of heavy gear below. “Absolutely, I think that we can.”Large tracts of seabed around the Cook Islands are carpeted in polymetallic nodules, misshapen black globes encrusted with cobalt, nickel, manganese and other coveted metals.   Demand has been driven by the rise of electric vehicles, rechargeable batteries and durable alloys used in everything from construction to medicine.The Cook Islands lay claim to one of just four major nodule deposits globally.It is “the world’s largest and richest resource of polymetallic nodules within a sovereign territory”, according to Australia’s University of Queensland.Moana Minerals — a subsidiary of a Texas-based company — owns the rights to explore 20,000 square kilometres (7,500 square miles) within the Cook Islands’ exclusive economic zone. “If we put one mining ship on there, and we started producing metals, we will be one of the largest mines around,” said Smit.- ‘Belongs to us’ -Few countries are as reliant on the ocean as the Cook Islands, a seafaring nation of some 17,000 people scattered across a chain of volcanic isles and coral atolls. Pristine lagoons lure wealthy tourists that prop-up the economy, fridges are stocked with fish plucked from vibrant reefs, and local myths teach children to revere the sea. Many Cook Islanders fear deep-sea mining could taint their precious “moana”, or ocean, forever. “I have seen the ship in the harbour,” said tour guide Ngametua Mamanu, 55.”Why do we need the mining stuff to destroy the oceans?” Retiree Ana Walker, 74, feared foreign interests had come to plunder her island home. “We think that these people are coming over to make money and to leave the mess with us.”Deep-sea mining companies tout the need for critical minerals to make electric vehicles, solar panels and other “green” technologies. The idea holds some allure in a place like the Cook Islands, where climate change is linked to droughts, destructive cyclones and rising seas. “If all goes well, there is good that can come out of it. Financially,” said third-generation pearl farmer James Kora, 31. “But it relies on how well we manage all those minerals. If the science says it’s safe.”- ‘Guinea pigs’ -Marine biologist Teina Rongo squinted into the sunlight as his small boat motored past the Anuanua Moana, an emblem of an industry he views with deep distrust. “We were never about exploring the bottom of the ocean, because our ancestors believed it is a place of the gods,” said Rongo.”We don’t belong there.” Deep-sea mining companies are still figuring the best way to retrieve nodules that can lie five kilometres (three miles) or more beneath the waves. Most focus on robotic harvesting machines, which scrape up nodules as they crawl the ocean floor. Critics fear mining will smother marine life with plumes of waste, and that the alien noise of heavy machinery will disrupt oceanic migrations. Environmentalist Alanna Smith said researchers knew very little about the deep ocean.”We’d really be the guinea pigs of this industry, going first in.”It’s a risky, risky move.”- Powerful friends -A US-backed research expedition in the 1950s was the first to discover the “enormous fields” of polymetallic nodules in the South Pacific. Waves of Japanese, French, American and Russian ships sailed the Cook Islands in the following decades to map this trove. But deep-sea mining was largely a fringe idea until around 2018, when the burgeoning electric vehicle industry sent metal prices soaring. Mining companies are now vying to exploit the world’s four major nodule fields — three in international waters, and the fourth in the Cook Islands.The International Seabed Authority meets this month to mull rules that could pave the way for mining in international waters.Although the Cook Islands can mine its territory without the authority’s approval, it still has a stake in the decision. The Cook Islands also own one of 17 contracts to hunt for nodules in the international waters of the Clarion-Clipperton Zone, halfway between Mexico and Hawaii.So far, the Cook Islands has said its approach — even in its own waters — would be closely “aligned” with the authority’s rules.But it remains unclear if it will proceed without those regulations.”We’re not setting time frames in terms of when we want to get this started,” said Edward Herman, from the Cook Islands’ Seabed Minerals Authority. “I think the time frames will be determined based on what the research and the science and the data tells us.”Many of the Cook Islands’ South Pacific neighbours want to see deep-sea mining banned. French President Emmanuel Macron delivered a scathing indictment in June, saying the “predatory” industry was environmental “madness”. But the Cook Islands has powerful friends. It signed an agreement with China earlier this year for the “exploration and research of seabed mineral resources”.”There was a lot of noise,” said Herman, referencing the backlash over the China deal. “And obviously there’s a lot of interest… whenever China engages with anyone in the Pacific. “And we understand, we accept it, and we will continue.” 

US President Donald Trump announced Tuesday a “massive” trade deal with Japan, cutting a threatened 25-percent tariff to 15 percent ahead of an August 1 deadline.Trump has vowed to hit dozens of countries with punitive tariffs if they don’t strike a deal with the United States by next month.So far, Trump has only announced pacts with Japan, Britain, Vietnam, the Philippines and Indonesia, while talks continue with other trade partners. “We just completed a massive Deal with Japan, perhaps the largest Deal ever made,” Trump said on his Truth Social platform. Trump said that under the deal, “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”He did not provide further details on the unusual investment plan, but said the deal “will create Hundreds of Thousands of Jobs.”Japanese imports into the United States were already subject to a 10-percent tariff, which would have risen to 25 percent on August 1 without a deal.Duties of 25 percent on Japanese autos — an industry accounting for eight percent of Japanese jobs — were also already in place, as well as 50 percent on steel and aluminum.Japanese Prime Minister Shigeru Ishiba said on Wednesday in Tokyo that the autos levy was cut to 15 percent.”We are the first (country) in the world to reduce tariffs on automobiles and auto parts, with no limits on volume,” he told reporters.”We think it is a great achievement that we were able to get the largest cut (in tariffs) among countries which have trade surpluses with the US,” he said.This sent Japanese auto stocks soaring on Wednesday, including Toyota which rocketed more than 12 percent.US-bound shipments of Japanese cars tumbled 26.7 percent in June, stoking fears that Japan could fall into a technical recession.Last year vehicles accounted for around 28 percent of Japan’s 21.3 trillion yen ($142 billion) of exports to the world’s biggest economy.To Trump’s annoyance, US-made cars sell poorly in Japan, with only hundreds sold annually for the likes of General Motors, compared to millions of Toyotas bought by US motorists.The US president also wanted Japan to increase imports of rice, the price of which has soared in recent months in the Asian giant, and of US oil and gas.- Rice imports? -But Trump said Tuesday that Japan has agreed to “open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things.”Rice imports are a sensitive issue in Japan, and Ishiba’s government — which lost its upper house majority in elections on Sunday — had previously ruled out any concessions.Ishiba, whose future is uncertain following the election, said on Wednesday that the deal does not sacrifice Japan’s agricultural sector.Trump has been under pressure to wrap up trade pacts after promising a flurry of deals ahead of his August 1 tariff deadline.Earlier on Tuesday, he announced a deal had been reached with the Philippines which would see the country face 19 percent tariffs on its exports.The White House also laid out details of a deal with Indonesia, which would see it ease critical mineral export restrictions and also face a 19 percent tariff, down from a threatened 32 percent.Indonesian goods deemed to have been transshipped to avoid higher duties elsewhere, however, will be tariffed at 40 percent, a US official told reporters Tuesday.After an escalatory tit-for-tat with China, the two major economies agreed to a temporary lowering of tariffs, with another round of negotiations expected next week in Stockholm.Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on allies and competitors alike, alongside steeper levels on steel, aluminum and autos.Legal challenges to Trump’s non-sectoral tariffs are ongoing.

The Nasdaq retreated from a record ahead of earnings from Google parent Alphabet and other tech giants, while European markets fretted over an August 1 deadline for the EU to avert steep tariffs from US President Donald Trump.Both the Dow and S&P 500 finished higher, but the Nasdaq dropped 0.4 percent to snap a six-day streak of records. Earnings from Alphabet and Tesla are due on Wednesday, the first two of Wall Street’s “Magnificent Seven” equities to report this season. Several of the largest tech names — such as Apple and Facebook parent Meta — do not report results until next week.Corporate profit reports so far have painted a generally resilient picture of the US economy, but with gathering clouds in some sectors — particularly automobiles — from Trump’s levies on major trading partners.Art Hogan of B. Riley Wealth Management said Tuesday’s drop in Nvidia and some other tech names suggested profit-taking after a heady rise.”It’s a difficult earnings season where expectations are really low but stocks are already priced very high,” Hogan said.In Europe, only London ended the trading day in the green. Paris and Germany both finished solidly in the red. The European Union is among Washington’s trading partners that face potentially steep tariffs on August 1 if they do not strike a deal with Trump’s administration.”European markets have been getting increasingly jittery as the (August 1) deadline approaches,” said David Morrison, senior market analyst at Trade Nation. “With little sign of progress so far, investors are preparing for possible tariff retaliation from the EU.”US Treasury Secretary Scott Bessent said he would meet his Chinese counterparts in Stockholm next week for tariff talks, as a separate mid-August deadline approaches for US levies on China to snap back to steeper levels.- Big earnings reports -US auto giant General Motors reported a 35-percent plunge in second-quarter profits Tuesday following a $1.1-billion hit from US tariffs, but confirmed its full-year forecast.Its shares plunged 8.1 percent.Elsewhere, “expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year,” said Jochen Stanzl, chief market analyst at CMC Markets.British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States by 2030 amid Trump’s threats to impose tariffs on the sector.The dollar continued to lose ground, while oil prices also dropped amid worries about reduced global economic activity going forward.Earlier, in Asia, Hong Kong hit its highest close since late 2021. Its index has gained around 25 percent this year thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.Tokyo dipped following an earlier rally after the ruling coalition lost its upper-house majority as observers warned the government’s tenure remained fragile.- Key figures at around 2050 GMT -New York – Dow: UP 0.4 percent at 44,502.44 (close)New York – S&P 500: UP 0.1 percent at 6,309.62 (close)New York – Nasdaq Composite: DOWN 0.4 percent at 20,892.69 (close)London – FTSE 100: UP 0.1 percent at 9,023.81 (close)Paris – CAC 40: DOWN 0.7 percent at 7,744.41 (close)Frankfurt – DAX: DOWN 1.1 percent at 24,041.90 (close)Tokyo – Nikkei 225: DOWN 0 percent at 39,774.92 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,130.03 (close)Shanghai – Composite: UP 0.6 percent at 3,581.86 (close)Euro/dollar: UP at $1.1755 from $1.1694Pound/dollar: UP at $1.3532 from $1.3487Dollar/yen: DOWN at 146.66 yen from 147.38 yenEuro/pound: UP at 86.84 pence from 86.73 penceBrent North Sea Crude: DOWN 0.9 percent at $68.59 per barrelWest Texas Intermediate: DOWN 1.5 percent at $66.21 per barrelburs-jmb/aha

Major stock markets slipped on Tuesday as New York backed off its record highs and European markets fretted over an August 1 deadline for the EU to avert steep tariffs from President Donald Trump.US corporate profit reports so far were painting a generally resilient picture of the American economy, but with gathering clouds in some sectors — particularly automobiles — from Trump’s levies on major trading partners.New York’s broad S&P 500 and tech-heavy Nasdaq indices dipped — from record finishes on Monday — while the blue-chip Dow struggled.In Europe, only London ended the trading day in the green. Paris and Germany both finished solidly in the red. “European markets have been getting increasingly jittery as the (August 1) deadline approaches,” said David Morrison, senior market analyst at Trade Nation. “With little sign of progress so far, investors are preparing for possible tariff retaliation from the EU.”US Treasury Secretary Scott Bessent said meanwhile he would meet his Chinese counterparts in Stockholm next week for tariff talks, as a separate mid-August deadline approaches for US levies on China to snap back to steeper levels.- Big earnings reports -Closely-watched earnings loomed from some of the world’s biggest names, including Tesla, Google parent Alphabet, Intel and Coca-Cola.US auto giant General Motors reported a 35-percent plunge in second-quarter profits Tuesday following a $1.1-billion hit from US tariffs, but confirmed its full-year forecast.Its shares plunged seven percent.Elsewhere, “expectations for the earnings season include accelerated profit growth for major US technology companies in the second half of the year,” said Jochen Stanzl, chief market analyst at CMC Markets.British pharmaceutical giant AstraZeneca said Tuesday it would invest $50 billion in the United States by 2030 amid Trump’s threats to impose tariffs on the sector.The dollar continued to lose ground — which has the effect of pumping up the earnings of US multinationals earning foreign currency revenue but reporting in dollars. The greenback’s slippage is proving “a turbocharger” for those companies, according to Stephen Innes, managing partner at SPI Asset Management.Investment adviser Christopher Dembik at Pictet Asset Management said European companies reporting over coming days were conversely set to be hit by the effect of a stronger euro.Oil prices also dropped amid worries about reduced global economic activity going forward.Earlier in Asia, Hong Kong hit its highest close since late 2021. Its index has gained around 25 percent this year thanks to a rally in Chinese tech firms and a fresh flow of cash from mainland investors.Tokyo dipped following an earlier rally after the ruling coalition lost its upper-house majority as observers warned the government’s tenure remained fragile.- Fed chief speech -Traders were also looking ahead to a speech later Tuesday by US Federal Reserve Chair Jerome Powell, ahead of the Fed’s monetary policy meeting on July 29 and 30.Powell has come under pressure from Trump to quit, with the president angry at the Fed for not lowering interest rates in response to recent turbulence — but the central bank is expected to keep them on hold until September.Bessent said Tuesday he did not see a reason for Powell to resign “right now”.- Key figures at around 1545 GMT -New York – Dow: UP 0.1 percent at 44,351.64 New York – S&P 500: DOWN 0.1 percent at 6,296.95New York – Nasdaq Composite: DOWN 0.5 percent at 20,875.05London – FTSE 100: UP 0.1 percent at 9,019.76 points (close)Paris – CAC 40: DOWN 0.7 percent at 7,739.18 (close)Frankfurt – DAX: DOWN 1.1 percent at 24,027.17 (close)Tokyo – Nikkei 225: DOWN 0.1 percent at 39,774.92 (close)Hong Kong – Hang Seng Index: UP 0.5 percent at 25,130.03 (close)Shanghai – Composite: UP 0.6 percent at 3,581.86 (close)Euro/dollar: UP at $1.1734 from $1.1688Pound/dollar: UP at $1.3507 from $1.3485Dollar/yen: DOWN at 146.51 yen from 147.42 yenEuro/pound: UP at 86.89 pence from 86.68 penceBrent North Sea Crude: DOWN 1.2 percent at $68.37 per barrelWest Texas Intermediate: DOWN 1.3 percent at $65.06 per barrelburs/rmb/rlp