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US President Donald Trump released a fresh set of letters to trading partners Wednesday, setting out tariff rates for seven more countries as Washington pushes to bring about a flurry of trade deals.The letters, addressed to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq and Moldova, spelled out duties ranging from 20 percent to 30 percent that would take effect on August 1.Similar to Trump’s first batch of documents published Monday, the levels were not too far from those originally threatened in April, although some partners received notably lower rates this time.Sri Lanka’s updated tariff was 30 percent, down from 44 percent announced in April, while the figure for Iraq was 30 percent, down from 39 percent.The Philippines, however, saw a 20 percent levy, up from 17 percent announced previously.While the president in April imposed a 10 percent levy on almost all trading partners, he unveiled — and then withheld — higher rates for dozens of economies.The deadline for those steeper levels to take effect was meant to be Wednesday, before Trump postponed it further to August 1.Instead, countries who face the threats of elevated duties began receiving letters spelling out US tariff rates on their products.Trump said Wednesday that he decided on the levies based on “common sense” and trade deficits.He added at an event that he would release more letters later in the day — including for Brazil, which does not currently face a tariff hike come August.Trump’s latest messages were near-identical to those published earlier in the week, and justified his tariffs as a response to trade ties that he says are “far from Reciprocal.”They urged countries to manufacture products in the United States to avoid duties, while threatening further escalation if leaders retaliated.For now, over 20 countries have received Trump’s letters including key US allies Japan and South Korea, as well as Indonesia, Bangladesh and Thailand.- EU deal in ‘coming days’? -Analysts have noted that Asian countries have been a key target so far.But all eyes are on the state of negotiations with major partners who have yet to receive such letters, including the European Union.For now, the Trump administration is under pressure to unveil more trade pacts. So far, Washington has only reached agreements with Britain and Vietnam, alongside a deal to temporarily lower tit-for-tat levies with China.Trump on Tuesday said that his government was “probably two days off” from sending the EU a letter with an updated tariff rate for the bloc.”They’re very tough, but now they’re being very nice to us,” he added at a cabinet meeting.An EU spokesman said Wednesday that the bloc wants to strike a deal with the United States “in the coming days,” and has shown readiness to reach an agreement in principle.EU diplomats say the European Commission, in charge of trade policy for the 27-country bloc, could continue talks until August 1.The EU expects Trump to keep a 10 percent baseline tariff on its goods, with exemptions for critical sectors such as airplanes, spirits and cosmetics, diplomats told AFP this week.Legal challenges to Trump’s sweeping tariffs are continuing to work their way through the US court system.Apart from tariffs targeting goods from different countries, Trump has also rolled out sector-specific duties on steel, aluminum and autos since returning to the White House in January.On Tuesday, Trump said levies were incoming on copper and pharmaceuticals. The planned rate for copper is 50 percent, he added, while pharmaceutical products face a levy as high as 200 percent — but manufacturers would be given time to relocate operations.

Wall Street rose and major European markets closed in the green Wednesday, brushing off US President Donald Trump’s tariff threats on copper and pharmaceuticals. Investors kept an eye on countries seeking to hammer out tariff agreements before Trump’s new cut-off date of August 1.The US president had reignited trade jitters Tuesday by announcing a 50 percent toll on copper imports and saying he was looking at 200 percent tariffs on pharmaceuticals.The news sent the price of copper — with a wide range of uses including in cars, construction and telecoms — to a record high Tuesday.But Kathleen Brooks, research director at XTB, found Wednesday “the market is not taking Trump at his word when it comes to tariffs, and the market impact has been limited so far.”The tech-heavy Nasdaq had added almost 1 percent two hours into the session with chipmaker Nvidia barrelling ahead just over 2 percent as AI growth saw it top $4 trillion in market value, the first company to hit the mark as it extended its globe-leading market capitalisation.Noting tech had endured some lean months going back to the third quarter of last year, eToro’s US investment analyst Bret Kenwell said “we’re seeing growth stocks come to life on the back of AI initiatives, while cybersecurity firms are rallying higher. Mega-cap tech continues to spend fortunes building out the necessary AI infrastructure for the future.”After Trump said he would allow pharmaceutical manufacturers time to relocate operations to the United States before rolling out fresh duties, equity markets largely took the news in their stride as “details of when, how and who remain thin on the ground”, said Derren Nathan, head of equity research at Hargreaves Lansdown.European markets were shrugging off risks of a trade war. Germany’s Dax hit a new high as it posted a 1.4 percent gain, matched by the CAC 40 in Paris. London could only manage a gain of just under 0.2 percent. But Chris Beauchamp, chief market analyst at online trading platform IG, urged caution as “reports suggesting that Trump relishes the actual dealmaking process more than an actual resolution seem to suggest that a further delay to tariffs will be forthcoming, although this is an approach fraught with risk.”Trump warned he would not again extend his August 1 deadline to reach deals, after he pushed back his July 9 cut-off.Earlier in Asia, Tokyo gains were tempered by losses in Hong Kong and Shanghai.- Key figures at around 1545 GMT -New York – Dow: UP 0.2 percent at 44,306.77 pointsNew York – S&P 500: UP 0.3 percent at 6,242.61New York – Nasdaq Composite: UP 0.8 percent at 20,5301.22London – FTSE 100: UP 0.2 percent at 8,867.02 points (close)Paris – CAC 40: UP 1.4 percent at 7,878.46 (close)Frankfurt – DAX: UP 1.4 percent at 24,549.56 (close)Tokyo – Nikkei 225: UP 0.3 percent at 39,821.28 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,892.32 (close)Shanghai – Composite: DOWN 0.1 percent at 3,493.05 (close)Euro/dollar: DOWN at $1.1714 from $1.1730 on TuesdayPound/dollar: DOWN at $1.3606 from $1.3592Dollar/yen: DOWN at 146.44 yen from 146.53 yenEuro/pound: DOWN at 86.11 pence from 86.27 penceBrent North Sea Crude: UP 0.2 percent at $70.29 per barrelWest Texas Intermediate: UP 0.2 percent at $68.52 per barrel

Stocks were mixed Wednesday as investors assessed Donald Trump’s latest tariff threats, while keeping an eye on trade talks after the US president warned he would not again extend a deadline to reach deals.Investors took in their stride news that Trump had sent letters to 14 countries outlining his new levies on expectations that most will hammer out an agreement before his new cut-off date of August 1.But he caused rumbles on trading floors again Tuesday by announcing a 50 percent toll on copper imports and saying he was looking at 200 percent tariffs on pharmaceuticals.The news sent the price of copper — used in a wide range of things including cars, construction and telecoms — to a record high Tuesday, though it edged down in Asian business.The measures would broaden a slate of sector-specific actions Trump has imposed since returning to the White House, with autos and steel hit with taxes.The president has ordered probes into imports of copper, pharmaceuticals, lumber, semiconductors and critical minerals that could lead to further levies.”Today we’re doing copper,” he told a cabinet meeting Tuesday. “I believe the tariff on copper, we’re going to make it 50 percent.”Commerce Secretary Howard Lutnick later told CNBC the rate will likely come into effect at the end of July or on August 1.Regarding pharmaceuticals, Trump said: “We’re going to give people about a year, a year and a half to come in, and after that, they’re going to be tariffed.”They’re going to be tariffed at a very, very high rate, like 200 percent.”He also warned “no extensions will be granted” to his August 1 deadline for tariff deals, after he pushed back his previous cut-off of July 9 to allow more time for talks.Despite the prospect of more tariffs, equity traders largely took the latest announcement in stride, with Wall Street ending on a mixed note. Asia saw similar moves, with gains in Tokyo, Singapore, Seoul, Taipei, Manila, Mumbai and Jakarta tempered by losses in Hong Kong, Shanghai, Sydney, Wellington and Bangkok.London, Frankfurt and Paris rose in the morning.”This is the market equivalent of driving with one foot on the gas and one on the brake — negative headline risk can impact sentiment one minute, while hopes of negotiation breakthroughs ease it the next,” said SPI Asset Management’s Stephen Innes. “The president’s Truth Social posts are now a de facto ‘risk on-risk off’ barometer for global markets, each one examined like scripture, influencing metals, bond yields, and risk premiums in their wake.”However, Fabien Yip, a market analyst at IG, said: “When combined with country-specific tariffs, the impact on prices of goods and services can be far more severe than current levels suggest.”There was little major reaction to data showing Chinese consumer prices rose in June for the first time since January, providing a much-needed bright spot for the world’s number two economy.Still, that was tempered by a sharper-than-expected fall in factory gate prices that suggested there were further deflationary pressures.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,821.28 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,892.32 (close)Shanghai – Composite: DOWN 0.1 percent at 3,493.05 (close)London – FTSE 100: UP 0.2 percent at 8,867.21 Euro/dollar: DOWN at $1.1708 from $1.1730 on TuesdayPound/dollar: DOWN at $1.3585 from $1.3592Dollar/yen: UP at 146.85 yen from 146.53 yenEuro/pound: DOWN at 86.18 pence from 86.27 penceWest Texas Intermediate: UP 0.5 percent at $68.65 per barrelBrent North Sea Crude: UP 0.5 percent at $70.48 per barrelNew York – Dow: DOWN 0.4 percent at 44,240.76 (close)

Consumer prices in China rose slightly in June, official data showed on Wednesday, snapping a four-month decline even as factory gate prices were bruised by a fierce trade war with Washington.Chinese officials have been trying to revive sluggish domestic spending since the end of the Covid-19 pandemic, with the government’s official growth target at risk.That comes just as leaders face heightened turmoil sparked by US President Donald Trump’s trade war.The consumer price index — a key measure of inflation — edged up 0.1 percent on-year last month, according to data published by China’s National Bureau of Statistics (NBS).The reading beat the 0.1 percent drop forecast in a Bloomberg survey of economists and was an improvement on the 0.1 percent fall seen in May.The flip into positive territory was “mainly due to the rebound in prices of industrial consumer goods”, NBS statistician Dong Lijuan said in a statement.Dong noted that “policies of expanding domestic demand and promoting consumption continued to be effective”.Beijing has set its official growth target this year at around five percent, although many economists consider that goal to be ambitious because domestic spending remains sluggish.The government has introduced a series of aggressive moves since last year in an attempt to get people spending, including key rate cuts, abolishing some restrictions on homebuying and a consumer goods trade-in scheme.In a signal of further deflationary pressure, Chinese factory gate prices fell in June at the fastest rate in nearly two years, the NBS also said on Wednesday.The producer price index declined 3.6 percent year-on-year, accelerating from a 3.3 percent drop in May, and faster than the 3.2 percent decline estimated in the Bloomberg survey.”I think it is too early to call the end of deflation at this stage,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, wrote in a note.China’s once-booming real estate market has been mired in a crisis for years, stalling many large construction projects and spooking would-be homebuyers.”The momentum in the property sector is still weakening,” Zhang said.The slump in the property market — long a key driver of growth — gives China’s exports a more prominent role in boosting economic activity.However, the outlook for Chinese exports has also darkened with fierce headwinds on trade this year.Trump revealed new tariff rates for many countries this week, with many at levels similar to those announced — and later paused — in April.Zhang said “the market is too complacent about the damage of such high tariffs on both the US and the global economy”.

Gao Chaorong knows what it takes to turn out good crops of sweet potatoes, peanuts and wheat, but tasty produce is no longer enough to draw China’s app savvy crowd.To prevent her crops from rotting unsold in the fields, the 56-year-old is now back in school, attending a “hands-on livestreaming bootcamp” to learn to take her vegetables straight to consumers via their mobile phones.Gao and her classmates are gunning for online popularity as China’s “new farmers” — people who use the latest technology in agricultural production or services.The number of new rural creators has soared 52 percent on China’s TikTok sister app Douyin over the past year as they hope to capitalise on the country’s one billion internet users, the world’s most.On the Instagram-like Chinese app Xiaohongshu, the hashtag “new farmers” has been viewed more than 227 million times.Local authorities are even sending some officials to learn livestreaming and help farmers get online.”It’s been harder for farmers to sell their produce, especially offline,” said Chen Xichuan, a Communist Party cadre in the small Shandong city of Pingdu who was among those asked to set an example and help growers take their trade online.Live in action outdoors, Chen squeezed a ripe green pear he held up to a phone secured on a tripod.”Just look at the juice,” Chen, wearing a straw hat to shield himself from the blazing sun, told his viewers.”Take it home, taste it, and make fresh pear juice for your children,” said Chen.- ‘Full marks’ -With Chinese consumers buying anything from clothes to makeup to garlic online, livestreaming has become an essential marketing platform for farmers to entice and engage customers directly.Users can make purchases at the click of a button, as well as comment during live broadcasts or ask sellers about their products.The Tian sisters, livestreamers and e-commerce experts born to farmers, organise the training camp monthly, charging around 5,000 yuan ($698) for four days of intensive lessons and “lifelong” follow-ups.Students learn how to hook audiences using compelling scripts, props and visually appealing backgrounds.In the classroom, a dozen students watched as Gao held up a sliced eggplant and gushed, with barely a pause or a stutter, about the best way to cook the vegetable.”Remember, when you’re selling products, it’s not just about memorising your sales script,” teacher Tian Dongying said, scribbling on a whiteboard as she reviewed Gao’s mock livestreaming session. “You need to understand who you’re talking to,” she said.Tian, who founded the livestreaming school with two sisters and a cousin, said all her students deserved “full marks”.”They’ve never done this kind of thing before and just being able to stand up and speak is already a challenge,” she told AFP.”Because they want to earn this money, they have to push past their own limits.”Gao told AFP she attended the bootcamp because farmers like her face fierce competition and “can’t stick to the old-fashioned way of farming anymore”.She grows her crops at the foot of Shandong’s Maling Mountain and has started to post videos on Douyin, gaining more than 7,000 followers.- Refunds guaranteed -China’s agricultural sector is becoming more important because industries like real estate are “no longer as prosperous” and unemployment is rising, said livestreaming school principal Tian Chunying, Dongying’s eldest sister.”Agriculture is becoming the cornerstone of China’s ability to support its population,” she said.President Xi Jinping has identified rural revitalisation as a key priority for China’s development since taking office in 2012.He has also emphasised the vital role that agriculture plays in China, the world’s top producer of commodities including rice and wheat.”A country must first strengthen agriculture to make itself strong,” Xi said in 2022.Digital tools such as livestreaming have transformed public perceptions of rural life in China, said Pan Wang, an associate professor at Australia’s University of New South Wales.”Traditionally, Chinese farmers have been depicted as working from sunrise to sunset — poor, old-fashioned, disconnected from technology,” Wang told AFP.However, hurdles remain for farmers as they try to become more tech-savvy.”Livestreaming and making videos are all new,” farmer Gao said.”For young people, clicking around on a computer…feels effortless, but we have to put in twice the effort to learn these things.”

Stocks were mixed Wednesday as investors assessed Donald Trump’s latest tariff threats, while keeping an eye on trade talks after the US president warned he would not again extend a deadline to reach deals.Investors took in their stride news that Trump had sent letters to 14 countries outlining his new levies on expectations that most will hammer out an agreement before his new cut-off date of August 1.But he caused rumbles on trading floors again Tuesday by announcing a 50 percent toll on copper imports and saying he was looking at 200 percent tariffs on pharmaceuticals.The news sent the price of copper — used in a wide range of things including cars, construction and telecoms — to a record high Tuesday, though it edged down in Asian business.The measures would broaden a slate of sector-specific actions Trump has imposed since returning to the White House, with autos and steel hit with 25 percent taxes.The president has ordered probes into imports of copper, pharmaceuticals, lumber, semiconductors and critical minerals that could lead to further levies.”Today we’re doing copper,” he told a cabinet meeting Tuesday. “I believe the tariff on copper, we’re going to make it 50 percent.”Commerce Secretary Howard Lutnick later told CNBC the rate will likely come into effect at the end of July or on August 1.Regarding pharmaceuticals, Trump said: “We’re going to give people about a year, a year and a half to come in, and after that, they’re going to be tariffed.”They’re going to be tariffed at a very, very high rate, like 200 percent.”He also warned “no extensions will be granted” to his August 1 deadline for tariff deals, after he pushed back his previous cut-off of July 9 to allow more time for talks.Despite the prospect of more tariffs, equity traders largely took the latest announcement in stride, with Wall Street ending on a mixed note. And Asia saw similar moves, with losses in Hong Kong, Sydney and Wellington offset by gains in Shanghai, Singapore, Seoul, Taipei, Manila and Jakarta. Tokyo was flat.”This is the market equivalent of driving with one foot on the gas and one on the brake — negative headline risk can impact sentiment one minute, while hopes of negotiation breakthroughs ease it the next,” said SPI Asset Management’s Stephen Innes. “The president’s Truth Social posts are now a de facto ‘risk on-risk off’ barometer for global markets, each one examined like scripture, influencing metals, bond yields, and risk premiums in their wake.”However, Fabien Yip, a market analyst at IG, said: “When combined with country-specific tariffs, the impact on prices of goods and services can be far more severe than current levels suggest.”There was little major reaction to data showing Chinese consumer prices rose in June for the first time since January, providing a much-needed bright spot for the world’s number two economy.Still, that was tempered by a sharper-than-expected fall in factory gate prices that suggested there were further deflationary pressures.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: FLAT at 39,677.42 (break)Hong Kong – Hang Seng Index: DOWN 0.7 percent at 23,987.70Shanghai – Composite: UP 0.3 percent at 3,509.35Euro/dollar: DOWN at $1.1724 from $1.1730 on TuesdayPound/dollar: DOWN at $1.3590 from $1.3592Dollar/yen: UP at 146.79 yen from 146.53 yenEuro/pound: UP at 86.28 pence from 86.27 penceWest Texas Intermediate: DOWN 0.4 percent at $68.09 per barrelBrent North Sea Crude: DOWN 0.3 percent at $69.93 per barrelNew York – Dow: DOWN 0.4 percent at 44,240.76 (close)London – FTSE 100: UP 0.5 percent at 8,854.18 (close)

Europe eked out small gains but Wall Street mostly fell Tuesday as President Donald Trump added tariff threats on copper and pharmaceuticals to his broadening trade agenda.Trump announced plans for a 50 percent duty on copper imports and a potential 200 percent levy on pharmaceuticals a day after the White House sent letters to Japan, South Korea and other countries about tariffs to kick in August 1.The announcement set off a surge in copper prices, which vaulted around 10 percent in New York, setting off a new record for the metal.The effect on equities was more muted. Both the Dow and S&P 500 finished modestly lower after a rollercoaster day, while the Nasdaq was flat.In contrast to Trump’s spring tariff announcements, which sent equities sharply lower, the market is “somewhat shaking it off,” said Victoria Fernandez of Crossmark Global Investments, who noted Trump’s record of tempering tariffs that were initially severe.The market is in a “wait and see mode,” Fernandez said.EToro US investment analyst Bret Kenwell sees investors as being torn between risk and opportunity.”While trade tension may be on the rise again, investors should remember that we’re just one session removed from record highs in the S&P 500 and Nasdaq,” he said. Asian equity markets ended mostly higher, including a 0.3 percent gain in Tokyo following the threatened 25 percent US levy on Japan.”Tokyo’s resilience suggested that investors are treating the move as a headline risk rather than a market-altering shock — at least for now,” said David Morrison, senior market analyst at Trade Nation.Wendy Cutler, vice president at the Asia Society Policy Institute, said the levies on Japan and South Korea “will send a chilling message to others.””Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years.”The dollar was trading mixed against main rivals while oil prices recovered from earlier dips as Brent crude clambered back above the $70 mark.JPMorgan Chase and Bank of America fell more than three percent and Goldman Sachs dropped nearly two percent following downgrades from HSBC Securities.A note from HSBC called valuations of the banks “increasingly stretched.” While the banks’ operating fundamentals “appear healthy,” macro uncertainties and slower economic growth “seem to be downplayed,” it said.- Key figures at around 1545 GMT -New York – Dow: DOWN 0.4 percent at 44,240.76 (close)New York – S&P 500: DOWN 0.1 percent at 6,225.52 (close)New York – Nasdaq Composite: FLAT at 20,418.46 (close)London – FTSE 100: UP 0.5 percent at 8,854.18 (close)Paris – CAC 40: UP 0.6 percent at 7,766.71 (close)Frankfurt – DAX: UP 0.6 percent at 24,206.91 (close)Tokyo – Nikkei 225: UP 0.3 percent at 39,688.81 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 24,148.07 (close)Shanghai – Composite: UP 0.7 percent at 3,497.48 (close)Euro/dollar: UP at $1.1730 from $1.1709 on MondayPound/dollar: DOWN at $1.3592 from $1.3602Dollar/yen: UP at 146.53 yen from 146.05 yenEuro/pound: UP at 86.27 pence from 86.07 penceWest Texas Intermediate: UP 0.9 percent at $68.33 per barrelBrent North Sea Crude: UP 0.8 percent at $70.15 per barrelburs-jmb/jgc

President Donald Trump said Tuesday that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, while announcing plans for a separate 50 percent duty on copper imports.The copper levy would broaden a slate of sector-specific actions Trump has imposed since returning to the White House, and sent prices for the metal soaring.”Today we’re doing copper,” the president told a cabinet meeting Tuesday. “I believe the tariff on copper, we’re going to make it 50 percent.”Commerce Secretary Howard Lutnick told CNBC shortly afterward that the rate will likely be implemented at the end of July or on August 1.Trump also said Washington would soon make an announcement on pharmaceuticals, but officials would allow manufacturers time to relocate their operations into the country.”We’re going to give people about a year, a year and a half to come in, and after that, they’re going to be tariffed,” he said. “They’re going to be tariffed at a very, very high rate, like 200 percent.”In recent months, Trump has ordered probes into imports of copper, pharmaceuticals, lumber, semiconductors and critical minerals that could lead to further levies.Lutnick told CNBC that the studies on pharmaceuticals and semiconductors would be completed by the end of the month, with Trump to set policies thereafter.Beyond tariffs impacting sectors, Trump also slapped a sweeping 10 percent tariff on goods from almost all trading partners in April.These would have swiftly risen to steeper levels for dozens of economies including the European Union and Japan, but Trump paused their implementation until July 9.The president this week again delayed their reimposition, pushing it to August 1 while insisting that “no extensions will be granted.”- ‘No extensions’ -In a push for further trade deals, Trump sent a first batch of letters to more than a dozen partners on Monday, including key US allies Japan and South Korea.Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical documents to leaders in Tokyo and Seoul.Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties between 25 percent and 40 percent.Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia received notably lower levels.In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies.Lutnick said 15 to 20 more letters could go out in the next two days.Trump added Tuesday that members of the emerging BRICS bloc of nations will face an added 10 percent tariff.- ‘Two days off’ -The Trump administration is under pressure to show results after promising a flurry of deals following its tariff threats.For now, Trump insists that “big money will start coming in on August 1.” Treasury Secretary Scott Bessent added at the cabinet meeting that tariff income could exceed $300 billion by year-end.Trump said Washington was “probably two days off” from sending the EU a letter setting out an updated tariff rate for the bloc.”They’re very tough, but now they’re being very nice to us,” he said.So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back tit-for-tat levies with China.Lutnick expects to start a “bigger trade conversation” between Washington and Beijing in early August, alongside Bessent and trade envoy Jamieson Greer.And US talks with Britain are ongoing over steel and aluminum.Trump recently doubled tariffs on imports of both metals to 50 percent while exempting the UK from this increase. But Washington could double the levy on UK steel and aluminum too starting Wednesday, if it determined that London had not complied with the terms of their deal.In threatening tariff hikes on various countries, Trump cites a lack of reciprocity in trading ties.

Europe eked out small gains but Wall Street was flat Tuesday after President Donald Trump extended his tariffs deadline and hinted at a further pushback, though uncertainty over US trade policy capped gains.Shortly before the three-month pause on his “Liberation Day” tariffs was set to expire, Trump said he would give governments an extra three weeks to hammer out deals to avoid sky-high levies on exports to the world’s biggest economy.”The Trump administration’s latest announcements on tariffs offered some relief to financial markets,” noted AJ Bell investment analyst Dan Coatsworth.”On the flipside, this only extends the uncertainty with markets likely to spend the next three weeks trying to guess the ultimate outcome.”Trump has sent out letters to more than a dozen countries — including top trading partners Japan and South Korea — setting out what he intends to charge should they not reach agreements by August 1, which replaces Wednesday’s deadline.Investors tentatively welcomed the delay amid hopes officials will be able to reach deals with Washington, with some observers seeing the latest move by the president as a negotiation tactic.The letters said Japan and South Korea would be hit with 25-percent tariffs, while Indonesia, Bangladesh, Thailand, South Africa and Malaysia faced duties ranging from 25 percent to 40 percent.When asked if the new deadline was set in stone, the president said: “I would say firm, but not 100 percent firm.”Wall Street stood flat two hours into trading while London, Paris and Frankfurt all ended with meagre gains of around 0.5 percent at the close.  EToro US investment analyst Bret Kenwell sees investors as being torn between risk and opportunity.”While trade tension may be on the rise again, investors should remember that we’re just one session removed from record highs in the S&P 500 and Nasdaq,” he said. Asian equity markets ended mostly higher, including a 0.3 percent gain in Tokyo.”Tokyo’s resilience suggested that investors are treating the move as a headline risk rather than a market-altering shock — at least for now,” said David Morrison, senior market analyst at Trade Nation.Wendy Cutler, vice president at the Asia Society Policy Institute, said the levies on Japan and South Korea “will send a chilling message to others”.”Both have been close partners on economic security matters,” she said, adding that companies from both countries had made “significant manufacturing investments in the US in recent years”.The dollar was trading mixed against main rivals while oil prices recovered from earlier dips as Brent crude clambered back to the $70 mark.- Key figures at around 1545 GMT -New York – Dow: FLAT at 44,346.89 pointsNew York – S&P 500: FLAT at 6,319.49New York – Nasdaq Composite: FLAT 0.2 percent at 20,413.80London – FTSE 100: UP 0.5 percent at 8,854.18 (close)Paris – CAC 40: UP 0.6 percent at 7,766.71 (close)Frankfurt – DAX: UP 0.6 percent at 24,206.91 (close)Tokyo – Nikkei 225: UP 0.3 percent at 39,688.81 (close)Hong Kong – Hang Seng Index: UP 1.1 percent at 24,148.07 (close)Shanghai – Composite: UP 0.7 percent at 3,497.48 (close)Euro/dollar: DOWN at $1.1708 from $1.1710 on MondayPound/dollar: DOWN at $1.3567 from $1.3602Dollar/yen: UP at 146.83 yen from 146.13 yenEuro/pound: UP at 86.30 pence from 86.09 penceWest Texas Intermediate: UP 0.4 percent at $68.22 per barrelBrent North Sea Crude: UP 0.2 percent at $70.01 per barrelburs-cw/giv

President Donald Trump said Tuesday that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies, a day after he appeared to signal flexibility on the date.While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized to dozens of economies were unveiled, then halted until July 9.But the president this week again delayed their reimposition, pushing it back to August 1.Trump insisted that there would be no further delay in the tariffs. “There will be no change,” he posted on Truth Social. He added that levies would start being paid on August 1, in line with letters now being sent out to trading partners.”No extensions will be granted,” Trump said.On Monday night, Trump had told reporters at a dinner that the August 1 deadline was “firm, but not 100 percent firm.”Pressed on whether the letters were his final offer, Trump replied: “I would say final — but if they call with a different offer, and I like it, then we’ll do it.”In a push for further trade deals, Trump sent letters to more than a dozen partners on Monday, including key US allies Japan and South Korea.Products from both countries would be hit with 25 percent duties, Trump wrote in near-identical letters to leaders in Tokyo and Seoul.Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 percent to 40 percent.In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies.Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia saw notably lower levels.The Trump administration is under pressure to show results after promising a flurry of deals following the US president’s tariff threats.So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back staggeringly high tit-for-tat levies with China.In threatening tariff hikes on various economies, Trump cited in his letters a lack of reciprocity in trading ties.He also warned that goods transshipped to avoid higher duties would be subjected to steeper levels.But he added that if countries were willing to adjust their trade policies, Washington “will, perhaps, consider an adjustment to this letter.”He said in the letters that tariffs could be modified “upward or downward, depending on our relationship with your Country.”