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Bangladesh, the world’s second-biggest garment manufacturer, holds hope to reduce the 35 percent tariff that US President Donald Trump said he will impose, the country’s top commerce official told AFP on Tuesday.Textile and garment production accounts for about 80 percent of exports in Bangladesh and the industry has been rebuilding after it was hit hard in a student-led revolution that toppled the government last year.”There is a hope for getting a reduced rate of tariffs as USTR (Office of the United States Trade Representative) sent another draft document for review,” Commerce Secretary Mahbubur Rahman told AFP.Rahman said the South Asia nation’s national security adviser and commerce adviser were “working on the issue” in the United States.Bangladesh exported $8.36 billion worth of goods to the United States in 2024, while imports from there amounted to $2.21 billion, according to the Bangladesh Bank and the National Board of Revenue.US clothing companies that source products from Bangladesh range from Fruit of the Loom to Levi Strauss to VF Corp — whose brands include Vans, Timberland and The North Face.Trump hit Bangladesh with 37 percent tariffs in an April 2 announcement, but in a letter issued Tuesday, the US leader said it would now be 35 percent.That is more than double the 16 percent already placed on cotton products.Dhaka has proposed to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump has used as justification for imposing painful levies.Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), called it “a big challenge for the garment sector”.”We had expected the tariff imposed on us to be between 10 to 20 percent,” he said, adding he expected Dhaka’s interim leader Muhammad Yunus to “raise the issue with the United States”.Former BGMEA director Mohiuddin Rubel warned the impact as tariffs stand would be dire.”The new tariffs raise worries about job losses in Bangladesh as the US is its main export market,” he said.”Bangladesh needs to act quickly by engaging US importers to push for policy changes, resuming high-level trade talks, and highlighting the importance of its products.”

US President Donald Trump reignited his trade war by threatening more than a dozen countries with higher tariffs Monday — but then said he may be flexible on his new August deadline to reach deals.Trump sent letters to trading partners including key US allies Japan and South Korea, announcing that duties he had suspended in April would snap back even more steeply in three weeks.Tokyo and Seoul would be hit with 25 percent tariffs on their goods, he wrote. Countries including Indonesia, Bangladesh, Thailand, South Africa and Malaysia were slapped with duties ranging from 25 percent to 40 percent.But in a move that will cause fresh uncertainty in a global economy already unsettled by his tariffs, the 79-year-old once again left the countries room to negotiate a deal.”I would say firm, but not 100 percent firm,” Trump told reporters at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu when asked if August 1 deadline was 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.”The US president had unveiled sweeping tariffs on imports on what he called “Liberation Day” on April 2, including a baseline 10 percent tariff on all countries.But he quickly suspended all tariffs above 10 percent for 90 days following turmoil in the markets. They were due to kick back in on Wednesday and Trump sent the letters in advance of that deadline.Trump’s near-identically worded letters to Japanese and South Korean leaders said he would impose 25 percent tariffs as their trading relationships with Washington were “unfortunately, far from Reciprocal.”He warned of further escalation if there was retaliation against the levies.But Trump on Monday also signed an order formally extending the Wednesday deadline, postponing it to August 1.- ‘President’s prerogative’ -The new August date effectively marks a further delay — and Trump’s latest comments threaten to compound the uncertainty over when the deadline really is.According to letters posted to Trump’s Truth Social platform, products from Indonesia will face a 32 percent tariff, while the level for Bangladesh is 35 percent and Thailand, 36 percent.Most countries receiving letters so far had duties similar or unchanged from rates threatened in April, although some like Laos and Cambodia saw notably lower levels.The Trump administration is under pressure to show results after promising “90 deals in 90 days.” So far only two firm deals have emerged, with Britain and Vietnam, plus an agreement to dial back super-high tit-for-tat tariffs with China.Japan’s Prime Minister Shigeru Ishiba said at a cabinet meeting Monday that the announcement of the 25 percent tariffs is “genuinely regrettable,” local media reported.South Korea’s National Security Adviser Wi Sung-lac meanwhile met with his US counterpart Marco Rubio in Washington, expressing hope that a bilateral summit could soon be held to achieve “mutually beneficial outcomes across key pending issues.”Asked why Trump opted to start with Japan and South Korea, White House Press Secretary Karoline Leavitt said: “It’s the president’s prerogative, and those are the countries he chose.”Thailand’s acting prime minister Phumtham Wechayachai said Tuesday he wanted a “better deal” than the 36 percent tariff Trump threatened to impose, adding: “The most important thing is that we maintain good relations with the US.”Malaysia said it was “committed to continuing engagement with the US towards a balanced, mutually beneficial, and comprehensive trade agreement,” its trade ministry said in a statement, after Washington imposed a 25 percent tariff on the Southeast Asian nation.US Treasury Secretary Scott Bessent said Monday that there would be more deals coming up: “We are going to have several announcements in the next 48 hours.”Major US stock indexes fell from records Monday on Trump’s fresh threats. The Nasdaq tumbled 0.9 percent and the S&P 500 lost 0.8 percent.Trump has also threatened an extra 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of “Anti-American policies” after they slammed his duties at a summit.But partners are still rushing to avert Trump’s tariffs altogether.The European Commission said EU chief Ursula von der Leyen had a “good exchange” with Trump on trade when the pair spoke Sunday.

Most stocks rose Tuesday as traders cautiously welcomed Donald Trump’s extension of his tariff deadline and indication he could push it back further, though uncertainty over US trade policy capped gains.Days before the three-month pause on his “Liberation Day” tariffs was set to expire, the US president said he would give governments an extra three weeks to hammer out deals to avoid paying sky-high levies for exports to the world’s biggest economy.That came as he sent out letters to over a dozen countries — including top trading partners Japan and South Korea — setting out what he had decided to charge if they did not reach agreements by the new August 1 target date.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 Tokyo and Seoul 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.”And asked whether the letters were his final offer, he replied: “I would say final — but if they call with a different offer, and I like it, then we’ll do it.”While Wall Street’s three main indexes ended down — with the S&P 500 and Nasdaq back from record highs — Asian markets mostly rose.Tokyo and Seoul advanced, while there were also gains in Hong Kong, Shanghai and Singapore. Sydney, Wellington and Taipei fell. Manila and Jakarta were flat.The White House has for weeks said that numerous deals were in the pipeline, with Treasury Secretary Scott Bessent claiming Monday that “we are going to have several announcements in the next 48 hours”.But so far only two have been finalised, with Vietnam and Britain, while China reached a framework to slash eye-watering tit-for-tat levies.Asia Society Policy Institute Vice President Wendy Cutler 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”.For his part, Japan’s Prime Minister Shigeru Ishiba said Sunday that he “won’t easily compromise”.National Australia Bank’s Tapas Strickland said there remained a lot of uncertainty among investors.”If the agreement with Vietnam is anything to go by, then countries… the US has a trade deficit with look destined to have a 20 percent tariff, and those… the US has a trade surplus with a 10 percent tariff,” he wrote in a commentary. “That could mean eventual tariff rates settle higher than what the current consensus is, which is broadly for a 10 percent across the board tariff with a higher tariff on China.”Without further clarity, though, markets will have trouble pricing these different scenarios, especially given Trump’s quick reversal following the market reaction in response to the initial Liberation Day tariffs.”- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 0.3 percent at 39,711.29 (break)Hong Kong – Hang Seng Index: UP 0.5 percent at 23,996.70Shanghai – Composite: UP 0.2 percent at 3,479.65Euro/dollar: UP at $1.1745 from $1.1710 on MondayPound/dollar: UP at $1.3634 from $1.3602Dollar/yen: DOWN at 146.10 yen from 146.13 yenEuro/pound: UP at 86.15 pence from 86.09 penceWest Texas Intermediate: DOWN 0.7 percent at $67.45 per barrelBrent North Sea Crude: DOWN 0.6 percent at $69.16 per barrelNew York – Dow: DOWN 0.9 percent at 44,406.36 (close)London – FTSE 100: DOWN 0.2 percent at 8,806.53 (close)

Protests in Bangladesh that toppled the government last year triggered a diplomatic pivot, with Dhaka warming towards China after neighbouring India was angered by the ousting of its old ally Sheikh Hasina.One year since the protests, that realignment risks intensifying polarisation — and fears of external interference — as political parties in Bangladesh jostle for influence ahead of elections next year.For the caretaker government, seeking domestic consensus for overhauling democratic institutions in the country of 170 million people, it is another challenge to juggle.”India-Bangladesh relations have probably never experienced such intense strain before,” said New Delhi-based analyst Praveen Donthi, from the International Crisis Group.There is deep resentment in Dhaka over the fate of fugitive ex-prime minister Hasina, who escaped a student-led uprising by helicopter in August 2024 and flew to New Delhi as thousands of protesters stormed her palace.Interim leader Muhammad Yunus said popular anger in Muslim-majority Bangladesh had been “transferred over to India” because Hasina was offered sanctuary by New Delhi’s Hindu nationalist government.Hasina, 77, has defied extradition orders to attend her crimes against humanity trial, and has already been convicted in absentia for contempt of court with a six-month sentence.- ‘Readjustment’ -Md Touhid Hossain, who heads Bangladesh’s foreign ministry, said that “the relationship is now at the readjustment stage”.Nobel Peace Prize winner Yunus’s first state visit was to China in March, a trip that saw him secure $2.1 billion in investments, loans and grants.Beijing has also courted leading politicians directly.Mirza Fakhrul Islam Alamgir, a senior leader of the Bangladesh Nationalist Party (BNP) — the expected election frontrunner — said China is “keen” to work with the next elected government with “sincerity, steadfastness, love, and affection”.India has long been wary of China’s growing regional clout and the world’s two most populous countries compete for influence in South Asia, despite a recent diplomatic thaw.Bangladesh has also moved closer to Pakistan, India’s arch-enemy.In May, more than 70 people were killed in four days of missile, drone and artillery fire between the forces of New Delhi and Islamabad, sparked by a deadly militant attack on civilians in India-administered Kashmir. The following month, officials from Dhaka and Islamabad met counterparts in China. Chinese foreign ministry spokesperson Guo Jiakun said the trio had agreed to “cooperation programmes” including in trade, industry, education and agriculture.Obaidul Haque, who teaches international relations at the University of Dhaka, said talks with Beijing had “borne fruit”, including alternative healthcare after once popular medical tourism to India was restricted.”For example, China designated three hospitals for Bangladeshi patients when India made access difficult,” he said.- ‘Tread carefully’ -Bangladesh and Pakistan — which split in 1971 after Dhaka’s independence war — began trade by sea last year, with direct flights also slated. That sparked worry in New Delhi.”The current Indian political leadership, owing to its ideological foundations… are unwilling to accept Dhaka under a government they perceive as Islamist and hostile towards India,” Donthi said.”The visible engagement between Dhaka, Islamabad, and Beijing enhances this perception further.”Both New Delhi and Bangladesh have imposed trade restrictions on each other.India, which encircles much of Bangladesh by land, has imposed multiple trade restrictions — including tightening rules on Indian imports of jute fibres, ready-made garments, plastic products and food.But trade between the neighbouring nations remains high, said Md Humayun Kabir, a former Bangladeshi ambassador to Washington, who has also served in India.But he urged caution, saying Dhaka should “tread carefully forming alliances”, and seek to strengthen “multilateral relations” as a balance.”Cooperation still exists between the countries, but the warmth is gone,” he said. – ‘Attempts to undermine’ -Separately, Bangladesh, the world’s second-largest garment exporter, has also been caught in the global shakeup caused by US President Donald Trump’s tariffs.Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, with Yunus in June telling US Secretary of State Marco Rubio of his “commitment to strengthening” ties.But in terms of regional tensions, analysts say little will change soon — and warn they have the potential to escalate.”Things might change only if New Delhi is satisfied with the electoral process and sees somebody amenable to it come to power in Dhaka,” the Crisis Group’s Donthi added. “It is very unlikely that their position will change towards the current government in Dhaka,” he said. “There may be attempts to undermine it rather than to collaborate.” 

President Donald Trump announced tariffs of 25 percent on Japan and South Korea on Monday, ramping up pressure on the two key US allies and a dozen other economies to reach trade deals with Washington.Trump issued similar letters to a dozen other trading partners including Indonesia, Bangladesh, Thailand, South Africa and Malaysia, saying he would slap duties on their products ranging from 25 percent to 40 percent.But their starting date of August 1 marks a delay in Trump’s reimposition of steeper levies, originally due to take effect Wednesday.In near-identically worded letters to Japanese and South Korean leaders, Trump said the tariff hikes came as their trading relationships with Washington were “unfortunately, far from Reciprocal.”He warned of further escalation if countries retaliated against these duties.Currently, the affected partners have been hit with a 10 percent levy Trump imposed on almost all trading partners.But the president said he was ready to lower the new levels if others changed their trade policies: “We will, perhaps, consider an adjustment to this letter.”Japan’s Prime Minister Shigeru Ishiba said Sunday that he “won’t easily compromise” in trade talks with Washington.White House Press Secretary Karoline Leavitt told reporters Monday that Trump would sign an order later in the day to delay his original July 9 deadline for steeper tariffs to take effect — formally postponing their imposition to August 1.According to letters posted to Trump’s Truth Social platform, products from Indonesia will face a 32 percent tariff, while the level for Bangladesh is 35 percent and Thailand, 36 percent.With the deadline extension, Leavitt noted that Trump would set out the “reciprocal tariff rate” for partners in the coming month as negotiations continue.Trump originally announced sweeping tariffs on world economies during what he called “Liberation Day” on April 2, claiming the United States was being “ripped off.”Amid market turmoil, he then suspended higher tariffs affecting dozens of economies for 90 days, a deadline that would have expired Wednesday without the latest extension.All countries receiving letters Monday were originally slated to face these steeper duties.While the Trump administration had signaled hopes of striking dozens of deals by July, there have been limited results so far.Washington has unveiled pacts with only Britain and Vietnam, while the United States and China agreed to temporarily lower tariff levels on each other’s products that earlier reached three-digits.- ‘Change their tune’ -Asked why Trump opted to start with South Korea, Leavitt said: “It’s the President’s prerogative, and those are the countries he chose.””This announcement will send a chilling message to others,” said Asia Society Policy Institute Vice President Wendy Cutler, referring to Trump’s initial announcements on Tokyo and Seoul.”Both have been close partners on economic security matters,” she said, adding that companies from Japan and South Korea have made “significant manufacturing investments in the US in recent years.”US Treasury Secretary Scott Bessent said Monday that there would be more deals coming up: “We are going to have several announcements in the next 48 hours.””We’ve had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers,” Bessent told CNBC.He added that he would meet with his Chinese counterpart in the coming weeks.Both sides have so far held high-level talks in Geneva and London. But Washington and Beijing’s pause on higher tit-for-tat tariffs is due to expire in mid-August.Major US stock indexes fell from records Monday on Trump’s fresh threats. The Dow tumbled 0.9 percent and the S&P 500 lost 0.8 percent.Trump has also threatened another 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of “Anti-American policies” after they slammed his duties at a summit.But partners are still rushing to avert Trump’s tariffs altogether.The European Commission said EU chief Ursula von der Leyen had a “good exchange” with Trump on trade when the pair spoke Sunday.

Stock markets were mixed Monday with US indices retreating from records as President Donald Trump’s aggressive trade policy came back to the forefront, reviving worries about trade wars and inflation.”Tariff threats look likely to take center stage yet again this week, following further developments over the weekend,” noted Richard Hunter, head of markets at Interactive Investor.After warning of a tariff hike of 10 percent on countries aligning themselves with the emerging BRICS nations, Trump announced plans for 25 percent tariffs on Japan and South Korea from August 1 if the countries do not reach a deal. Trump issued similar letters to South Africa, Malaysia, Myanmar, Laos and Kazakhstan, saying he would slap duties on their products ranging from 25 percent to 40 percent.Later Monday, he announced additional levies on Indonesia, Cambodia and other countries.The broadsides revived attention on trade after the issue had receded for a few weeks while Congress debated Trump’s sweeping fiscal package and worries about the Iran-Israel conflict took certain stage.Major US indices fell, with the S&P falling 0.8 percent, retreating from a record.The likelihood that Trump’s statements are a bargaining tactic is one reason losses weren’t “even worse,” said Steve Sosnick of Interactive Brokers. “No one really wants to overreact negatively right now, which is why we’re seeing a bit of a sell-off, but not a major sell-off,” he said.The White House has said several deals were in the pipeline but only two have been finalized so far, with Britain and Vietnam.The administration had previously set a July 9 deadline to reach agreements. The White House now says it will hike tariffs on August 1 on trading partners that don’t strike a deal. Despite the tariff uncertainty, official data Monday showed German industrial production rose strongly in May, boosting hopes that Europe’s top economy has turned a corner. The news lifted German equities which gained 1.2 percent for the day.Paris added 0.4 percent, while London dipped 0.2 percent.Asia’s main stock markets mostly steadied.- OPEC+ hike -The oil market was also in focus after Saudi Arabia, Russia and six other key members of the OPEC+ alliance said they would increase oil output in August by 548,000 barrels per day, more than expected.The group said in a statement that “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories,” led to the decision.IG analyst Chris Beauchamp said that crude prices would ordinarily be expected to drop when additional supply is being brought to market.”Crude’s strength today suggests that buying momentum is clearly picking up,” he said.”The bearish theme that has dominated for so long seems to have run its course, even if more increases are expected in September,” he added.Among individual companies, Tesla tumbled 6.8 percent after Trump blasted CEO Elon Musk’s plan to launch a new political party in opposition to the president’s hallmark legislation, the so-called “Big Beautiful Bill.” The back-and-forth escalated a conflict between the president and the world’s richest man at a time when investors had hoped Musk would refocus on Tesla and his other ventures and shift attention from politics.- Key figures at around 2030 GMT -New York – Dow: DOWN 0.9 percent at 44,406.36 (close)New York – S&P 500: DOWN 0.8 percent at 6,229.98 (close)New York – Nasdaq Composite: DOWN 0.9 percent at 20,412.52 (close)London – FTSE 100: DOWN 0.2 percent at 8,806.53 (close)Paris – CAC 40: UP 0.4 percent at 7,723.47 (close)Frankfurt – DAX: UP 0.1.2 percent at 24,073.67 (close)Tokyo – Nikkei 225: DOWN 0.6 percent at 39,587.68 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 23,887.83 (close)Shanghai – Composite: FLAT at 3,473.13 (close)Euro/dollar: DOWN at $1.1710 from $1.1778 on FridayPound/dollar: DOWN at $1.3602 from $1.3650Dollar/yen: UP at 146.13 yen from 144.47 yenEuro/pound: DOWN at 86.09 pence from 86.30 penceBrent North Sea Crude: UP 1.9 percent at $69.58 per barrelWest Texas Intermediate: UP 1.4 percent at $67.93 per barrelburs-jmb/ksb

President Donald Trump threatened Japan and South Korea with 25 percent tariffs Monday, stepping up pressure on the two historical US allies and a dozen other economies to reach trade deals with Washington.Trump had said at the weekend that starting from Monday he would send a first batch of up to 15 letters to countries, informing them that he would reimpose harsh levies earlier postponed in April.In near-identically worded letters to the Japanese and South Korean leaders, Trump said the tariff hikes would apply from August 1 because their trading relationships with Washington were “unfortunately, far from Reciprocal.”Trump warned the countries, both key US allies in East Asia, of an escalation if they responded to the duties.Currently, both countries have been hit with a 10 percent levy imposed on almost all US trading partners.But Trump said he was ready to lower the new levels if Japan and South Korea changed their trade policies: “We will, perhaps, consider an adjustment to this letter.”Japan’s Prime Minister Shigeru Ishiba said Sunday that he “won’t easily compromise” in trade talks with Washington.White House Press Secretary Karoline Leavitt told reporters Monday that Trump would sign an order later in the day to delay his July 9 deadline for steeper tariffs to take effect — postponing their imposition to August 1.She added that besides Japan and South Korea, there would be approximately 12 other partners receiving letters from Trump soon.With the deadline extension, Leavitt said Trump would be setting out the “reciprocal tariff rate” for economies in the coming month as negotiations continue.Trump originally announced sweeping tariffs on world economies on what he called “Liberation Day” on April 2, claiming the United States was being “ripped off.”Amid market turmoil, Trump then suspended the initial tariffs for 90 days, a deadline that would have expired Wednesday without the latest extension.While the Trump administration had signaled hopes of striking dozens of deals by July — at one point boasting of “90 deals in 90 days” — there have been limited results so far.Washington has unveiled pacts with only Britain and Vietnam, while the United States and China agreed to temporarily lower tariff levels on each other’s products that earlier reached three-digits.- ‘Change their tune’ -Asked why Trump opted to start with South Korea, Leavitt said: “It’s the President’s prerogative, and those are the countries he chose.””This announcement will send a chilling message to others,” said Asia Society Policy Institute Vice President Wendy Cutler.”Both have been close partners on economic security matters,” she said, adding that companies from Japan and South Korea have made “significant manufacturing investments in the US in recent years.”US Treasury Secretary Scott Bessent said Monday that there would be a number of deals coming up: “We are going to have several announcements in the next 48 hours.””We’ve had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals,” Bessent told CNBC.He added that he would meet with his Chinese counterpart in the coming weeks.The two sides have so far held high-level talks in Geneva and London. But Washington and Beijing’s pause on tit-for-tat tariffs is due to expire in mid-August.On whether he was disappointed in the number of trade deals achieved so far, Trump’s trade adviser Peter Navarro maintained that he is “happy with the progress we’ve had.””Every country that we run a major deficit with is fully engaged,” he told CNBC on Monday.Trump has also threatened another 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of “Anti-American policies” after they slammed his duties at a summit.For now, partners are still rushing to avert Trump’s tariffs altogether.The European Commission said that EU chief Ursula von der Leyen had a “good exchange” with Trump on trade when the pair spoke Sunday.

Stock markets diverged while the dollar strengthened Monday as countries fought to hammer out trade deals ahead of US President Donald Trump’s tariff deadline.Oil prices rose, even if OPEC and its allies agreed over the weekend to increase output more than expected.”Tariff threats look likely to take centre stage yet again this week, following further developments over the weekend,” noted Richard Hunter, head of markets at Interactive Investor.Trump announced he would send the first tariff letters to various countries on Monday ahead of his deadline Wednesday for trading partners to reach a deal expires.He warned that US levies on imports will snap back to the high levels he set in April if countries failed to make agreements. Treasury Secretary Scott Bessent said, however, that the measures would not be applied until August 1, instead of the July 9 cut-off that had been set by Trump.Trade Nation analyst David Morrison said added time wasn’t calming markets.”While (Bessent) downplayed the idea of this being a ‘new deadline’, the market took little comfort, interpreting the remarks as an extension of trade risks,” he said.The White House has said several deals were in the pipeline but only two have been finalised so far, with Britain and Vietnam. Major trading nations, including Japan, India, the European Union and South Korea, have fought for the past three months to get agreements.Uncertainty prevails, with Trump declaring that an extra 10 percent import levy would be added to any country “aligning themselves with the Anti-American policies of BRICS” — the 11-member alliance including Brazil, Russia, India and China.Despite the tariff uncertainty, official data Monday showed German industrial production rose strongly in May, boosting hopes that Europe’s top economy has turned a corner. The news boosted German equities which gained 1.2 percent for the day.Paris added 0.4 percent, while London dipped 0.2 percent.Asia’s main stock markets mostly steadied.Wall Street slipped after record finishes by the S&P 500 and Nasdaq Composite on Thursday before the long holiday weekend in the United States.”There is a little trade uncertainty in the mix today… but it isn’t a stretch to think the market is also simply adhering to some consolidation interest after making such a massive run,” said Briefing.com analyst Patrick O’Hare. – OPEC+ hike -The oil market was also in focus after Saudi Arabia, Russia and six other key members of the OPEC+ alliance said they would increase oil output in August by 548,000 barrels per day, more than expected.The group said in a statement that “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories” led to the decision.IG analyst Chris Beauchamp said that crude prices would ordinarily be expected to drop when additional supply is being brought to market.”Crude’s strength today suggests that buying momentum is clearly picking up,” he said.”The bearish theme that has dominated for so long seems to have run its course, even if more increases are expected in September,” he added.Shares in Shell dropped around 2.9 percent after the British energy giant posted a weak trading update.- Key figures at around 1530 GMT -New York – Dow: DOWN 0.7 percent at 44,513.28 pointsNew York – S&P 500: DOWN 0.6 percent at 6,242.40New York – Nasdaq Composite: DOWN 0.7 percent at 20,461.12London – FTSE 100: DOWN 0.2 percent at 8,806.53 (close)Paris – CAC 40: UP 0.4 percent at 7,723.47 (close)Frankfurt – DAX: UP 0.1.2 percent at 24,073.67 (close)Tokyo – Nikkei 225: DOWN 0.6 percent at 39,587.68 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 23,887.83 (close)Shanghai – Composite: FLAT at 3,473.13 (close)Euro/dollar: DOWN at $1.1732 from $1.1783 on FridayPound/dollar: DOWN at $1.3640 from $1.3641Dollar/yen: UP at 145.86 yen from 144.53 yenEuro/pound: DOWN at 86.04 pence from 86.37 penceBrent North Sea Crude: UP 1. percent at $69. per barrelWest Texas Intermediate: UP 0. percent at $67. per barrelburs-rl/tw

Donald Trump’s aggressive trade policy faces a critical week as the US president races to secure the bilateral deals he promised, ahead of a shifting deadline for re-imposing steep tariffs on dozens of economies.Trump is due to send a first batch of letters to up to 15 trading partners from noon local time (1600 GMT), warning that US levies on imports will snap back to elevated levels if foreign governments fail to reach agreements with Washington.The duties will not bounce back until August 1, Treasury Secretary Scott Bessent said over the weekend, a move that appears to give more room for dealmaking.Trump imposed a 10 percent tariff on imports from almost all trading partners in early April, but some economies including the European Union were slated to have this rate increase further.As markets plunged at the time, Trump halted the steeper levies to allow for talks. That pause expires on Wednesday.”We are going to have several announcements in the next 48 hours,” Bessent told CNBC in an interview Monday.”We’ve had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals,” Bessent said.He reiterated that higher tariff rates for countries would not return until August 1.There was no immediate response from the White House on whether Trump would formally extend the Wednesday deadline.Asked about the letters Trump plans to send out, Bessent said these would inform partners of the tariff rate their products face when trading with the United States, unless they want to “come back and try to negotiate.”- Limited results? -While the Trump administration has signaled hopes of striking dozens of deals by early July, there have been limited results so far.Washington has unveiled pacts only with Britain and Vietnam, while the United States and China agreed to temporarily lower tariff levels on each other’s products that earlier reached three-digits.Bessent told CNBC Monday that he would “be meeting with my Chinese counterpart sometime in the next couple of weeks.”The two sides have so far held high-level talks in Geneva and London.But Washington and Beijing’s pause on tit-for-tat tariffs is due to expire in mid-August.On whether he was disappointed in the number of trade deals achieved so far, Trump’s trade adviser Peter Navarro maintained that he is “happy with the progress we’ve had.””Every country that we run a major deficit with is fully engaged,” he told CNBC on Monday.On Sunday night, Trump wrote on his Truth Social platform that Washington would deliver “tariff letters” or deals to various countries on Monday.In a separate post that night, Trump threatened another 10 percent tariff on countries aligning themselves with the emerging BRICS nations, accusing them of “Anti-American policies” after they slammed his duties at a summit.For now, partners are still rushing to avert Trump’s tariffs altogether.The European Commission said that EU chief Ursula von der Leyen had a “good exchange” with Trump on trade when the pair spoke Sunday.Japan’s Prime Minister Shigeru Ishiba, however, said Sunday that he “won’t easily compromise” in trade talks with Washington.

European stock markets and the dollar strengthened Monday as countries fought to hammer out trade deals days before US President Donald Trump’s tariff deadline.Oil prices rose, even if OPEC and its allies agreed over the weekend to increase output more than expected.”Tariff threats look likely to take centre stage yet again this week, following further developments over the weekend,” noted Richard Hunter, head of markets at Interactive Investor.Trump announced he would send the first tariff letters to various countries on Monday ahead of his deadline Wednesday for trading partners to reach a deal expires.He warned that US levies on imports will snap back to the high levels he set in April if countries failed to make agreements. Treasury Secretary Scott Bessent said, however, that the measures would not be applied until August 1.While the White House has said several deals were in the pipeline, only two have been finalised ahead of the July 9 cut-off set by Trump.Governments from major trading partners including Japan, India, the European Union and South Korea have fought for the past three months to get agreements.Uncertainty prevails, with Trump declaring that an extra 10 percent import levy would be added to any country “aligning themselves with the Anti-American policies of BRICS” — an 11-member alliance including Brazil, Russia, India and China.Despite the tariff uncertainty, official data Monday showed German industrial production rose strongly in May, boosting hopes that Europe’s top economy has turned a corner. The news helped to lift German equities more than in London and Paris.Asia’s main stock markets mostly steadied.- OPEC+ hike -The oil market was also in focus after Saudi Arabia, Russia and six other key members of the OPEC+ alliance said they would increase oil output in August by 548,000 barrels per day, more than expected.The group said in a statement that “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories” led to the decision. Shares in Shell dropped 3.2 percent around midday after the British energy giant posted a weak trading update.- Key figures at around 1040 GMT -London – FTSE 100: UP 0.1 percent at 8,828.24 pointsParis – CAC 40: UP 0.1 percent at 7,704.63Frankfurt – DAX: UP 0.7 percent at 23,944.13Tokyo – Nikkei 225: DOWN 0.6 percent at 39,587.68 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 23,887.83 (close)Shanghai – Composite: FLAT at 3,473.13 (close)New York: Closed for a public holidayEuro/dollar: DOWN at $1.1726 from $1.1783 on FridayPound/dollar: DOWN at $1.3598 from $1.3641Dollar/yen: UP at 145.46 yen from 144.53 yenEuro/pound: DOWN at 86.35 pence from 86.37 penceBrent North Sea Crude: UP 0.7 percent at $68.75 per barrelWest Texas Intermediate: UP 0.1 percent at $67.08 per barrelburs-bcp/ajb/rl