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Negotiations over the Philippines’ new 19 percent US tariff rate are “not finished”, a key government economic adviser said Thursday, tamping down fears over the deal’s potential impact on the agriculture sector.President Ferdinand Marcos flew back to the country late Wednesday after a three-day trip to Washington that saw him emerge from a meeting with Donald Trump having shaved a single point off a 20 percent levy on Filipino goods. What might “seem like a very small concession” was in fact a “significant achievement”, Marcos told reporters who questioned if the Philippines — a longtime US treaty ally — was getting the short end of the stick.The US president, meanwhile, touted “zero tariffs” on American goods headed to the archipelago nation of 115 million.But Marcos economic adviser Frederick Go said Thursday that tariffs would not be dropped in every category.”The negotiations are not yet finished. Our technical working groups will continue to work with their counterparts from America to finalize the details of this arrangement,” he told reporters in Manila.”There are still many things to be discussed.”Since the Trump meeting, the Marcos administration has downplayed the potential effects of the tariffs, noting just 16 percent of the country’s exports go to the United States, with about two-thirds being electronic components not subject to levies.On Thursday, Go said that while tariffs would disappear for certain agricultural products like soy and wheat, key areas such as sugar, corn, rice, fish and pork would remain protected for Filipino farmers.”I can guarantee to you we studied our biggest industries in the country where we are a significant market producer. We didn’t include those in our arrangements with the United States,” he said.Go also touted the benefit to Filipino consumers of dropping some tariffs, particularly on pharmaceuticals.”Medicines are expensive in the Philippines. If they are tariff-free, then that can lower the price of medicine in our country,” he said.Jesus Felipe, an economics professor at Manila’s De La Salle University, told AFP the actual number of Philippine exports hit by the full tariff would likely be low.”That’s the number (19 percent) that has been flagged, but our feeling is that many products — a substantial share of Philippine exports to the US — will have to be exempted.”While predicting the effect on Philippine GDP would effectively be “nothing”, Felipe said the “imperialist attitude” with which the United States was treating smaller countries remained worrying.Countries with far larger US trade deficits like China, Mexico and Canada had “much more power and leverage” to fight back, he said.”The Philippines cannot retaliate.”

HYBE, the agency behind K-pop superstars BTS, was raided by police on Thursday in connection with alleged fraudulent trading involving its founder Bang Si-hyuk, investigators said.”We are conducting a search and seizure at HYBE’s headquarters in Yongsan District,” Seoul police said in a brief statement.Bang, the mastermind behind BTS, is under investigation over allegations that he misled early investors to reap illicit profits from the company’s 2020 initial public offering.He is accused of gaining around 200 billion won (US$146 million) through the process, according to local reports.HYBE has denied Bang committed any wrongdoing.”We will dutifully clarify that the listing at the time was carried out in compliance with all relevant laws and regulations,” the company said in early July, pledging “active cooperation” with authorities to get to the bottom of the case.Bang allegedly misled HYBE’s early investors, who held pre-IPO shares, by telling them in 2019 he had no plans to take the company public.He then allegedly encouraged them to sell their shares to private equity funds when in fact IPO plan was in the making.HYBE went public in 2020, after the shareholders sold their stakes.The 52-year-old is accused of secretly striking a deal with the private equity funds to receive a portion of the profits they made from selling shares after the IPO.- 2026 comeback -The investigation comes as all seven BTS members complete their mandatory military service and prepare for a comeback next year. HYBE announced this month that a new album and world tour were scheduled for 2026.BTS, known for championing progressive causes, holds the record as the most-streamed group on Spotify and became the first K-pop act to top both the Billboard 200 and Billboard Artist 100 charts in the United States.Before their military service, BTS generated more than 5.5 trillion won ($4 billion) in yearly economic impact, according to the Korea Culture and Tourism Institute.That accounts for roughly 0.2 percent of South Korea’s total GDP, according to official data.There had been debate over whether BTS should be granted exemptions from military service — sometimes granted to Olympic medallists and classical artists who win top international awards — but pop stars do not qualify under South Korean laws.With the lack of public consensus on the matter, the members enlisted individually, beginning in late 2022.

Asian markets extended the week’s gains Thursday on optimism other countries will follow up Japan’s US trade deal with ones of their own, with speculation building that the European Union is on course.Investors have been on a roll in recent weeks on bets that governments will eventually hammer out pacts with Donald Trump ahead of the US president’s August 1 deadline.The mood has been upbeat since news that Japan had reached a deal to lower sweeping tariffs from 25 percent to 15 percent, including those on the country’s crucial car sector.The breakthrough fanned hopes that others were in the pipeline.However, there is talk that the European Union is edging towards an agreement. Reports say Brussels could get something similar to Japan, with tariffs cut to 15 percent — from the threatened 30 percent.The Financial Times said the two would waive tariffs on some products, including aircraft, spirits and medical devices.That came after US Treasury Secretary Scott Bessent said negotiations were making progress, with talks planned later in the day between the bloc’s top trade negotiator and his American counterpart.Analysts said a deal with Washington’s biggest trading entity would provide a massive boost to equitiesHowever, failure to reach a deal, triggering Trump’s 30 percent levies on August 1, could cause havoc on markets, analysts warned.France has been loudest in insisting Brussels must show it is willing to deploy its trade weapon, known as the anti-coercion instrument — allowing officials to take measures such as import and export restrictions on goods and services.Neil Wilson at Saxo Markets warned that would end up “effectively killing trade between the two… the nuclear option is on the table it seems, but for the moment expectation seems to be veering towards a deal”.After another record day for the S&P 500 and Nasdaq on Wall Street, Asia picked up the baton and ran.Tokyo piled on two percent, having jumped more than three percent Wednesday on the trade deal, while Hong Kong continued its standout year with another advance.Shanghai, Seoul, Singapore, Wellington, Taipei and Manila also rose.Traders are also keeping an eye on developments in Tokyo after Japanese Prime Minister Shigeru Ishiba denied discussing his resignation with party elders on Wednesday, as speculation about his future intensified following a weekend election debacle.Despite the saga, the yen extended its gains, briefly hitting 145.86 per dollar as the trade deal allows investors to turn their attention to the Bank of Japan’s policy meeting next week hoping for guidance on its next interest rate hike.The unit had been sitting around 147.90 before the deal.Bank officials have held off rocking the boat on the issue amid tariff uncertainty, but observers say the agreement can allow them to reconsider lifting in October.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: UP 2.0 percent at 41,983.50 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 25,606.58Shanghai – Composite: UP 0.2 percent at 3,588.11Dollar/yen: DOWN at 146.06 yen from 146.47 yen on WednesdayEuro/dollar: DOWN at $1.1772 from $1.1777Pound/dollar: UP at $1.3582 from $1.3579Euro/pound: DOWN at 86.66 pence from 86.68 penceWest Texas Intermediate: UP 0.3 percent at $65.47 per barrelBrent North Sea Crude: UP 0.3 percent at $68.71 per barrelNew York – Dow: UP 1.1 percent at 45,010.29 (close)London – FTSE 100: UP 0.4 percent at 9,061.49 (close)

Stock markets rose on Wednesday after Japan and the United States hammered out a trade deal that included lowering President Donald Trump’s tariffs on Japan’s crucial car sector.Investors were also cheered by news that Washington had reached agreements with Indonesia and the Philippines, stoking optimism that more countries will 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.Wall Street pushed higher, with the Dow rising more than one percent and the S&P 500 and Nasdaq both powering to fresh all-time closing records.In Europe, London’s FTSE 100 ended the day up 0.4 percent, after hitting another record high at the open.Paris piled on 1.4 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, Stellantis jumping around nine percent in Paris.Shares in German automakers BMW, Mercedes Benz, Porsche and Volkswagen all rose more than four 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 unresolved.US Treasury Secretary Scott Bessent said Wednesday that Washington was making progress on tariff negotiations with the European Union, with talks planned later in the day between the bloc’s top trade negotiator and his American counterpart.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. He denied the reports.Elsewhere in Asia, Hong Kong hit its highest level since late 2021, while Shanghai was flat.- Key figures at around 2055 GMT -New York – Dow: UP 1.1 percent at 45,010.29 (close)New York – S&P 500: UP 0.8 percent at 6,358.91 (close)New York – Nasdaq Composite: UP 0.6 percent at 21,020.02 (close)London – FTSE 100: UP 0.4 percent at 9,061.49 (close)Paris – CAC 40: UP 1.4 percent at 7,850.43 (close)Frankfurt – DAX: UP 0.8 percent at 24,240.82 (close)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)Dollar/yen: DOWN at 146.47 yen from 146.63 yen on TuesdayEuro/dollar: UP at $1.1777 from $1.1754Pound/dollar: UP at $1.3579 from $1.3533Euro/pound: DOWN at 86.68 pence from 86.85 penceWest Texas Intermediate: DOWN 0.1 percent at $65.25 per barrelBrent North Sea Crude: DOWN 0.1 percent at $68.61 per barrelburs-jmb/des

United States and European officials signaled progress in tariff talks Wednesday, after US President Donald Trump announced a pact with Japan and China said its vice premier would attend bilateral negotiations next week.In an attempt to slash his country’s trade deficits, Trump has vowed to hit dozens of countries with punitive tariff hikes if they do not hammer out a pact with Washington by August 1.While the Trump administration earlier promised “90 deals in 90 days” as it delayed the imposition of higher duties in April, Washington has so far unveiled just five agreements including with Japan and the Philippines.The others are with Britain, Vietnam and Indonesia, the latter of which the White House noted would ease critical mineral export restrictions.Negotiations remain ongoing with major US trading partners China, Canada, Mexico and the European Union.Washington and Brussels signaled negotiations were moving along, with German Chancellor Friedrich Merz voicing optimism that “decisions” may be coming soon.Several EU diplomats added that the bloc was examining a US proposal involving a 15 percent tariff — and sectoral carve-outs still to be decided.EU trade chief Maros Sefcovic was expected to speak with US Commerce Secretary Howard Lutnick on Wednesday.US Treasury Secretary Scott Bessent, meanwhile, told Bloomberg Television: “I think that we are making good progress with the EU.”Separately, representatives from China and the United States will meet next week in Swedish capital Stockholm to further negotiations before an August 12 deadline agreed in May.Beijing and Washington imposed tit-for-tat levies on each other’s exports this year, reaching triple-digit levels, before agreeing to lower these temporarily until mid-August.As the clock ticks down, China said Wednesday it would seek to “strengthen cooperation” with Washington, and confirmed vice premier He Lifeng would attend the talks.- ‘Massive deal’ -For now, Trump was touting Washington’s agreement with Japan as “a massive deal.”He said on his Truth Social platform Tuesday that under the deal, “Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits.”Bessent told Bloomberg Television that Japan received a 15 percent tariff rate, down from the 25 percent threatened, as “they were willing to provide this innovative financing mechanism.””They are going to provide equity credit guarantees and funding for major projects in the US,” Bessent said.Japanese exports to the United States were already subject to a 10 percent tariff, and this would have spiked to 25 percent come 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 aluminum.Japanese Prime Minister Shigeru Ishiba said 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.Japan’s trade envoy Ryosei Akazawa, who secured the deal on his eighth visit to Washington, said the 50 percent tariffs on steel and aluminum would remain. Akazawa also said increased defense spending by Japan — something Trump has pressed for — was not part of the agreement.Trump added Tuesday that Japan agreed as well 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 tons 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 the Japan Foreign Trade Council, welcomed the trade deal but said the business community needed to see details to assess its impact.Other US trading partners are watching closely as the August 1 deadline approaches.The Philippines’ deal announced Tuesday only saw levies cut by one percentage point, to 19 percent, after Trump hosted President Ferdinand Marcos.China on Wednesday said it supported “equal dialogue” following the announcement of the Japan-US deal.burs-raz-bys/acb

The EU and Japan pledged on Wednesday to work together on championing a “free and fair” trade global system, as US tariffs and disputes with China rattle their economies.Brussels and Tokyo announced a “competitiveness alliance” to increase bilateral trade, address unfair practices, and boost innovation, at a summit in the Japanese capital.”In today’s world, competitiveness has to be built with trusted partners such as Japan,” European Union chief Ursula von der Leyen told journalists after talks with Japanese Prime Minister Shigeru Ishiba. “Together, Europe and Japan represent a fifth of global GDP and a market of 600 million people,” she added.”So, we have the scale to shape global rules on trade and tech in line with our values of fairness and openness.”Facing a swirl of speculation over his future following a weekend election debacle, Ishiba said the EU and Japan concurred to work together to strengthen a “stable and predictable rules-based free and fair economic order”. Von der Leyen congratulated the prime minister on his “successful negotiations” to secure a tariff deal with Washington, a feat that has so far escaped the European Commission she leads.US President Donald Trump announced Tuesday a “massive” trade deal with Japan, as a deadline looms for the EU and other major US trade partners to strike agreements or face steep levies.Tokyo said the deal would see a tariff on Japanese car cut to 15 percent. The EU’s top trade negotiator Maros Sefcovic is due to speak once again to US Commerce Secretary Howard Lutnick later on Wednesday.Von der Leyen’s commission, the EU’s top executive body, is in charge of trade policy for the 27-nation bloc.”In a world of growing uncertainty, we are also stepping up joint efforts to boost economic security and resilience,” Antonio Costa told journalists in Tokyo.Costa heads the European Council representing EU member states. He said the EU and Japan — who back Ukraine in its war with Russia — would push to deepen cooperation between their defence industries. Costa and von der Leyen will visit Beijing next for talks with China’s top leaders on Thursday. Beijing and Brussels will mark the 50th anniversary of their establishment of diplomatic ties.But differences over state subsidies, market access and China’s support for Russia are set to overshadow the event.burs-ub/del/jj

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)