The dollar held losses against the yen on Wednesday after U.S. President Donald Trump announced a trade deal with Japan ahead of an impending tariff deadline. Trump said the agreement will result in Japan investing $550 billion into the United States and a tariff rate of 15% was set on U.S. imports from Japan. With an August 1 deadline looming before the imposition of sweeping import duties on trade partners, U.S. Treasury Secretary Scott Bessent said on Monday the administration is more concerned with the quality of trade agreements than the timing. Asked whether the deadline could be...
Brent rose toward $69 a barrel after a three-day decline, while West Texas Intermediate was near $66 a barrel. President Donald Trump unveiled an agreement with the Philippines setting a 19% tariff and a deal with Japan that sets a 15% rate, fueling a rally in Asian shares and US stock futures. US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts for trade talks in Stockholm next week, and will "be working out what is likely an extension" to the current Aug. 12 deadline for negotiations. He also said that the...
Gold held a three-day advance, as US President Donald Trump announced a highly-anticipated trade deal with Japan, signaling progress on fraught talks ahead of his Aug. 1 tariff deadline. Bullion traded near $3,430 an ounce — up 2.5% so far this week — as Trump announced it would impose 15% and 19% tariffs on goods from Japan and the Philippines, a strategic geopolitical ally. With several countries racing to secure trade deals, investors are seeking clarity specifically on progress with China. Treasury Secretary Scott Bessent said he will meet his Chinese counterparts...