2025-08-01 11:37

Mexico avoids 30% tariff on non-automotive, non-metals goods A 35% tariff on many Canadian goods Brazil hit with 50% tariff, some sectors excluded China trade deal not finalized, August 12 deadline looms Trump administration teases additional trade deals WASHINGTON/BANGKOK, Aug 1 (Reuters) - U.S. President Donald Trump's latest wave of tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, sent global stock markets down on Friday as countries pushed for talks to clinch better deals. Trump's new tariff rates include a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, 20% for Taiwan and 39% for Switzerland. Sign up here. The presidential order , opens new tab listed higher import duty rates of 10% to 41% starting in seven days for 69 trading partners, effectively taking the U.S. effective tariff rate to about 18%, from 2.3% last year, according to analysts at Capital Economics. Global shares stumbled, with the STOXX 600 (.STOXX) , opens new tab down 1.3% at its lowest in a month. U.S. stock index futures , were down 1%, indicating a drop at the start of trade on Wall Street later. Futures tied to Canada's main stock index slipped. The market response was not as volatile as April's global asset declines, said Wei Yao, research head and chief economist in Asia at Societe Generale, referring to the market slide after Trump's initial tariffs announced on April 2. "We are all getting much more used to the idea of 15-20% tariffs being manageable and acceptable, thanks to the worse threats earlier," she said. But Trump's tariff rollout comes amid evidence they have begun driving up prices. U.S. Commerce Department data released Thursday showed prices for home furnishings and durable household equipment jumped 1.3% in June, the biggest gain since March 2022. NO WINNERS? Countries hit with hefty tariffs said they will seek to negotiate with the U.S. in hopes of getting a lower rate. Switzerland said it would push for a "negotiated solution" with the U.S. "It’s a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing Switzerland's mechanical and electrical engineering industries. Taiwan President Lai Ching-te said the new 20% tariff rate for the island was "temporary" and that he expected to reach a lower figure. South Africa's Trade Minister Parks Tau said he was seeking "real, practical interventions" to defend jobs and the economy against the 30% U.S. tariff it faces. Southeast Asian countries breathed a sigh of relief after the U.S. tariffs on their exports that were lower than threatened and levelled the playing field with a rate of about 19% across the region's biggest economies. Thailand's finance minister said a reduction from 36% to 19% would help his country's economy. "It helps maintain Thailand's competitiveness on the global stage, boosts investor confidence and opens the door to economic growth, increased income and new opportunities," Pichai Chunhavajira said. Australian products could become more competitive in the U.S. market, helping businesses boost exports, Trade Minister Don Farrell said, after Trump kept the minimum tariff rate of 10% for Australia. But businesses and analysts said the impact of Trump's new trade regime would not be positive for economic growth. "No real winners in trade conflicts," said Thomas Rupf, co-head Singapore and CIO Asia at VP Bank. "Despite some countries securing better terms, the overall impact is negative." "The tariffs hurt the Americans and they hurt us," winemaker Johannes Selbach said in Germany's Moselle Valley. "Thousands of families who produce wine in Europe and thousands of families in the importing, wholesaling, retailing, restaurant business in the U.S. are dependent on the flow from both sides," he said, adding jobs and profits would be hit. Goods from all other countries not listed in Trump's executive orders will face a 10% U.S. import tax. Trump had previously said that rate might be higher. The administration also teased that more trade deals were in the pipeline. CANADA, INDIA, CHINA The Republican president has tapped emergency powers, pressured foreign leaders, and pressed ahead with trade policies that sparked a market sell-off when they were first announced in April. Trump's order said some trading partners, "despite having engaged in negotiations, have offered terms that, in my judgment, do not sufficiently address imbalances in our trading relationship or have failed to align sufficiently with the United States on economic and national-security matters." Trump issued a separate order , opens new tab for Canada that raises the rate on Canadian goods subject to fentanyl-related tariffs to 35%, from 25% previously, saying Canada had "failed to cooperate" in curbing illicit narcotics flows into the U.S. The higher tariffs on Canadian goods contrasted sharply with Trump's decision to grant Mexico a 90-day reprieve from higher tariffs of 30% on many goods to allow time to negotiate a broader trade pact. Canadian Prime Minister Mark Carney said he was disappointed by Trump's decision, and vowed to take action to protect Canadian jobs and diversify exports. India is in trade talks with the U.S. after Washington imposed a 25% tariff on New Delhi, a move that could impact about $40 billion worth of its exports, an Indian government source with knowledge of the talks told Reuters on Friday. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration. A U.S. official told reporters that they are making progress toward a deal. The European Union struck an agreement on a blanket 15% tariff with the U.S. at the end of July. https://www.reuters.com/world/china/trump-hits-more-countries-with-steep-tariffs-markets-tumble-2025-08-01/

2025-08-01 11:36

Tesla July registrations down 86% in Sweden, 27% in France They were up 83% in Norway and 27% in Spain Model Y sales down 88% in Sweden, up fourfold in Norway Musk: regulatory issues make it harder to sell in Europe Aug 1 (Reuters) - Registrations of new Tesla (TSLA.O) , opens new tab cars in several key European markets fell in July, despite a revamp to its signature Model Y, as the EV maker struggles with a backlash to CEO Elon Musk's political views, regulatory challenges and rising competition. Tesla's aging lineup is facing a wave of low-cost EV rivals, especially from China. It is rolling out a revamped Model Y and starting to produce a new, cheaper model, but production of that will only ramp up next quarter, later than initially expected. Sign up here. The brand's registrations - a close proxy of sales - fell 86% year-on-year in July to 163 cars in Sweden, 52% to 336 cars in Denmark, 27% to 1,307 in France and 62% to 443 in the Netherlands, official industry data showed, marking a seventh straight monthly drop in all of those countries. Tesla sales dropped by over a third in Europe in the first six months of the year. Norway and Spain bucked the trend, with Tesla's registrations up 83% and 27% to 838 cars and 702 cars, respectively. Spain recorded a 155% jump in total sales of electrified cars - either battery electric or plug-in hybrid. Tesla's Chinese competitor BYD (002594.SZ) , opens new tab sold 2,158 cars in Spain in July, almost eight times more than in July 2024. With no more affordable-end vehicles on the horizon until the last three months of the year and the upcoming end of a $7,500 U.S. tax break for EV buyers, Musk acknowledged in July that Tesla (TSLA.O) , opens new tab could have "a few rough quarters". He said tough automated driving regulations in Europe made it harder to sell the Model Y in some countries, as the vehicle's optional supervised self-driving is "a huge selling point". "Our sales in Europe, we think will improve significantly once we are able to give customers the same experience that they have in the U.S.," he told analysts. Tesla began selling a long-range four-wheel version of the revamped Model Y in Europe in March 2025, while sales of the two rear-wheel drive variants began in May. Model Y registrations in Sweden and Denmark fell by 88% and 49% respectively in July, while they jumped more than fourfold to 715 cars in Norway. Norway, where almost all new cars sold are fully-electric and where Tesla has been the best-selling brand since 2021, has seen a surge in orders for the model since May after the automaker launched 0% interest loans in some Nordic countries to drum up demand. Tesla launched in June a trial robotaxi service in Austin, Texas, using about a dozen Model Y SUVs controlled by its autonomous-driving software. But the roll-out of its self-driving features elsewhere in the U.S. is bogged down because it hasn't received the required permits. Overall car sales were up 20% in Denmark, 6% in Sweden, 48% in Norway, 17% in Spain and 9% in the Netherlands, while they slid 8% in France in July, industry data showed. Other European countries are expected to release July car sales data later on Friday. European automakers Volkswagen (VOWG.DE) , opens new tab, Mercedes-Benz (MBGn.DE) , opens new tab, Stellantis (STLAM.MI) , opens new tab, Renault (RENA.PA) , opens new tab and BMW (BMWG.DE) , opens new tab have published downbeat second-quarter results, warning of pressure from U.S. import tariffs and falling demand. https://www.reuters.com/business/autos-transportation/tesla-sales-drop-again-around-europe-despite-model-y-revamp-2025-07-31/

2025-08-01 11:29

Aug 1 (Reuters) - AngloGold Ashanti's (AU.N) , opens new tab, second-quarter profit jumped 151% on record gold prices and increased output, allowing the company to bump up its quarterly dividend, it said on Friday. The gold miner's headline earnings were $639 million in the three months to June 30, up from $255 million a year earlier. Sign up here. AngloGold Ashanti's gold production increased by 21% to 804,000 ounces during the quarter, driven by strong contributions from the Obuasi mine in Ghana, the Geita mine in Tanzania and the addition of Egypt's Sukari mine, in which it acquired a 50% share last year. The company said its average gold price increased to $3,287 per ounce in the second quarter of 2025, from $2,330 an ounce during the same period last year. AngloGold Ashanti declared a quarterly dividend of $0.80 per share, above its minimum quarterly payout of $0.125 per share, reflecting "the strength of cash flows and confidence in the outlook", the company said. https://www.reuters.com/world/africa/anglogold-ashanti-raises-dividend-after-151-jump-second-quarter-profit-2025-08-01/

2025-08-01 11:29

US announces 39% tariff on imports from Switzerland Swiss manufacturers say tens of thousands of jobs at risk Talks to continue ahead of August 7 introduction RUETLI, Switzerland, Aug 1 (Reuters) - Swiss manufacturers warned on Friday that tens of thousands of jobs were at risk after U.S. President Donald Trump hit them with one of the highest tariff rates in his global trade reset, even if there was some relief for now for the key drugs sector. The government said it was "disappointed" and would decide how to proceed after Trump set a 39% tariff on the export-reliant country - more than double the 15% rate for most European Union imports into the United States. Sign up here. The levy - up from an originally proposed 31% tariff that Swiss officials had described as "incomprehensible" - is a body blow for the small Alpine nation, which counts the U.S. as the top export market for its pharmaceuticals, watches, machinery and chocolates. The White House said on Friday it had made the move because of what it called Switzerland's refusal to make "meaningful concessions" by dropping trade barriers. "Switzerland, being one of the wealthiest, highest income countries on earth, cannot expect the United States to tolerate a one-sided trade relationship," a White House official said. Swiss President Karin Keller-Sutter earlier told Reuters the government would keep talking to Washington, but there were only limited concessions it could offer, as U.S. imports already enjoyed 99.3% free market access. "We have companies that have made very important direct investments (in the U.S.). It's really difficult to give more," she said on the sidelines of a Swiss National Day event in Ruetli. Keller-Sutter said the government was disappointed, with the 39% tariff "much higher" than what had been negotiated following "very constructive talks" with Washington in July. Swiss media had reported that the government had expected a rate of around 10%. Switzerland's main export to the U.S. is pharmaceutical products - worth $35 billion last year - though officials said drugmakers should not be affected by the higher rate for now. Swissmem, a group representing the mechanical and electrical engineering industries, said it was "really stunned" by the U.S. move. "It's a massive shock for the export industry and for the whole country," said its deputy director Jean-Philippe Kohl. "The tariffs are not based on any rational basis and are totally arbitrary ... This tariff will hit Swiss industry very hard, especially as our competitors in the European Union, Britain and Japan have much lower tariffs." The U.S. is Switzerland's top foreign watch market, accounting for 16.8% of exports, or about 4.4 billion francs, according to the Federation of the Swiss Watch Industry. Shahzaib Khan, who runs two businesses selling Swiss luxury watches abroad, said the tariffs were "hard to digest". "This is getting out of hand a little bit... I don't think brands can absorb 39%," Khan told Reuters. The new rate is set to take effect on August 7, and a Swiss source familiar with the matter said negotiations would continue. UBS Global Wealth Management's Chief Investment Office said its base case remains that Switzerland would eventually reach a deal similar to the one secured by the EU, which had 15% tariffs on imports to the United States. "We expect weak growth but no recession for the Swiss economy in the coming quarters," it added. PHARMA STILL FACES THREAT There was some respite for the pharmaceuticals sector, which includes industry giants Roche (ROG.S) , opens new tab and Novartis (NOVN.S) , opens new tab, as they were not included in the 39% rate. "Swiss authorities understand that the tariffs should not include the pharmaceuticals sector," a spokesperson for the Economy Ministry said. The sector still faces the possibility of separate levies. Pharmaceuticals have historically been spared from trade wars due to the potential harm to patients. But Trump has said he wants to reduce the industry's reliance on foreign-made drugs and bring prices down. He has launched a Section 232 national security investigation into the pharmaceutical sector worldwide, with a decision on whether to impose separate tariffs on that sector expected in the coming weeks. Trump said in July those duties could be as high as 200%. Scienceindustries, a Swiss business association of more than 250 chemical, pharmaceutical, biotech and other scientific firms, warned that the chemical and pharmaceutical industry could still be affected by these tariffs. "Pharmaceutical products are part of complex, globally interconnected supply chains. New tariffs would place a heavy burden on these structures, with growing uncertainty for companies and serious risks to the supply of vital medicines, particularly in the USA," the association said in a statement. SHIFT IN STATEMENT Trump's announcement differs significantly from a joint draft statement approved by the Swiss government on July 4 after intensive talks with the U.S., the finance ministry said in a statement, without giving details. Swiss officials have been waiting since then for a sign-off on what was understood to be a preliminary framework for a deal, according to a person familiar with the matter. Keller-Sutter, who also serves as finance minister, and Economy Minister Guy Parmelin had visited Washington to press their case; Switzerland is the seventh-largest investor in the United States. Switzerland sent about 65 billion Swiss francs of goods to the United States last year, or about one-sixth of its total exports, giving it a goods trade surplus with the U.S. of almost 38.7 billion francs. In services, it had a deficit of nearly 20.4 billion francs. https://www.reuters.com/world/europe/swiss-stunned-by-us-tariff-hike-seek-negotiated-solution-2025-08-01/

2025-08-01 11:23

Aug 1 (Reuters) - Futures tied to Canada's main stock index slipped on Friday, as investors woke up to U.S. President Donald Trump's new tariff regime that included fresh levies on Canada and dozens of other countries. Futures on the S&P/TSX index were down 1% at 1,605.40 points by 06:52 a.m. ET (1052 GMT). The benchmark index gave back some of its monthly gains in the previous session. Sign up here. Trump late on Thursday signed an executive order increasing tariffs on all Canadian goods not covered by the U.S.-Mexico-Canada trade agreement to 35% from 25%. He also imposed steep tariffs on imports from dozens of other trading partners including Brazil, India, Taiwan and Switzerland, pressing ahead with his plans to reorder the global economy. Adding to investors' concerns, Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash U.S. prescription drug prices to match those paid overseas. In commodities, gold prices held steady on Friday, while oil prices were little changed and copper prices stabilised. In corporate news, Canadian auto parts supplier Magna International (MG.TO) , opens new tab raised its annual sales forecast and topped second-quarter estimates, benefiting from its cost-cutting measures. Focus will be on the U.S. jobs data, due later in the day. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/markets/europe/tsx-futures-fall-after-trump-slaps-fresh-tariffs-canada-2025-08-01/

2025-08-01 11:02

Aug 1 (Reuters) - Coinbase (COIN.O) , opens new tab shares slumped 15% and hit their lowest in more than a month on Friday, after the crypto exchange reported a drop in second-quarter adjusted profit due to a slowdown in trading. The stock was last trading at $321.68, set to wipe out $14.3 billion of market value if current levels hold. It has gained 52% this year as of last close, ranking among the top 15 gainers on the benchmark S&P 500 (.SPX) , opens new tab index, which Coinbase joined in May. Sign up here. "We see the shares as significantly overvalued. We believe that the market is projecting too much future growth for the firm," Morningstar analyst Michael Miller wrote in a note. The sharp investor reaction underscores the challenge Coinbase, as a major player in the crypto space, faces to sustain its recent strong revenue growth. By contrast, Robinhood (HOOD.O) , opens new tab, which has a smaller footprint in the segment, reported that its crypto trading revenue had nearly doubled in the second quarter. "We believe investor enthusiasm had reached a 'fever pitch' heading into last night's results, as valuation has detached from underlying fundamentals," analysts at H.C. Wainwright wrote in a note. Coinbase posted adjusted profit of $33.2 million, or 12 cents per share, during the three months ended June 30, compared with $294.4 million, or $1.10 apiece, a year earlier. Bullish crypto sentiment encouraged investors to hold their assets, limiting trading activity and contributing to the lower volatility Coinbase saw during the period. Analysts, however, said trading volumes could improve this quarter, based on the company's revenue estimates for July. The month saw a surge in crypto enthusiasm after the Genius Act was signed into law. The landmark legislation pushed bitcoin to a record high. https://www.reuters.com/business/coinbase-shares-sink-after-trading-weakness-hits-quarterly-profit-2025-08-01/