2025-04-07 20:11
Japan's economy faces potential 0.8% growth loss due to US tariffs Treasury's Bessent, USTR Greer to lead US-Japan trade talks Japan urges Trump to reconsider tariff policies Japan among 50-70 countries seeking trade talks with US China isolates itself by retaliating against US tariffs, Bessent says WASHINGTON, April 7 (Reuters) - Japan is sending a team to negotiate on trade, U.S. President Donald Trump said, adding that he spoke earlier on Monday with Japanese Prime Minister Shigeru Ishiba, who separately said he told Trump to rethink tariff policies. Trump's decision to impose a 25% levy on auto imports, and a reciprocal 24% tariff on other Japanese goods, is expected to deal a huge blow to Japan's export-heavy economy. Analysts predict the higher duties could knock up to 0.8% off economic growth. Sign up here. "Countries from all over the world are talking to us. Tough but fair parameters are being set," Trump wrote on the Truth Social platform. Trump has put Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer in charge of trade negotiations with Japan, Bessent said on social media. The Japanese prime minister said he told Trump in a telephone call that his tariff policies are extremely disappointing and urged him to rethink. "So we have a great relationship with Japan. We're going to keep it that way," Trump later told reporters on Monday. Trump said last week that he would impose a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries, including some of Washington's biggest trading partners, rattling global markets and bewildering U.S. allies. Ishiba summoned key economic ministers, including Finance Minister Katsunobu Kato, Sunday evening and instructed them to be vigilant and respond to market developments, according to Japan's Nikkei newspaper. Bessent told Fox Business Network that he had not yet seen any proposals from Tokyo, but that he expects to have successful negotiations to reduce Japan's non-tariff trade barriers. Japan is among 50 to 70 countries that have approached the Trump administration so far about negotiations, Bessent said. "Japan is a very important military ally. They're very important economic ally, and the U.S. has a lot of history with them," Bessent said. "So I would expect that Japan is going to get priority just because they came forward very quickly." Bessent added in a post on X that China was isolating itself by retaliating against Trump's tariffs. "For countries that don't retaliate, we are at a maximum tariff level, and it is my hope that through good negotiations, all we will do is see levels come down," Bessent told Fox Business Network. https://www.reuters.com/world/japan/trump-says-japan-sending-team-talks-japan-urges-him-rethink-tariffs-2025-04-07/
2025-04-07 19:58
WASHINGTON, April 7 (Reuters) - U.S. President Donald Trump said on Monday said selling energy to the European Union would be a key focus as his administration seeks to eliminate a trade deficit with the bloc. "The European Union's been very bad to us," Trump told reporters at the White House, accusing European nations of not buying enough U.S. goods. Sign up here. "They're going to have to buy their energy from us, because they need it and they're going to have to buy it from us. They can buy it, we can knock off $350 billion in one week." https://www.reuters.com/business/energy/trump-says-eu-will-have-buy-energy-us-2025-04-07/
2025-04-07 19:46
WASHINGTON, April 7 (Reuters) - U.S. President Donald Trump said on Monday he was not looking at a pause on tariffs to allow for negotiations with trading partners but said he would talk to China, Japan and other countries about the duties. Asked during a White House press availability with Israeli Prime Minister Benjamin Netanyahu if he was open to pausing tariffs, Trump said: "Well, we're not looking at that. We have many, many countries that are coming to negotiate deals with us and they're going to be fair deals. And in certain cases they're going to be paying substantial tariffs. There'll be fair deals." Sign up here. Trump reiterated his threat to add another 50% tariff on Chinese imports unless that country withdraws its threat to add a 34% tariff on its goods. https://www.reuters.com/world/us/trump-says-not-looking-tariff-pause-will-talk-china-2025-04-07/
2025-04-07 19:42
TOKYO, April 8 (Reuters) - U.S. Treasury Secretary Scott Bessent will lead trade negotiations with Japan, the Nikkei newspaper reported on Tuesday. Under Bessent, Washington is likely to discuss dollar/yen moves with Tokyo as well as trade, the Nikkei said, citing unnamed U.S. Treasury Department sources. Sign up here. Although trade talks are usually led by the U.S. Trade Representative, the fact the treasury secretary will represent Washington could be an indication it might seek to address what it sees as the yen's weakness against the dollar, the Nikkei said. In a telephone call on Monday, U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba agreed to appoint ministers in charge of trade discussions. https://www.reuters.com/world/us-treasury-secretary-bessent-head-trade-talks-with-japan-nikkei-2025-04-07/
2025-04-07 19:31
NEW YORK, April 7 (Reuters) - The U.S. Energy Information Administration said on Monday it is delaying publication of the "Short-Term Energy Outlook" (STEO) report, amid a plunge in oil prices to near four-year lows over growing concerns of a global recession. The report, scheduled for Tuesday, April 8, will now be published on Thursday, April 10, at noon EDT (1600 GMT), the EIA said in an email. The EIA is re-running the models used for STEO forecasts to reflect the most recent developments in the market. Sign up here. WHY IT'S IMPORTANT The monthly STEO report details the EIA's forecasts for U.S. and global oil supply and demand, with commentary from analysts on recent developments or anticipated changes factoring into its projections. The EIA is the only government agency in the world to report such detailed statistics, so market participants closely track its publications to inform trading decisions. CONTEXT U.S. and global benchmark crude oil futures have tumbled more than 10% to near four-year lows since April 2, when U.S. President Donald Trump announced sweeping tariffs on imports from trading partners including China and the European Union. The tariffs have heightened concerns of a global recession, with China responding with additional levies on U.S. imports and the European Union deliberating similar actions. Slower economic activity typically results in lower oil and fuel demand. Oil prices also came under pressure from a surprise decision by the Organization of the Petroleum Exporting Countries, together with its allies, to accelerate a planned unwinding of years-long output cuts. https://www.reuters.com/business/energy/us-eia-delays-short-term-outlook-report-amid-oil-market-downturn-2025-04-07/
2025-04-07 18:33
Canadian dollar gains 0.1% against the greenback Trades in a range of 1.4180 to 1.4296 Firms see sharply higher chance of recession Bond yields rise across the curve TORONTO, April 7 (Reuters) - The Canadian dollar edged higher against its U.S. counterpart on Monday, clawing back some earlier declines, as Wall Street gyrated and after Canada last week avoided new duties on its goods in a widening global trade war. The loonie was trading 0.1% higher at 1.42 per U.S. dollar, or 70.42 U.S. cents, after trading in a range of 1.4180 to 1.4296. Sign up here. Among Group of 10 currencies, only the safe-haven Swiss franc posted a larger gain, while all the others lost ground. "CAD is outperforming non-USD peers as Canada remains relatively shielded from the new round of tariffs," said Jayati Bharadwaj, a global FX strategist at TD Securities. The U.S. on Wednesday unveiled a 10% baseline tariff on all imports to the United States and higher targeted duties on some of the country's biggest trading partners. Goods from Canada and Mexico that comply with the USMCA trade agreement among the three countries will largely remain exempt from tariffs, except for auto exports and steel and aluminum which fall under separate tariff policies. Major stock indexes remained volatile as U.S. President Donald Trump said he will impose an additional 50% tariff on China if Beijing does not withdraw its retaliatory tariffs on the United States. The price of oil, one of Canada's major exports, fell 1.2% to $61.26 a barrel, extending its recent declines, on fears tariffs could push economies around the world into recession. Canadian firms and consumers see a sharply higher chance of recession over the coming year as U.S. tariffs and possible retaliation fuel widespread uncertainty, the Bank of Canada said. Canadian bond yields moved higher across the curve, tracking moves in U.S. Treasuries. The 10-year was up 13.3 basis points at 3.017%, extending its rebound from a near two-year low during Friday's session at 2.783%. https://www.reuters.com/markets/currencies/canadian-dollar-gains-investors-assess-relative-tariff-impact-2025-04-07/
