Donald Trump threatens Japan and South Korea with steep tariffs

Unlock the White Home Watch e-newsletter for freeYour information to what Trump’s second time period means for Washington, enterprise and the worldThis article is an on-site model of our FirstFT e-newsletter. Subscribers can signal as much as our Asia, Europe/Africa or Americas version to get the e-newsletter delivered each weekday morning. Discover all of our newsletters hereGood morning and welcome again to FirstFT Asia. In in the present day’s e-newsletter: Trump threatens Asian allies with steep tariffs Wall Road buying and selling agency fights India banHong Kong’s listings pipeline hits document highDishoom’s information to eating in MumbaiDonald Trump has renewed his risk to hit main buying and selling companions with steep “reciprocal” tariffs whilst he granted a three-week reprieve for nations to barter commerce offers with the US. What occurred: Trump despatched letters to Japan and South Korea, each among the many US’s greatest buying and selling counterparts, saying the nation would impose 25 per cent levies starting on August 1. The president additionally introduced massive levies on Malaysia, South Africa and several other different nations. The tariffs have been roughly on a par with these Trump unveiled throughout his “liberation day” announcement on April 2.Within the letters, addressed to Shigeru Ishiba, Japan’s prime minister, and Lee Jae-myung, South Korea’s president, Trump mentioned that if both nation elevated its tariffs in retaliation “then, regardless of the quantity you select to lift them by, might be added on to the 25 per cent that we cost”. However he indicated that the proposed tariffs might be negotiated down if the nations opened their marketsMarket response: The dimensions of Trump’s tariff threats yesterday pressured markets regardless of the delay of their implementation. The S&P 500 ended Monday down 0.8 per cent. In the meantime, the Japanese, South Korean and South African currencies all declined about 1 per cent in opposition to the US greenback.Right here’s what else we’re holding tabs on in the present day:Financial information: Taiwan publishes June inflation and commerce figures.Financial coverage: The Reserve Financial institution of Australia is predicted to chop rates of interest. (The Guardian)Asean assembly: Overseas ministers from the south-east Asian bloc collect in Kuala Lumpur, Malaysia, for conferences persevering with till Friday. US secretary of state Marco Rubio is predicted to be in attendance. 5 extra prime stories1. Jane Road plans to contest a discovering by India’s monetary regulator that the Wall Road buying and selling agency engaged in “an intentional, nicely deliberate, and sinister scheme” to govern the nation’s markets. The Securities and Trade Board of India banned Jane Road from dealing securities within the nation and ordered the agency to return greater than $550mn of “unlawful good points”. 2. Iran’s president Masoud Pezeshkian has mentioned that Israel tried to assassinate him throughout final month’s 12-day battle between the 2 nations. Pezeshkian made the declare in a video interview with American conservative media persona Tucker Carlson, throughout which he additionally signalled that Iran stays open to renewed diplomacy with the US over the Islamic republic’s nuclear programme. Learn the complete story.3. Russia’s state investigative authority mentioned yesterday that the nation’s transport minister had died from a suspected suicide, on the identical day he was fired by President Vladimir Putin. Roman Starovoyt’s loss of life got here amid a corruption probe into the development of defensive fortifications in Kursk, which he ruled till Could 2024.4. Italian authorities have arrested a Chinese language citizen suspected of being linked to a state-sponsored hacking group that sought to steal Covid-19 vaccine secrets and techniques from the US on the peak of the pandemic. The Beijing-backed group was accused of penetrating Microsoft e-mail software program in 2021 in a mass espionage marketing campaign, an individual acquainted with the matter mentioned.EU-China local weather stand-off: The EU is holding again on signing a joint declaration on local weather motion with China at a leaders’ summit this month, except Beijing pledges larger efforts to chop its greenhouse gasoline emissions.5. Tesla shares tumbled after the electric-car maker’s chief govt Elon Musk mentioned he would kind a brand new political celebration, escalating a feud with Trump that might imperil the billionaire’s enterprise empire. A return to political activism is opposite to what Musk promised shareholders in late April. The Huge ReadAlmasa Salihović, whose brother was amongst greater than 8,000 Bosnian Muslims rounded up and murdered by Bosnian Serbs in 1995, walks amongst graves on the memorial centre in Srebrenica © László Balogh/FT​Because the world prepares to mark the anniversary of the Srebrenica bloodbath three many years in the past this week, Bosnia and Herzegovina is going through a dangerous second of political upheaval. Learn why hassle is brewing once more within the ethnically riven Balkan state.We’re additionally studying . . . Immigration crackdown: Trump has catapulted ICE into America’s best-funded legislation enforcement company — and more and more past accountability, writes Edward Luce. Demise of the apprenticeship mannequin?: As hybrid working and AI upend on-the-job studying, employers should be extra deliberate within the coaching they provide junior workers, writes Emma Jacobs.BlackRock’s HPS takeover: The general public markets big tried non-public credit score as soon as earlier than. Will its newest massive foray fare higher?Chart of the day The variety of firms making use of for a list in Hong Kong this 12 months has hit an all-time excessive, because the territory tries to regain its standing as a prime monetary hub.Some content material couldn’t load. Verify your web connection or browser settings.Take a break from the information. . . and take a look at Dishoom’s information to eating in Mumbai. The cousins behind the cult Indian restaurant chain share the place they eat and drink within the megalopolis that evokes their delicacies. Dishoom founders Shamil Thakrar and Kavi Thakrar © Tami Aftab