Japan’s prime minister is resigning after striking tariff deal
Shigeru Ishiba ate the frog and is now packing up his office after ...
Shigeru Ishiba ate the frog and is now packing up his office after less than a year as prime minister, he announced at a news conference yesterday. But his departure has little to do with the deal itself: Ishiba’s Liberal Democratic Party lost its majority in the upper house of Japan’s Parliament in July, as voters worried about inflation and immigration more than the impending trade deal. As for the said agreement, President Trump lowered tariffs on Japan to 15% in exchange for Japan agreeing to buy more American exports and invest $550 billion in the US. As for how long he’d been drafting his notice, Ishiba said only, “Who would seriously negotiate if I were to say, ‘I’m quitting?’”
Last month’s producer price data will be out on Wednesday, and the...
Last month’s producer price data will be out on Wednesday, and the consumer price index will be released on Thursday. Federal Reserve Chair Jerome Powell will be combing through both of them as the central bank prepares for its September 16–17 meeting. Pretty much everyone expects a quarter-point interest rate cut to come out of that meeting, but last week’s worse-than-expected jobs report has some crossing their fingers for a half-point cut.
Apple is expected to debut its new iPhone on Tuesday:...
Apple is expected to debut its new iPhone on Tuesday: We’ll get a fresh peek at what CEO Tim’s been cooking up tomorrow at Apple’s annual product reveal. This year’s so-called “Awe Dropping” event will unveil the iPhone 17, but its lighter, thinner sibling, the iPhone 17 Air, may draw the lion’s share of attention, Bloomberg reports. Also keep an eye out for new Apple Watches and stay tuned for new AirPods. If you’re waiting for a foldable iPhone, you’ll most likely have to wait until next year.
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From MarketWatch: Bessent says U.S. would have to give huge refunds if tariffs overturned
Treasury Secretary Scott Bessent on Sunday said the U.S....
Treasury Secretary Scott Bessent on Sunday said the U.S. could end up giving massive refunds if the U.S. Supreme Court finds the Trump administration’s tariffs are illegal, and denied that the tariffs are effectively a tax on American consumers.
In an interview on NBC’s “Meet the Press,” Bessent said he’s confident that the tariffs will be upheld by the Supreme Court. But even if they’re not, “there are numerous other avenues that we can take,” he told host Kristen Welker, though that would “diminish President Trump’s negotiating position.”
“We would have to give a refund on about half the tariffs, which would be terrible for the treasury,” Bessent said, according to a transcript. “If the court says it, we’d have to do it.”
When asked straight up if he would acknowledge that tariffs are a tax on American consumers, Bessent replied: “No, I don’t.”
More specifically, Bessent brushed off a Goldman Sachs report from August that found 86% of the tariff revenue collected so far has been paid by U.S. businesses and consumers.
OPEC+ agrees to another oil production boost in October
OPEC+ agreed Sunday to further increase oil production...
OPEC+ agreed Sunday to further increase oil production in October, in an ongoing move to regain market share at the expense of prices.
Eight members of the Organization of the Petroleum Exporting Countries and its allies, led by Saudi Arabia, met briefly on Sunday and agreed to raise production by 137,000 barrels a day next month.
Still, the October increase is less than recent monthly increases, as OPEC+ moves to unwind a series of previous production cuts a year ahead of schedule.
In a statement Sunday, OPEC+ said it will return 1.65 million barrels per day worth of production “in part or in full, subject to evolving market conditions and in a gradual manner.” The delegates will meet next on Oct. 5.
Oil prices have fallen this year, with U.S. benchmark prices down 14%, but they’ve largely held above $60 a barrel despite forecasts for steeper declines to the $40 level.
