Trump unveils “massive” trade deal with Japan, including a 15% tariff
President Trump announced that an agreement had been reached Tuesday...
President Trump announced that an agreement had been reached Tuesday night that would impose “reciprocal” tariffs on Japanese goods entering the US at 15%. That’s lower than the 25% Trump previously threatened, but still high for a tariff on a major trading partner—and the lower figure includes tariffs on cars, which have been facing a 25% duty since April. The deal also calls for Japan to invest $550 billion in the US, with the US receiving “90% of the profits,” according to Trump. The news pushed Japanese markets to a one-year high yesterday, with automakers getting the biggest boost. US car companies, which have recently reported big losses due to tariffs, criticized the deal.
Elon Musk says Tesla could have a “rough” road ahead after...
Elon Musk says Tesla could have a “rough” road ahead after sales slumped. Tesla’s profit fell 16% last quarter to $1.17 billion compared to $1.4 billion for the same period a year ago as sales of its cars declined. With sales down and the loss of US incentives for consumers to buy EVs due to the recently passed Republican tax bill, Musk said the company would eventually be buoyed by an expanding robotaxi fleet, but that it may not happen until next year. “We probably could have a few rough quarters. I’m not saying we will, but we could,” Musk told analysts yesterday.
A federal appeals court in California ruled that President Trump’s executive order ending birthright citizenship was unconstitutional, affirming a lower-court decision that blocked its enforcement nationwide and likely teeing the issue up for a return to the Supreme Court.
A Florida federal judge denied the Trump administration’s request to release grand jury transcripts from an investigation into Jeffrey Epstein, throwing a wrench into the White House’s efforts to tamp down questions about the DOJ’s decision not to release more documents. Separately, the WSJ reported that President Trump was told in May that his name appeared in Epstein-related documents.
President Trump released a plan aimed at ensuring AI dominance for the US that would cut regulations on the tech.
More than 100 aid groups warned of mass starvation in Gaza, describing Israel’s actions in the region as a “siege.”
The UN’s top court issued a nonbinding ruling saying countries impacted by climate change can sue other countries over it, as failure to address the problem could constitute a violation of international law.
Tesla shares rise as earnings meet Wall Street’s expectations
Tesla's stock gained more than 1% in the extended session...
Tesla's stock gained more than 1% in the extended session Wednesday, after the EV maker reported second-quarter earnings that were largely in line with Wall Street's expectations.
Investors appeared to cheer the news that a cheaper Tesla model is still in development. In its letter to investors accompanying results, Tesla said that it continues "to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025."
Oil prices were little changed on Wednesday as investors assessed trade developments between the European Union and the U.S. after President Donald Trump reached a tariff deal with Japan.
Brent crude futures settled down 8 cents, or 0.12%, lower at $68.51 a barrel, while U.S. West Texas Intermediate crude futures were down 6 cents, or 0.09%, at $65.25 per barrel.
On Wednesday, EU officials said they were heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1.
Just hours earlier, Trump said the U.S. and Japan had struck a trade deal that lowers tariffs on auto imports and spares Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans.
IEA: Global LNG supply, gas demand set for growth in 2026
The International Energy Agency expects new capacity additions in North...
The International Energy Agency expects new capacity additions in North America and Qatar to drive a 7% increase in global liquefied natural gas supply in 2026, which would mark the largest annual increase since 2019. The boost will help ease market tightness and fuel demand growth, particularly in Asia, Africa and the Middle East. Global gas demand is projected to rise by around 2% next year after a slower 2025, potentially hitting a new record high.
