The port in Santos, Brazil. REUTERS/Jorge Silva |
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President Donald Trump slapped steep tariffs on exports from dozens of trading partners including Canada, Brazil, India and Taiwan, pressing ahead with his plans to reorder the global economy.
- Follow our live coverage as the deadline for trade deals expires.
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Southeast Asian countries breathed a sigh of relief as tariffs on their exports were far lower than threatened and leveled the playing field with a rate of about 19% across the region's biggest economies.
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Producers around Europe are feeling the impact of the new tariff reality, some holding back shipments, others hiking sticker prices or taking a hit to margins. Some fear they won't survive at all.
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Growing international outrage over the humanitarian crisis in Gaza is shifting the position of some of Israel's closest allies. Foreign Policy Editor Don Durfee joins today's Reuters World News podcast to talk about how diplomacy on Palestinian statehood is also putting pressure on the US.
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Russia said it had captured the town of Chasiv Yar in eastern Ukraine after nearly 16 months of fighting, opening the way for potential further advances. A two-year-old child was found dead in the rubble after a sweeping Russian drone and missile attack on Kyiv, taking the death toll to 28.
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South Korea's ousted President Yoon Suk Yeol, who is in detention while on trial and facing various criminal probes, lay on the floor of his cell and refused to leave it for questioning, a spokesperson for a special prosecutor said. Yoon was removed from office in April over his botched attempt last year to declare martial law.
- The US State Department is planning to spend up to $7.85 million to help Costa Rica deport immigrants, according to a document seen by Reuters, under an arrangement similar to a Biden-era program that drew criticism from migrant advocates.
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New York Governor Kathy Hochul and her acting New Jersey counterpart declared states of emergency for areas facing the threat of flash floods from heavy downpours disrupting rail and air travel along the Eastern Seaboard.
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A broker speaks on his phone in Mumbai, India. REUTERS/Hemanshi Kamani |
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Global shares tumbled, while investors anxiously awaited US jobs data that could make or break the case for a Fed rate cut next month. Watch our Market Rundown.
- Asia's factory activity deteriorated in July as soft global demand and lingering uncertainty over US tariffs weighed on business morale, private sector surveys showed, clouding the outlook for the region's fragile recovery.
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Apple forecast revenue for the current quarter ending in September well above Wall Street’s estimates, sending shares up despite a warning from CEO Tim Cook that US tariffs would add $1.1 billion in costs over the period.
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Microsoft hit $4 trillion in stock market value, becoming the second publicly traded company after Nvidia to surpass that milestone following a blockbuster earnings report that showed its massive bets on AI are paying off.
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Nintendo sold more than six million units of the Switch 2 in the seven weeks following its June launch, the gaming company said, pointing to strong early demand.
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China's biggest solar firms shed nearly one-third of their workforces last year, company filings show, as one of the industries hand-picked by Beijing to drive economic growth grapples with falling prices and steep losses.
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- OPEC+ producers, who pump about half of the world's oil, are set to approve another big output boost for September when they meet on Sunday.
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A raft of bellwether blue chips are reporting to Wall Street with Caterpillar due on Tuesday, then Disney and McDonald's on Wednesday.
- Rising inflation and falling employment will be at the heart of the Bank of England's conundrum when policymakers meet on Thursday to set interest rates.
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It's been a challenge for Beijing: how do you stir animal spirits while pivoting the world's number two economy to one built on consumers instead of factories? Data next week will give the latest reading on how arduous the task remains.
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Here's a look at the week ahead in markets.
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Beating the heat in China |
People dine at a restaurant which was converted from a World War II-era air raid shelter, amid a red alert for heat in Chongqing. REUTERS/Go Nakamura |
Temperatures topping 40 degrees Celsius have broiled Chongqing, a metropolis in China's southwest known for its fiery hotpot restaurants and cyberpunk cityscape, pushing locals to cope with the increasingly hot weather in innovative ways. |
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