The US stock market reached a record high as investors became optimistic about potential trade deals with countries such as China, with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent stating that agreements were close to being finalized. President Trump's announcement of a signed trade deal with China has led to a scaling back of tariffs on Chinese imports and reciprocal measures on US exports. The White House expressed confidence in reaching trade deals with over a dozen other trading partners, with Lutnick suggesting the process could be completed by Labor Day.
https://www.dailymail.co.uk/yourmoney/article-14854091/Stock-market-hits-record-high-Wall-Street-bets-Trump-backtrack-tariff-threats.htmlUS Treasury Secretary Scott Bessent expects to reach key tariff deals with over a dozen partners by early September, aiming to wrap up the US trade agenda ahead of a July 9 deadline for steeper duties on dozens of economies. Commerce Secretary Howard Lutnick has expressed expectations for 10 deals, while Bessent is focusing on agreements with 18 key partners, including potentially inking 10 or 12 of these deals by Labour Day (September 1).
https://channelnewsasia.com/world/us-treasury-chief-scott-bessent-says-trade-deals-come-september-5207791Ukrainian President Volodymyr Zelensky has appealed to EU leaders after Hungarian Prime Minister Viktor Orban blocked the start of negotiations on Ukraine's accession to the union, citing a national survey that claims 2.2 million Hungarians oppose membership.
https://www.fakti.bg/en/world/981870-zelensky-to-eu-send-clear-message-of-support-for-ukraine-despite-hungarian-blockadeMalaysian Prime Minister Anwar Ibrahim is scheduled to meet Indonesian President Prabowo Subianto in a restricted meeting, as part of preparations for their 13th Annual Consultations. The two leaders will discuss bilateral issues, regional developments, and global concerns, following up on outcomes from recent ASEAN summits. Indonesia became Malaysia's sixth-largest trading partner globally in 2024, with bilateral trade increasing by 4.5% to $25.5 billion, surpassing the 2023 value of $24.39 billion.
https://en.tempo.co/read/2022034/malaysian-pm-anwar-ibrahim-to-hold-bilateral-talks-with-prabowo-in-jakartaChina has suspended exports of critical minerals and magnets to retaliate against US tariffs, disrupting global supply chains for automakers, aerospace manufacturers, semiconductor companies, and military contractors. The US and China have agreed on a framework to expedite rare earth shipments to the US, with Commerce Secretary Howard Lutnick stating that China will deliver rare earths once countermeasures are lifted. Despite progress in trade talks, China has been vetting buyers to ensure materials aren't diverted for US military use, slowing licensing processes.
https://www.brecorder.com/news/40369906/us-says-deal-with-beijing-will-expedite-rare-earth-exports-from-chinaThe European Union has condemned Hungary's new legislation banning Pride parades and allowing police to use facial recognition on attendees. The EU, including countries like the Netherlands, Germany, and France, has urged the European Commission to take action against Hungary. Hungarian Prime Minister Viktor Orbán has criticized EU overreach, stating that member states should handle law enforcement matters independently. In response to EU President Ursula von der Leyen's call for the ban to be reversed, Orbán warned of "legal consequences" for those who defy the ban.
https://www.politico.eu/article/belgium-issues-travel-advice-budapest-pride-hungary-lgbtq-uk-canada-ursula-von-der-leyen-viktor-orban/India has banned the import of jute and other items via land routes due to strained ties with Bangladesh, according to a recent development. The move is aimed at reducing smuggling and increasing revenue for the government. Bangladesh has been a major source of jute imports for India, but tensions between the two countries have led to this ban.
https://www.livemint.com/news/india/india-bans-import-of-jute-other-items-via-land-routes-amid-strained-bangladesh-ties-details-here-11751043847333.htmlIndia has imposed restrictions on the import of jute, woven fabrics, and yarns from Bangladesh via land border routes, while designating Mumbai's Nhava Sheva port as the sole entry point for these goods. The restricted items include flax tow and waste, raw or retted jute, single flax yarn, and unbleached woven jute fabrics. However, Bangladeshi exports transiting through India to Nepal and Bhutan are exempt from the restrictions. This move comes after India introduced port restrictions on Bangladeshi imports worth around $770 million in May, impacting 42% of total bilateral trade.
https://www.news18.com/india/india-blocks-land-route-imports-of-jute-woven-fabrics-yarn-from-bangladesh-9408531.htmlIndia has rejected a "supplemental award" by the World Bank's Court of Arbitration on Kishenganga and Ratle hydroelectric projects in Jammu and Kashmir, calling it a "serious breach" of the Indus Waters Treaty. The Ministry of External Affairs stated that India never recognized the existence of the Court of Arbitration, which Pakistan had established to resolve technical disputes over the projects. India has placed the treaty in abeyance since the April 22 terror attack in Pahalgam and considers the arbitral body's jurisdiction invalid until the treaty is resolved.
https://www.thehindu.com/news/national/india-categorically-rejects-court-of-arbitrations-supplemental-award-on-kishenganga-ratle-hydropower-projects/article69745841.ece