2025-06-30 14:40
Trump says U.S. will send tariff rate letter to Japan Tariff rates expected to increase on July 9 Japan negotiator says the countries are working hard on a deal WASHINGTON, June 30 (Reuters) - President Donald Trump expressed frustration with U.S.-Japan trade negotiations on Monday as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations. Trump wrote in a social media post that Japan's reluctance to import American-grown rice was a sign that countries have become "spoiled with respect to the United States of America." Sign up here. "I have great respect for Japan, they won't take our RICE, and yet they have a massive rice shortage," Trump wrote on Truth Social. "We'll just be sending them a letter, and we love having them as a Trading Partner for many years to come." Trump said last week that his administration would send letters to a number of countries notifying them of their higher tariff rates before July 9, when tariff rates are scheduled to revert from a temporary 10% level to his suspended rates of 11% to 50% announced on April 2. Trump's Monday complaint about U.S.-Japan rice trade follows his comments broadcast on Sunday that Japan engages in "unfair" autos trade with the U.S. White House spokesperson Karoline Leavitt said on Monday that Trump would meet with his trade team to set tariff rates for countries "if they don't come to the table to negotiate in good faith." Bessent, who earlier this month floated the idea of extending the deadline for countries that were negotiating trade deals with the U.S. in good faith, told Bloomberg Television that only Trump would decide on such extensions. He added that he expects "a flurry" of deals ahead of the July 9 deadline and wanted to keep up pressure on trading partners. "We have countries that are negotiating in good faith, but they should be aware that if we can't get across the line because they are being recalcitrant, then we could spring back to the April 2 levels. I hope that won't have to happen," Bessent said. Japan's main tariff negotiator, Ryosei Akazawa, on Monday said that Japan would continue working with the U.S. to reach a trade agreement while defending Japan's national interest. Akazawa said he was aware of Trump's comments on autos, adding that a continuation of Trump's 25% on autos imported from Japan would cause significant damage to its economy. Another key trading partner, the European Union, is open to a trade agreement that maintains a 10% U.S. tariff on EU goods, but wants U.S. commitments to reduce its tariffs in key sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft, Bloomberg News reported, citing people familiar with the matter. Reuters reported earlier this month that European officials are increasingly resigned to a 10% rate of "reciprocal" tariffs being the baseline in any trade deal between the U.S. and the EU. Britain negotiated a trade deal on similar terms, accepting a 10% U.S. tariff on many goods, including autos, in exchange for special access for aircraft engines and British beef. https://www.reuters.com/world/us/us-treasurys-bessent-warns-countries-face-higher-tariff-rates-after-july-9-2025-06-30/
2025-06-30 13:50
BRASILIA, June 30 (Reuters) - Brazilian private economists still expect the central bank to start cutting interest rates next January, even after policymakers reinforced guidance that borrowing costs will remain steady for a "very prolonged" period to anchor inflation to target, according to a survey released on Monday. The central bank's weekly survey shows economists project the benchmark Selic rate to be held at 15% through December, before falling to 14.75% in January. Sign up here. Policymakers earlier this month raised the Selic rate by 25 basis points to its current level, bringing the total amount of tightening to 450 basis points since September, and signalled a pause at the next meeting in late July. Following the hike, the median forecast in the survey shifted to a 25-basis-point cut in January, with the Selic rate projected to end 2026 at 12.50%. That outlook remained unchanged on Monday. Diogo Guillen, the central bank's economic policy director, emphasized on Friday that policymakers view any rate-cut debate as premature. The latest survey also showed that the expected inflation rate for 2025 was cut for a fifth straight week to 5.20%, but projections for subsequent years remain unchanged above the 3% official target, which has a 1.5-point tolerance range either side. In recent speeches, central bank Governor Gabriel Galipolo and Guillen reiterated policymakers' commitment to bringing inflation to the 3% target over the "relevant horizon" - the 18-month period influenced by current policy decisions. Policymakers have flagged a rate pause despite projecting inflation to be 3.6% over that horizon. That forecast was based on market expectations that the Selic rate would be held steady at 14.75% until January 2026 - a more dovish path than has materialized. Galipolo and Guillen added that inflation is still expected to converge to the central bank's target under alternative, undisclosed rate paths. https://www.reuters.com/world/americas/brazilian-economists-expect-central-bank-cut-rates-early-2026-despite-hawkish-2025-06-30/
2025-06-30 12:45
LONDON, June 30 (Reuters) - IXM, owned by China's CMOC, has declared force majeure , opens new tab on deliveries of cobalt produced in the Democratic Republic of Congo (DRC) which has suspended exports of the battery material, the commodity trader said on its LinkedIn page. Congo introduced a four-month ban on all cobalt exports in February in an attempt to curb oversupply and support of prices near nine-year lows around $10 a lb. Last week Congo extended the suspension for another three months. Sign up here. https://www.reuters.com/world/africa/cmocs-ixm-declares-force-majeure-cobalt-deliveries-congo-linkedin-post-2025-06-30/
2025-06-30 12:18
June 30 (Reuters) - Gold miner Twangiza Mining SA has accused Rwanda-backed M23 rebels of forcing its employees to work against their will and without pay after seizing its mine in eastern Democratic Republic of Congo. M23 staged a lightning advance earlier this year in eastern Congo, taking control of more land than ever before in North and South Kivu provinces. The Twangiza Mining site is located in South Kivu province. Sign up here. In May, the company said it had been ordered to suspend operations at the mine after M23 accused it of not paying taxes. In a new statement dated Friday, Twangiza Mining, which is headquartered in Congo and describes itself as a Chinese firm, said its workers were being "held in captivity, forced to work in inhuman conditions, without any security measure, remuneration or medical coverage." Reuters could not independently verify the company's assertions. M23 and Congo's government did not respond to requests for comment. The statement from Twangiza Mining also said production had been "paralyzed" and that the site was "entirely controlled" by a group of Rwandan nationals who, working with M23 and claiming to be new investors, have been exploiting the mine "for their own profit by treating our employees like slaves deprived of all protection". Congo, the United Nations and Western powers say Rwanda is supporting M23 by sending troops and arms. Rwanda has long denied helping M23, saying its forces were acting in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide. Yolande Makolo, Rwanda government spokesperson, said on Monday that Rwanda had nothing to do with the dispute with Twangiza Mining. "Rwanda is not involved in this situation, and the accusations against Rwandan citizens are without basis - there is no record or information of any Rwanda citizens involved in such activities," Makolo said. "This is a local issue that should be taken up with the authorities in the area." On Friday, the foreign ministers of Rwanda and Congo signed a U.S.-brokered peace deal, raising hopes for an end to fighting that has killed thousands and displaced hundreds of thousands more so far this year. U.S. President Donald Trump's administration aims to attract billions of dollars in Western investment to Congo, which is rich in tantalum, gold, cobalt, copper and lithium. Qatar has been hosting talks between Congo and M23. https://www.reuters.com/sustainability/society-equity/congo-gold-miner-says-m23-rebels-force-staff-work-without-pay-2025-06-30/
2025-06-30 12:17
MUMBAI, June 30 (Reuters) - India is likely to receive above-average rainfall in July after receiving 9% above-average rains in June, a senior weather department official said on Monday. All regions, except northeastern states and the southern states of Tamil Nadu and Kerala, are likely to receive rainfall equating to more than 106% of the 50-year average in July, Mrutyunjay Mohapatra, director-general of the India Meteorological Department (IMD), told a virtual news conference. Sign up here. https://www.reuters.com/sustainability/land-use-biodiversity/india-poised-above-average-july-rains-after-surplus-june-2025-06-30/
2025-06-30 12:08
MOSCOW, June 30 (Reuters) - Russia's government has been considering some tax relief for energy giant Gazprom (GAZP.MM) , opens new tab, offset by potentially higher taxes on other gas producers, a government source said on Monday. Novatek (NVTK.MM) , opens new tab and Rosneft (ROSN.MM) , opens new tab are also large gas producers in Russia. Sign up here. Moscow has to balance the need to boost military spending amid the conflict in Ukraine with tackling a rising budget deficit and providing sufficient support to Gazprom, which saw its lucrative sales to Europe collapse. Gazprom incurred losses of almost $7 billion in 2023, its first annual loss in more than 20 years, as much of Europe shunned its gas in protest over Russia's actions in Ukraine, and while the company earned $14.8 billion in 2024, it still paid no dividend. The company is now focused on boosting gas exports to Asia, especially to China, as a part of Moscow's pivot to the East. Interfax news agency first reported the government's possible plans to ease the tax burden on Gazprom, in line with President Vladimir Putin's order. It said, citing unidentified sources, that if lower taxes for Gazprom were introduced, the budget may be compensated by "appropriating" some profit generated by other gas producers. The source who spoke to Reuters confirmed there were such deliberations within the government, but there has been no decision yet. The government has already eased mineral extraction tax for Gazprom this year. ($1 = 78.5000 roubles) https://www.reuters.com/sustainability/boards-policy-regulation/russian-government-discusses-tax-relief-gazprom-source-says-2025-06-30/
