00:00Stocks in Asia fall after court pauses block on Trump tariffs.
00:05Introduction
00:06Asian stocks fall after tariffs reinstated news
00:09that a federal court had blocked most of Donald Trump's sweeping trade tariffs
00:13helped stock markets rise yesterday.
00:16But now that an appeals court has agreed to a temporary pause in the decision,
00:20stocks are starting to fall again.
00:22In Tokyo, the Nikkei Index dropped 1.1%,
00:25while Hong Kong's Hang Seng fell 1.5%.
00:28The mainland Chinese index, the SSE Composite, fell 0.3%,
00:32while South Korea's COSPI fell 0.9%.
00:35The U.S. dollar has been shaky, too,
00:38and is now heading for its fifth consecutive monthly decline,
00:41as investors brace for more uncertainty around trade.
00:45Trump
00:46Said on Thursday he hoped the Supreme Court would overturn the trade court's decision,
00:50while White House officials have suggested he could pursue other presidential powers
00:54to make sure that tariffs take effect.
00:56Despite the uncertainty around
00:59Trump's tariff regime,
01:00the White House says that negotiations with its top trading partners continue.
01:05Treasury Secretary Scott Bessent said in an interview with Fox News
01:08that he is scheduled to have talks with a high-level Japanese delegation
01:11later on Friday in Washington.
01:13Trump had already paused his Liberation Day tariff rates on most,
01:17trade partners for 90 days to July 9th,
01:19and set a baseline rate of 10% in the meantime while they negotiate new deals.
01:23Earlier this month, the U.S. and the U.K. confirmed they had agreed a trade deal,
01:28but no legal text exists yet to bring the concessions into force.
01:33The U.K. has said it wants to accelerate negotiations to conclude the deal with the U.S.
01:37The Business Secretary, Jonathan Reynolds,
01:40is expected to meet U.S. Commerce Secretary Howard Lutnick
01:43at a meeting of the OECD in Paris next Tuesday.
Comments