World
Trump touts ‘progress’ in Japan trade talks, as uncertainty roils stocks

Wall Street closes sharply lower as US Federal Reserve chair warns tariffs could lead to slower growth, higher inflation.
United States President Donald Trump has touted “big progress” in trade talks with Japan after making an unexpected intervention in the negotiations, as uncertainty caused by his sweeping tariffs continues to roil stock markets.
Trump made his comments on Wednesday after making the surprise decision to sit in on negotiations between his administration and Japanese officials in Washington, DC.
“A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!” Trump wrote on Truth Social after the talks, which included US Treasury Secretary Scott Bessent, US Commerce Secretary Howard Lutnick and Economic Revitalization Minister Ryosei Akazawa.
Akazawa said after the meeting that Trump wanted to reach a deal before the end of his 90-day pause on his “reciprocal” tariffs, with the Japanese hoping to see the agreement sealed “as soon as possible.”
Japanese Prime Minister Shigeru Ishiba said the negotiations would not be easy, but the initial rounds of talks had “created a foundation for the next steps”.
Like dozens of other US trade partners, Japan has been hit with a 10 percent baseline tariff in addition to duties of 25 percent on cars, steel and aluminium, which rank among the East Asian country’s top exports.
Japan, a top US security ally and its fourth-largest trade partner, is also facing a targeted 24 percent “reciprocal” tariff under Trump’s “liberation day” trade measures, nearly all of which have been paused until July 9.
“Japan’s industry is so closely integrated in the US economy that everyone is very concerned about the trade talks,” Martin Schulz, chief policy economist at Fujitsu in Tokyo, told Al Jazeera.
“Although there cannot be winners in a trade war, we are also quite optimistic that agreeable results can be achieved. Japan is the largest investor in the US and interested in investing more.”
“If both economies can be kept on a growth track, higher imports from the US become possible,” Schulz added.
The US-Japanese talks came as Wall Street racked up further heavy losses amid continuing uncertainty over Trump’s trade salvoes.
The benchmark S&P 500 closed 2.24 percent lower on Wednesday, while the tech-heavy Nasdaq Composite fell 3.07 percent.
The losses followed a warning by US Federal Reserve Chair Jerome Powell that Trump’s steep tariffs could leave the US economy grappling with weak growth, rising unemployment and higher inflation all at once.
“We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension,” Powell said in a speech to the Economic Club of Chicago on Wednesday, referring to the US central bank’s twin goals of maximum employment and stable prices.
“If that were to occur, we would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close.”
US stocks have been on a rollercoaster ride since Trump’s inauguration in January, alternating between sharp dips and big jumps amid his back-and-forth tariff announcements.
Financial markets and businesses have been on tenterhooks waiting for signs that the US president is open to watering down or scrapping many of his tariffs in exchange for concessions from US trading partners.
Trump administration officials have said that more than 75 countries have reached out to begin negotiations on trade.
After the latest losses on Wall Street, the S&P 500 and Nasdaq are down about 10 percent and 15 percent, respectively, since the start of the year.
Asian stock markets got off to a better start on Thursday, with Japan’s benchmark Nikkei 225, South Korea’s KOSPI and Hong Kong’s Hang Seng Index each rising more than 0.5 percent in early trading.

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World
Trump says Russia, Ukraine to start ceasefire negotiations after Putin call

President Donald Trump and Russian President Vladimir Putin held a 2-hour call on Monday in what the U.S. said was a push to get Russia to end its deadly war in Ukraine.
Both Trump and Putin described the call in a positive light, with the Kremlin chief saying it was “frank” and “useful,” but it is not immediately clear what results were achieved.
Trump took to social media to praise the call as having gone “very well” and said, “Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War.”
RUSSIA BOMBARDS UKRAINE WITH DRONES HOURS AFTER TRUMP ANNOUNCES TALKS WITH PUTIN
FILE – In this June 28, 2019, file photo, President Donald Trump, right, shakes hands with Russian President Vladimir Putin, left, during a bilateral meeting on the sidelines of the G-20. (AP Photo/Susan Walsh, File)
“The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of,” he added.
Putin, in a statement after the call, also noted that “a ceasefire with Ukraine is possible” but noted “Russia and Ukraine must find compromises that suit both sides.”
Any concrete details on the nature of these compromises remain unclear, despite negotiation attempts in Turkey on Friday, which Trump suggested failed because he needed to negotiate with Putin first.
The ceasefire talks fell through after a Ukrainian delegation said it was presented with demands from the Russian delegation that were “unacceptable,” including reported calls for the complete removal of Ukrainian troops from four Ukrainian regions that Russian illegally annexed in 2022, including Kherson, Donetsk, Luhansk and Zaporizhzhia.
ZELENSKYY SPEAKS WITH TRUMP, ALLIES AFTER RUSSIA PEACE TALKS BROKER NO CEASEFIRE
The Russian delegation also allegedly demanded that the international community not only recognize the regions as now Russian, but cease aid to Ukraine, including plans to supply peace-keeping troops once the fighting concludes.
Trump said he immediately alerted not only Ukrainian President Volodymyr Zelenskyy to the call, but also EU leader, President of the European Commission Ursula von der Leyen, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, German Chancellor Friedrich Merz and Finnish President Alexander Stubb – none of whom immediately responded to Fox News Digital’s requests for comment, nor have they pubically made statements about the call.
Trump also said that “the Vatican, as represented by the Pope, has stated that it would be very interested in hosting the negotiations.”
“Let the process begin,” he added, though negotiations between Ukraine and Russia, mediated by the U.S., began months ago in March.
The Vatican also did not immediately respond to Fox News Digital’s questions.
World
Digitisation fronts new Commission strategy to boost EU single market

Efforts to promote digitisation of the single market underpin a new strategy to breathe life into the project set to be presented by EU Commissioner Stéphane Séjourné on Wednesday, according to a draft seen by Euronews.
The plan sets out six pillars for improvement of the single market and refers to the context of a global trade crisis.
The Commission wants to remove ten “terrible” market barriers that currently “negatively impact trade and investment”, boost European services markets that bring the highest economic value, relieve the burden on SMEs, digitize administration, and push member states to address administrative barriers on national level.
A separate Single Market Omnibus proposal set to be published on Wednesday alongside the strategy will be designed to cut red tape for SMEs and mid-cap firms, promising to shift the sector “from a document to a data-based single market”.
Fragmented IT systems, and a lack of data exchanges make it difficult for businesses to comply with regulatory requirements, the Commission text claims, stressing the need to move from “exchanging paper documents towards exchanging digital data.”
It proposes making a so-called Digital Product Passport (DPP) compulsory and allowing companies to disclose and share product information – including conformity documentation, manuals, safety and technical information – across all new and revised product legislation.
The first DPP, for batteries, is expected to become operational in 2027 under the plan and the tool will be rolled out to other product categories. This will “result in swift cost reduction for both economic operators and authorities,” the text says.
Further digitisation efforts include promoting digital invoicing, which currently has a low uptake across the bloc. The Commission will table a proposal late next year for it to become the mandatory standard for public procurement.
The strategy also envisages modernising the current framework of product rules determining what may be placed on the market, which it says need “improvement”, through planned reforms slated for the second quarter of next year.
A spokesperson for European consumer group BEUC told Euronews that current rules don’t adequately address “the many challenges brought by e-commerce”, resulting in unsafe products entering the EU market via online marketplaces.
High-level political meeting to target services
The strategy will target promotion of services across the single market and the document stresses regulations in member states which it claims currently restrict access to around 5,700 services activities.
It proposes addressing this by harmonising authorisation and certification schemes for providers of services across the single market, and through new rules to make it easier for highly skilled workers to temporarily provide services cross-border. The European social security pass will also be deployed and enable the digital verification of social security rights.
In addition, a legislative proposal will target territorial supply constraints imposed by large manufacturers which hinder retailers buying products in one member state from reselling in another.
The strategy proposes that member states’ governments appoint so-called “Sherpas for the Single Market” to operate within in their prime minister’s or president’s office, to take charge of promoting the application of the rulebook.
To strengthen an existing Single Market Enforcement Taskforce – a group which brings member states’ authorities together with and the Commission – the EU executive proposes staging an annual high-level political meeting of EU ministers, the national “sherpas” of the single market, as well as Séjourné to provide strategic and political guidance to the taskforce. A first high-level political meeting should take place at the end of the year.
The omnibus package presented Wednesday should also improve standardisation which remains too slow according to the EU executive by allowing the Commission to establish common specifications. The aim is also to strengthen the EU’s role as a global standard-setter. A review of the standards regulation will also be announced.
EU lawmaker Sophia Kircher (Austria/EPP) told Euronews that services and capital market sectors are currently suffering from the lack of harmonisation. “National differences in regulations slow down our SMEs in particular when they want to operate across borders,” Kircher said.
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