Bags Today: Post-Trump Tariffs News
European Markets Open Higher; Milan Gains on Financials, Autos
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MILAN (AP) — European stock markets edged higher in early trading Tuesday, buoyed by positive sentiment following gains in Asia and a partial easing of concerns over potential trade tariffs. The Milan Stock Exchange saw particular strength in the financial and automotive sectors.
The FTSE MIB in Milan climbed 0.85% to 35,291 points in the initial hours of trading. Stellantis shares surged 4.31%, while pirelli advanced 2.08%, boosted by optimism that the U.S.may offer support to the automotive industry.
Financial stocks also contributed to Milan’s positive performance. Banca Monte dei Paschi di Siena (MPS) rose 1.61%, Mediobanca gained 1.18%, Unicredit increased by 0.96%, Intesa Sanpaolo was up 1.11%, and Generali advanced 0.84%.
Energy companies also showed gains, with Enel rising 0.49% and Eni increasing by 0.73%.
European Markets Overview
Across Europe, major indices also opened in positive territory:
- Frankfurt’s DAX: +0.66% to 21,043.94 points
- London’s FTSE 100: +0.16% to 8,147.62 points
- Paris’s CAC 40: +0.07% to 7,278.27 points
- Madrid’s IBEX 35: +0.89% to 12,683.15 points
Asian Markets Close Higher
Earlier in the day, the Tokyo Stock Exchange closed with gains. The Nikkei 225 index finished up 0.83% at 34,267.54 points, while the broader Topix index rose 1% to 2,513.35 points.
Automaker stocks in Tokyo saw strong performance following indications that the U.S. might be open to compromise on tariffs. Toyota shares jumped 3.69%, and Honda gained 3.59%.
The shift in sentiment followed comments from former President Trump, who suggested a willingness to “evaluate how to help producers” regarding potential tariffs on imported cars and car parts. He stated he did not want to “damage anyone,” easing concerns that had previously weighed on the sector.
U.S. Imposes Duties on Mexican Tomatoes
In other trade news, the U.S. governance announced it would impose duties of 20.9% on most tomato imports from mexico, effective July 14. Mexico is a major supplier of tomatoes to the United States.
the U.S. Commerce Department stated it terminated a 2019 agreement because it “was unable to protect the growers of U.S. tomatoes from Mexican imports at unfair prices.” The department added, “This action will allow U.S. tomato farmers to compete fairly on the market.”
Trump Accuses China of Trying to ‘Screw’ the U.S.
Former President trump has accused China of attempting to undermine the United States through President Xi Jinping’s visit to Vietnam. Xi is currently on a tour of Southeast Asia,including Malaysia and Cambodia.
according to state media, Xi invited Vietnam and China to “oppose unilateral arrogance and support the stability of the global free trade system.” Trump, however, told reporters that the meeting was aimed at damaging the United States.
Global Market Watch: Trade Tensions and Tech Developments
Wall Street Futures Steady After Positive close
U.S.stock futures showed little movement early Tuesday following a positive close in the previous session. The prior day’s gains were fueled by the declaration of a temporary U.S. tariff exemption on certain technology products. Investors also appeared reassured by a period of stability in the bond market after recent volatility. As of this morning, Dow Jones futures edged down 0.07%, while S&P 500 futures fell by 0.11%, and Nasdaq futures decreased by 0.12%.
Japanese Minister to Visit Washington for Trade Talks
Ryosei Akazawa, Japan’s Minister for Economic Security, is scheduled to visit Washington on Wednesday to engage with U.S. officials regarding trade disputes. Japan intends to seek a revision of existing customs measures imposed during the previous administration.According to reports, South Korea and Indonesia also plan to send delegations to Washington to negotiate trade terms.
Asian Markets Show Mixed Performance
Trading in Asian markets presented a mixed picture following a positive day for both European markets and Wall Street. In Japan, the Nikkei index sustained positive momentum, climbing by approximately 1%. Though, Hong Kong’s Hang Seng index remained largely unchanged, while the Shanghai Composite experienced a decline of 0.3%.
Beijing Condemns U.S.Tariffs on Hong Kong
A high-ranking Chinese official, Xia Baolong, responsible for Hong Kong’s economic affairs, strongly criticized the U.S. tariff policy toward the region. Xia described the recent 145% increase in tariffs on Hong Kong as “brutally unreasonable and extremely shameful.” He added, “Let those peasants in the United States cry in front of the 5,000 years of Chinese civilization.”
Nvidia to Produce AI Chips in the U.S.
Nvidia has announced its commitment to manufacture its advanced artificial intelligence processors in the United States for the first time. While the specific investment amount was not disclosed, the company indicated that mass production of its new Blackwell chip in the U.S. is expected to commence within the next 12 to 15 months.
AMD to Begin Chip Production in Arizona
April 15,2025
In a move to mitigate potential tariffs,the CEO of Advanced micro Devices (AMD) announced the company is poised to commence chip production in Arizona. AMD, a major player in the semiconductor industry and a competitor to companies like IBM and Nvidia, also plans to expand its manufacturing footprint within the United States.
Tokyo Stocks Rise,Yen Strengthens
Tokyo – The Tokyo Stock Exchange saw increased trading activity,mirroring gains in U.S. stock indices. The automotive sector led the surge,buoyed by signals of potential exemptions from the U.S. administration. At the opening bell, the Nikkei index climbed 1.03%, reaching 34,331.30,a gain of 348 points. Currency markets reflected a weakening dollar against the yen, trading at 143.30, while the euro remained stable at 162.30.
U.S. to Impose Tax on Mexican Tomatoes
Washington – The U.S. government intends to withdraw from a bilateral agreement with Mexico that previously exempted tomato imports from duties. Starting in mid-July, a tariff of approximately 21% will be levied on Mexican tomatoes.According to a statement from the Department of Commerce’s agency for International Trade, “This agreement failed to protect U.S. producers from unfairly priced Mexican imports, and the Department of Commerce received numerous requests for withdrawal. This will allow U.S. producers to face healthy competition.”
Data from the U.S.Department of agriculture indicates that nearly all of Mexico’s tomato exports are destined for the United States,representing between 76% and 98% of various tomato types imported by the U.S. World Bank data from 2023 shows Mexico exported 1.8 million tons of tomatoes to the U.S., valued at 2.4 billion euros.
U.S. and Argentina Initiate Trade Talks
Buenos Aires – Formal discussions have begun between Argentina and the United States to “agree on mutual conditions for bilateral trade,” according to U.S. Treasury Secretary scott Beesent, who made the announcement in buenos Aires.
“I was excited to undertake this journey to start the first formal talks on mutual trade between our two countries,” read a joint statement issued with Argentine President Javier Milei.
U.S. Investigates Drug and Chip Imports, Potential Tariffs Loom
Washington – The United States Department of Commerce has launched an investigation into the “effects on national security” stemming from pharmaceutical and semiconductor product imports. This inquiry is a preliminary step that could pave the way for the U.S. administration to impose tariffs on thes sectors.
The investigation is expected to commence Wednesday.
Potential Tariffs on Unspecified Products Under Consideration
The possibility of new tariffs is under review, with a public comment period expected to last up to 21 days. The review stems from a legal provision known as Section 232.
Section 232 and National Security
Section 232 allows the president to impose tariffs on imported goods if it’s steadfast that the volume of these imports poses a threat to national security.This statute, enacted in 1962, saw limited use until the Trump administration, which invoked it to justify tariffs on steel and aluminum imports.
Past Use of Section 232
Section 232 was reportedly used in mid-March to reinstate tariffs of 25% on steel, aluminum, and automobiles.
European Markets Mixed,Milan Leads Gains
2025
MILAN (AP) — European stock markets edged higher in early trading Tuesday,buoyed by positive sentiment following gains in Asia adn a partial easing of concerns over potential trade tariffs. The Milan Stock Exchange saw particular strength in the financial and automotive sectors.
The FTSE MIB in Milan climbed 0.85% to 35,291 points in the initial hours of trading.Stellantis shares surged 4.31%, while pirelli advanced 2.08%, boosted by optimism that the U.S.may offer support to the automotive industry.
Financial stocks also contributed to Milan’s positive performance. Banca Monte dei Paschi di Siena (MPS) rose 1.61%, Mediobanca gained 1.18%, Unicredit increased by 0.96%, Intesa Sanpaolo was up 1.11%, and Generali advanced 0.84%.
Energy companies also showed gains, with Enel rising 0.49% and Eni increasing by 0.73%.
European Markets Overview
Across europe, major indices also opened in positive territory:
- Frankfurt’s DAX: +0.66% to 21,043.94 points
- London’s FTSE 100: +0.16% to 8,147.62 points
- Paris’s CAC 40: +0.07% to 7,278.27 points
- madrid’s IBEX 35: +0.89% to 12,683.15 points
Asian markets Close Higher
Earlier in the day, the Tokyo Stock Exchange closed with gains. The Nikkei 225 index finished up 0.83% at 34,267.54 points, while the broader Topix index rose 1% to 2,513.35 points.
Automaker stocks in Tokyo saw strong performance following indications that the U.S. might be open to compromise on tariffs. Toyota shares jumped 3.69%, and Honda gained 3.59%.
The shift in sentiment followed comments from former President Trump, who suggested a willingness to “evaluate how to help producers” regarding potential tariffs on imported cars and car parts. He stated he did not want to “damage anyone,” easing concerns that had previously weighed on the sector.
U.S. Imposes Duties on Mexican Tomatoes
In other trade news, the U.S. governance announced it would impose duties of 20.9% on most tomato imports from mexico, effective July 14. Mexico is a major supplier of tomatoes to the United States.
the U.S. Commerce Department stated it terminated a 2019 agreement because it “was unable to protect the growers of U.S. tomatoes from Mexican imports at unfair prices.” The department added, “This action will allow U.S. tomato farmers to compete fairly on the market.”
Trump Accuses China of Trying to ‘Screw’ the U.S.
Former president trump has accused China of attempting to undermine the United States through President Xi Jinping’s visit to Vietnam. Xi is currently on a tour of Southeast Asia,including Malaysia and Cambodia.
according to state media, Xi invited Vietnam and China to “oppose unilateral arrogance and support the stability of the global free trade system.” Trump, however, told reporters that the meeting was aimed at damaging the United States.
Global Market Watch: Trade Tensions and Tech Developments
Wall Street Futures Steady After Positive close
U.S.stock futures showed little movement early Tuesday following a positive close in the previous session. The prior day’s gains were fueled by the declaration of a temporary U.S.tariff exemption on certain technology products. Investors also appeared reassured by a period of stability in the bond market after recent volatility. As of this morning, Dow Jones futures edged down 0.07%, while S&P 500 futures fell by 0.11%,and Nasdaq futures decreased by 0.12%.
Japanese Minister to Visit Washington for Trade Talks
Ryosei Akazawa, Japan’s Minister for economic Security, is scheduled to visit Washington on Wednesday to engage with U.S. officials regarding trade disputes. Japan intends to seek a revision of existing customs measures imposed during the previous administration.According to reports, South Korea and Indonesia also plan to send delegations to Washington to negotiate trade terms.
Asian markets Show Mixed Performance
Trading in Asian markets presented a mixed picture following a positive day for both European markets and Wall Street. In Japan, the Nikkei index sustained positive momentum, climbing by approximately 1%. Though,Hong Kong’s Hang Seng index remained largely unchanged,while the Shanghai Composite experienced a decline of 0.3%.
Beijing Condemns U.S.Tariffs on Hong Kong
A high-ranking Chinese official, Xia Baolong, responsible for Hong Kong’s economic affairs, strongly criticized the U.S. tariff policy toward the region. Xia described the recent 145% increase in tariffs on Hong Kong as “brutally unreasonable and extremely shameful.” He added, “let those peasants in the United States cry in front of the 5,000 years of Chinese civilization.”
Nvidia to Produce AI Chips in the U.S.
Nvidia has announced its commitment to manufacture its advanced artificial intelligence processors in the United States for the first time.While the specific investment amount was not disclosed, the company indicated that mass production of its new Blackwell chip in the U.S. is expected to commence within the next 12 to 15 months.
AMD to Begin Chip Production in Arizona
April 15,2025
In a move to mitigate potential tariffs,the CEO of Advanced micro Devices (AMD) announced the company is poised to commence chip production in Arizona. AMD,a major player in the semiconductor industry and a competitor to companies like IBM and Nvidia,also plans to expand its manufacturing footprint within the United States.
Tokyo Stocks Rise,Yen strengthens
Tokyo – The Tokyo Stock Exchange saw increased trading activity,mirroring gains in U.S. stock indices. The automotive sector lead the surge,buoyed by signals of potential exemptions from the U.S. administration. At the opening bell, the Nikkei index climbed 1.03%, reaching 34,331.30,a gain of 348 points. Currency markets reflected a weakening dollar against the yen, trading at 143.30, while the euro remained stable at 162.30.
U.S. to Impose Tax on Mexican Tomatoes
Washington – The U.S. government intends to withdraw from a bilateral agreement with Mexico that previously exempted tomato imports from duties. Starting in mid-July, a tariff of approximately 21% will be levied on Mexican tomatoes.According to a statement from the Department of Commerce’s agency for International Trade, “This agreement failed to protect U.S. producers from unfairly priced Mexican imports, and the Department of Commerce received numerous requests for withdrawal. This will allow U.S. producers to face healthy competition.”
Data from the U.S.Department of agriculture indicates that nearly all of Mexico’s tomato exports are destined for the United States,representing between 76% and 98% of various tomato types imported by the U.S. World Bank data from 2023 shows Mexico exported 1.8 million tons of tomatoes to the U.S., valued at 2.4 billion euros.
U.S. and Argentina Initiate Trade Talks
Buenos Aires – Formal discussions have begun between Argentina and the United States to “agree on mutual conditions for bilateral trade,” according to U.S. Treasury Secretary scott Beesent, who made the declaration in buenos Aires.
“I was excited to undertake this journey to start the first formal talks on mutual trade between our two countries,” read a joint statement issued with Argentine President Javier Milei.
U.S. Investigates Drug and Chip Imports, potential Tariffs Loom
Washington – The United States Department of Commerce has launched an investigation into the “effects on national security” stemming from pharmaceutical and semiconductor product imports. This inquiry is a preliminary step that could pave the way for the U.S. administration to impose tariffs on thes sectors.
The investigation is expected to commence Wednesday.
potential Tariffs on Unspecified Products Under Consideration
The possibility of new tariffs is under review, with a public comment period expected to last up to 21 days.The review stems from a legal provision known as Section 232.
Section 232 and National Security
Section 232 allows the president to impose tariffs on imported goods if it’s steadfast that the volume of these imports poses a threat to national security.This statute,enacted in 1962,saw limited use untill the Trump administration,which invoked it to justify tariffs on steel and aluminum imports.
Past Use of section 232
Section 232 was reportedly used in mid-March to reinstate tariffs of 25% on steel, aluminum, and automobiles.