Overview

• President Trump set a July 9 deadline to impose fresh tariffs on Japan and dozens of trading partners, citing Tokyo’s refusal to accept US rice exports.
• Asian equities opened with Japan’s Nikkei down 0.9% and the MSCI Asia-Pacific Index up 0.2% as investors assessed renewed trade risks.
• The dollar hovered near multi-year lows after sliding 10.8% in the first half of 2025, its worst opening six months since 1973 amid policy uncertainty.
• The US Senate began a marathon debate over President Trump’s $3.3 trillion tax and spending package that could reshape the country’s fiscal outlook.
• Economists predict June payrolls will expand by about 110,000 jobs with unemployment rising to 4.3%, while Goldman Sachs projects a Fed rate cut in September.