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Trump visits Texas flood site amid intensified focus on disaster response
Donald Trump, the U.S. president, left on Friday for a trip in central Texas to assess the damage caused by flash floods that occurred on July 4, which killed at least 120 and left dozens of people missing. The visit is coming at the end a week that has seen questions mount about the government's response to the deluge. Hopes of finding more survivors are also fading. After the floods, thousands of first responders combed the mud and debris that littered the Texas Hill Country. However, no survivors were found. In the early morning hours of Friday, the U.S. holiday, torrential rainfall sent a wall-like water flow down the Guadalupe River. Independence Day. This disaster is the most deadly of the Republican President's almost six-month tenure in office. Trump told reporters that it was a terrible thing as he left the White House Friday. "Nobody could believe it - such a thing, that much water so fast." A White House official said that Trump will speak to family members and emergency responders in the south-central Texas area devastated by flooding. The president will tour Kerr County and listen to an official briefing. The county is situated in "flash flooding alley", an area that has been hit by some of the deadliest floods in American history. In less than an hour, more than a foot fell on the 4th of July. The river rose in height from a few inches to over 34 feet (10.40 meters) within a matter hours. It washed away trees and other structures as it swept its way. Kerr County officials claim that more than 160 individuals are still unaccounted for. Experts say The number of missing people is usually exaggerated after disasters. At least 36 children are dead, including many who were at Camp Mystic - a Christian all-girls summer retreat near the river that has been around for nearly a century. The response of local and federal officials has been scrutinized, with questions raised about whether or not they could have done anything more to warn the public of the rising floodwaters. Years ago, the county refused to install a system of early warning because it could not secure funding from the state to cover its costs. Trump seemed to be in favor of installing such alarms during an interview with NBC's Meet the Press on Thursday, ahead of the visit. Trump said: "After seeing this terrible event, I'd imagine you would put alarms in some form." Texas' state legislature will hold a special session in the coming weeks to examine and fund disaster relief. Chuck Schumer, the top Democrat in the U.S. Senate, asked a government monitor to investigate Monday whether the National Weather Service's budget cuts affected its response. The NWS has defended their forecasting and emergency planning, noting that they assigned extra forecasters in two Texas offices during the holiday weekend. Trump's administration said that the agency had enough staff and was able to respond adequately to an "act of God." On NBC, he described the flooding as a "once-in-every-200-year event." Trump has also avoided questions regarding his plans to shrink the Federal Emergency Management Agency (FEMA), which coordinates U.S. disaster response efforts and transfer many of its core functions to the state and local government. When asked about FEMA by a reporter on Tuesday, Trump replied: "I'll let you know another time." Trevor Hunnicutt reported from Kerrville, and Nicole Johnson wrote in Washington. Josephy Ax edited the story.
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Venezuelan PDVSA exports of hydrocarbons will reach $17.52 billion in 2024
Venezuela's PDVSA state-run hydrocarbon sales abroad were $17.52 billion in 2024, according to results documents seen by during a period when U.S. licensing allowed foreign partners to fully operate. Washington revoked licenses in late May 2025 for the state-owned PDVSA partners, including Chevron. These companies had allowed the export of Venezuelan oil. According to preliminary data, the state-owned company's financial and operational results for 2024 show that it exported an average 805 500 barrels per day (bpd), up from a reported average of 700 000 barrels in 2023. The company's report shows that the Latin American nation will average 952,000 bpd by 2024. This compares to 783,000 bpd as documented in the OPEC report. PDVSA has not responded to requests for comment immediately and its results have not been published since 2016. Maduro, along with his allies, have always rejected the sanctions. They refer to them as an "economic war", and praise the economic success that they claim has occurred despite the measures. Venezuela's leader and his team have praised the resilience of the country despite these measures. However, they have in the past blamed sanctions for some economic hardships. The authorities confirmed that the crude oil production is still above 1,000,000 bpd, and that exports are continuing to run normally. In June, crude oil and crude exports totaled 844,000 barrels per day, with most of them going to China. Reporting by
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Gold prices rise 1% as Trump introduces new tariffs
Gold prices rose 1% on Friday to a new one-week-high as investors sought safe-haven assets following the announcement by U.S. president Donald Trump of new tariffs. By 9:38 am EDT (1338 GMT), spot gold had risen 1% to $3355.89 an ounce, its highest price in over a week. U.S. Gold Futures rose 1.3% to $3369.00. Global stocks dropped after Trump intensified his tariff attack on Canada. He said the U.S. planned to impose tariffs of up to 35% on imports in January and that he would also impose tariffs blankets of 15% or 20 % on many other trading partners. This week, Trump announced a tariff of 50% on U.S. imports of copper and a similar levy on Brazilian goods. Aakash Doshi is the global head of Gold Strategy at State Street Global Advisors. He said that the market is experiencing a new environment in which the uncertainty premium has returned. I think that the third-quarter range will be between $3,100 to $3,500. The first half of this year has been very good, and now I think we're in a more consolidation phase. Gold that does not yield tends to do well in an environment of economic uncertainty or low interest rates. Christopher Waller, the Federal Reserve governor, reiterated on Thursday his belief that at its next policy meeting in late August, the U.S. Central bank may cut rates. Investors expect a Fed rate cut of 50 basis points by the end this year. Spot silver increased 2.1%, to $37.79 an ounce. Platinum rose 1.4%, to $1379.15, and palladium rose 2.6%, to $1171.18. After Trump's announcement of a copper tariff this week, the premium for U.S. silver, platinum, and palladium futures against London benchmarks increased, leading to an increase in lease rates. A precious metals trader said that traders unwound their open positions at NYMEX/COMEX, and then had to borrow the other side. This activity did not affect the price of gold. (Reporting from Anushree mukherjee, Bengaluru; Polina devitt, London; editing by Paul Simao.)
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HSBC leaves the Bank Climate Coalition alongside US counterparts
HSBC, a British bank, announced on Friday that it has decided to leave the main climate coalition for banking. However, HSBC remains "resolute" about its goal of achieving net-zero emission across all business lines by the mid-20th century. HSBC's decision to leave Net-Zero Banking Alliance brings it in line with global peers such as JPMorgan Citi, Morgan Stanley Macquarie, and Bank of Montreal, who all left this year. HSBC stated that while the alliance helped to create frameworks for setting emissions-reduction goals, the foundations are now in place. It is preparing to update its net zero transition plan later this year. In a website statement, it stated that "We believe that supporting our customers in their transition will benefit their businesses and generate long-term results for our investors." It also said, "We are committed to helping our customers achieve a smoother transition, which benefits them, our shareholders and the global economy." Our approach to setting financed emission targets will continue to be informed the latest scientific evidence as well as credible industry-specific paths. The decision follows a February decision by HSBC to abandon a 2030 emission-reduction goal due to the slow pace in which the real economy is changing. Chief Sustainability Officer Julian Wentzel said that HSBC will take a more measured approach to lending to fossil fuel industries. Some U.S. Republican lawmakers have also pushed for the exits of firms since the beginning of the year, accusing them of colluding with fossil fuel producers to unfairly punish them through their membership in groups like the NZBA. (Reporting and editing by Paul Simao; Simon Jessop)
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BMW CEO hopes for a'manageable deal' on US auto import duties
BMW's CEO stated on Friday that he is optimistic about the European Union and United States reaching a "manageable agreement" on auto import tariffs. This could include a mechanism for offsetting imports with exports. Oliver Zipse made his comments as Europe awaited a letter by the U.S. Administration under Donald Trump. The letter could outline the framework for a trade agreement and clarify the tariff levels on European automobile exports. Trump said that the EU may receive a tariff letter by Friday. Zipse, speaking to journalists on Friday at an event for his company in Munich, said: "I am optimistic that the outcome will be manageable. But we must wait and see." He suggested that a "netting mechanism" might be included in the agreement, which would allow exports from the U.S. offset imports. BMW would benefit from an agreement like this, since its largest production facility is located in Spartanburg South Carolina. He said that the mechanism could be based more on the value than the number, of vehicles exported from the U.S. People familiar with the issue say that if both sides agreed on a similar mechanism, this could benefit imports. Zipse stated that "we have an important point, because we are the biggest car exporter in the U.S." Zipse was referring to 225,000 cars exported from the U.S. in 2024. The U.S. imposed hefty tariffs on imported cars, leaving European automakers scrambling for ways to respond. They are hoping that Washington and the European Commission can reach an agreement to minimize their impact. Sources said earlier this week that Brussels proposed a package to ease pressure. This included export and investment credit and reciprocal reductions of existing tariff rates. (Reporting and writing by Christina Amann, Christoph Steitz and Rachel More; editing by Louise Heavens).
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Trump's Trade War as it Develops
The tariffs imposed by Donald Trump since his inauguration on January 20, 2017 have sent shockwaves through financial markets, and uncertainty has spread throughout the global economy. This timeline shows the major events: Trump imposes tariffs of 25% on Mexican imports, 10% on Chinese goods and most Canadian imports from February 1. He demands that they reduce the flow of illegal immigrants and fentanyl into the United States. Trump agrees to a 30-day suspension of his tariff threat against Mexico and Canada in exchange for concessions made on border security and criminal enforcement. The U.S. doesn't reach a similar deal with China. Trump delays tariffs until the Commerce Department confirms that systems and procedures are in place for processing low-cost packages from China and collecting tariff revenue. Trump increases tariffs on aluminum and steel to 25%, "without any exceptions or exclusions". March 3 - Trump announces that 25% tariffs will be imposed on imports from Mexico and Canada from March 4, and that all Chinese imports will face a 20% tariff on fentanyl. After a phone call with General Motors, Ford and Stellantis' chairperson and CEOs, he agrees to defer tariffs on certain vehicles manufactured in Canada and Mexico for a month. Trump exempts Canadian and Mexican goods under the North American Trade Pact from 25% tariffs for one month. Trump announces a 25% import tariff on cars and light trucks. April 2 - He announces global duties with a base of 10% on all imports, and significant higher duties for some of the United States biggest trading partners. Trump suspends most of the country-specific tariffs he had imposed less than 24 hours before, following a financial market upheaval that resulted in trillions of dollars being wiped off bourses worldwide. The 10% blanket duty on nearly all U.S. imported goods remains in place. Trump has announced that he will increase the tariffs on Chinese imports from 104% to 125%, which was the level in effect the day before. The extra duties on Chinese products, including those related to fentanyl, will now be 145%. April 13: The U.S. government grants exemptions from steep tariffs for smartphones, computers and other electronics imported from China. In an effort to impose tariffs in both sectors, the Trump administration launched national security investigations under Section 232 of Trade Act of 1962 on imports of pharmaceuticals and semiconductors. May 4, Trump imposes 100% tariffs on all films produced outside of the U.S. May 9 - Trump announces a limited bilateral agreement with British Prime Minister Keir starmer that keeps 10% tariffs in place on British exports and modestly increases agricultural access to both countries. It also lowers U.S. prohibitive duties on British auto exports. On May 12, the U.S. & China agreed to temporarily reduce reciprocal tariffs. The U.S. and China agree to temporarily reduce reciprocal tariffs. May 13: The U.S. reduces the "de minimis", or low-value tariff, on China's shipments. Duties for items up to $800 are reduced to 54% instead of 120%. May 23 - Trump announces he will recommend a 50% tariff on all goods imported from the European Union, starting June 1. He warns Apple that it will face a 25% tariff on phones sold in the U.S. if they are manufactured outside the country. Trump retracts his threat to impose 50% tariffs on EU imported goods, and agrees to extend the deadline to July 9 for negotiations. May 28 - The U.S. Trade Court blocks Trump's tariffs in an sweeping ruling, saying that the president exceeded his authority when he imposed duties across-the board on imports of U.S. trading partners. The Trump administration has announced that it will appeal this ruling. May 29: A federal appeals Court temporarily reinstates Trump's most comprehensive tariffs. The court suspends its ruling in order to hear the government's appeal. It also orders that the plaintiffs and administration respond to the court by June 5, and by June 9, respectively. Trump signs a proclamation on June 3, triggering a tariff increase of 50% to 25% for imported steel and aluminium. Trump warns he could soon increase auto tariffs. He argues that this would encourage automakers to accelerate U.S. investment. Trump announces a 20% tariff for many Vietnamese exports. Trans-shipments through Vietnam from other countries will be subject to a 40% tax. Trump said on Truth Social, July 6, that countries who align themselves with the "Anti-American Policies" of BRICS would be charged an extra 10% tariff. Trump on Truth Social: The additional duties announced earlier in the year will be delayed to August 1 as the U.S. completes several trade agreements. In letters to 14 countries, including Japan, South Korea, and Serbia, he said he would introduce tariffs between 25 and 40 percent from August 1. Trump announces that the U.S. is going to impose a tariff of 35% on Canadian imports next month. He also plans to impose tariffs blankets of 15% or 20 % on other trading partners. (Compiled in Gdansk by Paolo Laudani, Mateusz Rabiega, and Lincoln Feast; edited by Milla Nissi, Jamie Freed and Matt Scuffham.)
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Gold and stocks rise after Trump imposes tariffs on Canada
Global stocks dropped on Friday as U.S. president Donald Trump escalated his tariff war against Canada. This left Europe in the firing lines, causing a modest investor move into safe havens like gold. The Canadian dollar dropped after Trump sent a late-night letter on Thursday stating that a 35% tax rate would be applied to all imports coming from Canada starting August 1. A letter was expected to be sent by Friday to the European Union. The U.S. President, whose global tariff wave has disrupted businesses and policymaking, proposed a 15% or 20% blanket tariff rate for other countries. This is an increase from the 10% baseline rate. He surprised Brazil this week, which has an excess of trade with the United States. He imposed duties of up to 50% on copper, pharmaceuticals, and semiconductor chips. The markets have not reacted to the current volatility, with the exception of a few pockets of volatility, whether in currencies, commodities or stocks. In fact, the VIX volatility indicator is at its lowest level since late February. In Europe, STOXX 600 fell by 0.8%, despite a 2% increase this week. Futures for the S&P 500, Nasdaq and Dow fell between 0.4-0.5%. This indicates that the record highs of this week will be retreated at the opening later. Fiona Cincotta, City Index's strategist, said that the market was becoming numb. It may not be until hard data is presented to show an impact before we start to see a reaction. "We're getting a lot more information, and that brings with it a certain clarity." "Because there is so many uncertainties, there's still the idea that Trump is open to negotiations, nothing feels final yet," she said. The dollar had risen as high as 0.5% against the Canadian Dollar before reversing course to C$1.3697. This was an increase of 0.2% for the day. The euro, which is down nearly 1% since the beginning of July, fell by 0.1% to $1.1694. Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff. Joseph Capurso is the head of international economy at Commonwealth Bank of Australia. He said that the 35% tariff rate on Canada wasn't as bad as people thought because the United States, Mexico, and Canada Agreement (USMCA) still allows for exemptions to be applied to most imports. Capurso stated, "Now we don't yet know the tariff rate on EU imports... that's what's not known as yet." "If we get something like (the U.S. - China trade war in April), it's going be very destabilising." Wall Street indexes closed at record highs Thursday, as AI chip maker Nvidia set a new market value of over $4 trillion. Gold has risen for the third consecutive day, rising 0.8% to $3348 per ounce. This brings July's gains to 1.2%. Treasuries received less of a boost as a safe haven, due to investor concerns about the long-term stability of U.S. government finance. This led to a selloff which pushed up yields. Benchmark 10-year yields increased 3.7 basis points to 4,384%, adding on to Thursday's increase. This was due to data showing that jobless claims unexpectedly declined last week. As the chances of a U.S. - Japan trade deal dimming, the yen has steadily weakened. The dollar rose 0.45% to 146.93yen on Friday, resulting in a 1.6% weekly gain, the largest this year. Bitcoin's price rose by as much as 4,6%, reaching a record high of $118 832. Investors will closely monitor the second-quarter earnings of corporations next week in order to assess the impact of Trump’s tariffs that began on April 2. JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period. Brent crude oil prices increased by nearly 1% to $69.3 per barrel, partially reversing previous day's declines.
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First Quantum: Prospect investment is key to Zambia copper growth
Anthony Mukutuma, FQM’s Country Director in Zambia, said that the recent investment by First Quantum Minerals in Prospect Resources was key to extending mine life at Sentinel Mine. In April, the Canada-based company invested 15% in Prospect and became the largest shareholder of the Australia-listed exploration firm. Prospect is exploring Mumbezhi, a copper project located about 30 km (19 miles) away from FQM’s Sentinel Mine. FQM is a key partner in Mumbezhi exploration. Mukutuma said that the mine life for Sentinel is currently 12 years. FQM has been studying ways to extend this, he added. Mukutuma stated that initial exploration at Mumbezhi had shown positive results. He added that the project was similar to Sentinel when it came to copper grades. He said that it could have an impact on Sentinel's mine life. This week, Prospect said that exploration to date "strongly placed Mumbezhi as one of the leading copper assets in Zambia". Sentinel Mine produced 231,000 metric tonnes of copper in 2024. This is more than half the total production of FQM of 431,000 tons. FQM completed a $1.25billion expansion project for its Kansanshi nickel mine and Kansanshi Copper Mine. The expansion project will extend the life of Kansanshi to 2046, and increase its production to 280,000 tons per year from current levels. Zambia, Africa’s second largest copper producer behind the Democratic Republic of Congo plans to increase production of the red metallic to 3 million tonnes annually by 2031 to take advantage of the growing global demand for renewable energy plants, electric vehicles, and other technologies. Zambia produced 821 tons of copper in the year 2024, an increase of 12% over the previous year. The UAE's International Resources Holding is also looking at other mines, such as Barrick Mining Corp.'s Lumwana or Vedanta Konkola, which recently acquired Mopani. Reporting by Chris Mfula. (Editing by Nelson Banya, Mark Potter and Mark Potter).
Gold gains and stocks fall after Trump tariffs on Canada
Global stocks dropped on Friday as U.S. president Donald Trump escalated his tariff war against Canada. This left Europe in the firing lines, causing a modest investor rush to safe havens such as gold. Bitcoin also hit a record high.
The Canadian dollar dropped after Trump sent a late-night letter on Thursday stating that a 35% duty rate would be applied to all imports coming from Canada starting August 1. He also stated that the European Union will receive a similar letter on Friday.
The U.S. President, whose global tariff wave has disrupted businesses and policymaking, proposed a 15% or 20% blanket tariff rate for other countries. This is an increase from the 10% baseline rate. He surprised Brazil this week, which has an excess of trade with the United States. He imposed duties of up to 50% on copper, pharmaceuticals, and semiconductor chips.
The markets have not reacted to the current volatility, with the exception of a few pockets of volatility, whether in currencies, commodities or stocks. In fact, the VIX volatility indicator is at its lowest level since late February.
In Europe, STOXX 600 fell 0.7%, despite a 2.2% increase this week. Futures for the S&P 500, Nasdaq and Dow fell by 0.6%. This indicates that the record highs of this week will be retreated at the opening later.
Fiona Cincotta, City Index's strategist, said that the market was becoming numb. It may not be until hard data is presented to show an impact before we start to see a reaction.
"Clearly, we are getting more information that brings with it a certain clarity. "Because there is so many uncertainties, there's still the idea that Trump is open to negotiations, nothing feels final yet," she said.
The Canadian dollar increased 0.3% to C$1.3695. The euro, whose value has dropped by nearly 1% since the beginning of July, fell 0.2% to $1.1683.
Trump had earlier in the week pushed back to August 1, his deadline for tariffs for many trading partners, to give more time for negotiation. But he also expanded his trade war by setting new tariffs for several countries, including Japan and South Korea. He also imposed a 50% copper tariff.
Joseph Capurso is the head of international economy at Commonwealth Bank of Australia. He said that the 35% tariff rate on Canada wasn't as bad as people thought because the United States, Mexico, and Canada Agreement (USMCA) still allows for exemptions to be applied to most imports.
Capurso stated, "Now we don't yet know the tariff rate on EU imports... that's what's not known as yet." "If we get something like (the U.S. - China trade war in April), it's going be very destabilising."
Wall Street indexes closed at record highs Thursday, as AI chip maker Nvidia smashed records by achieving a market value of over $4 trillion.
Gold has risen for the third consecutive day, rising 0.6% to $3342 per ounce. This brings July's gains to 1.2%. Treasuries received less of a boost as a safe haven, due to investor concerns about the long-term stability of U.S. government finance. This led to a selloff which pushed up yields.
Benchmark 10-year yields increased 3 basis points, to 4.38%. This is in addition to the rise of Thursday on the backs of data showing that jobless claims fell unexpectedly last week.
As the chances of a U.S. - Japan trade agreement dimming, the yen has steadily weakened. The dollar rose 0.4% to 146.76yen on Friday, resulting in the largest weekly gain this year of 1.6%.
Bitcoin has risen by 3.8%, to $117.880. This is the highest ever.
Investors will closely monitor the second-quarter earnings of corporations next week in order to assess the impact of Trump’s tariffs that began on April 2. JPMorgan Chase will release its results on Tuesday. This marks the beginning of the reporting period.
Brent crude fell by nearly 2% to $68.88 per barrel, continuing the day's decline.
(source: Reuters)