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Trump signss order raising national park fees for foreign tourists
The President Donald Trump signed a directive on Thursday that will increase the entrance fees for foreign visitors to U.S. National Parks, even though his administration is trying to reduce national park spending by over a third. The White House announced in a press release that the additional revenue from higher fees for foreign tourists would raise hundreds of millions to fund conservation and maintenance projects. The order does not specify how much the fee will increase or when it will be implemented. The agency did not specify how many of its 433 park units will be affected. Admission fees are charged at only 100 of the Park Service's sites. The order also directs that the Park Service give priority to U.S. citizens in its reservation or permit systems. The statement stated that U.S. citizens pay more to visit scenic natural wonders, historic landmarks, and other national parks than foreign tourists because they are required to pay admission fees, as well as contribute a portion of the tax revenue from the U.S. The statement continued, "International tourists are charged higher fees for entrance to national parks around the world." The Trump administration proposed to cut more than $1 billion in the Park Service's budget for fiscal 2026. This would be a reduction of over a third from the previous year. Cuts to federal employees have already worsened the staffing shortage in national park across the nation. The National Parks Conservation Association (a watchdog and advocacy group) released an analysis Wednesday that showed the permanent staffing of the Park Service has decreased by 24% since Trump's January inauguration. Only 4,500 out of the 8,000 season workers the administration had promised for this summer were hired. The NCPA stated that reduced staff levels in some national parks including Yosemite National Park in California and Big Bend National Park in Texas have led to closures, reduced programs and hindered emergency response activities. In recent years, visitors have continued to flood into national parks at record numbers. Admissions last year reached a new high, a whopping 331 million, an increase of 6 million since 2023.
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Asian stocks tumble, dollar edged down as tariff deadline focused
As President Donald Trump's trade deadline looms next week, most Asian equity markets struggled Friday, despite overnight record highs on Wall Street. As traders weighed the implications of Trump's sweeping spending bill, the dollar lost some of its gains from Thursday. Japan's Nikkei gained 0.3% at 0152 GMT, after trading in the early hours saw gains and losses. Hong Kong's Hang Seng fell 1.3% while mainland Chinese blue-chips edged lower. Taiwan's equity index lost its early gains and fell by 0.2%. South Korea's KOSPI fell more than 1%. The U.S. S&P futures index dipped by 0.2% after the cash index had risen overnight by 0.8% to reach a new closing high. Wall Street will be closed on Friday in observance of Independence Day. Investors cheered on a surprising robust jobs report, sending all three main U.S. equity indices soaring in a short session. The House approved Trump's 869-page signature bill after the vote ended. According to the nonpartisan Congressional Budget Office, this would add $3.4 trillion dollars to the $36.2 trillion national debt. Trump said that he will also start sending letters to his trade partners, stating their tariff rates. Deals are still elusive before the deadline of July 9. After announcing an agreement with Vietnam on Tuesday, the U.S. president said that he expects "a few" more agreements to be added to the framework agreements signed with China and Britain. Scott Bessent, the U.S. Treasury secretary, said this week that an agreement with India was close. The White House had once said that agreements with Japan and South Korea would be announced as soon as possible. However, it appears these deals have fallen through. Tony Sycamore is an analyst with IG. He said that the lack of confidence in the market for the deals was responsible for the weakness of equity markets around the world, especially Japan and South Korea. Sycamore stated that the jobs data on Thursday showed "the U.S. Economy is holding up better than most people anticipated, which indicates to me that markets could easily continue to perform better from here." The data on jobs led traders to abandon any expectation of a Federal Reserve rate cut in this month. The U.S. Dollar rallied on Thursday, rising as high as 0.7% against a basket major counterparts before it pared back its gains to finish the session at 0.4%. The U.S. dollar gave up some of its gains early on Friday. It fell 0.2% to 144.62 Japanese yen, and 0.1% to 0.7942 Swiss Franc. The euro rose 0.1% to $1.1766 while the sterling traded unchanged at $1.3650. The U.S. Treasury Bond market is closed on Friday due to the holiday. However, 10-year yields increased 4.7 basis points to 4.34% and the 2-year yield rose 9.3 bps at 3.882%. Gold rose 0.1%, to $3329.54 an ounce. Brent crude futures climbed 1 cent to $68.81 per barrel while U.S. West Texas Intermediate crude gained 3 cents to $70.73. (Reporting and editing by Stephen Coates; Kevin Buckland)
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Weekly gain in gold heads as US tax cut bill fuels fiscal concerns
Gold was up slightly on Friday and is expected to gain a lot this week as the tax-cutting bill for President Donald Trump passed through Congress. This has raised concerns about fiscal matters. As of 0221 GMT, spot gold increased 0.1%, to $3,329.67 an ounce. Bullion has risen 1.7% in the last week. U.S. Gold Futures fell 0.1% to $3,339.30. Trump's tax cut legislation cleared the final hurdle of the U.S. Congress Thursday. It will fund Trump's immigration crackdown and make permanent his 2017 tax cuts. He also promised new tax breaks during his campaign for 2024. Edward Meir, Marex analyst, said that this bill would be "bad for the dollar" and "bullish for gold" in the long run. The nonpartisan Congressional Budget Office estimated that the legislation would add $3,4 trillion to the nation's debt of 36,2 trillion dollars over a ten-year period. The labor market data released on Thursday revealed that U.S. companies added more than expected 147,000 jobs in the month of June, and that the unemployment rate dropped unexpectedly to 4.1%. This strengthened the argument for the Federal Reserve's decision to keep interest rates unchanged. Trump announced on Friday that he would start sending out letters containing tariff rates for imports, a departure from his earlier promises to negotiate individual deals. Meir stated that "if Trump insists on July 9 as a date of no return and he imposes tariffs again, we will see the dollar weakening and gold could move higher." Trump announced reciprocal duties of 10%-50% on April 2. He later reduced the rates to 10% for most countries until July 9, to allow time for negotiations. In a low interest rate environment, non-yielding gold bullion is a good investment. Silver spot fell by 0.5%, to $36.66 an ounce. Platinum rose 0.7%, to $1376.67, and palladium dropped 0.6%, to $1130.60. (Reporting and editing by Rashmi aich in Bengaluru, Anmol Choubey from Bengaluru)
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Weekly gains in copper; US tariffs could be on the horizon
The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw copper prices rise for the second consecutive week on Friday despite minor fluctuations. Traders were also watching for possible U.S. import tariffs. The LME's three-month copper added 0.06% at $9,960 a metric ton as of 0106 GMT. This week it has risen by 0.85%. Meanwhile, the SHFE's most traded copper contract eased 0.31%, to 80,510 Yuan ($11231.24). It is up 1.02% for the week. The dollar has strengthened as the United States is unlikely to cut interest rates anytime soon, despite better than expected payrolls and unemployment figures. Also, the "big beautiful bill" has passed and the attention of the copper markets has shifted back to possible U.S. import tariffs. Two analysts in China have dismissed the significance of recent increases in copper stocks In warehouses registered with the LME. Three consecutive days, from July 3 to 7, the volume increased by 3,700 tonnes or 4.1% after a gradual decline since mid-April. A metals analyst from a Shanghai futures company stated that "Copper will continue to be shipped into the U.S. as long as the U.S. Tariff is not finalized." On Thursday, the COMEX copper price premium was around $1300 per ton, and metal that had been earmarked for LME warehouses to be released, or canceled warrants totaled 31,900 tons. LME Nickel fell 0.33% at $15,400 per ton, and zinc dropped 0.31% at $2,742. SHFE nickel rose 0.75%, to 122400 yuan per ton. Lead increased 0.12%, to 17,280, and tin gained 0.08%, to 2692,20. Aluminium fell 0.12% to 20660 yuan. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 Germany Industrial orders MM, Manufacturing O/P Cur Price SA Consumer Goods SA Mai 0830 UK S&P Global PMI: MSC Composite - Output June ($1 = 7,1684 Chinese Yuan) (Reporting and Editing by Sumana Niandy; Reporting by Hongmei Li)
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The world's largest climate fund increases investment plans
The largest multilateral climate fund in the world said that it would make its biggest ever investment and accelerate dealmaking to help poorer countries respond to global warming. Green Climate Fund shareholders, including the United States, approved a plan this week to release $1.2 billion in funding for 17 projects mainly in Asia and Africa. This comes against a turbulent political background that has seen aid cuts. In a report published in June, the OECD stated that official development assistance may fall by 17% in this year, after a 9% decline in 2024. This is due to President Donald Trump's massive cuts in U.S. government aid. In a press release, GCF Co-Chair Seyni NAFO said: "At a moment when collective climate action has never been more necessary, GCF is taking steps to fulfill its mandate." The GCF has allocated $227 million to expand the green bond market in 10 countries. Green bond markets is where companies raise funds for projects that reduce climate change or benefit the environment. In South Asia it will invest 200 million dollars in the India Green Finance Facility, which will scale up renewables and energy-efficiency, while in East Africa, it will spend $150 million on the food system, to support almost 18 million people. All projects combined will bring GCF's investment portfolio up to $18 billion in 133 different countries. To date, countries have paid $21 billion and pledged 29.9 billion dollars to the GCF. The GCF board approved plans for a faster pace of work with its partners, including accrediated entities such as other multilateral lenders or so-called Direct Access Entities (DAEs) in developing countries. The aim is to reduce the average time taken to accredit an DAE to nine months by revising its procedures and completing much of the due diligence during the project phase. (Reporting and editing by Emelia Sithole Matarise; Virgina Furness, Simon Jessop)
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Eastern China is sweltering under an early heatwave that threatens crops and industry
On Friday, sweltering heat engulfed China's east coast as a high pressure system settled over its most populous area, baking agricultural and manufacturing hubs on the Yangtze River, and raising fears of potential economic losses. Over the next week, large swathes in China's economic core are expected to reach temperatures between 37 and 39 degrees Celsius (99 and 102 Fahrenheit). Forecasters warn that temperatures in parts of Anhui, Zhejiang, Hubei, and Henan provinces could reach 40 C. This year, the subtropical heat wave has come early. The 'Sanfu Season,' an ancient agricultural mark in China that has been used for more than two millennia, usually begins mid-July. It lasts until late August. People seek shelter from the intense heat of summer. Meteorologists have linked extreme heat to climate change. This has become a major problem for Chinese policymakers. In addition to scorching crops and eroding incomes from farms, higher temperatures also impact manufacturing hubs, disrupt operations in important port cities and strain the already overburdened health care systems. Authorities in eastern and central China warned workers about the dangers and urged them to take precautions. Extreme heat and high humidity combined with commutes create a higher risk of heatstroke. China experienced its worst heatwaves in 2022. Many parts of the country were subjected to a 79 day hot spell between mid-June and late August. China doesn't keep a count of heat-related deaths and neither did the Chinese government. However, domestic media sometimes report on fatalities that are attributed to local authorities. A report in The Lancet from 2023 estimated that heat wave-related deaths in the second largest economy in the world would double to 50,900 in 2022. The national meteorological center forecasts more torrential rainfall in parts of north and south-west China this weekend. Videos on Chinese social media show residents canoeing their way through the flooded streets of Chengdu. (Reporting and editing by Lincoln Feast, Xiuhao Chan and Joe Cash.)
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Sources say that the hydrotreater at Marathon Galveston Bay Refinery will remain closed until September.
Sources familiar with the plant's operations on Thursday said that a fire-damaged hydrotreater will be closed at Marathon Petroleum Galveston Bay Refinery, Texas until September. All other units at the 631,000-barrel-per-day (bpd) refinery in Texas City, Texas, are operating at or near full capacity following the June 14 fire at the 400 train hydrotreater, which is part of the 64,000-bpd Residual Hydrotreating Unit (RHU), the sources said. Sources who refused to identify themselves because the information was not publicly available did not quantify exactly the production impact. In an email sent Thursday night, Jamal Kheiry, the spokesperson for Marathon, declined to comment on operations at its refinery. According to the U.S. Energy Information Administration, the Galveston Bay Refinery has the second largest capacity in the United States. The 400 train is the third of three hydrotreaters that are part of the RHU. It uses hydrogen to remove sulfur in feedstocks, and products derived from them. This helps to meet U.S. Environmental Rules. The RHU has also a heavy oil unit which uses hydrogen as a boost to the motor fuels feedstocks, which can be squeezed from residual crude. This thick residue is most commonly used to make petroleum coke and asphalt. Sources said that following the fire, production of the 144,000 bpd gasoline producing fluid catalytic Cracker 3 (FCC-3), was reduced for several days. Reporting by Erwin Seba, Editing by Sandra Maler & Jamie Freed
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Oil prices stable on strong job market and tariff uncertainty
The oil prices were not much changed on Friday, as the U.S. Federal Reserve kept interest rates at the same level due to a strong job market. Investors are also waiting for clarity regarding President Donald Trump's tariff plans against various countries. Brent crude futures rose by 1 cent or 0.01% to $68.81 per barrel at 0036 GMT. U.S. West Texas Intermediate crude gained 3 cents or 0.04% to $67.03. The U.S. Independence Day is a holiday. The U.S. Labour Market receded from the list of risks when data released on Thursday showed American firms had added more than 147,000 jobs, and that the unemployment rate dropped to 4,1%. This is a sign the economy has remained resilient in spite of the uncertainty and turbulence over the size and scope tariffs. The President said that Washington will begin sending letters to other countries on Friday, specifying the tariff rates they'll face on goods shipped to the United States. This is a significant shift from his earlier promises to reach scores of individual agreements. Trump said to reporters on Thursday, before leaving for Iowa, that he would send 10 letters at once to ten countries, each containing tariff rates ranging from 20% to 30%. Trump's 90 day pause in raising U.S. Tariffs ends on the 9th of July, and many large trading partners are yet to sign trade agreements. This includes the European Union and Japan. OPEC+ - the world's biggest group of oil producers - is expected to announce a production increase of 411,000 barrels a day for August in order to regain market shares, according to four delegates. Treasury Department: The U.S. imposed sanctions against Hezbollah controlled financial institutions and a network which smuggles Iranian crude oil under the guise of Iraqi oil. Barclays said on Thursday that it had raised its Brent Oil price forecast for 2025 by $6 per barrel to $72 and for 2026 by $10 to $70, citing an improved outlook on demand. (Reporting from Arathy S. Somasekhar, Houston; Editing and proofreading by Tom Hogue.)
Iron ore falls ahead of Trump tariffs
Iron ore futures fell on Tuesday as the U.S. import tariffs against China were set to take effect in just a few hours.
As of 0307 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange was trading 1.39% lower. It was 779 yuan (106.93 dollars) per metric ton.
The benchmark iron ore for April on the Singapore Exchange fell 0.18%, to $99.7 per ton.
Prices hit $99.35 earlier in the session. This was the lowest price since January 15.
Iron ore fell below $100/t for the first since mid-January. The move was a result of reports that Chinese steelmills were reducing production in order to reduce pollution levels before the annual National People's Congress meeting (NPC), said ING analysts.
Chinese stocks began the day lower as the market focused on the NPC meeting, which will take place on Wednesday.
ING also said that trade tensions with America are affecting exports.
Beijing has vowed retaliation against new U.S. Tariffs. It may target American food and agricultural products.
The tariffs come after U.S. president Donald Trump threatened to add an additional 10% on Chinese imports, which would have doubled the tariffs to a total of 20%. The tariffs will take effect on Tuesday at 0501 GMT.
The tensions over tariffs have also affected the shares of Australian mining companies, causing further sentiment to be dampened. China is Australia's main trading partner.
According to Chinese consultancy Mysteel, the Chinese steel market will still gain momentum this month due to a recovery in consumption among steel users.
Mysteel said that the market sentiment could be influenced by the expectation of additional policy stimuli.
Coking coal and coke, which are used to make steel, also declined on the DCE, by 1.26% and 1.4%, respectively.
The benchmarks for steel on the Shanghai Futures Exchange have fallen. Rebar dropped 1.3%, while hot-rolled coils fell nearly 1%. Wire rod also declined 0.62%, and stainless steel dropped 0.11%. $1 = 7.2854 Chinese Yuan (Reporting and editing by Sumana Niandy).
(source: Reuters)