The tariff rate would begin at 5 percent and increase 5 additional percentage points on the first day of each subsequent month, unless Mexico takes action to prevent migrants from entering the US - though Trump has not yet stated what actions would actually satisfy this condition.
U.S. moves against Chinese tech titan Huawei have had "no effect" on the firm's aviation business despite several countries taking steps to block its mobile services, a top company executive said Monday. But cybersecurity experts worry the ban will hurt US tech companies more than it hurts the Chinese telecom giant - and will diminish USA influence over the security of new technologies.
The dovish talk was enough to send the Dow Jones industrial average up 512.40 points - or 2.1 percent. The S&P 500 future also picked up 0.6%, to 2,820. Investors have been hoping it will go further and cut interest rates to give the economy another push. "Today and yesterday the market was embracing the idea of more weakness in the economy giving the Fed some cover to preemptively cut rates".
The announcement comes just weeks after Jaguar Land Rover reported a £3.6 billion loss over its financial year amid persistent rumours of a possible takeover by PSA Group, a deal which has yet to be confirmed. CEO Harald Krueger said in March that the carmaker aimed to have 500,000 plug-in hybrid and electric vehicles on the roads by the end of this year. The strategic collaboration will build on the considerable knowledge and expertise in electrification at both the companies.
U.S. West Texas Intermediate (WTI) crude futures were at $54.17 per barrel, up 67 cents, or 1.25%. Crude oil futures are now around 20% below their 2018 peaks reached in late April, Reuters reported . "To me, that means drawing down inventories from their now elevated levels", the Saudi-owned Arab News newspaper cited the kingdom's Energy Minister Khalid al-Falih as saying.
Sally Tindall, research director at comparison site RateCity, said big banks should now face renewed competition for customers with some smaller lenders already agreeing to pass on the full cut to customers. Dr Lowe pointed out that the gap between the cash rate and wholesale funding that banks raise on financial markets increased a year ago, but that banks recouped most of those costs by raising variable mortgage rates around 15 basis points.