Ata mārie and welcome to your Tuesday recap of the top business and political stories from around the world.
First up, US President Donald Trump has announced 25% tariffs on Japan and South Korea from August 1, the ABC reported.
He posted images of the letters he sent to the leaders of both countries on Monday local time. He told Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung that the tariffs would be for all goods.
"Please understand that the 25% number is far less than what is needed to eliminate the trade deficit disparity we have with your country," Trump said.
White House Press Secretary Karoline Leavitt warned those letters are only the beginning, with 12 other countries to receive letters, Al Jazeera reported.
She said Trump was focused on securing “tailor-made” trade agreements with various countries. “The President will also sign an executive order today delaying the July 9 deadline to August 1,” she said.
In recent hours, Trump has also sent letters to Malaysia, Laos, and South Africa.
US President Donald Trump.
Meanwhile, Trump also targeted the Brics group of developing nations. He warned he could impose a new 10% tariff on any country that aligns itself with the group, which he described as “anti-American”, the Guardian reported.
Brics includes a number of countries, including Brazil, India and China. Meanwhile, European Commission President Ursula von der Leyen and Trump had a “good exchange” by phone, which raised hopes of a deal this week, the Guardian reported.
“We want to reach a deal with the US. We want to avoid tariffs. We believe they cause pain. We want to achieve win-win outcomes, not lose-lose outcomes,” EU trade spokesperson Olof Gill said.
The EU wants relief from tariffs on vehicles, as well as lower steel tariffs.
On Wall Street, stocks were shaken by Trump’s latest tariff announcements and the letters sent to other nations.
Earlier, the Dow Jones, S&P500, and tech-heavy Nasdaq all declined more than 1% in Monday trading. US-listed shares in Japanese vehicle companies Toyota, Nissan, and Honda all fell deep into the red, CNN noted.
In Russia, sacked transport minister Roman Starovoit was found dead in his vehicle with a gunshot wound, just hours after he was sacked by President Vladimir Putin, the ABC and wire agencies reported.
Starovoit was sacked on Monday local time for no official reason. Russia's Investigative Committee said it was working to establish the circumstances of his death.
Russian state media and other news agencies said he had shot himself, but there were mixed reports about the timing of his death.
Finally, in an update from Texas, close to 100 people were now confirmed dead and scores of others are injured after last week’s flash floods, the BBC reported.
The Guadalupe River rose eight metres within 45 minutes on Friday local time, while the San Gabriel River also burst its banks.
Rescuers were still searching for missing people, while more storms were expected, which could hinder rescue efforts.
