Chinese President Xi Jinping sent a congratulatory message to South Korean President Lee Jae Myung on the 78th anniversary of the establishment of South Korea's government, emphasizing bilateral cooperation and regional peace.
The Trump administration has refunded about $100bn from tariffs collected before the US supreme court ruled them illegal. Meanwhile, a coalition of 25 US states has sued the administration over a fresh round of tariffs.
The US imposed new tariffs on China and 50+ economies, while its AI lead over China narrowed. Separately, Asian-American groups expressed fear over President Trump's rhetoric fueling racism in the US.
The United States imposed a fresh wave of tariffs late on Thursday against 60 countries, including China, Japan, South Korea, India, and European Union member states, just hours before a temporary 10% blanket levy was set to expire.
Lebanon's Liberation Day, commemorating the 2000 Israeli withdrawal, is marred by a new Israeli invasion and occupation of southern Lebanon. Displaced citizens express sorrow and a longing for their homes, while political leaders and Hezbollah offer conflicting views on negotiations and the path forward.
Asos is seeking £7m in refunds for US tariffs paid in the first half of its financial year after the US Supreme Court struck down President Trump's 'Liberation Day' tariffs in February, ruling he had overstepped his powers. The company reported a narrowing pre-tax loss of £137.9m versus £241.5m a year earlier. Over 56,000 importers have already completed refund applications through the new portal, with claims worth $127bn, though some businesses reported technical issues.
Analysts warn investors are complacent about Iran war developments after markets rallied on brief Strait of Hormuz reopening. S&P 500 gained 4.5% last week, Nasdaq 7.2%, but ceasefire expires Tuesday and analysts see parallels to 2022 Ukraine war rally that preceded major selloff.
