The pound rose, gaining against the likes of the yen after the U.S. announced 25% tariffs on imports from Japan and South Korea, as investors gravitated towards markets that are at less risk of being hit by hefty duties
U.S. President Donald Trump said he plans to announce tariffs on imported semiconductors and pharmaceuticals, saying the rate for medicines could reach 200% but he would give drugmakers about one year “to get their act together.”
Venture capital investment in crypto rebounded in the second quarter of 2025, with companies raising $10.03 billion over the three-month period ending June. It was the strongest quarter since Q1 2022, at $16.64 billion.
The dollar rose sharply against other major currencies, after U.S. President Donald Trump announced new tariffs set to go into effect August 1 for a spate of countries including Japan and South Korea.
Oil prices rose as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs.
Traders are set to make about $1.4 billion in paper profits from their short positions in Tesla shares after CEO Elon Musk’s plans to launch a new U.S. political party heightened concerns about his commitment to the company’s future.
