Trump Secures Major Trade Deals in Asia Ahead of Key China Talks

Trump Secures Important Trade Agreements in Asia as Talks with China Approach

US President Trump has strengthened his economic influence in Asia by signing trade agreements with Japan and the Philippines. Japan agreed to impose a 15% tariff on US imports while allowing free trade for automobiles and selected agricultural products; it also committed to invest $550 billion in the US. The Philippines pledged to impose zero tariffs on US goods while agreeing to pay a 19% tariff to the US. Meanwhile, talks with China are expected to take place on July 29 in Stockholm, Sweden. These talks will focus on extending the tariff exemption period and China’s energy imports from Iran and Russia.

Trump: Interest Rates Should Be Lowered by 3 Points, to 1%

According to Jinshi, Trump said that Fed Chairman Powell kept interest rates too high and that they should be lowered by 3 points or more. Trump argued that interest rates should be lowered to 1%, saying that high rates were negatively affecting the housing market. Treasury Secretary Benson agreed with this view, saying that the Fed should now lower interest rates.

Powell Did Not Comment on Monetary Policy in His Latest Speech

Fed Chairman Jerome Powell made no comments on monetary policy in his opening remarks at a regulatory conference. He only stated that they were open to feedback on capital regulations and banking rules. Fed officials are unable to share information with the public about economic expectations ahead of the July 29-30 meeting due to “blackout period” rules.

Treasury Secretary Benson: No Need for Powell to Resign

US Treasury Secretary Benson said there is no reason for Fed Chairman Powell to resign, despite criticism from the Trump administration. In an interview with Fox Business, she said Powell’s term ends in May 2026 and that he should remain in office if he wishes to do so. Benson also called for an internal audit of the Fed’s activities outside of monetary policy.

Japanese Prime Minister Ishiba Expected to Resign

According to Mainichi Shimbun, Japanese Prime Minister Shigeru Ishiba will announce his resignation at the end of August. With this expectation, the Nikkei 225 index rose more than 3% to exceed 41,000 points. The USD/JPY pair also rose 0.26% during the day, exceeding 147.

South Korean Regulators Prohibit ETFs from Increasing Crypto Shares

According to the Korea Herald, South Korea’s Financial Supervisory Service verbally informed local asset management companies not to increase the proportion of shares in ETFs belonging to crypto companies such as Coinbase and Strategy. The “Emergency Measures Regarding Virtual Currencies” published in 2017 are still considered valid. It is stated that some ETFs in the country have more than 10% of their holdings in crypto-related stocks.

Trump-linked project buys $13 million worth of ETH on the chain

According to Arkham Intelligence data, World Liberty Financial, linked to Trump, purchased 3,473 ETH at an average price of $3,743. The project currently holds approximately 73,616 ETH, valued at $275.9 million.

Polymarket Considering Launching Its Own Stablecoin

According to sources speaking to CoinDesk, crypto prediction platform Polymarket is considering either launching its own stablecoin or entering into a revenue-sharing agreement with Circle to manage USDC reserves held on its platform. Launching its own stablecoin is seen as potentially easier from a regulatory standpoint.

SEC Suspends Bitwise’s ETF Conversion Application Immediately After Approval

According to The Block, the SEC’s Division of Trading and Markets approved the conversion of the Bitwise 10 Crypto Index ETF under an expedited procedure; however, SEC Deputy Secretary Sherry R. Haywood immediately suspended the decision and initiated a review. This situation is similar to the SEC’s decision to suspend Grayscale’s application.

21Shares Files Application with SEC for ONDO Token ETF

According to The Block, 21Shares has filed an S-1 application with the SEC to create an ETF tracking ONDO, the native token of the RWA platform Ondo Finance. The platform is associated with World Liberty Financial, linked to Trump, and has purchased approximately $500,000 worth of ONDO.

Telegram TON Wallet Launches in the US with 87 Million Users

According to CNBC, Telegram’s built-in crypto wallet, TON Wallet, is now available in the US. Users can buy, sell, and transfer crypto directly within the app without needing to download anything extra. The wallet also lets you buy crypto with zero fees through Moon Pay.

Goldman Sachs: Basic Customs Duty Rate Could Rise to 15%

According to Jinshi, Goldman Sachs Chief Economist David Mericle predicted that the basic customs duty rate in the US will rise from 10% to 15% and that this rate will reach 50% for some critical minerals. Mericle noted that this could increase inflation by 1.7% and reduce growth to 1% by 2025.

Changpeng Zhao: Alt Season Index Rising, FOMO Season Approaching

Binance founder Changpeng Zhao announced on X that the Altcoin Season Index on CoinMarketCap is rising and that the “FOMO season” is approaching.

New Path Opened for Chinese Creditors in FTX Trial

According to FTX Historian, it was stated in the FTX trial that funds of creditors located in “restricted jurisdictions” such as China will not be seized, and these creditors can transfer their funds to unrestricted regions to submit their claims. This decision could create an application opportunity for Chinese users who have moved to regions like Singapore.