Key Takeaways
- The U.S. has finalized a new trade agreement with the Philippines, which includes a 19% tariff and enhanced military cooperation.
- Canadian Prime Minister Mark Carney indicated that trade talks with the U.S. are complex and will take time, while also announcing support measures for steel and softwood lumber workers impacted by U.S. tariffs.
- Tesla (TSLA) registrations in California experienced a significant 21.1% decline in the second quarter, according to the California New Car Dealers Association.
- The S&P 500 reversed an earlier drop of up to 0.4% to turn positive during the trading session.
- Bipartisan talks are advancing in the Senate on a major crypto market structure bill aimed at clarifying regulations and boosting U.S. crypto leadership.
The United States has successfully finalized a new trade agreement with the Philippines. This deal includes a 19% tariff and is set to enhance military cooperation between the two nations, as announced by President Trump. President Trump noted that Philippine President Ferdinand Marcos and his representatives had a "beautiful visit" to the White House, concluding the "OPEN MARKET" trade deal.
Meanwhile, trade negotiations between Canada and the U.S. remain complex and ongoing. Canadian Prime Minister Mark Carney stated that Canada will take "all the time needed" to reach a favorable deal with the U.S., emphasizing that any agreement must clearly serve the best interests of Canadian businesses and workers. Carney also indicated that Ottawa is preparing support measures for steel and softwood lumber workers who have been impacted by U.S. tariffs. He added that Canada will spend more time talking to non-U.S. trade partners.
In corporate news, Tesla (TSLA) saw a notable decline in vehicle registrations in California. Registrations for the electric vehicle manufacturer fell by 21.1% in the second quarter, according to data from the California New Car Dealers Association.
On the market front, the S&P 500 index managed to reverse an earlier intraday decline of up to 0.4%, turning positive during the trading session.
In U.S. political developments, Senate Banking leaders are making progress on bipartisan talks concerning a significant crypto market structure bill. The proposed legislation aims to clarify regulations within the cryptocurrency sector and enhance the U.S.'s leadership position in the crypto space. Separately, judges voted against extending Alina Habba's role as interim U.S. Attorney for New Jersey.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.