Dalai Lama turns 90, gets global support in challenge for China
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Diverging Reports Breakdown
Investors head into Trump tariff deadline benumbed and blase
Investors say benign outcomes priced in ahead of U.S. President Donald Trump’s Wednesday deadline for trade tariffs. Trump said the first batch of letters outlining the tariff levels they would face on exports to the United States would be sent to 12 countries on Monday. Investors who have been tracking this date for months expect more details to emerge in the coming days and protracted uncertainty. World stocks are meanwhile at record highs, up 11% since April 2. They fell 14% in three trading sessions after that announcement but have since rallied 24%. The dollar has suffered a knock to its reputation from the dithering on the Trump tariffs, which had its worst half of the year since 1973, declining by 11%. It has fallen by 6.6% in the first half of this year alone, the first time it has fallen that much in a year since 2007. The markets are discounting a tariff levels of 35%, 40% or higher, and anticipating an across-the-board level of 10% or so, analysts say.
Item 1 of 2 A screen displays news on U.S. President Donald Trump on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 27, 2025. REUTERS/Jeenah Moon/File Photo
Summary Pause on Trump’s April 2 tariffs expires on Wednesday
Stocks have risen despite tariff volatility, dollar hurt
Investors say benign outcomes priced in
SINGAPORE/NEW YORK, July 6 (Reuters) – Global investors are heading into U.S. President Donald Trump’s Wednesday deadline for trade tariffs palpably unexcited and prepared for a range of benign scenarios that they believe are already priced in.
Just days before the end of a 90-day pause he announced on his April 2 “Liberation Day” tariffs, Trump said the first batch of letters outlining the tariff levels they would face on exports to the United States would be sent to 12 countries on Monday.
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Investors who have been tracking this date for months expect more details to emerge in the coming days and protracted uncertainty too, anticipating Trump will not be able to complete deals with all of America’s trading partners in the coming week.
And they are not overly concerned.
“The market has gotten much more comfortable, more sanguine, when it comes to tariff news,” said Jeff Blazek, co-chief investment officer of multi-asset at Neuberger Berman in New York.
“The markets think that there is enough ‘squishiness’ in the deadlines – absent any major surprise – to not be too unsettled by more tariff news and believe that the worst-case scenarios are off the table now.”
Both the tariff levels and effective dates have become moving targets. Trump said on Friday that tariffs ranging up to 70% could go into effect on August 1, levels far higher than the 10%-50% range he announced in April.
So far, the U.S. administration has a limited deal with Britain and an in-principle agreement with Vietnam.
Deals that had been anticipated with India and Japan have failed to materialize, and there have been setbacks in talks with the European Union.
World stocks (.MIWD00000PUS) , opens new tab are meanwhile at record highs, up 11% since April 2. They fell 14% in three trading sessions after that announcement but have since rallied 24%.
“If Liberation Day was the earthquake, the tariff letters will be the aftershocks. They won’t quite have the same impact on markets even if they are higher than the earlier 10%,” said Rong Ren Goh, a portfolio manager in the fixed income team at Eastspring Investments in Singapore.
“This financial system is so inundated with liquidity that it is hard to cash up or delever at the risk of lagging the markets, with April serving as a painful reminder for many who derisked and were then forced to chase the relentless recovery in the subsequent weeks.”
World stocks have roared back to record high
TAXES AND THE FED
Investors have also been distracted by weeks of wrangling in Congress over Trump’s massive tax and spending package, which he signed into law on Friday.
Stock markets have celebrated the passage of the bill, which makes Trump’s 2017 tax cuts permanent, while bond investors are wary the measures could add more than $3 trillion to the nation’s $36.2 trillion debt.
But the risks of tariff-related inflation have weighed on U.S. Treasuries and the dollar, and jostled expectations for Federal Reserve policy. Rate futures show traders no longer expect a Fed rate cut this month and are pricing in a total of just two quarter-point reductions by year-end.
The dollar has suffered a knock to its haven reputation from the dithering on tariffs. The dollar index , which reflects the U.S. currency’s performance against a basket of six others, has had its worst first half of the year since 1973, declining some 11%. It has fallen by 6.6% since April 2 alone.
“The markets are discounting a return to tariff levels of 35%, 40% or higher, and anticipating an across-the-board level of 10% or so,” said John Pantekidis, chief investment officer at TwinFocus in Boston.
Pantekidis is cautiously optimistic about the outlook for U.S. stocks this year, but the one variable he is watching closely is interest rate levels.
For now he expects to see interest rates dip in the second half, “but if the bond market worries about the impact of the bill and rates go up, that’s a different scenario.”
This heatmap shows the value of the Manufacturing Purchasing Managers’ Index (PMI) across economies.
Reporting by Suzanne McGee, Libby George and Vidya Ranganathan; Editing by William Mallard
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Dalai Lama turns 90, gets global support in challenge for China
Tibetan spiritual leader the Dalai Lama turns 90 on Sunday. Dalai Lama says he hopes to live beyond 130 and reincarnate after dying. Nobel laureate is regarded as one of the world’s most influential religious leaders. Beijing calls him a separatist and has sought to bring the faith under its control. He fled his native Tibet in 1959 in the wake of a failed uprising against Chinese rule, the 14th Dalai Lama, along with hundreds of thousands of Tibetans, took shelter in India and has since advocated for a peaceful “Middle Way” to seek autonomy and religious freedom for the Tibetan people. The Dalai Lama had said he would reincarnate as the leader of the faith upon his death and that his non-profit institution, the Gaden Phodrang Trust, had the sole authority to recognise his successor. The U.S. has called on Beijing to cease what it describes as interference in the succession of the Dalai Dalai Lama and other Tibetan Buddhist Lamas. The United States remains firmly committed to promoting peace, respect and compassion.
Item 1 of 5 Tibetan spiritual leader the Dalai Lama attends a prayer meet held for his long life at the Dalai Lama temple in the northern hill town of Dharamshala, India, July 5, 2025. REUTERS/Anushree Fadnavis
Summary Dalai Lama says he hopes to live beyond 130
Says his trust has sole authority to recognise his successor
Global leaders send messages of support and solidarity
China says succession has to be approved by its leaders
DHARAMSHALA, India, July 6 (Reuters) – The spiritual leader of Tibetan Buddhists, the Dalai Lama, turned 90 on Sunday after a week of celebrations by followers during which he riled China again and spoke about his hope to live beyond 130 and reincarnate after dying
The Nobel laureate is regarded as one of the world’s most influential religious leaders, with a following that extends well beyond Buddhism, but not by Beijing, which calls him a separatist and has sought to bring the faith under its control
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Fleeing his native Tibet in 1959 in the wake of a failed uprising against Chinese rule, the 14th Dalai Lama, along with hundreds of thousands of Tibetans, took shelter in India and has since advocated for a peaceful “Middle Way” to seek autonomy and religious freedom for the Tibetan people.
Dressed in his traditional yellow and burgundy robe, the Dalai Lama arrived at a temple to smiles and claps from thousands of monks and followers who had gathered on a rainy morning in the small Indian hill town of Dharamshala, where he lives. He waved and greeted them as he walked slowly to the stage with support from monks.
“As far as I am concerned, I have a human life and as humans it is quite natural for us to love and help one another,” the Dalai Lama said, speaking after a Tibetan cultural performance that included songs for his long life.
“I live my life in the service of other sentient beings,” he said, flanked on the stage with long-time supporters including western diplomats, Indian federal ministers, Hollywood star Richard Gere and a monk who is expected to lead the search for his successor.
In a sign of solidarity, Taiwan’s president Lai Ching-te, leaders of Indian states bordering Tibet, and three former U.S. presidents sent greetings to the Dalai Lama, including Barack Obama, George W. Bush, and Bill Clinton, whose video messages were played during the event.
In the preceding week of celebrations, the Dalai Lama had said he would reincarnate as the leader of the faith upon his death and that his non-profit institution, the Gaden Phodrang Trust , had the sole authority to recognise his successor.
China has said that the succession will have to be approved by its leaders, and the United States has called on Beijing to cease what it describes as interference in the succession of the Dalai Lama and other Tibetan Buddhist Lamas.
After about two hours, the Dalai Lama left the venue abruptly after eating a piece of his birthday cake. A source earlier said he had not been feeling too well.
SHOW OF SOLIDARITY
Guests gathered at the ceremony took turns to speak, including Indian Parliamentary and Minority Affairs Minister Kiren Rijiju, a practising Buddhist, who had earlier made a rare statement contradicting China by backing the Dalai Lama’s position on his successor.
He later clarified that the statement was made in his personal capacity as China warned New Delhi against interfering in its domestic affairs at the expense of bilateral relations.
On Sunday, Rijiju said the Dalai Lama was India’s “most honoured guest … We feel blessed for his presence here in our country”.
He said he has always held the view that there was a need to contribute significantly towards the cause of the Tibetan people, and added that, as a devotee, “We will follow the directions and the guidelines to be issued from the institution of the Dalai Lama.”
Cultural performances were held throughout the morning, including from Bollywood playback singers, while messages from global leaders were read out.
“I join 1.4 billion Indians in extending our warmest wishes to His Holiness the Dalai Lama on his 90th birthday. He has been an enduring symbol of love, compassion, patience and moral discipline,” Indian Prime Minister Narendra Modi wrote on X.
U.S. Secretary of State Marco Rubio also sent a message that said the Dalai Lama continued to inspire people by embodying a message of “unity, peace, and compassion.”
“The United States remains firmly committed to promoting respect for the human rights and fundamental freedoms of Tibetans. We support efforts to preserve Tibetans’ distinct linguistic, cultural, and religious heritage, including their ability to freely choose and venerate religious leaders without interference,” he said, according to a State Department readout.
Reporting by Krishna N. Das in Dharamshala and Shivam Patel in New Delhi. Editing by Mark Potter, Christian Schmollinger and Saad Sayeed
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Musk announces forming of ‘America Party’ in further break from Trump
Elon Musk says Trump’s tax bill would bankrupt America. The space and automotive billionaire announced the formation of a new political party. The announcement comes after Trump signed his self-styled “big, beautiful” tax-cut and spending bill into law on Friday. Investment firm Azoria Partners will postpone the listing of a Tesla exchange-traded fund, CEO James Fishback said in a post on X. Musk spent hundreds of millions on Trump’s re-election and led the Department of Government Efficiency from the start of the president’s second term aimed at slashing government spending. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk’s companies receive from the federal government. He said: “Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country.”
Summary
Companies Musk forms ‘America Party’ opposing Trump’s tax bill
Musk’s feud with Trump may impact Republican 2026 election chances
Tesla shares affected by Musk-Trump fallout, despite Musk’s wealth
Musk criticizes Trump’s tax bill as harmful to U.S. economy
Musk plans to unseat lawmakers supporting Trump’s tax bill
WASHINGTON, July 5 (Reuters) – The dispute between Republican President Donald Trump and his main campaign financier Elon Musk took another fractious turn on Saturday when the space and automotive billionaire announced the formation of a new political party, saying Trump’s “big, beautiful” tax bill would bankrupt America.
A day after asking his followers on his X platform whether a new U.S. political party should be created, Musk declared in a post on Saturday that “Today, the America Party is formed to give you back your freedom.”
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“By a factor of 2 to 1, you want a new political party and you shall have it!” he wrote.
The announcement from Musk comes after Trump signed his self-styled “big, beautiful” tax-cut and spending bill into law on Friday, which Musk fiercely opposed.
Musk, who became the word’s richest man thanks to his Tesla car company and his SpaceX satellite firm, spent hundreds of millions on Trump’s re-election and led the Department of Government Efficiency from the start of the president’s second term aimed at slashing government spending.
The first sign of investor dissatisfaction with Musk’s announcement followed later in the day. Investment firm Azoria Partners will postpone the listing of a Tesla exchange-traded fund, Azoria CEO James Fishback said in a post on X.
Fishback is asking Tesla’s board to clarify Musk’s political ambitions and said the new party undermines the confidence shareholders had that he would be focusing more on the company after leaving government service in May.
Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill.
Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk’s companies receive from the federal government.
Republicans have expressed concern that Musk’s on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.
Asked on X what was the one thing that made him go from loving Trump to attacking him, Musk said: “Increasing the deficit from an already insane $2T under Biden to $2.5T. This will bankrupt the country.”
There was no immediate comment from Trump or the White House on Musk’s announcement.
The feud with Trump, often described as one between the world’s richest man and the world’s most powerful, has led to several precipitous falls in Tesla’s share price.
The stock soared after Trump’s November reelection and hit a high of more than $488 in December, before losing more than half of its value in April and closing last week out at $315.35.
Despite Musk’s deep pockets, breaking the Republican-Democratic duopoly will be a tall order, given that it has dominated American political life for more than 160 years, while Trump’s approval ratings in polls in his second term have generally held firm above 40%, despite often divisive policies.
Reporting by Bhargav Acharya, additional reporting by Gnaneshwar Rajan; Editing by Diane Craft, Nick Zieminski and Christian Schmollinger
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Paris opens river Seine for public swimming for first time since 1923
Authorities open the river to public swimming for the first time since 1923. Three sites along the banks of the Seine in the city will be able to welcome over 1,000 swimmers daily until August 31. The reopening follows efforts by authorities to improve its water quality so it could be used for Olympic events last summer.Investments included connecting tens of thousands of homes to the sewer system, upgrading water treatment facilities, and constructing large rainwater storage reservoirs to prevent sewer overflow during heavy storms. “Come here everybody, it’s great!,” said 51-year-old Karine, one of the first to take the plunge.
Three sites along the banks of the Seine in the city will be able to welcome over 1,000 swimmers daily until August 31, local officials said, to the delight of the Parisians and visitors who were among the first to take the plunge.
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“Really nice, I’m impressed, surprised,” said 24-year-old Victoria Cnop, a Brazilian who lives in Paris. “I never imagined being in the water close to the Eiffel Tower.”
“The water is clean, it’s warm, it’s clear. There is a bit of algae, but that’s normal,” said 51-year-old Karine. “Come here everybody, it’s great!.”
The reopening of the Seine for public swimming follows efforts by authorities to improve its water quality so it could be used for Olympic events last summer.
Item 1 of 6 People swim in the River Seine, with the Eiffel tower in the background, at the Grenelle site, opened to swimmers marking the first public bathing session in the capital’s historic waterway, in Paris, France, July 5, 2025. REUTERS/Abdul Saboor [1/6] People swim in the River Seine, with the Eiffel tower in the background, at the Grenelle site, opened to swimmers marking the first public bathing session in the capital’s historic waterway, in Paris, France, July 5, 2025. REUTERS/Abdul Saboor Purchase Licensing Rights , opens new tab
Investments included connecting tens of thousands of homes to the sewer system, upgrading water treatment facilities, and constructing large rainwater storage reservoirs to prevent sewer overflow during heavy storms.
While delays, triggered by the health impact of heavy rains, impacted some Olympic training sessions and the men’s triathlon event, competitions in the Seine eventually went ahead, bolstering confidence in the river’s safety for public swimming.
Daily water quality tests will be conducted during the swimming season, with green and red flags – similar to beach safety systems – indicating whether swimming areas are open or closed.
“It’s wonderful,” said John Drummond, a 54-year-old visitor from Canada. “It’s great for the environment, it’s great for the city, it’s great for the people that live here. So very good initiative.”
As well as the three sites within Paris, 14 swimming areas outside the capital’s boundaries will be set up on the Seine and the Marne rivers. Two of those already opened on the Marne in June.
Reporting by Manuel Ausloos; Editing by Ingrid Melander and Alison Williams
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Pope Leo takes first action to address abuse by Catholic clergy
Pope Leo appoints a French archbishop as the new leader of the Vatican’s commission on clergy sexual abuse. It is the U.S. pontiff’s first public move to confront an issue that has damaged the global Church’s credibility. Cardinal Sean O’Malley, 81, had been serving beyond the Church’s traditional retirement age of 80 for bishops. The Vatican commission was created by Pope Francis in 2014 in an effort to respond after sexual abuse scandals affected the Church in countries across the world.
VATICAN CITY, July 5 (Reuters) – Pope Leo on Saturday appointed a French archbishop as the new leader of the Vatican’s commission on clergy sexual abuse, in the U.S. pontiff’s first public move to confront an issue that has damaged the global Church’s credibility.
Thibault Verny, 59, will be president of the Pontifical Commission for the Protection of Minors while also remaining the archbishop of Chambery in southeast France.
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The Vatican commission was created by Pope Francis in 2014 in an effort by the late pontiff to respond after sexual abuse scandals affected the Church in countries across the world.
The scandals have damaged the Church’s standing as a moral voice, led to lawsuits costing millions in countries across the globe, and resulted in a number of resignations of bishops.
Verny said he was committed to improving the Church’s safeguarding measures.
“We will promote the … equitable sharing of resources so that all parts of the Church, regardless of geography or circumstance, can uphold the highest standards of protection,” he said in a statement.
Verny replaces Cardinal Sean O’Malley, the former archbishop of Boston . O’Malley, 81, had been serving beyond the Church’s traditional retirement age of 80 for bishops.
O’Malley had led the group since its creation.
While some victims have praised the commission’s efforts, it has also been roiled by the resignations of several of its members over the years.
In 2023, a prominent Jesuit priest and papal adviser stepped down , saying publicly that he had concerns over the way the group was operating.
Verny was first made a member of the commission by Francis in 2022. He has also led the French Church’s safeguarding efforts.
O’Malley praised the appointment, saying in a statement Verny is “a collaborative leader committed to advancing the global adoption of protection and safeguarding, to as best possible assure the safety of those in the care of the Church throughout the world”.
Reporting by Joshua McElwee; Editing by Alison Williams
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