[HONG KONG] Stocks struggled in Asia on Thursday as investors gave a lukewarm reception to the US-Vietnam trade deal, while the dollar eased ahead of key US jobs data that could impact Federal Reserve interest rates plans.
Attention was also on Washington as Republicans struggled to push Donald Trump’s tax-slashing budget bill through the House of Representatives amid warnings it will inflate an already ballooning national debt.
While the Vietnam agreement provided hope that other governments can reach agreements with Washington, dealers were cautious as it emerged that the country must still pay tolls of as much as 40 per cent for certain exports.
With less than a week left until the US president’s July 9 deadline to hammer out pacts to avoid his “reciprocal” levies, just three countries have done so – stoking worries his “Liberation Day” measures will kick in and spark fresh market turmoil.
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