US President Donald Trump has threatened to impose a "30% or 35%" tariff on Japan if a deal between the two countries is not reached before a deadline next week. That would be well above the 24% tariff Japan was hit with as part of Trump's so-called "Liberation Day" on 2 April, when he announced steep import duties on countries around the world.

President Donald Trump said he is not considering delaying his July 9 deadline for higher tariffs to resume and renewed his threat to cut off talks and impose duty rates on several nations, including Japan.

Also in today’s newsletter, Standard Chartered hit with $2.7bn lawsuit over 1MDB scandal and Trump’s tax bill passes the Senate