Global stocks advanced on Thursday, underpinned by optimism around artificial intelligence and the prospect of upcoming interest rate cuts, while investors kept a cautious eye on U.S. President Donald Trump's tariff actions and their impact on global trade.

Carl Weinberg, chief economist at High Frequency Economics discusses President Trump's imposition of the biggest tax increase in the history of the U.S., and what this will mean for the country's economy.

The new tariffs [threatened in letters](

Trans-Pacific spot rates from Asia to the U.S. West Coast saw a marked reduction, falling 8% during the week ending July 4 to $3,124 per forty foot equivalent unit (FEU), and further dropping to $2,390 per FEU. This represents a decline of 60% from just three weeks prior when rates were as high as $6,000 per FEU.

South Korea's central bank held interest rates steady on Thursday, as policymakers steered a cautious path amid concerns about financial stability risks stemming from rising household debt and economic pressure from U.

Economists, researchers and analysts have warned that President Donald Trump’s sweeping trade policy of tacking steep tariffs on most goods that come in to America will deliver a taxing blow to consumers via higher prices.

Live updates and the latest news as the Trump administration is expected to announce new trade actions and Pete Hegseth and Benjamin Netanyahu meet

One of the highest tariffs threatened by President Trump so far is against Brazil, with the president citing a criminal prosecution against Jair Bolsonaro.