India's trade minister said the country could be affected by the El Niño climate system and that the government is aware it may face difficult times ahead.

At a July 2 briefing reporters cited Lai Ching‑te's allegation that "China has weaponized agricultural products," using import bans and higher tariffs, and that Taiwan's agricultural exports to China fell from 20.5% in 2015 to 11.5% in 2025, with the US and Japan now the top two markets. State Council Taiwan Affairs Office spokesperson Zhu Fenglian rejected the accusation, saying the mainland remains an important market for Taiwan agricultural exports and will adopt a series of measures to help Taiwan farmers and fishers expand sales in the mainland, open channels and raise incomes.

US June nonfarm payrolls rose 57k vs 110k expected; prior two months were revised down by a combined 74k, the BLS said. The unemployment rate fell, driven by a sharp drop in labor force participation as workers exited the labor force. Spot gold jumped on the data and markets trimmed bets on earlier Fed tightening, shifting the expected timing of the next Fed rate hike from October toward December.