The White House is adjusting its approach to tariffs that will take effect on April 2, likely eliminating a series of industry-specific tariffs while imposing reciprocal tariffs aimed at countries with significant trade ties with the United States, according to the Wall Street Journal. US President Donald Trump has declared April 2 as "Liberation Day" for the US, when he will implement so-called reciprocal tariffs that seek to match US tariffs with those imposed by trading partners, as well as tariffs on sectors such as autos, pharmaceuticals and semiconductors, which he has repeatedly said...
The S&P Global US Manufacturing PMI fell to 49.8 in March 2025 from 52.7 in February, missing market expectations of 51.8, a preliminary estimate showed. Manufacturing output declined after February's sharpest increase in nearly three years, with factories reporting fewer instances of output being boosted by the front-running of tariffs and new orders growth nearly stalling. Input purchasing in the sector also slipped back into decline. However, export sales saw their smallest decline in nine months, supported by rising orders from Canada, Germany, and other EU countries, suggesting...
The S&P Global US Services PMI rose to 54.3 in March 2025, a three-month high, from 51 in February, surpassing market expectations of 50.8, preliminary data showed. Service sector output rebounded strongly after hitting a 15-month low in February, driven by improved business inflows, strengthening customer demand, and better weather conditions. However, exports remained a weak spot, declining for the third straight month. Employment edged up in April, reversing February's small decline, though job growth remained sluggish as firms hesitated to hire amid demand uncertainty. Input costs...