U.S. President Donald Trump on Sunday said that his sweeping trade tariffs could help him cut income taxes for people making less than $200,000 a year, amid heightened anxiety over his economic agenda. Trump repeated his past claims that revenue from trade tariffs could help the U.S. government reduce income taxes, although he has not elaborated on these claims. "When Tariffs cut in, many people's Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year," Trump said in a post on Truth.Social. Trump's comments...
A look at the day ahead in European and global markets from Wayne Cole. It's been a blessedly quiet start to the week, with President Trump more engrossed on his disappointment with Russia, than his trade war. In this case, silence is golden, as the White House's communication on trade has been a lot more noise than signal. Thus, Agriculture Secretary Rollins tells TV they are speaking with China every day, likely news to Beijing. Then Treasury Secretary Scott Bessent says he has not discussed tariffs with Chinese officials and doesn't know if Trump talked to Xi, as he claimed. Apparently...
U.S. Treasury Secretary Scott Bessent said on Sunday that he did not know whether President Donald Trump had spoken to Chinese counterpart Xi Jinping, and that he was unaware of whether trade negotiations were taking place. Speaking during an interview with ABC News' This Week, Bessent said U.S. and Chinese officials had spoken during International Monetary Fund meetings in Washington last week, and that he had also then interacted with his Chinese counterpart. "I had interactions with my Chinese counterpart, but it was more on traditional things like financial stability, global economic...