The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
Barclays no longer expects the U.S. economy to slip into a recession later this year and has revised up its growth forecasts, given signs of a de-escalation in U.S.-China trade tensions, the bank said in a note released late Thursday. Barclays said it now expects the U.S. economy to grow 0.5% this year and 1.6% next year, up from previous forecasts of -0.3% and 1.5%, respectively. Reduced uncertainty and an improved economic backdrop also led Barclays to lift its euro area growth expectations. It now forecasts flat economic growth this year, compared to a 0.2% contraction...
Donald Trump's tariffs on China are likely to remain at levels that are expected to severely restrict Chinese exports to the U.S. after a 90-day truce, analysts and investors say, suggesting Beijing may have to endure further economic pain despite active talks. U.S. levies on Chinese goods imposed this year are likely to remain at 30% through the end of 2025, according to a Bloomberg survey. While much lower than before this week's thaw, the current tariffs are high enough to wipe out 70% of China's shipments to the world's largest economy in the medium term, according to Bloomberg...
Federal Reserve Chair Jerome Powell said Thursday that longer-term interest rates are likely to be higher as the economy changes and policy is in flux. In remarks that focused on the central bank's policy framework review, last done in the summer of 2020, Powell noted that conditions have changed significantly over the past five years. During the period, the Fed witnessed a period of surging inflation, pushing it to historically aggressive interest rate hikes. Powell said that even with longer-term inflation expectations largely in line with the Fed's 2% target, the era of near-zero rates...
Staff from the Trump administration have been hard at work on Thursday, pushing a raft of announcements on a wide range of investment projects with the United Arab Emirates (UAE) that President Trump has been pursuing hard since taking office in January. As is usual for announcements from several faces of the White House team, specific details remain thin, and it remains unclear what kind of timeline these announced projects are expected to take, or how they'll even be accomplished. According to the US Commerce Department, the United Arab Emirates and the US government have agreed on an "AI...
U.S. Federal Reserve officials feel they need to reconsider the key elements around both jobs and inflation in their current approach to monetary policy, given the inflation experience of the last few years and the possibility that supply shocks and the associated price increases may become more frequent in the years ahead, Fed chair Jerome Powell said Thursday. "We may be entering a period of more frequent, and potentially more persistent, supply shocks—a difficult challenge for the economy and for central banks," Powell said in opening remarks at a two-day conference reconsidering the...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
Russia unleashed a renewed attack on Ukraine, targeting the country's central and western regions with drone and missiles as Kyiv's allies pledged increased air defense protection to help shield the...