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...
Pakistan says it has shot down five Indian planes and captured Indian soldiers in retaliation for an Indian military strike early Wednesday. The shooting down of the jets was not a "hostile act" and Pakistan was defending its territory, Defense Minister Khawaja Muhammad Asif said in an interview with Bloomberg TV on Wednesday. India's Foreign Ministry did not immediately respond to a request for information sent outside Indian business hours. The Indian government has previously said it has carried out targeted military strikes against Pakistan, an expected move after it vowed to...
President Trump offered some fresh comments on trade deals Tuesday, suggesting he is in no real hurry to sign any deals despite the clock ticking on the 90-day reciprocal tariff pause. "Everyone says 'when are you gonna sign deals?," Trump commented today at the White House. "We don't have to sign deals." Trump indicated that the U.S. could sign numerous deals immediately but chooses to prioritize the nation's interests, stating that other countries need the U.S. market more than the U.S. needs theirs. More and more, it is looking like Trump will not offer free trade agreements, but all...
The Trump administration has declared Harvard University ineligible for new federal research grants in the latest escalation between the White House and the Ivy League school. Education Secretary Linda McMahon will send a letter warning the university that access to additional federal funding will be blocked until "they demonstrate responsible management," according to an administration official who reviewed the move on condition of anonymity. Harvard will need to negotiate with the administration to resume eligibility, the official added. The official said the move could affect more than...
U.S. President Donald Trump on Sunday announced a 100% tariff on movies produced outside the country, saying the American movie industry was dying a "very fast death" due to the incentives that other countries were offering to lure filmmakers. "This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda," Trump said on Truth Social. Trump said he was authorizing the relevant government agencies, such as the Department of Commerce, to immediately begin the process of imposing a 100% tariff on all...
The ISM Services PMI unexpectedly jumped to 51.6 in April 2025 from a nine-month low of 50.8 in March and below forecasts of 50.6. New orders (52.3 vs 50.4) and inventories (53.4 vs 50.3) grew at a faster pace and business activity remained in expansion territory (53.7 vs 55.9) while employment continued to contract although at a slower pace (49 vs 46.2). Source: Trading Economics
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...