President Donald Trump announced Tuesday that Scott Bessent has declined consideration for Federal Reserve Chair while praising "both Kevins" - Kevin Warsh and Kevin Hassett - as "very good" candidates for the position. Speaking on CNBC, Trump reiterated his criticism that current Fed Chair Jerome Powell has been "too late to cut rates" and mentioned he has "two other people aside from the two Kevins in mind" for the position. The president warned he would impose a 35% tariff on European Union goods if the bloc "doesn't meet obligations" following recent trade deals with the EU and...
President Donald Trump said on Tuesday that the US and China are "very close" to extending their trade truce, which has curbed tariff escalation and eased restrictions on rare earth metals and technology exports. Trump added that he would meet with Chinese President Xi Jinping before the end of the year if a deal is reached. The current truce is set to expire on August 12. Last week, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held talks in Stockholm, the third round in less than three months. Without a deal, global supply chains are likely to face renewed...
India is struggling to cope with the economic fallout from President Donald Trump's tariff threats, which have left officials in New Delhi shocked, disappointed, and unsure how to respond. Trump's harsh language, calling India's economy "dead," its tariff barriers "obnoxious," and its people indifferent to the plight of the Ukrainian people, was like a slap in the face, according to an official in New Delhi, who asked not to be named because the discussions were private. Officials don't have a pattern for dealing with this kind of public attack, the person said, adding that the latest...