President Donald Trump's latest legal setback regarding tariffs is increasing uncertainty for American importers and delaying the economic benefits that Commerce Secretary Howard Lutnick predicted his administration would generate. A US appeals court ruling late Friday, declaring most of Trump's tariffs illegal, adds further complications and calls into question the president's authority to tax companies to incentivize them to produce or source needed resources domestically. The judges left the levies in place while the case proceeds, threatening to freeze corporate investment decisions...
U.S. Treasury Secretary Scott Bessent defended President Donald Trump's removal of Federal Reserve Governor Lisa Cook, saying the central bank has "made a lot of mistakes" even as he stressed its independence, according to a Reuters interview. Speaking to Reuters, Bessent argued that allegations of mortgage fraud against Cook warranted scrutiny and suggested she should resign if they prove true. "She hasn't said she didn't do it. She's just saying the president can't fire her. There's a big difference," Bessent told Reuters. Cook, the first Black woman to serve on the Fed Board, was...
President Xi Jinping used a mix of friendliness and economic appeal this week to send a clear message to Donald Trump: Beijing has too much global influence for the US to dictate. Cameras captured the Chinese leader in a rare, unscripted meeting on Monday with Vladimir Putin and Narendra Modi – his strongest allies in countering America on the world stage – at a summit in the Chinese port city of Tianjin. At one point, Xi held hands with his Indian counterpart, while the three men shared a lighthearted laugh, a striking sight considering that just months earlier, New Delhi and Beijing were...