Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...
Oil prices plunged to a four-year low and traded below $60 a barrel on Wednesday, while some commodities, including coffee, plunged as the trade war between China and the United States escalated, with Beijing announcing higher tariffs on U.S. imports. Asian and European equities fell and U.S. markets opened slightly lower as the imposition of steep U.S. tariffs, including a 104 percent duty on some Chinese goods, deepened fears of a global recession. In retaliation, China said it would impose tariffs of 84 percent on U.S. goods starting Thursday, up from the previously announced 34...
Gold rallied as much as 3% global markets gyrated and the dollar weakened after US President Donald Trump imposed sweeping new import tariffs and China hit back with levies of its own. A vicious selloff of US government bonds — typically a safe haven in times of turmoil — underscored a jittery day for investors as Trump's historic trade measures came into effect. Bullion extended recent declines before swinging sharply higher. "Gold's rebound reflects growing investor anxiety over tariff threats and the potential reshaping of global trade norms," said Christopher Wong, a foreign...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, extends the previous day's correction and hovers around 102.30 at the time of writing on Wednesday after testing the 102.00 level in the early Asian session. The tariffs that United States (US) President Donald Trump introduced on Liberation Day are going to take effect this Wednesday. Meanwhile, China and Canada have already vowed to retaliate against these tariffs with countermeasures, increasing fears of a global economic slowdown. On the economic calendar front, some light data...
Silver price (XAG/USD) surges almost 2% to near $30.40 during European trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) tumbles amid fears that the escalating trade war between Washington and Beijing could lead the United States (US) economy into a recession. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, plummets to near 102.00. Financial market participants are concerned that the imposition of 104% duty on imports from China by President Donald Trump for pouring drugs into the US and its retaliation against...
Oil prices fell for a fifth day to their lowest since February 2021 on Wednesday on looming demand concerns fuelled by an escalating tariff war between the U.S. and China, the world's two biggest economies, and a rising supply outlook. Brent futures dropped $1.39, or 2.21%, to $61.43 a barrel as of 0655 GMT. U.S. West Texas Intermediate crude futures fell $1.50, or 2.52%, to $58.08. Both contracts lost as much as 4% before paring some losses. Both Brent and WTI have tumbled over the five sessions since U.S. President Donald Trump announced sweeping tariffs on most imports sparking concerns...
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.
It...
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...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...