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 Japan.
Trump also revealed plans to announce tariff levels on pharmaceuticals and semiconductor chips "within the next week." He indicated pharmaceutical tariffs would start small but "could go as high as 250% eventually," specifically mentioning that "Switzerland makes fortune with pharma."
On international trade, Trump called India "the highest tariff nation" that "has not been a good trading partner" and stated he "will raise India tariff substantially over the next 24 hours."
Regarding China, Trump expressed optimism, saying "we're close to a China deal" and "I think we'll make a good deal with China." He noted that Chinese President Xi Jinping "called for a meeting" and that he would meet with Xi "if we have a deal."
The president also claimed that "labor statistics are very political" and reiterated allegations that labor statistics were "rigged."
Source: Investing.com
US President Donald Trump said he will meet with Chinese President Xi Jinping in the next four weeks, with soybeans a key topic of discussion. Trump made the announcement in a post on Truth Social on ...
The Institute for Supply Management's (ISM) data showed the Manufacturing PMI edging higher to 49.1 in September, up from 48.7 in August and slightly above analysts' expectations of 49. Meanwhile, th...
The ADP report showed private employment fell in September; economists had expected a rise. Private employment fell 32,000 (estimated +51,000) in September compared with a revised -3,000 in August, ac...
Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Tuesday that "short" government shutdowns tend to have a limited impact on the broader economy. The statements come at a time w...
U.S. President Donald Trump will meet with his Argentine counterpart Javier Milei in two weeks, Argentina said on Tuesday, as Milei seeks to clinch a credit swap line from the U.S. that has rankled so...
European stocks were on Thursday, with the STOXX 50 up 1% and the STOXX 600 gaining 0.6%, extending the previous session's rally that drove both benchmarks to fresh record closes. Technology shares were among the top performers, buoyed by momentum...
The Nikkei 225 Index climbed 0.87% to close at 44,937 on Thursday, snapping a four-day losing streak and tracking strong gains on Wall Street, with chip-related stocks driving the rebound. Despite concerns over the US government shutdown, equities...
Silver (XAG/USD) held firm around $47.80/oz during the Asian session on Thursday (October 2), continuing its rally after hitting a new record on Wednesday. The US government shutdown following the Senate's failure to pass a short-term funding bill...
Federal Reserve (Fed Bank of New York President John C. Williams hit the newswires on Monday, expressing his general cautiousness toward further...
Asia-Pacific markets opened mixed Wednesday, following gains on Wall Street ahead of a potential U.S. government shutdown as lawmakers continue to...
The U.S. on Monday cracked down on companies in China and other countries that use subsidiaries or other foreign affiliates to get around curbs on...
In a statement after the September policy meeting, the Reserve Bank of Australia said:
"With signs that private demand is recovering, indications...