US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last October. This move aims to ease trade tensions between the world's two largest economies. Trump also announced a freeze on reciprocal tariffs imposed on Chinese goods. This freeze will remain in effect, providing some relief to companies engaged in international trade with China. This policy is expected to help ease trade tensions that have persisted for the past few years. This tariff cut will...
After speaking to Mexican President Claudia Sheinbaum on the phone on Thursday, United States (US) President Donald Trump said that Mexico will continue to pay a 25% fentanyl tariff, 25% tariff on cars, and 50% tariff on steel, aluminum, and copper. "Mexico has agreed to immediately terminate its non tariff trade barriers," Trump noted and added that they will talk to Mexico over the next 90 days with the goal of signing a trade deal, confirming an extension of the current agreement. Source: Fxstreet
Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 2.6% in June from 2.4% in May (revised from 2.3%), the US Bureau of Economic Analysis reported on Thursday. This figure was above market expectations of 2.5%. The core PCE Price Index, which excludes volatile food and energy prices, rose 2.8% in the same period, matching May's increase and exceeding analysts' expectations of 2.7%. The PCE Price Index and the core PCE Price Index both rose 0.3% on a monthly basis. Other details from the report showed that...
According to a report from the US Department of Labor (DOL) released on Thursday, the number of Americans filing new applications for unemployment insurance increased to 218,000 for the week ending July 26. The latest figure was lower than the initial estimate (224,000), while the previous week's figure was 217,000. The report showed a seasonally adjusted insured unemployment rate of 1.3%. Furthermore, the four-week moving average decreased by 3.5,000, to 221,000 from the previous week's unrevised average. Furthermore, Continuing Jobless Claims remained at 1.946 million for the week ending...
President Donald Trump again criticized Federal Reserve Chairman Jerome Powell after the central bank declined to cut interest rates, ending a brief easing of tensions. "jerome ‘late' powell is at it again!!! he is too late, and even too angry, too stupid, & too political, to be fed chairman," trump wrote on his social media platforms on thursday, slamming the bank for holding interest rates steady. and trump again criticized powell over the central bank renovation construction project that has angered the president and his allies over cost overruns, just a week after he toured the...
US President Donald Trump intensified his trade war with Canada a day before the August 1 tariff deadline. He said it would be "very difficult" to reach a deal with Canada after Canada expressed its support for Palestinian statehood. Trump will impose a 35% tariff on all Canadian goods not covered by the US-Mexico-Canada trade agreement if the two countries do not reach a deal by the deadline. "Wow! Canada just announced its support for Palestinian statehood. That's going to make it very difficult for us to reach a Trade Deal with them," Trump said on Truth Social. Canadian Prime Minister...
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South...
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...
US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last...