President Donald Trump said on Monday most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he imposed in April. Trump told reporters his administration will notify some 200 countries soon of their new "world tariff" rate. "I would say it'll be somewhere in the 15 to 20% range," Trump told reporters, sitting alongside British Prime Minister Keir Starmer at his luxury golf resort in Turnberry, Scotland. "Probably one of those two numbers." Trump, who has vowed to end...
President Donald Trump said on Wednesday that the United States will make Spain pay twice as much for a trade deal after the country's refusal to meet a NATO defense spending target of 5% of gross domestic product. NATO leaders backed a big increase in defense spending on Wednesday that Trump had demanded, but Spain declared that it does not need to meet the goal and can meet its commitments by spending much less. Trump called Spain's decision "very terrible" and vowed to force the country to make up the difference. "We're negotiating with Spain on a trade deal. We're going to make them...
U.S. President Donald Trump reignited his criticism of Federal Reserve Chairman Jerome Powell on Wednesday, speaking at the NATO summit. Trump said he plans to announce a replacement for Powell, whose term ends in May 2026, though it remains unclear whether he will attempt to remove him before then. "I know, within three or four people, who I'm going to pick," Trump said. "He goes out pretty soon fortunately, because I think he's terrible." Trump again questioned Powell's mental capacity, calling him a "very average person mentally." The president has repeatedly teased the idea of firing...
U.S. missile strikes did not completely destroy Iran's key nuclear sites, an initial American assessment from the Defense Intelligence Agency found, according to three people familiar with the report who spoke to NBC News. "We were assuming that the damage was going to be much more significant than this assessment is finding," one of the three sources told NBC News. "This assessment is already finding that these core pieces are still intact. That's a bad sign for the overall program." The assessment also found that the U.S. strikes set Iran's nuclear program back by around three to six...
Federal Reserve Governor Michael Barr said on Tuesday that higher import levies will likely put upward pressure on prices that may not be temporary, suggesting he is not rushing to cut interest rates. "I expect inflation to rise due to tariffs," Barr stated during an event in Omaha, Nebraska aimed at gathering feedback on Fed policy and economic conditions from business and community leaders. Barr warned that "higher short-term inflation expectations, supply chain adjustments, and second-round effects may cause some inflation persistence," while noting that tariffs could simultaneously...
Higher tariffs could begin raising inflation this summer, a period that will be key to Federal Reserve consideration of possible rate cuts, Fed Chair Jerome Powell told members of Congress on Tuesday. Pressed by Republican members of the House Financial Services committee about why the Fed isn't cutting rates, as President Donald Trump has demanded, Powell said he and many at the Fed expect inflation to start rising soon, and that the central bank was in no rush to ease borrowing costs in the meantime. Powell particularly said he would not open the door to a rate cut at the Fed's July...
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...
The United States and European Union have reached a landmark trade agreement that includes a 15% tariff on EU goods entering the U.S., President Donald Trump announced Sunday while in Scotland.
The...