European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as both sides aim to reach a trade deal before the August 1 deadline when 30% tariffs on the bloc's exports are due to take effect. After months of negotiations and back-and-forth diplomacy between Brussels and Washington, D.C., the two sides have zeroed in on a deal last week that will see the EU face 15% tariffs on most of its trade. Limited exceptions are expected to apply to aviation, some medical devices and generic drugs, some alcoholic beverages,...
A federal judge needs more time to consider a motion filed by both sides of the U.S. Court of Appeals for the Federal Circuit to suspend President Donald Trump's far-reaching tariffs, according to the U.S. Court of Appeals for the Federal Circuit. The decision to lift the unlawful tariffs has been put on hold pending federal circuit review The U.S. appellate circuit has intervened following a ruling by the USCIT that the Trump administration misused the International Emergency Economic Powers Act (IEEPA) to impose global tariffs that exceeded legal limits. The IEEPA was intended to allow...
President Donald Trump's desire to impose new tariffs remains undeterred, even after the courts delivered the most devastating blow to his top job yet. White House officials quickly signaled Thursday that Trump would pursue many of the same levies through other legal authorities if the appeal fails. Meanwhile, the administration is aggressively pushing to overturn the decision, saying it would go to the U.S. Supreme Court as early as Friday if a federal appeals court does not stop the initial ruling from taking effect while the challenge continues. The ruling was "clearly wrong" and "we...
Initial jobless claims in the United States jumped by 14,000 from the previous week to 240,000 on the period ending May 10th, the highest in one month, and above market expectations of 230,000. Additionally, outstanding claims rose by 26,000 to 1,919,000 in the earlier period, well above market expectations that they would ease to 1,890,000, to the highest level since November 2021. Source: Trading Economics
A U.S. trade court blocked President Donald Trump's tariffs from going into effect in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. The Court of International Trade said the U.S. Constitution gives Congress exclusive authority to regulate commerce with other countries that is not overridden by the president's emergency powers to safeguard the U.S. economy. "The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage," a three-judge...
President Donald Trump's global tariffs have been deemed illegal and blocked by a US trade court, dealing a major blow to a pillar of the Republican Party's economic agenda. The ruling can now be appealed by the Trump administration in federal court. A three-judge panel at the US Court of International Trade in Manhattan ruled Wednesday in favor of Democratic-led states and a group of small businesses that argued Trump had wrongly invoked emergency law to justify the levies. The ruling is one of Trump's biggest setbacks in court amid a wave of lawsuits over executive orders that have...
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.
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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 locked horns with Federal Reserve Chair Jerome Powell during a rare presidential visit to the U.S. central bank on Thursday, criticizing the cost of renovating two historical...