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,...
The US and China both reported "substantial progress" after two days of talks in Switzerland aimed at defusing a trade war, marking what Chinese Vice Premier He Lifeng called an "important first step" toward resolving differences. While neither side immediately announced specific steps on Sunday, He said the world's two largest economies agreed to set up a mechanism for further talks, led by US Treasury Secretary Scott Bessent and himself. Bessent said the US would share details on Monday and He promised a joint statement. "As we say in China, if the dish is delicious, the timing doesn't...
China and the United States start their first major Trade War Two meeting on Saturday to pull back from what analysts describe as a lose-lose situation for their economies, without much clarity on what a win would look like for either side. China is at the epicentre of U.S. President Donald Trump's global trade war that has roiled financial markets, upended supply chains and fuelled risks of a sharp worldwide economic downturn. Washington wants to reduce its trade deficit with Beijing and convince China to renounce what the U.S. says is a mercantilist economic model and contribute more to...
Bank of England Governor Andrew Bailey said the trade deal concluded between the United States and Britain was a good thing but still left tariffs on most British goods exports to the U.S. higher than they were before last month. Before details of the deal were announced on Thursday, the BoE published estimates showing U.S. President Donald Trump's tariff plans as of April 29 would shrink Britain's economy by about 0.3% over three years. Around two thirds of the hit was due to the direct impact of tariffs in reducing demand for British exports in the United States and elsewhere, while the...
U.S. President Donald Trump's tariff agenda is likely to push up inflation, weigh on employment, and dent growth later this year, according to Federal Reserve Governor Michael Barr. Should prices and unemployment begin to rise, the rate-setting Federal Open Market Committee may be in a more difficult position as they assess their next policy moves, Barr added in prepared remarks to the Central Bank of Iceland on Friday. "The size and scope of the recent tariff increases are without modern precedent, we don't know their final form, and it is too soon to know how they will affect the...
China's Vice Foreign Minister Hua Chunying said on Friday (May 9) that "China has 'full confidence' in its ability to manage the US trade issues." Additional quotes The US cannot 'keep doing what it is doing' on trade policy. China does not want 'any form of war with other countries'. China has 'full ability to overcome difficulties' amid trade war. 'Ordinary people' in China do not want a trade war but are confident. On US trade talks, 'if we have to face reality, come on. We are not afraid.' The comments come ahead of high-level trade talks between the US and China in Geneva,...
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...