US President Donald Trump seized the opportunity to lash out at Federal Reserve Chairman Jerome Powell on Tuesday during a meeting with Philippine President Bongbong Marcos. After spending weeks normalizing the White House by publicly criticizing the Fed and attempting to undermine the US central bank's political autonomy, President Trump is working hard to justify his efforts to circumvent US laws that prevent him from having a say in who runs the Fed and what they do. Donald Trump nominated Jerome Powell to take over the Fed's top job in 2018 and has been very vocal about his displeasure...
US President Donald Trump has the authority to fire Federal Reserve Chairman Jerome Powell for good reason if there is evidence to support it, White House economic adviser Kevin Hassett said Sunday, and that the Fed "should be held fully accountable" for the cost overruns at its Washington headquarters. Hassett told ABC's "This Week" that Trump's decision to try to fire Powell over what the Trump administration calls a $700 million cost overrun "will depend largely on the answers we get to the questions Russ Vought has asked the Fed." Vought, the White House budget director, last week...
The European Union announced on Sunday that it will extend its suspension of countermeasures to U.S. tariffs until early August, aiming to pursue a negotiated settlement. This comes after President Trump on Saturday warned of a 30% tariff on most imports from the EU and Mexico starting August 1, pressuring countries to agree on new trade frameworks within weeks. White House economic adviser Kevin Hassett stressed, "the tariffs are real" unless better deals are made, saying Trump "sent these letters out to folks" to mark a clear stance. EU Commission President Ursula von der Leyen...
U.S. tariffs take center stage but China and the EU are quietly clashiThe U.S. tariff saga has stolen global spotlight from trade tensions between China and the European Union, which are now heating up. Accusations and investigations over each other's trade practices have long been a staple of EU-China trade relations, underpinned by concerns over how domestic economies are likely to be impacted by competing imports. In recent weeks, EU restrictions on Chinese companies taking part in public tenders for medical devices were quickly met with China imposing import curbs on such products....
The pharmaceutical industry is scrambling with scenario planning as U.S. President Donald Trump's 200% tariff proposal threatens to drive up drug prices and rip out corporate profit margins. The president once again warned on Tuesday that long-awaited industry-wide tariffs would be announced "very soon" after the administration launched a so-called 232 investigation into the sector in April. Trump suggested that those levies would not go into effect immediately, but get a grace period of "about a year, year and a half to come in." Analysts nevertheless warn that such a rate — even with a...
U.S. President Donald Trump announced on Thursday that he will impose a 35% tariff on imports from Canada starting August 1, warning that it could rise further if Canada retaliates. In a letter to Canadian Prime Minister Mark Carney, released on his social media platform, Trump also signaled plans to apply blanket tariffs of 15% to 20% on most other trade partners. The move is part of a broader escalation in his trade war, with new tariffs already targeting allies such as Japan and South Korea, as well as a 50% levy on copper. In an interview with NBC News, Trump said not all countries...
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...
Indonesia's sovereign wealth fund, Danantara, plans to sign a USD 8 billion engineering, procurement, and construction (EPC) contract with US engineering firm KBR Inc. to build 17 modular...