The EU and the U.S. are reportedly nearing a trade agreement that would impose a 15% tariff on most imports, including potentially cars and pharmaceuticals, Bloomberg News reported, citing diplomats. The proposed rate mirrors a similar deal the U.S. reached with Japan. While EU Commission officials briefed member states on the negotiations, any final decision would rest with U.S. President Donald Trump. The 15% tariff would not be added to existing U.S. duties, which average just under 5%. Certain sectors, such as the aircraft, lumber, certain medicines, and agricultural goods, may be...
Federal Reserve Governor Christopher Waller said on Tuesday that he expects trade tariffs under President Donald Trump as having only a limited impact on inflation, and that the central bank should not stall in adjusting policy. Speaking at an event in Australia, Waller said his "baseline" view was that "any imposition of tariffs will only modestly increase prices and in a non-persistent manner." He recommended that the Fed look through the effects of Trump's trade policies when adjusting interest rates. "I concede that the effects of tariffs could be larger than I anticipate, depending...
Chinese President Xi Jinping convened a high-profile meeting with leading entrepreneurs in Beijing on Monday, signalling a renewed emphasis on supporting the private sector following years of regulatory pressure. The meeting, attended by prominent figures such as Alibaba co-founder Jack Ma, Huawei founder Ren Zhengfei, BYD chairman Wang Chuanfu, and Xiaomi founder Lei Jun, highlighted the government's pivot towards fostering private enterprise. Other attendees included Yu Renrong, chairman of Will Semiconductor Co., and Wang Xingxing, founder of Unitree Robotics. According to state media...
New bank loans in China surged more than expected to a record high in January as the central bank moved to shore up a patchy economic recovery, reinforcing expectations for more stimulus in coming months as U.S. tariffs threaten to pile more pressure on the economy. Chinese banks extended 5.13 trillion yuan ($706.40 billion) in new yuan loans in January, more than quadrupling the December figure, data from the People's Bank of China showed on Friday, beating analysts' forecasts Analysts polled by Reuters had predicted new yuan loans would rise to 4.5 trillion yuan last month, up sharply...
Retail sales in the US contracted 0.9% month-over-month in January 2025, much worse than forecasts of a 0.1% drop, and following an upwardly revised 0.7% gain in December. It is the biggest decline in retail sales since March 2023, with severe weather and LA fires weighing on consumer spending. Sales at sporting goods, hobby, musical instrument, & book stores (-4.6%) recorded the biggest decline, followed by motor vehicles and part dealers (-2.8%); nonstore retailers (-1.9%); furniture (-1.7%); building material & garden equipment (-1.3%); clothing (-1.2%); health and personal care...
U.S. President Donald Trump on Thursday took what could become his most consequential action involving international trade early in his second administration. Trump, who signed a memorandum calling for reciprocal tariffs, told a group of reporters in the Oval Office that "if you build your product in the United States, there are no tariffs." The goal is to bring down America's budget deficit, estimated to be approaching $2 trillion. The president added that the action "is fair to all. No other country can complain." Trump ordered Howard Lutnick and Jamieson Greer, his picks for commerce...
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...
The EU and the U.S. are reportedly nearing a trade agreement that would impose a 15% tariff on most imports, including potentially cars and pharmaceuticals, Bloomberg News reported, citing...