U.S. Treasury Secretary Scott Bessent met with BlackRock Inc executive Rick Rieder in New York on Friday, as the Trump administration continued its search for a new chair for the Federal Reserve, a source familiar with the matter said. Bessent has now spoken with four of the 11 candidates on the administration's list of candidates to replace Fed chair Jerome Powell, whose term expires in May, the source said. Bloomberg first reported Bessent's meeting with Rieder, BlackRock's CIO of fixed income, and called him a rising contender for the post. The two met for two hours and discussed...
The United States will make several trade announcements in the next 48 hours, Treasury Secretary Scott Bessent said on Monday, ahead of a U.S. deadline on Wednesday to finalize trade pacts. "We've had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals," Bessent said in an interview with CNBC. "So it's going to be a busy couple of days." President Donald Trump said the United States would start delivering tariff letters from 12:00 pm ET (1600 GMT) on Monday. The letters would not necessarily provide...
President Donald Trump said the U.S. will impose an additional 10% tariff on any countries aligning themselves with the "Anti-American policies" of the BRICS group of developing nations, whose leaders kicked off a summit in Brazil on Sunday. With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive "America First" approach of the U.S. president, the BRICS is presenting itself as a haven for multilateral diplomacy amid violent conflicts and trade wars. In a joint statement from the opening of the BRICS summit in Rio de Janeiro released on Sunday...
U.S. President Donald Trump on Sunday lashed out against former confidant Elon Musk over the latter's plans to form a third political party in the country, furthering a bitter public feud between the two. In a long, rambling post on Truth.Social, Trump said he was "saddened to watch Elon Musk go completely ‘off the rails'," while criticizing the Tesla (NASDAQ:TSLA) CEO's plans for a new political party. "He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States… The one thing Third Parties are good for is the creation of Complete...
Several European Union automakers and capitals are pushing for a deal with President Donald Trump that would allow tariff relief in return for increased investment in the U.S., according to people familiar with the matter. Member countries were briefed on the status of the trade talks on Friday after a series of talks in Washington this week and were told that a technical agreement in principle was close, the people said, speaking on condition of anonymity. The EU has until July 9 to reach a trade deal with Trump before tariffs on nearly all of the bloc's exports to the U.S. jump to 50%....
Although the outcome of ongoing trade negotiations between the U.S. and European Union remains unclear, there are risks of an escalation in tensions, according to analysts at Barclays. European trade officials met with their Trump administration counterparts in Washington this week, as a pause to sweeping "reciprocal" U.S. tariffs is due to expire on Wednesday. But a trade agreement has yet to be reached, with the EU pushing for a deal "in principle" that would include immediate tariff relief for key sectors. Media reports have suggested that a pact could see the European Commission --...
Asia-Pacific markets traded higher, tracking Wall Street gains overnight.
Japan's benchmark Nikkei 225 rose 0.41% after hitting a fresh record high on Thursday, while the Topix added 0.61%. South...
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...
Poland rejected on Friday a suggestion by Donald Trump that Russian drone incursions into its airspace could have been a mistake, a rare contradiction of the U.S. president from one of Washington's...