US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last October. This move aims to ease trade tensions between the world's two largest economies. Trump also announced a freeze on reciprocal tariffs imposed on Chinese goods. This freeze will remain in effect, providing some relief to companies engaged in international trade with China. This policy is expected to help ease trade tensions that have persisted for the past few years. This tariff cut will...
President Donald Trump said the US would send more Patriot air defense batteries to Ukraine, apparently in a shift in stance toward Russia after its efforts to negotiate a ceasefire failed. "I haven't agreed on the numbers yet, but they'll be getting some," the president told reporters on Sunday on his way back to the White House. "We'll be sending Patriots, which they desperately need." The announcement served as the backdrop for what Trump described as his "major statement" against Russia on Monday, as Moscow escalated its airstrikes against Ukraine. The US president has grown...
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...
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...
US President Donald Trump announced tariff cuts on fentanyl-related products from China, reducing them from 20% to 10%. This decision is part of an agreement reached at a summit in South Korea last...