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...
U.S. Treasury Secretary Scott Bessent said on Friday the Trump administration's various trade deals with other countries could be done by the Sept. 1 Labor Day holiday, citing talks with 18 main U.S. trading partners and new revisions to a deal with China aimed at expediting rare earths shipments. After a week where tariffs took a back seat to the U.S. strike on Iran's nuclear facilities and the massive tax and spending bill in Congress, the Trump administration's trade negotiations have picked up. The United States sent a new proposal to the European Union on Thursday and India sent a...
The US Personal Consumption Expenditures (PCE) price index rose by 0.1% month-over-month in May 2025, the same as in April and in line with expectations. Prices for goods were up 0.1%, the same as in April and prices for services rose 0.2%, above 0.1% in the previous month. The core PCE index, which excludes volatile food and energy prices, rose 0.2%, above 0.1% in the previous two months and forecasts of 0.1%. Source: Trading Economics
A White House official said late Thursday that the United States has reached an understanding with China on how to speed up rare earth shipments to the U.S., according to the Wall Street Journal. "The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement," a White House official said. The understanding was "about how we can implement the acceleration of rare earth shipments to the U.S. again," Bloomberg quoted U.S. Commerce Secretary Howard Lutnick as saying, "They're going to ship us rare earths" and "we're going to lift our...
Prime Minister Benjamin Netanyahu said on Thursday the outcome of Israel's war with Iran presented opportunities for peace that his country should not waste. In a statement, Netanyahu said: "This victory presents an opportunity for a dramatic widening of peace agreements. We are working on this with enthusiasm. "Alongside the freeing of hostages and defeat of Hamas, there is a window of opportunity that must not be missed. We cannot waste even a single day." Earlier in the day, Israel Hayom newspaper, quoting an unnamed source, said Netanyahu and U.S. President Donald Trump agreed in a...
President Donald Trump's tariffs will likely increase inflation and could also drive up unemployment, Federal Reserve Governor Michael Barr said on Thursday in remarks that signaled that he - like most of his Fed colleagues - wants to wait for more clarity before making any interest-rate cuts. "Low-income households can ill afford increases in prices, and that's why it is so important that we bring inflation back down to our target," Barr said at a community development event at the Cleveland Fed. The Fed targets 2% inflation, and while the latest read by the Fed's targeted measure was...
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...