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...
Federal Reserve officials get to voice their outlook this week on the future path of interest rates along with the impact that tariffs and Middle East turmoil will have on the economy. While any immediate movement on interest rates seems improbable, the policy meeting, which concludes Wednesday, will feature important signals that still could move markets. Among the biggest things to watch will be whether Federal Open Market Committee members stick with their previous forecast of two rate cuts this year, how they see inflation trending, and any reaction from Chair Jerome Powell to what has...
President Donald Trump on Tuesday warned Iran's leader, Ayatollah Ali Khamenei, that he is an "easy target" and "our patience is wearing thin" before demanding Tehran surrender in its escalating conflict with Israel. "We know exactly where the so-called ‘Supreme Leader' is hiding," Trump wrote on Truth Social. "He is an easy target, but is safe there - We are not going to take him out (kill!), at least not for now," he wrote after declaring "total control" over Iran's airspace. "But we don't want missiles shot at civilians, or American soldiers. Our patience is wearing thin." Trump in a...
U.S. President Donald Trump said on Tuesday he would likely extend a deadline for China-based ByteDance to divest the U.S. assets of short video app TikTok.The president said in May he would extend the June 19 deadline after the app helped him with young voters in the 2024 election. His comments to reporters on Air Force One on Tuesday reiterated that sentiment. "Probably, yeah," Trump said when asked about extending the deadline. "Probably have to get China approval but I think we'll get it. I think President Xi will ultimately approve it." Source: Investing.com
Federal Reserve officials met on Tuesday armed with new economic data that could give more weight to their concerns that Trump administration policies, or at least the intense uncertainty around them, will slow growth in the coming months. Shortly before the start of the two-day policy meeting, the U.S. Commerce Department reported that U.S. retail sales fell 0.9% in May, exceeding the expected 0.7% decline in a Reuters poll of economists and marking the biggest drop in four months. The U.S. central bank itself then released a report showing a surprise contraction in industrial production...
Two oil tankers collided and caught fire on Tuesday near the Strait of Hormuz, where electronic interference has surged during conflict between Iran and Israel, but there were no injuries to crew or spillage reported. With Iran and Israel firing missiles at each other since Friday, interference has disrupted navigation systems near the vital sea route between Iran and Oman which handles about a fifth of the world's oil. The United Arab Emirates coast guard said it had evacuated 24 people from one of the ships, Adalynn, to Khor Fakkan port after the crash 24 nautical miles off its eastern...
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...