The U.S. Supreme Court's tough questioning of President Donald Trump's global tariffs has fueled growing speculation that they will be overturned, but it also raises the potential for further turmoil as he is expected to shift to other trade tactics after an adverse ruling. On Wednesday, during oral arguments, the Supreme Court justices cast doubt on Trump's authority to impose tariffs under the 1977 International Emergency Economic Powers Act (IEEPA), which contains no reference to tariffs—only language about regulating imports during a national emergency declared by the U.S....
China on Monday refuted Washington's claims that it had broken the Geneva trade agreement, instead accusing the U.S. for breaching deal terms, signaling talks between the worlds top two economies have taken a turn for the worse. Trade frictions between Washington and Beijing have flared up after a hiatus following a meeting between U.S. Treasury Secretary Scott Bessent and his Chinese counterpart He Lifeng in Geneva, Switzerland, that had led them to suspend most tariffs for 90 days. The Trump administration has ratcheted up export restrictions on semiconductor design software and...
China's Commerce Ministry on Monday rejected accusations from U.S. President Donald Trump that the country had violated a recent trade agreement signed in Geneva, Switzerland. China claimed it had "taken seriously, strictly implemented, and actively upheld the consensus reached at the talks with U.S. in Geneva," the Ministry of Commerce said in a statement. The statement said Washington had "made bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts". "China firmly rejects these unreasonable accusations," the commerce ministry...
The Federal Reserve will still be able to cut interest rates this year, with recent data supporting this outlook, Fed Governor Christopher Waller said on Monday. Speaking at a conference in South Korea, Waller said that a rise in inflation from President Donald Trump's trade tariffs was unlikely to be persistent, giving the Fed more confidence to lower rates later this year. If "underlying inflation continues to make progress to our 2% goal," along with tariffs settling at lower rates and employment remaining "solid," "I would be supporting good news rate cuts later this year," Waller...
President Donald Trump said that US tariffs on steel and aluminum imports will double from 25% to 50%, starting Wednesday. At a Pittsburgh rally Friday, he argued the move would strengthen the US steel industry, reduce reliance on China, and protect jobs. He also touted a $14 billion steel investment with Japan's Nippon Steel, though he later admitted he hadn't reviewed the final deal. "There will be no layoffs and no outsourcing whatsoever, and every US steelworker will soon receive a well-deserved $5,000 bonus," Trump told the crowd. Steelworkers raised concerns about how Japan would...
U.S. President Donald Trump on Friday accused China of breaking a recent trade agreement, only a few weeks after the two nations announced a temporary truce aimed at de-escalating tensions. In a post on Truth Social, Trump wrote: "China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US." He added: "So much for being Mr. NICE GUY!" Trump said the deal had been struck to prevent further economic deterioration in China after his administration's tariffs took effect. "We went, in effect, COLD TURKEY with China, and it was devastating for them," he said in...
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...
The U.S. Supreme Court's tough questioning of President Donald Trump's global tariffs has fueled growing speculation that they will be overturned, but it also raises the potential for further...