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...
The European Union and the US are moving toward a deal that would impose 15% tariffs on most products, according to diplomats briefed on the negotiations. Member states are likely ready to accept 15% tariffs, and EU officials are pushing for them to cover sectors including autos, diplomats said. Steel and aluminum imports above a certain quota would be subject to a 50% duty, one diplomat added. Diplomats said that while the EU is optimistic that a deal can be reached, they are also cautious that any final agreement would require the approval of US President Donald Trump, and his final...
US existing-home sales fell 2.7% from the previous month to a seasonally adjusted annual rate of 3.93 million units in June 2025, down from 4.04 million in May and below market expectations of 4.01 million. This marked the lowest sales pace since September 2024, as the median home price climbed to $435,300, the highest ever recorded for June and the 24th consecutive year-over-year price increase. Sales of single-family homes declined by 3% to 3.57 million, while condominiums and co-ops held steady at 360,000 units. Regionally, sales dropped in the Northeast (-8%), Midwest (-4%), and South...
The U.S. Federal Reserve's independence is under threat from mounting political interference, according to a clear majority of economists polled by Reuters, although no one expects a July interest rate cut despite a recent divergence in views among policymakers. President Donald Trump has made it almost a daily routine to personally attack Fed Chair Jerome Powell over the central bank's stance of holding rates due to tariff-related risks of higher inflation. A recent jump in inflation suggests businesses are now passing some of the tariffs onto consumers. Most Federal Market Open Committee...
Indonesia has agreed to eliminate tariffs on more than 99% of U.S. goods and scrap all non-tariff barriers facing American firms, while the U.S. will drop threatened tariffs on Indonesian products to 19% from 32%, the two countries said on Tuesday. Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers." Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White...
US President Donald Trump announced that a 19% tariff will be imposed on goods from the Philippines, following trade talks prompted by Filipino President Ferdinand Marcos Jr.'s recent visit to the White House. The new tariff is slightly lower than the 20% rate initially announced on July 9. As part of the deal, Trump stated that U.S. exports will face no import taxes in the Philippines. The White House also revealed new details of a finalized trade agreement with Indonesia, under which a 19% tariff will apply to Indonesian goods. Additionally, a 40% tariff will be imposed on any goods...
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...