U.S. President Donald Trump has urged European Union officials to levy tariffs of up to 100% on China and India as part of a strategy to pressure Russian President Vladimir Putin, Reuters reported on Tuesday, citing a U.S. official and an EU diplomat. Trump made the request during a conference call with EU sanctions envoy David O'Sullivan and other officials, according to the report. Washington signaled it would impose similar duties if Brussels joined the effort, the report said. Both China and India are major buyers of Russian crude and remain key to keeping Moscow's economy afloat as...
The Indian government estimates that the newly imposed 50% US tariff will affect exports worth USD 48.2 billion. Officials have warned that the additional duties could make shipments to the US commercially unviable, potentially leading to job losses and slower economic growth. To soften the impact, the government is working on a multi-pronged strategy, including Goods and Services Tax (GST) reforms aimed at boosting domestic demand. The 50% tariff, effective from Wednesday (August 27), is expected to hit exports of textiles, shrimp, leather, and gems and jewellery the hardest. The US...
Australian inflation (CPI) rose 2.8% year-on-year in July, the fastest pace since July 2024. The housing cost component jumped 3.6% year-on-year, highlighting price pressures from rents and utilities. This figure was slightly above market expectations, signaling that the disinflation process is underway, but not yet complete. In the bond market, Australian 3-year bond futures fell (yields rose) shortly after the hotter-than-expected CPI release. However, this reaction is expected to be temporary. The global picture still points to the Federal Reserve moving toward interest rate cuts, a key...
U.S. President Donald Trump said he was ready for a legal battle after moving to oust Federal Reserve Governor Lisa Cook over allegations she falsified mortgage documents. Meanwhile, the central bank stated it would respect any court ruling in Cook's legal challenge against her dismissal. Trump's attempt to remove her is unprecedented in the Fed's 111-year history as a nominally independent U.S. institution, raising alarms over political pressure on monetary policy. Reuters said that if Cook's seat is vacated, Trump would gain the chance to appoint a majority of the Fed's seven-member...
The U.S. Department of Commerce issued affirmative determinations of anti-dumping and countervailing duties against 10 countries on Tuesday after investigations into corrosion-resistant steel products. The determinations cover $2.9 billion in imports from Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Turkey, the United Arab Emirates and Vietnam, the Commerce Department said in a statement. "Commerce made its final determinations that imports of CORE into the United States from ten trading partners were being dumped and/or subsidized," the department...
U.S. Treasury Secretary Scott Bessent said on Tuesday that customs duty revenues from President Donald Trump's tariffs may top $500 billion a year, with a substantial jump from July to August and likely a bigger jump in September. Bessent told a White House Cabinet meeting that his prior estimate of a $300 billion annual tariff collection rate was too low. "We had a substantial jump from July to August, and I think we're going to see a bigger jump from August to September," Bessent said. "So I think we could be on our way well over half a trillion, maybe towards a trillion-dollar number....
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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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...
U.S. President Donald Trump has urged European Union officials to levy tariffs of up to 100% on China and India as part of a strategy to pressure Russian President Vladimir Putin, Reuters reported...