Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...
U.S. President Donald Trump's massive tax and spending bill cleared an important procedural hurdle in the Republican-controlled House of Representatives on Wednesday, when a gatekeeper committee approved the measure and set up a floor vote for passage to occur within hours. Republicans have been deeply divided over the bill, which would extend Trump's signature 2017 tax cuts, create new breaks for tipped income and auto loans, end many green-energy subsidies and boost spending on the military and immigration enforcement. It would pay for those changes by tightening eligibility for food and...
The US House of Representatives is set to begin voting on a Republican tax and budget bill that largely contains many of President Donald Trump's wish list items. President Trump has informally referred to the tax and budget bill as his "big, beautiful bill," prompting Republican lawmakers to officially rename the document the "One Big Beautiful Bill Act." Key Republicans have been pushing back against the bill's opponents within their own party after some hardline Republicans voiced their displeasure with the broad outlines of the bill: some feel it doesn't include enough cuts to key...
President Donald Trump's tax cut and spending bill faces a critical stress test on Wednesday as Republicans in the U.S. House of Representatives try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states. The gate-keeping House Rules Committee has scheduled an unusual 1 a.m. ET (0500 GMT) hearing that is expected to run well into daylight hours where members will debate details of the measure. If passed by Congress, it would reduce some health and food benefits for low-income Americans, cancel green-energy programs and provide...
British inflation jumped to a higher-than-expected annual rate of 3.5% in April from 2.6% in March, official figures showed on Wednesday. A Reuters poll of economists had pointed to a reading of 3.3% in April while the Bank of England earlier this month projected inflation of 3.4%. April saw increases in gas, electricity and water prices, alongside higher taxes on employers - all of which are likely to push up prices. Earlier this month the BoE predicted that inflation would peak at 3.5% this year. Some officials at the central bank disagree with its key assumption that the climb in...
China's Commerce Ministry said early Wednesday that US measures on China's advanced chips are ‘typical of unilateral bullying and protectionism.' Chinese authorities urged the US to immediately correct its erroneous practices. US measures on China's advanced chips are ‘typical of unilateral bullying and protectionism.' US chip measures seriously undermine the stability of the global semiconductor industry chain and supply chain. US abuses export controls to contain and suppress China, violating international law and basic norms. Suspects that US measures constitute discriminatory,...
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.
It...
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...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...