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...
Bank of England Governor Andrew Bailey said the trade deal concluded between the United States and Britain was a good thing but still left tariffs on most British goods exports to the U.S. higher than they were before last month. Before details of the deal were announced on Thursday, the BoE published estimates showing U.S. President Donald Trump's tariff plans as of April 29 would shrink Britain's economy by about 0.3% over three years. Around two thirds of the hit was due to the direct impact of tariffs in reducing demand for British exports in the United States and elsewhere, while the...
U.S. President Donald Trump's tariff agenda is likely to push up inflation, weigh on employment, and dent growth later this year, according to Federal Reserve Governor Michael Barr. Should prices and unemployment begin to rise, the rate-setting Federal Open Market Committee may be in a more difficult position as they assess their next policy moves, Barr added in prepared remarks to the Central Bank of Iceland on Friday. "The size and scope of the recent tariff increases are without modern precedent, we don't know their final form, and it is too soon to know how they will affect the...
China's Vice Foreign Minister Hua Chunying said on Friday (May 9) that "China has 'full confidence' in its ability to manage the US trade issues." Additional quotes The US cannot 'keep doing what it is doing' on trade policy. China does not want 'any form of war with other countries'. China has 'full ability to overcome difficulties' amid trade war. 'Ordinary people' in China do not want a trade war but are confident. On US trade talks, 'if we have to face reality, come on. We are not afraid.' The comments come ahead of high-level trade talks between the US and China in Geneva,...
Commerce Secretary Howard Lutnick said that trade deals with South Korea and Japan could take significantly more time to complete than the framework agreement President Donald Trump announced Thursday with the UK, in a signal that some Asian partners may have to wait for tariff relief. "You've got to spend an enormous amount of time with Japan, South Korea. These are not going to be fast deals," Lutnick said in an interview on Bloomberg Television. Lutnick added that India has been "leaning in really hard" and the country was "certainly" a possibility to be among the...
U.S. President Donald Trump and British Prime Minister Keir Starmer on Thursday announced a limited bilateral trade agreement that leaves in place Trump's 10% tariffs on British exports, modestly expands agricultural access for both countries and lowers prohibitive U.S. duties on British car exports. The preliminary deal is the first of dozens of tariff-lowering deals that Trump expects to land in coming weeks after upending the global trading system with steep new import taxes aimed at shrinking a $1.2 trillion U.S. goods trade deficit. Trump hailed the deal in the Oval Office with...
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...
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...