The United States government has already collected tens of billions of dollars from President Donald Trump's "reciprocal tariffs." But that money and a lot more could end up being refunded if the Supreme Court agrees with lower courts that many of the levies on imports from other countries are illegal. Anywhere between $750 billion to a whopping $1 trillion, warned Treasury Secretary Scott Bessent in a declaration filed with the Supreme Court last week. That eye-popping total could include the more than $72 billion in tariff revenue collected so far by U.S. Border and Customs enforcement...
China's government is weighing the exemption of some U.S. goods from its 125% import tariffs, Bloomberg reported on Friday, as the country grapples with the high economic cost of a trade war. Officials are considering exempting levies on medical equipment and some industrial chemicals like ethane, Bloomberg reported, citing people familiar with the matter. Chinese officials are also considering waiving tariffs on plane leases, the report said. China's potential exemptions mirror those seen with the U.S., which excluded electronics from its 145% tariffs on Chinese imports, amid concerns...
Initial jobless claims in the United States rose by 6,000 from the previous week to 222,000 on the third week of April, in line with market expectations to remain relatively close to the two-month low from the prior period. In the meantime, outstanding jobless claims fell by 37,000 to 1,841,000 on the second week of April, a two-month low, and well below market expectations that they would rise to 1,880,000. The result continued to reflect a historically tight labor market in the US to extend the momentum from the latest jobs report. Initial unemployment claims filed under programs for...
China has said that there have been no talks with the U.S. on elevated tariffs, even as recent remarks from the White House have raised hopes for a softening in trade tensions between the world's two largest economies, according to CNBC. A spokesperson for China's Ministry of Commerce said "at present there are absolutely no negotiations on the economy and trade between China and the U.S.," CNBC reported on Thursday. The spokesperson noted that "all sayings" with respect to potential progress on the discussions should be dismissed, the business news channel said. Beijing also called on the...
The National Development and Reform Commission of the People's Republic of China (NDRC) has trimmed the number of items on its negative list from 117 to 106. China's Negative List is a government-issued list that identifies areas and industries in which foreign investment is restricted or forbidden. It's an important part of China's effort to manage and gradually liberalize its foreign investment policy. The Chinese authorities partially liberalize eight national measures, including telecommunications services, TV production, pharmaceuticals, internet information services for drugs and...
Japanese Finance Minister Katsunobu Kato told G7 countries on Thursday that "US tariffs are highly disappointing.US tariffs, countermeasures are creating uncertainties in financial market.Stressed that free trade regime promotion important.Constructive policy discussion important.No comment on Bessent's foreign exchange remarks.Many countries make reference to US tariffs.Forex rate should be determined by market.Excessive forex move negatively affect economy.In meeting with Bessent tomorrow, hope to hold talks on the basis of past understanding on the need for the two countries to coordinate...
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...
Russian forces attacked a thermal power plant in the Kyiv region as part of an overnight attack, Ukraine's Energy Ministry said on Monday, triggering local power outages and gas outages.
The attack...