Federal Reserve Governor Lisa Cook will file a lawsuit to prevent President Donald Trump from firing her, a lawyer for the embattled central bank official said on Tuesday, kicking off what could be a protracted legal fight over the White House's effort to shape U.S. monetary policy. "His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis. We will be filing a lawsuit challenging this illegal action," Cook's lawyer, prominent Washington attorney Abbe Lowell, said in a statement. The statement was issued a day after Trump said he would fire Cook, the...
U.S. tariffs take center stage but China and the EU are quietly clashiThe U.S. tariff saga has stolen global spotlight from trade tensions between China and the European Union, which are now heating up. Accusations and investigations over each other's trade practices have long been a staple of EU-China trade relations, underpinned by concerns over how domestic economies are likely to be impacted by competing imports. In recent weeks, EU restrictions on Chinese companies taking part in public tenders for medical devices were quickly met with China imposing import curbs on such products....
The pharmaceutical industry is scrambling with scenario planning as U.S. President Donald Trump's 200% tariff proposal threatens to drive up drug prices and rip out corporate profit margins. The president once again warned on Tuesday that long-awaited industry-wide tariffs would be announced "very soon" after the administration launched a so-called 232 investigation into the sector in April. Trump suggested that those levies would not go into effect immediately, but get a grace period of "about a year, year and a half to come in." Analysts nevertheless warn that such a rate — even with a...
U.S. President Donald Trump announced on Thursday that he will impose a 35% tariff on imports from Canada starting August 1, warning that it could rise further if Canada retaliates. In a letter to Canadian Prime Minister Mark Carney, released on his social media platform, Trump also signaled plans to apply blanket tariffs of 15% to 20% on most other trade partners. The move is part of a broader escalation in his trade war, with new tariffs already targeting allies such as Japan and South Korea, as well as a 50% levy on copper. In an interview with NBC News, Trump said not all countries...
Federal Reserve Board of Governors (Fed) member Christopher Waller reiterated his argument for why the Fed should cut interest rates earlier in July. In a speech at the Dallas Fed, Waller noted that the inflationary impact of tariffs would likely be short-lived and stated that a rate cut would not be politically motivated. Fed Governor Waller is one of the favorites to replace Fed Chairman Jerome Powell in 2026. Key Highlights Tariffs raise prices once, and the central bank can anticipate that. The impact of tariffs is not zero, but it is also not large. Waller argued that a moderately...
Initial jobless claims in the US fell by 5,000 from the previous week to 227,000 on the first period of July, below market expectations of a 2,000 increase to 235,000. It was the fourth consecutive decline in initial claims to the lowest count in seven weeks, consolidating the view that the US labor market remains relatively robust to high interest rates and economic uncertainty. Still, outstanding unemployment claims rose by 10,000 to 1,965,000, the most since 2021, to solidify concerns that hiring is slowing. Initial claims filed by federal government employees, which have been under...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...