The US economy is slowing, according to a monthly index released Monday, increasing the likelihood that policymakers will cut interest rates next month. The Chicago Fed's National Activity Index fell slightly to minus 0.19 in July from a downwardly revised minus 0.18 in June. A reading below zero indicates slower growth than the long-term average. Employment indicators remained negative on the index, a fresh sign of fragility in the US labor market. This weakness is one of the main reasons for a rate cut at the Fed's policy meeting next month. Central bank Chairman Jerome Powell last week...
Russia accused the United States on Tuesday of exerting illegal trade pressure on India after U.S. President Donald Trump threatened again to raise tariffs on India over its purchases of Russian oil. "We hear many statements that are in fact threats, attempts to force countries to cut trade relations with Russia. We do not consider such statements to be legal," Kremlin spokesman Dmitry Peskov told reporters. "We believe that sovereign countries should have and do have the right to choose their own trading partners, partners for trade and economic cooperation, and to choose for themselves...
The 15% tariff that European Union goods face when entering the United States is all-inclusive, unlike the deals some other countries have struck with Washington, a senior EU official said on Tuesday. The tariff framework will apply broadly to EU exports, except for steel and aluminium, the official said. The 15% rate will also apply to cars and car parts, with no quotas or limits, he added. "What we have obtained in our deal is the best available treatment," the EU official told reporters, while adding that the 27-nation bloc was not celebrating the 15% rate, but that it considered it was...
U.S. President Donald Trump again threatened on Monday to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. In a social media post, Trump wrote, "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine." "Because of this, I will be substantially raising...
US President Donald Trump renewed his threat on Monday to raise tariffs on Indian goods over its purchase of Russian oil. Meanwhile, New Delhi called Trump's attack "unprovoked" and vowed to protect its economic interests, deepening a trade rift between the two countries. In a social media post, Trump wrote, "Not only does India buy large quantities of Russian oil, but they also sell most of that purchased oil on the open market for huge profits. They don't care how many people in Ukraine are killed by the Russian war machine." "Therefore, I will substantially increase the tariffs India...
India defended its oil imports from Russia on Monday, calling U.S. and European Union criticism "unjustified and unreasonable" following U.S. President Donald Trump's decision to raise tariffs on the country. "Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," Foreign Ministry spokesperson Randhir Jaiswal said in a statement. Jaiswal explained that India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. He noted that the U.S. had "actively encouraged...
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...