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...
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...
German Finance Minister Lars Klingbeil stated on Monday that the European Union's trade deal with the United States requires significant clarification, adding that the bloc had shown weakness during negotiations. Speaking in Washington before meeting with U.S. Treasury Secretary Scott Bessent, Klingbeil emphasized the need for a rapid resolution to the ongoing trade conflict between the European Union and the United States. "There is a lot to clarify about the European Union's trade deal with the United States," Klingbeil said during his Washington visit. The German finance minister also...
The European Union will suspend its two packages of countermeasures to U.S. tariffs for six months following a deal with U.S. President Donald Trump, a Commission spokesperson said on Monday. The EU-U.S. agreement leaves many questions open, including tariff rates on spirits, and Trump's executive order last week setting tariffs on most EU goods at 15% did not include carve-outs such as for cars and car parts. EU officials have said they expect more executive orders to follow soon. "The EU continues to work with the U.S. to finalise a Joint Statement, as agreed on 27 July," the...
Tensions and fears are running high in Switzerland, as the deadline to strike a trade agreement with the U.S. looms just days away. Without a deal, Switzerland faces 39% duties on its goods imported into the U.S., after it was hit with one of the highest new tariff rates under U.S. President Donald Trump's latest trade policy shift last week. The higher duty surprised many, as widespread reports had previously suggested a trade agreement was near, and was just missing Trump's signature. Over the weekend, reports emerged that the higher tariffs followed a disagreeable Thursday phone call...
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...