Britain's trade minister Jonathan Reynolds will meet U.S. Trade Representative Jamieson Greer on Tuesday to discuss the implementation of a trade deal that has been complicated by the announcement of fresh U.S. tariffs on steel. Reynolds will review recently agreed deals with counterparts from the U.S. and EU, Britain's two biggest trading partners, during a three-day trip to Paris and Brussels this week. The deals struck last month are both political pacts rather than formal trade agreements, and the details of their implementation have not been set out. Starmer and U.S. President Donald...
Global growth faces an "increasingly challenging" outlook due to potential headwinds from sweeping tariffs denting the U.S. economy, the OECD flagged in a statement lowering its estimate for economic activity this year. The Organisation for Economic Co-operation and Development slashed its projections for global gross domestic product growth for 2025 to 2.9% from an earlier estimate of 3.1%. Expected global GDP is also tipped to grow by 2.9% next year, down from a prior estimate of 3.0%. Increases in trade barriers and elevated policy uncertainty all pose "significant risks" to growth in...
Job openings in the United States rose by 191,000 to 7.391 million in April 2025, above market expectations of 7.10 million. The number of job openings increased in arts, entertainment, and recreation (+43,000) and in mining and logging (+10,000). On the other hand, The number of job openings decreased in accommodation and food services (-135,000) and in state and local government, education (-51,000). Regarding regional distribution, job openings rose in the Northeast (116K), the South (127K), and in the West (33K), but fell in the Midwest (-85K). Meanwhile, both hires and total...
Treasury Secretary Scott Bessent said Beijing has a choice to be a reliable partner with the rest of the world or not, reiterating that China needs to shift to a more consumption-oriented economy to help ease global imbalances. "They want to be a reliable partner with the rest of the world, or they don't," Bessent said via video link to the American Swiss Foundation Leadership Summit in Zurich on Tuesday. "They're in the middle of a big real estate — I'm not going to be fearmongering and say crisis — but a big real estate development and the way for them to stabilize their economy is not...
President Donald Trump attacked fiscal conservative Rand Paul as "crazy" on Tuesday morning as he urged reluctant Republican senators to move quickly on his massive tax and spending package. The Kentucky senator had previously said on CNBC that he would not vote for the bill signed by the president because it would raise the legal U.S. debt limit. "I disagree with that. It's not conservative," said Paul, who has also argued that the tax measure would add too much to the national debt. Trump quickly responded with a series of social media posts, saying the senator "never has a practical or...