Annual inflation in the United States (US), as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 2.6% in June from 2.4% in May (revised from 2.3%), the US Bureau of Economic Analysis reported on Thursday. This figure was above market expectations of 2.5%. The core PCE Price Index, which excludes volatile food and energy prices, rose 2.8% in the same period, matching May's increase and exceeding analysts' expectations of 2.7%. The PCE Price Index and the core PCE Price Index both rose 0.3% on a monthly basis. Other details from the report showed that...
After speaking to Mexican President Claudia Sheinbaum on the phone on Thursday, United States (US) President Donald Trump said that Mexico will continue to pay a 25% fentanyl tariff, 25% tariff on cars, and 50% tariff on steel, aluminum, and copper. "Mexico has agreed to immediately terminate its non tariff trade barriers," Trump noted and added that they will talk to Mexico over the next 90 days with the goal of signing a trade deal, confirming an extension of the current agreement. Source: Fxstreet
U.S. President Donald Trump said on Wednesday that Canadian Prime Minister Mark Carney reached out ahead of an August 1 tariff deadline, but no conversations between the two took place. Trump has warned that any country that does not strike a deal with the U.S. before Friday will be subjected to higher tariffs imposed on goods, which for Canada could mean a 35% rate on all products not covered by the U.S.-Mexico-Canada trade agreement. "We haven't spoken to Canada today. He's (Carney) called and we'll, we'll see," Trump told reporters during an event at the White House. Carney's office...
President Donald Trump on Thursday evening signed an order outlining tariff levels against a host of countries, which will take effect in seven days. Trump released an updated list of his proposed "reciprocal" tariffs against U.S. trading partners, with the list coming just hours before an August 1 deadline set by the president. The list included the tariff rates set under recent trade deals between Washington and the targeted countries, such as a 10% tariff on the UK, and a 15% tariff on Japan, South Korea, and some goods from the European Union. India will face a 25% levy, as outlined...
U.S. President Donald Trump on Thursday signed an executive order increasing tariffs on Canadian goods to 35% from 25% on all products not covered by the U.S.-Mexico-Canada trade agreement, the White House said. Goods transshipped to another country to evade the new tariffs would be subject to a transshipment levy of 40%, according to a White House fact sheet. The move - which Washington linked in part to what it said was Canada's failure to stop fentanyl smuggling - is the latest blow in a months-long tariff war which Trump initiated shortly after taking power. The announcement blaming...