Treasury Secretary Scott Bessent has lent his support to Jerome Powell amid regular attacks from Trump administration officials, saying he sees no reason for the Federal Reserve chairman to resign. "Nobody is telling me he should resign now," Bessent said of the US central bank chief, speaking Tuesday on Fox Business. "His term ends in May. If he wants to continue, I think he should. If he wants to leave early, I think he should." Powell has been criticized by President Donald Trump for months for leading the Fed on hold, refusing to continue rate cuts last year due to concerns about the...
President Donald Trump on Monday delayed high U.S. tariffs on Chinese goods from snapping back into place for another 90 days, a White House official told CNBC. Those tariffs were set to resume Tuesday. But Trump signed an executive order hours beforehand that extends the deadline until mid-November, according to the official. The delay was the expected outcome from the latest round of talks between U.S. trade negotiators and their Chinese counterparts, which took place in Stockholm in late July. If the deadline were not extended, then U.S. duties on China would have shot back up to where...
U.S. President Donald Trump said on Thursday he thought Vladimir Putin was ready to make a deal on ending the war in Ukraine after the Russian president floated the prospect of a nuclear arms agreement on the eve of their summit in Alaska. Ukrainian President Volodymyr Zelenskiy and his European allies have intensified their efforts this week to prevent any deal between the U.S. and Russia emerging from Friday's summit that leaves Ukraine vulnerable to future attack. "I think he's going to make a deal," Trump said in a Fox News radio interview, adding that if the meeting went well he would...
China is considering permitting yuan-backed stablecoins for the first time as part of efforts to increase global adoption of its currency, according to a report from Reuters, citing sources familiar with the matter. This potential policy shift represents a significant reversal of China's previous stance toward digital assets. The State Council, China's cabinet, is expected to review and possibly approve a roadmap later in August that would promote wider international usage of the yuan, including initiatives to compete with U.S. developments in stablecoins. Sources indicate the plan will...
Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...