Tariffs Impact Economy; Hostage Crisis in Gaza

 

New higher tariffs are expected to impact the U.S. economy negatively, with recent data showing a weakened job market and increased inflation. Economists criticize the administration's response. Meanwhile, negotiations continue regarding tariffs on Mexican imports, which were briefly implemented in April. Separately, efforts are underway to secure...

EU Suspends Retaliatory Tariffs Against US

 

The European Union has temporarily suspended planned retaliatory tariffs against the United States for six months. This follows a July 27th agreement between EU President von der Leyen and US President Trump aimed at restoring trade stability. The EU will continue working towards a formal joint statement while the...

Trump's Revised Tariffs Hit Global Economy

 

President Trump's revised global tariff policy, initially announced in April and later amended, has reinstated and expanded reciprocal tariffs on various countries. While some tariffs are lower than initially proposed, others, particularly for Brazil and Switzerland, are significantly higher. An economic model suggests these tariffs will reduce US...

OPEC+ Boosts Oil Production Amidst Geopolitical Uncertainty

 

OPEC+ agreed to increase oil production by 547,000 barrels per day in September, marking a complete reversal of previous cuts. This decision, influenced by strong oil prices and low stockpiles, follows a series of accelerated output hikes aimed at regaining market share. The move comes amidst concerns over potential...

US Economy on Precipice of Recession: Economists Warn

 

Moody's Analytics chief economist Mark Zandi warns of an impending recession, citing weak jobs data and other economic indicators. July's payroll growth was significantly lower than expected, and revisions to previous months' figures further paint a grim picture. Consumer spending has plateaued, construction and manufacturing are contracting, and...

Weak US Jobs Report Prompts Rate Cut Expectations

 

Revised US job growth figures show a much weaker labor market than initially reported. Payroll growth was only 73,000 in July, significantly lower than predicted, with downward revisions to previous months revealing a near standstill in the spring. This prompted President Trump to fire the head of the Bureau...

Trump Tariffs Weaken US Job Market Growth

 

July's job growth significantly weakened to 73,000, with May and June gains erased, pushing the unemployment rate to 4.2%. Trump's tariffs are cited as a major factor, impacting manufacturing with an 11,000 job loss in the sector. Factory managers report tariff uncertainty is depressing orders and causing unexpected...

Canada Tariffs Hike Prices on Everyday Goods

 

US-Canada trade tariffs have increased prices on several goods in Canada. Refrigerators, washing machines, and new and used cars have seen price increases of 2% to over 5%, respectively, due to counter-tariffs on US-made appliances and vehicles. Grocery staples like peanut butter, canned soup, and tomato ketchup are...

Trump Demands Fed Board Override Powell on Rates

 

Former President Trump renewed his attacks on Federal Reserve Chair Jerome Powell, urging the Fed's board of governors to override Powell's decisions on interest rates. Trump criticized Powell for not cutting rates, calling him 'stubborn' on his Truth Social platform. Powell, supported by most of the board, has...

US Inflation Rises, Fed Holds Rates Amid Tariff Concerns

 

US inflation rose to 2.6% in June, exceeding the Federal Reserve's 2% target, driven partly by President Trump's tariffs. The increase is reflected in higher prices for imported goods like furniture and appliances. The Fed, despite Trump's pressure, kept interest rates unchanged, citing concerns about persistent inflation. ...