Volvo Cars CEO vows to produce more cars in the US
GOTHENBURG, Sweden – Volvo Cars’ new top executive said on Thursday the company would produce more cars in the United States while ramping up its regionalisation efforts, just as a 25% U.S. tariff on global autos takes effect. European companies…
Mexico continues dialogue with US after new tariffs announcement
MEXICO CITY – Mexican President Claudia Sheinbaum said on Thursday that dialogue and cooperation remain ongoing with the United States, after U.S. President Donald Trump unveiled sweeping new tariffs that did not include Mexico. She added during a press conference…
US service sector growth nearly brakes in March
WASHINGTON- The U.S. services sector slowed to a nine-month low in March, backing expectations that economic growth likely braked sharply in the first quarter amid uncertainty caused by import tariffs. The Institute for Supply Management (ISM) said on Thursday that…
Countries need to allow in more US products to bring down tariffs, Lutnick says
WASHINGTON – The Trump administration is talking to all major trading partners throughout the world about ways to bring down President Donald Trump’s new tariffs, Commerce Secretary Howard Lutnick said on Thursday, adding that they will have to change their…
Markets reel as US tariffs stoke fear of economic ‘spiral of doom’
NEW YORK/LONDON -President Donald Trump’s new tariffs sent shockwaves through global financial markets on Thursday, with the dollar and U.S. stocks among the hardest hit on fears that a broadening trade war would push an already fragile world economy into…
Euro, yen surge vs dollar as investors grapple with tariff aftermath
The euro and the Japanese yen soared against the dollar on Thursday, as investors grappled with how U.S. President Donald Trump’s far-reaching tariffs will impact global trade and economic growth. Investors continue to flock to safe-haven units such as the…
US senators seek to rein in Trump tariff authority
WASHINGTON -Two senior lawmakers on the Senate Finance Committee introduced legislation on Thursday seeking to rein in U.S. President Donald Trump’s ability to impose tariffs and would require congressional approval for new levies within 60 days. Republican Senator Chuck Grassley…
Fed’s Jefferson in no hurry to adjust rates, policy well-positioned
Federal Reserve Vice Chair Philip Jefferson on Thursday said that with the U.S. economy in solid shape, tariffs already pushing upward on goods inflation, and higher than usual uncertainty over the outlook, he is inclined to leave the policy rate…
Trump-appointed State Department official steps down after less than 3 months
WASHINGTON- The U.S. State Department’s top official overseeing the agency’s management, appointed by President Donald Trump’s administration, is stepping down after less than three months, according to an internal email seen by Reuters on Thursday and a department spokesperson. Tibor…
Several White House national security officials fired, sources say
Several high-ranking White House National Security Council officials were fired on Thursday morning, according to three people familiar with the matter, in what appears to be the first significant purge of Donald Trump’s second presidency. It’s not clear exactly why…
Trump administration is months away from direct payments to farmers, agriculture secretary says
U.S. Agriculture Secretary Brooke Rollins said on Fox News on Thursday the Trump administration is “months away” from making a decision about whether to make payments to farmers to offset any impact from tariffs. President Donald Trump on Wednesday announced…
High just got higher: Trump tariffs to raise prices for US cannabis users
Contemplating smoking your way out of the tariff gloom? Think again. Sweeping tariffs imposed by U.S. President Donald Trump on Wednesday are set to increase prices of cannabis products in the country, as many firms rely on Asia for manufacturing….
After tariffs, US dangles billions of dollars in Congo mineral investment
The United States is in talks to invest billions of dollars in mineral-rich Congo and wants to help end a conflict raging in the country’s east, President Donald Trump’s senior adviser for Africa said during a visit on Thursday. Democratic…
France’s Macron calls for suspension of investment in US after tariffs
PARIS – French President Emmanuel Macron called on Thursday for European companies to suspend planned investment in the United States after U.S. President Donald Trump announced sweeping global tariffs on American imports. “Investments to come or investments announced in recent…
Elon Musk will continue to be adviser, Vance says
WASHINGTON – Billionaire Elon Musk will remain a friend and adviser to U.S. President Donald Trump and Vice President JD Vance, even after he leaves his role with the Department of Government Efficiency, Vance said in an interview with Fox…
Stellantis says will temporarily lay off 900 U.S. workers following tariff announcement
DETROIT -Stellantis NV <STLAM.MI> said on Thursday it was temporarily laying off 900 workers at five U.S. facilities after President Donald Trump’s tariffs were announced, and temporarily pausing production at an assembly plant in Mexico and one in Canada. The…
EU’s tariff response should target Republican-led US states and tech firms, Austria says
VIENNA – The European Union’s countermeasures in response to U.S. President Donald Trump’s universal tariffs should target Republican-led states and tech firms so as to force him to the negotiating table, Austria’s economy minister said on Thursday. “We have to…
Judge to weigh if Trump administration violated order not to deport Venezuelans
WASHINGTON – A U.S. judge will hold a hearing on Thursday over whether the Trump administration violated his order temporarily blocking the deportation of alleged Venezuelan gang members under a rarely-invoked 18th century law. Washington-based U.S. District Judge James Boasberg…
Russia says U.S. threats of military strikes against Iran are unacceptable
MOSCOW – Russia said on Thursday that threats of military strikes against its ally Iran were unacceptable and warned that attacking the Islamic Republic could lead to potentially catastrophic results if nuclear installations were bombed. U.S. President Donald Trump threatened…
China to impose tariffs of 34% on all US goods from April 10
BEIJING – China on Friday announced a slew of additional tariffs and restrictions against U.S. goods as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34% on…
Japan could lose $17 billion in car exports due to US tariffs, says UN trade agency
GENEVA – Japan could lose $17 billion in car export potential in the U.S. following President Donald Trump’s decision to introduce 25% tariffs on the automotive sector, the International Trade Centre said on Friday. “Japan’s automotive sector comprises 20% of…
U.S. tariffs don’t violate NATO treaty, says NATO’s Rutte
BRUSSELS – The sweeping new U.S. tariffs announced by President Donald Trump do not violate NATO treaties, the military alliance’s Secretary-General Mark Rutte said on Friday after meeting NATO foreign ministers in Brussels. Rutte was responding to a reporter’s question…
Tech, bank stocks bear the brunt as China retaliates to Trump tariffs
U.S. tech heavyweights, banks and oil majors extended losses on Friday after Beijing retaliated with additional duties of 34% on U.S. goods, amplifying investor concerns over an escalating global trade war that has stoked fears of a recession. Beijing’s tariffs…
US has no plans for a sudden withdrawal from Europe, NATO’s Rutte says
BRUSSELS – The U.S. has no plans to immediately withdraw its military presence in Europe, despite its demands that European countries take care of their own defence, NATO Secretary General Mark Rutte said on Thursday. “There are no plans for…
Ford recalls over 105,000 SUVs on seat-belt concern
The National Highway Traffic Safety Administration said on Thursday that it is recalling about 105,322 SUVs over concerns related to their seat belts. The recall impacts Ford Expedition and Lincoln Navigator vehicles from model years 2018 to 2020. The auto…
Trump will buckle under pressure from Europe, says German economy minister
BERLIN – U.S. President Donald Trump will buckle under pressure from Germany and Europe in an escalating trade war, German Economy Minister Robert Habeck said on Thursday. “That is what I see, that Donald Trump buckles under pressure, corrects his…
Pharma stocks survive market rout on tariff exemption, but uncertainty continues
LONDON/BENGALURU -Drugmaker stocks gained a temporary reprieve on Thursday as U.S. President Donald Trump spared pharmaceutical products from reciprocal tariffs, but executives and analysts warned it was premature to celebrate as tariffs were still likely to come. Trump imposed a…
Wall Street futures in a tailspin as tariffs fuel recession fears
U.S. stock index futures sank on Thursday after President Donald Trump’s sweeping tariffs against its trading partners heightened fears of an all-out trade war that could push the global economy into a recession. Global stocks slumped, government bonds jumped and…
Analysis-Trump’s global tariffs hurt China with ‘all-round blockade’
DONGGUAN, China – Chinese outdoor furniture maker Jin Chaofeng set up a factory in Vietnam last July to escape higher U.S. tariffs. Now he is looking to close it, as Washington imposes steep levies on Hanoi and the rest of…
Luxury, Swiss watchmaker shares take a hit from new U.S. tariffs
Shares in European luxury companies dropped on Thursday after U.S. President Donald Trump announced new tariffs, including on goods from the European Union and Switzerland. The European Union was targeted with a 20% rate, while Switzerland with a 31% rate…