Tag: USA

US economy shrank at 0.2% rate in first quarter

The United States has ordered a broad swathe of companies to stop shipping goods to China without a license and revoked licenses already granted to certain suppliers, said three people familiar with the matter.

President Donald Trump said Sunday that he agreed to an extension on the 50% tariff deadline on the European Union until July 9.

President Donald Trump on Sunday indicated there was progress with Iran on its nuclear program and hinted that an announcement could come in the “next two days.”

Federal Reserve Bank of Minneapolis President Neel Kashkari says “there’s no question the shock of tariffs is stagflationary,” adding that the magnitude depends on the rate of the trade levies and time period involved.

President Donald Trump on Friday said he is “recommending a straight 50% Tariff on the European Union” after complaining that trade negotiations have stalled.

The number of Americans filing new applications for unemployment benefits dropped last week, suggesting the economy maintained a steady pace of job growth in May.

President Donald Trump blasted Walmart on Saturday after the country’s largest retailer warned this week that it will have to raise prices because of tariffs.

The federal budget bill that got voted down on Friday advanced out of committee in the House of Representatives late Sunday.

The U.S. and United Arab Emirates are working on a path to allow Abu Dhabi to purchase some of the most advanced American-made semiconductors for its AI development, U.S. President Donald Trump said from the Emirati capital Friday.

Chinese trade envoy Li Chenggang described talks with the U.S. as “good” after their first high-level engagement in Switzerland on May 12 led to a thawing in trade tensions. However, both sides have continued to trade thinly veiled swipes.

Federal Reserve Chair Jerome Powell said Thursday that longer-term interest rates are likely to be higher as the economy changes and policy is in flux.

U.S. factory gate prices slumped on a monthly basis in April, in the latest sign of cooling inflationary pressures in the world’s largest economy.

President Donald Trump on Tuesday praised Saudi Arabia and its leaders after the White House announced a commitment by the kingdom to invest $600 billion in a series of deals with the U.S.

Inflation was slightly lower than expected in April as President Donald Trump’s tariffs just began hitting the slowing U.S. economy, according to a Labor Department report Tuesday.

The U.S. and China on Monday agreed to temporarily suspend most tariffs on each other’s goods in a move that shows a major thawing of trade tensions between the world’s two largest economies.

President Trump recently hinted at a possible 80% tariff on China in a social media post. The statement, which was made on Truth Social, was vague and open to interpretation, causing confusion among investors.

U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China’s economic tsar He Lifeng in Switzerland this weekend for talks that could be the first step toward resolving a trade war disrupting the global economy.

The U.S. international trade deficit, including goods and services, widened 14% in March to a record seasonally-adjusted $140.5 billion, the Commerce Department said Tuesday, as companies rushed to import foreign products ahead of White House tariffs.

The European Union plans to hit about 100 billion euros ($113.26 billion) worth of U.S. goods with additional tariffs if trade talks fail to deliver a satisfactory result for the bloc, Bloomberg News reported on Tuesday.