Tag: USA

Oil prices extended losses on Tuesday following reports that OPEC+ will proceed with a planned output increase in April and as U.S. tariffs on Canada, Mexico and China came into effect, as well as Beijing’s retaliatory tariffs.

Shares in European carmakers and automotive suppliers fell sharply on Tuesday, after U.S. tariffs of 25% on imports from Mexico, a major centre for the sector to supply the American continent, took effect.

China retaliated swiftly on Tuesday against fresh U.S. tariffs with hikes to import levies covering $21 billion worth of American agricultural and food products, moving the world’s top two economies a step closer towards an all-out trade war.

China has American agricultural exports in its cross hairs as it prepares countermeasures against fresh U.S. import tariffs, China’s state-backed Global Times reported, raising the stakes in an escalating trade war between the world’s top two economies.

Cryptocurrencies rallied on Sunday after President Donald Trump announced the creation of a strategic crypto reserve for the United States that will include bitcoin and ether, as well as XRP,Solana’s SOL token and Cardano’s ADA.
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Treasury Secretary Scott Bessent said Sunday that President Donald Trump’s proposed tariffs are unlikely to raise inflation, in part because China will “eat any tariffs that go on.”

Inflation eased slightly in January as worries accelerated over President Donald Trump’s tariff plans, according to a Commerce Department report Friday.

President Donald Trump on Thursday said that his proposed tariffs on Mexico and Canada will go into effect on March 4, and that China will be charged an additional 10% tariff on the same date.

U.S. President Donald Trump on Wednesday raised hopes for another month-long pause on steep new tariffs on imports from Mexico and Canada, saying they could take effect on April 2, and floated a 25% “reciprocal” tariff on European cars and other goods.

The number of Americans filing new applications for unemployment benefits increased moderately last week, suggesting that the labor market remained on solid ground.
Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 219,000 for the week ended February 15, the Labor Department said on Thursday. Economists polled by Reuters had forecast 215,000 claims for the latest week.

U.S. President Donald Trump said on Tuesday he intends to impose auto tariffs “in the neighborhood of 25%” and similar duties on semiconductors and pharmaceutical imports, the latest in a series of measures threatening to upend international trade.

Prior was 1.499m (revised to 1.515m) . Starts -9.8% vs +15.8% prior. Building permits 1.483m vs 1.46m expected. Permits +0.1% vs -0.7% prior

The European Union said it hasn’t made any specific offer yet to reduce tariffs on imported US cars as it works to avoid a trade confrontation with President Donald Trump.

On Presidents’ Day, Monday, February 17, 2025, all major U.S. financial markets, including the New York Stock Exchange (NYSE) and Nasdaq, will be closed in observance of the federal holiday.

Oil rose after US Treasury Secretary Scott Bessent said the Trump administration remains committed to reducing Iran’s oil exports.

Inflation perked up more than anticipated in January, providing further incentive for the Federal Reserve to hold the line on interest rates.

Airlines are flexing their pricing power as limited capacity and strong consumer demand have eased pressure to discount fares to fill their planes.

Vice President JD Vance on Tuesday said that the U.S. will safeguard American artificial intelligence and chips and block efforts to “weaponize” the critical technologies.

U.S. President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% “without exceptions or exemptions” in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war.

Shares in European and Asian steelmakers fell on Monday after U.S. President Donald Trump said he would introduce 25% tariffs on all steel and aluminium imports within hours in addition to existing metals duties.