Trump administration not in a rush to replace Powell, Treasury chief Bessent says
Bessent said he continues to have regular meetings with Powell and that Powell had not told him whether he would leave his board seat.
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BBC News
24 minutes ago
- BBC News
EU-UK trade deal: Ireland 'not exactly celebrating', minister of state says
Ireland is "not exactly celebrating" the new EU-US trade deal, an Irish minister has said, but added that it provides certainty. US President Donald Trump and European Commission Ursula von der Leyen announced on Sunday they have agreed a US tariff on all EU goods of 15%. That is half the 30% import tax rate Trump had threatened to implement starting on Friday. He said the 27-member bloc would open its markets to US exporters with zero per cent tariffs on certain Richmond, a minister of state in Ireland's foreign affairs department, said the deal "gives us that certainty that has been lacking in the last number of months". Among EU countries, Ireland is the most reliant on the US as an export market."We're not exactly celebrating this, it's not a case that this is a good thing but it's probably the least bad option based on what we were facing a couple of days ago, the prospect of a 30% tariff," Richmond told BBC Radio Ulster's Good Morning Ulster on Monday. "The EU is a tough negotiator but this isn't like any trade deal I have ever experienced before, in my 15 odd years of working on EU trade deals. It is what it is and we move on."He added: "We don't want a tariff war, tariffs are a bad thing. We want stability for businesses and we have that today."Trump has wielded tariffs against major US trade partners in a bid to reorder the global economy and trim the American trade der Leyen has hailed the deal, saying it will bring stability for both allies, who together account for almost a third of global EU's top official described the deal as a "framework" agreement, with further technical details to be negotiated "over the next weeks". Speaking of the pharmaceutical sector, Richmond said there was a "case made" that certain medications would be tariff free. "These are some of the areas we will have to dig into, but absolutely we have a lot to work on," he said. "The pharmaceutical sector isn't just really important to a lot of Irish businesses, it must be said it's really important to a lot of American consumers and crucially patients who rely on these drugs too." 'New era of stability' Speaking following the announcement, Taoiseach (Irish Prime Minister) Micheál Martin said the news of the trade deal is "very welcome".Martin said the fact that tariffs would still be higher than before would make trade "more expensive and more challenging".However, he added that the agreement will bring "a new era of stability" and will "help protect many jobs in Ireland".Speaking to Good Morning Ulster on Monday, former UK ambassador to the US Lord Kim Darroch said: "As an outcome, it's a relief I guess for everyone in the European Union that it's not worse, but this isn't anything for great celebration, this is a backwards step."In 2024, Ireland exported goods worth £60.4bn ($81.1bn) to the commission has the mandate to negotiate trade deals for the entire bloc - but it still requires approval by EU member states, whose ambassadors will meet on Monday for a debrief from the commission.
Reuters
26 minutes ago
- Reuters
Oil steadies as investors assess US-EU deal
LONDON, July 28 (Reuters) - Oil prices edged higher on Monday as investors assessed a trade deal between the United States and the European Union, while a stronger US dollar and lower oil imports by India weighed on prices. Brent crude futures were up 30 cents, or 0.4%, to $68.74 a barrel by 0813 GMT, while U.S. West Texas Intermediate crude stood at $65.43 a barrel, up 27 cents, or 0.4%. The U.S.-European Union trade deal and a possible extension in the U.S.-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. Sunday's U.S.-EU framework trade pact sets an import tariff of 15% on most EU goods, while U.S. President Trump said the deal calls for $750 billion of EU purchases of U.S. energy in coming years. Senior U.S. and Chinese officials will meet in Stockholm on Monday, aiming to extend a tariff truce before an August 12 deadline. Oil pared most of its gains on Monday after Brent futures rose above $69 a barrel earlier in the day. Oil retreated from those levels as focus shifted to a stronger US dollar and lower oil imports by India, following the removal of another uncertainty with the US-EU deal, PVM analyst Tamas Varga said. On the supply side, an OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates told Reuters on July 25. ING expects OPEC+ will at least complete the full return of 2.2 million barrels per day of the additional voluntary supply cuts by the end of September. Also on the supply side, Venezuela's state-run oil company PDVSA is readying to resume work, once Trump reinstates authorisations for its partners to operate and export oil under swaps, company sources said. In the Middle East, Yemen's Houthis said on Sunday they would target ships of companies that do business with Israeli ports, regardless of nationality, in what they called a fourth phase of military operations against Israel over the Gaza conflict.
Reuters
an hour ago
- Reuters
Gold subdued by risk-on mood after US-EU tariff deal, focus on Fed
July 28 (Reuters) - Gold prices steadied on Monday, with gains curbed by improved risk sentiment after a trade deal between the United States and European Union, while investors looked forward to the U.S. Federal Reserve policy meeting later this week. Spot gold was flat at $3,336.75 per ounce as of 0736 GMT, after touching its lowest level since July 17 earlier in the day. U.S. gold futures were unchanged at $3,336.30 per ounce. The U.S. struck a framework trade agreement with the European Union in Scotland on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war. Risk appetite in the wider financial markets rose with European shares advancing to a four-month high, led by gains in auto and pharmaceutical stocks. Meanwhile, talks between the United States and China are set for Monday in Stockholm amid expectations of another 90-day extension to the trade war truce between the world's top two economies. "There are two offsetting factors keeping gold in balance. The (U.S.-EU) trade deal weighs on demand for safe-haven assets," said UBS commodity analyst Giovanni Staunovo. "At the same time the deal removes some inflation uncertainty for the Fed, eventually allowing the Fed to cut rates later this year, which normally is gold supportive." The U.S. central bank is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting concludes on Wednesday. Markets continue to price in a potential rate cut in September. U.S. President Donald Trump said on Friday he had a positive meeting with Fed Chair Jerome Powell, suggesting the Fed chief might be inclined to lower interest rates. Gold tends to do well in a low-interest-rate environment. Elsewhere, spot silver gained 0.3% to $38.23 per ounce, while platinum was steady at $1,402.48 and palladium rose 2% to $1,244.73.
