Latest news with #US-EU
CNN
a day ago
- Business
- CNN
Live updates: Trump administration news on tariffs
Update: Date: 2 min ago Title: US trade representative says he'll discuss tariffs and non-tariff barriers in trade talks with EU next week Content: United States Trade Representative Jamieson Greer said Friday he's going to speak with his European Union counterpart next week to discuss an EU trade deal. 'I would say that when it comes to the trade deficit, China is the biggest problem but the EU is right behind them, and when it comes to non-tariff barriers, certainly we have that in China, but we also have that in the EU with respect to their standards on industrial goods and ag (agriculture), where they effectively block a lot of our products,' Greer told CNBC. 'Obviously, with China, you have a geopolitical layer on top of that, where their geopolitical goals are different and at odds with ours, and so that's its own challenge when it comes to the pure economics. I mean, we have problems with all kinds of countries, friend or foe, and we're trying to resolve those.' Greer said President Donald Trump's call with European Commission President Ursula von der Leyen last week 'went very well,' adding that the EU was 'responsive' to trade talks, but criticized the EU for an ongoing trade deficit. 'There is a very long list of problems in US-EU trade, where the EU has enjoyed very broad market access to the United States, and the EU, on its end, has somewhat higher tariffs than the US,' he said. 'And they have these non-tariff barriers. … These are things that have gone on for a really long time, and that's why the EU, you know, it's one reason why the EU has a $240 billion surplus with us.' 'It's not because they're competitive — we had come out several months ago saying how the EU is not competitive. So, the fact that they, despite that, managed have a huge surplus with the US certainly shows there's a structural problem there that needs to be resolved,' he added. Update: Date: 21 min ago Title: Trump says he will appear with Elon Musk during an Oval Office event today Content: President Donald Trump announced yesterday on social media that he will have an event from the Oval Office with tech billionaire Elon Musk on today. 'I am having a Press Conference (Friday) at 1:30 P.M. EST, with Elon Musk, at the Oval Office. This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific! See you tomorrow at the White House.' Trump wrote on Truth Social. Musk was granted special government employee status to lead the Department of Government Efficiency. He said Wednesday that his time in the Trump administration has come 'to an end.' Update: Date: 21 min ago Title: State Department spokesperson says pause on new student visa appointments will not be indefinite Content: State Department spokesperson Tammy Bruce said the pause on new appointments for student and exchange visas will not continue indefinitely and suggested they could reopen 'perhaps sooner than later.' The State Department on Tuesday ordered all embassies and consulates worldwide to suspend the new appointments as they prepare to expand social media screening and vetting. The diplomatic cable Tuesday noted that they expected guidance on that policy to be issued 'in the coming days.' Asked by CNN if appointments would reopen immediately when that guidance is issued, Bruce said she couldn't say it would be immediate. 'Right now, there might be delay, and what I'm told to encourage people to do is to regularly check to see when those spaces open,' she said. 'I would not be recommending that if this was going to be weeks or months,' she said at a State Department briefing yesterday. 'I can't tell you immediately after some indeterminate moment of an action, but I can tell you that is something that would happen, perhaps sooner than later,' Bruce said. Update: Date: 21 min ago Title: Vance says he will miss Musk, who is "entitled to have his opinions" Content: Vice President JD Vance on Thursday reflected on his relationship with Elon Musk, calling the tech billionaire a 'very good friend' and defended his continued influence on the administration, even as Musk has begun to step back and focus on his businesses. 'Elon has become a very good friend, really, over the campaign, and certainly over his time in Washington,' Vance said during an interview on Newsmax Thursday night. 'He and his kids have come over to our house, and, you know, had dinner with our kids, so I'm very close to him.' When asked about Musk's recent criticism of Trump's 'big, beautiful bill,', Vance said 'Elon is entitled to have his opinions about the function of government.' But was quick to reaffirm his own support for the legislation. 'I still think the big, beautiful bill is the way to go,' Vance said. Vance also praised the tech billionaire's efforts in his role leading the Department of Government Efficiency. The vice president then pushed back on media narratives suggesting Musk's influence in Washington is fading. 'There's also an effort by the media to sort of say the Elon era is over, and I think that's actually totally wrong,' Vance said. 'Elon will continue to be an important advisor for both me and the president.' Vance emphasized that the administration's push for government reform, a cause Musk helped shape, will move forward. 'The job of making the government more efficient, of not wasting people's money, that has to continue. I think it's one of the most important mandates that we got from the American people,' Vance said. Update: Date: 21 min ago Title: Trump told Fed Chair in private meeting he was 'making a mistake by not lowering rates," White House says Content: President Donald Trump on Thursday met with Federal Reserve Chair Jerome Powell and relayed his view that the Fed should cut interest rates, according to White House press secretary Karoline Leavitt. 'The president did say that he believes the Fed chair is making a mistake by not lowering interest rates, which is putting us at an economic disadvantage to China and other countries,' Leavitt said. Powell met with Trump at the White House 'at the President's invitation,' the Federal Reserve said in a statement. 'Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,' the Fed said in its statement. Remember: The meeting comes after months of unrelenting attacks from Trump against Powell over the Fed's refusal to cut rates. The president has called Powell a 'fool' and 'a major loser,' while also saying that the Fed chief's termination 'cannot come fast enough.' Still, last month, Trump said he had 'no intention of firing' the beleaguered Fed Chair, despite suggestions he was considering it.
Business Recorder
3 days ago
- Business
- Business Recorder
Stocks sink as rally over eased trade tensions fades
LONDON: Stock markets sank Wednesday on evaporating cheer over eased tariff tensions, and oil prices climbed as Washington appeared closer to possibly putting fresh sanctions on Moscow over Ukraine. London, Paris and Frankfurt all closed lower, following Asia down. New York was trading in similar red territory. Much of the focus on Wall Street was on Nvidia, the US chipmaker, whose earnings report — to be released after New York's close — was being viewed as a bellwether for tech stocks generally. 'This is expected to be another quarter of monster revenue for Nvidia, however it may lead to the familiar question, can these results continue?' asked Kathleen Brooks, research director at XTB. She and others pointed to uncertainty over US restrictions on semiconductor exports, against a backdrop of effervescent chip demand as artificial intelligence development accelerates. Crude prices surged more than two percent, ahead of an OPEC meeting to discuss output and hiked tensions over Russia and Iran. President Donald Trump's rare rebuke Tuesday of Russian counterpart Vladimir Putin over stepped-up attacks on Ukraine — saying he was 'playing with fire' — raised the prospect of tougher US sanctions on Russian energy and banking sectors. US-Iran talks on curbing Tehran's nuclear programme have also yielded no breakthrough so far, additionally fuelling speculation of tightened sanctions. The US dollar picked up against major currencies, but analysts said that masked a fundamental weakness in the greenback, and in the US debt market, evident in recent weeks. 'It's the creeping realisation that US assets no longer provide the same refuge' they used to, said Stephen Innes of SPI Asset Management. 'Dollar strength is no longer reflexive — it's contested.' Europe and Asia were down after a rally over the previous two days triggered by Trump's announcement he was pausing threatened 50-percent tariffs on the European Union to give space to trade negotiations. 'The market no longer takes Trump at his word when he delivers swathing tariff hikes seemingly at random,' said Brooks. David Morrison, senior market analyst at Trade Nation, said: 'It looks as if investors are looking past tariffs, assuming that all will be for the best, in the best of all worlds. This Panglossian view could be severely tested, and a US-EU deal could prove hard to achieve.' In Europe, auto giant Stellantis, which makes Jeep, Peugeot, Chrysler and Fiat vehicles, named a new CEO — its North America chief Antonio Filosa — to succeed Carlos Tavares, who was sacked in December. 'To give him full authority and ensure an efficient transition, the Board has granted him CEO powers effective June 23,' the company said. Stellantis shares closed more than two percent down. A Financial Times report that European Central Bank President Christine Lagarde had discussed leaving her post early to take the helm of the World Economic Forum had little impact on the euro. 'It is trading in a relatively tight range, suggesting that reports Christine Lagarde may not fulfill her full term at the ECB is not having an impact on European markets,' said XTB's Brooks.
Business Recorder
3 days ago
- Business
- Business Recorder
Gold rises as investors buy on dip
NEW YORK: Gold prices rose on Wednesday, as investors bought on the dip, although gains were capped by easing US-EU trade tensions, with the market now awaiting the upcoming US core Personal Consumption Expenditures report for interest rate clues. Spot gold was up 0.3% at $3,308.99 an ounce, as of 0237 GMT, slightly recovering from a 1% decline in the previous session. US gold futures rose 0.2% to $3,308.30. In the latest move, US President Donald Trump backed down from his 50% tariff threat against the European Union, delaying its implementation until July 9 to allow for negotiations between the White House and the 27-nation bloc. 'Gold's dip below $3300 saw it attracting some buyers. However, the broader market is still feeling generally upbeat now that US-EU trade tensions have eased, which is capping the extent of gold's upside run for now,' said Tim Waterer, chief market analyst, KCM Trade. 'If support in the $3,250-$3,280 region continues to hold, then gold is well-placed for potentially another run towards $3,400 if risk appetite fades.' The market is now awaiting US PCE data for April, due Friday, to assess the Federal Reserve's potential interest rate cut trajectory. Meanwhile, US consumer confidence rebounded in May, ending a five-month slide, supported by a temporary truce in the US-China trade war, according to data. The Fed has kept its policy rate unchanged at 4.25%-4.50% since December, as officials pause for more clarity on the economic and price impact of Trump's tariffs. 'More decisive moves in gold one way or the other may need to wait until we get a read on the Nvidia results and US Core PCE on Friday,' Waterer said. Spot silver was steady at $33.31 an ounce, platinum was up 0.4% at $1,084.07 and palladium fell 0.2% to $976.22.
Yahoo
3 days ago
- Business
- Yahoo
Oil edges higher as US stops Chevron from exporting Venezuelan crude
Oil prices inched higher on Wednesday as investors weighed the potential for supply disruptions following a new US directive barring Chevron (CVX) from exporting crude from Venezuela. However, expectations of higher production from OPEC+ continued restraining the market's upward momentum. Brent crude futures (BZ=F) climbed 0.4% to $63.85 a barrel, while West Texas Intermediate futures (CL=F) climbed 0.8% to $61.38 a barrel. The modest gains came after a Reuters report that the Trump administration had issued a new authorisation for Chevron, allowing it to retain its assets in Venezuela but banning crude exports and any expansion of its operations. 'The loss of Chevron's Venezuelan barrels in the US will leave refiners short and thus relying more on Middle Eastern crude,' Robert Rennie, head of commodity and carbon strategy at Westpac, said in a note. Read more: FTSE 100 LIVE: Stocks edge up as optimism over US-EU trade deal grows Trump had revoked a previous licence on 26 February. While past licences had helped stabilise Venezuela's sanctioned oil industry, lifting output to about a million barrels per day, the new limitations threaten that recovery. Still, the prospect of increased supply from OPEC and its allies limited price gains. A full OPEC+ meeting is scheduled for later today, but no changes to its current output policy are expected. Instead, markets are watching for a possible decision on a July production hike when a smaller group of eight members meets on Saturday. 'Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. She added that 'OPEC members' failure to comply with production quotas and Trump's trade policies negatively impact global oil demand.' Additional support for prices came after Trump suggested earlier this week that new sanctions on Russia were under consideration. Gold prices steadied on Wednesday as dip buyers re-entered the market, though broader gains were tempered by improving US-EU trade relations. Investors are now turning their attention to key US inflation data due later this week for clues as to the Federal Reserve's next move. Gold futures (GC=F) gained 0.2% to $3,308.30 per ounce at the time of writing, while the spot gold price climbed 0.6% to $3,320.70 per ounce. "Gold's dip below $3,300 saw it attracting some buyers. However, the broader market is still feeling generally upbeat now that the US-EU trade tensions have eased, which is capping the extent of gold's upside run for now,' said Tim Waterer, chief market analyst at KCM Trade. Market participants are watching for the US's core personal consumption expenditures (PCE) index for April, due on Friday, which could offer fresh insight into the Fed's interest rate trajectory. The central bank has kept its policy rate steady at 4.25%–4.50% since December, holding off on further tightening as it evaluates the economic impact of tariffs introduced by the Trump administration. Read more: UK consumers lost more than £1bn to fraud in 2024, new report reveals 'If support in the $3,250–$3,280 region continues to hold, then gold is well placed for potentially another run towards $3,400 if risk appetite fades,' Waterer said. 'More decisive moves in gold one way or the other may need to wait until we get a read on the Nvidia (NVDA) results and US core PCE on Friday.' The pound held steady against the dollar in early European trading, as the greenback found renewed strength amid rising investor optimism that the US and the European Union could reach a trade agreement swiftly. Stocks: Create your watchlist and portfolio The US dollar index ( which measures the greenback against a basket of six currencies, rose 0.1% to $99.62. The move came after a post by Trump on his Truth Social site during North American trading hours, in which he wrote: "I have just been informed that the EU has called to quickly establish meeting dates. This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America. They will BOTH be very happy, and successful, if they do!!!" The outlook for the dollar remains fragile, as investors struggle to predict how bilateral deals between the US and its trading partners will shape the economic outlook. Fed officials have predicted that new economic policies initiated by Trump will lead to stagflation risks in the economy, and any monetary policy adjustment would be inappropriate until the scale of the inflation increase and the weakness in economic growth can be anticipated. In other currency moves, the pound was just above the flatline against the euro (GBPEUR=X), trading at €1.1922 at the time of writing. The FTSE 100 (^FTSE) was up 0.2% at 8,776 points. For more details, check our live coverage here.
Yahoo
3 days ago
- Business
- Yahoo
Oil edges higher as US stops Chevron from exporting Venezuelan crude
Oil prices inched higher on Wednesday as investors weighed the potential for supply disruptions following a new US directive barring Chevron (CVX) from exporting crude from Venezuela. However, expectations of higher production from OPEC+ continued restraining the market's upward momentum. Brent crude futures (BZ=F) climbed 0.4% to $63.85 a barrel, while West Texas Intermediate futures (CL=F) climbed 0.8% to $61.38 a barrel. The modest gains came after a Reuters report that the Trump administration had issued a new authorisation for Chevron, allowing it to retain its assets in Venezuela but banning crude exports and any expansion of its operations. 'The loss of Chevron's Venezuelan barrels in the US will leave refiners short and thus relying more on Middle Eastern crude,' Robert Rennie, head of commodity and carbon strategy at Westpac, said in a note. Read more: FTSE 100 LIVE: Stocks edge up as optimism over US-EU trade deal grows Trump had revoked a previous licence on 26 February. While past licences had helped stabilise Venezuela's sanctioned oil industry, lifting output to about a million barrels per day, the new limitations threaten that recovery. Still, the prospect of increased supply from OPEC and its allies limited price gains. A full OPEC+ meeting is scheduled for later today, but no changes to its current output policy are expected. Instead, markets are watching for a possible decision on a July production hike when a smaller group of eight members meets on Saturday. 'Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. She added that 'OPEC members' failure to comply with production quotas and Trump's trade policies negatively impact global oil demand.' Additional support for prices came after Trump suggested earlier this week that new sanctions on Russia were under consideration. Gold prices steadied on Wednesday as dip buyers re-entered the market, though broader gains were tempered by improving US-EU trade relations. Investors are now turning their attention to key US inflation data due later this week for clues as to the Federal Reserve's next move. Gold futures (GC=F) gained 0.2% to $3,308.30 per ounce at the time of writing, while the spot gold price climbed 0.6% to $3,320.70 per ounce. "Gold's dip below $3,300 saw it attracting some buyers. However, the broader market is still feeling generally upbeat now that the US-EU trade tensions have eased, which is capping the extent of gold's upside run for now,' said Tim Waterer, chief market analyst at KCM Trade. Market participants are watching for the US's core personal consumption expenditures (PCE) index for April, due on Friday, which could offer fresh insight into the Fed's interest rate trajectory. The central bank has kept its policy rate steady at 4.25%–4.50% since December, holding off on further tightening as it evaluates the economic impact of tariffs introduced by the Trump administration. Read more: UK consumers lost more than £1bn to fraud in 2024, new report reveals 'If support in the $3,250–$3,280 region continues to hold, then gold is well placed for potentially another run towards $3,400 if risk appetite fades,' Waterer said. 'More decisive moves in gold one way or the other may need to wait until we get a read on the Nvidia (NVDA) results and US core PCE on Friday.' The pound held steady against the dollar in early European trading, as the greenback found renewed strength amid rising investor optimism that the US and the European Union could reach a trade agreement swiftly. Stocks: Create your watchlist and portfolio The US dollar index ( which measures the greenback against a basket of six currencies, rose 0.1% to $99.62. The move came after a post by Trump on his Truth Social site during North American trading hours, in which he wrote: "I have just been informed that the EU has called to quickly establish meeting dates. This is a positive event, and I hope that they will, FINALLY, like my same demand to China, open up the European Nations for Trade with the United States of America. They will BOTH be very happy, and successful, if they do!!!" The outlook for the dollar remains fragile, as investors struggle to predict how bilateral deals between the US and its trading partners will shape the economic outlook. Fed officials have predicted that new economic policies initiated by Trump will lead to stagflation risks in the economy, and any monetary policy adjustment would be inappropriate until the scale of the inflation increase and the weakness in economic growth can be anticipated. In other currency moves, the pound was just above the flatline against the euro (GBPEUR=X), trading at €1.1922 at the time of writing. The FTSE 100 (^FTSE) was up 0.2% at 8,776 points. For more details, check our live coverage in to access your portfolio
