Author: ALJAZEERA

The United States has announced a ‘breakthrough deal’ with the United Kingdom that would create an aluminium and steel trading zone and secure the pharmaceutical supply chain. The deal affirms that “reciprocity and fairness is a vital principle of international trade” and increases access for US agricultural products, US President Donald Trump said on Thursday, though he added that the final details were still being written up. “The final details are being written up,” Trump told reporters. “In the coming weeks, we’ll have it all very conclusive.” The deal, the first one struck by the US since Trump imposed his…

The central bank will hold steady amid economic uncertainty driven by tariffs.The US Federal Reserve has kept interest rates unchanged, brushing off President Donald Trump’s demands to lower borrowing costs, and said that the risks of higher unemployment and higher inflation have risen. The Central Bank kept its benchmark rate at 4.25 percent to 4.5 percent, where it has been since December, after cutting it three times in a row at the end of last year. Its vote to hold rates steady was unanimous. In a statement, the Fed said that “uncertainty about the economic outlook has increased further”, as…

US Treasury Secretary Scott Bessent says Washington does not wish to decouple from China but wants ‘fair trade’.The United States and China will hold trade talks in Switzerland this week, officials have said, as the world’s two largest economies seek to de-escalate tensions that have led to a de facto mutual trade embargo. The talks would be the first official engagement between Washington and Beijing on trade since US President Donald Trump slapped a 145 percent tariff on Chinese goods, prompting a retaliatory 125 percent duty from China. US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson…

President asks for ‘patience’ as businesses react negatively to Trump’s aggressive efforts to upend global trade.United States President Donald Trump blames former president Joe Biden for the decline of key economic indicators during his first months as president, amid widespread disruptions caused by Trump’s tariff policies. The US economy contracted by 0.3 percent during the first quarter of the year, the first such drop in three years. During the last three months of 2024, the economy grew by 2.4 percent. “This is Biden’s Stock Market, not Trump’s,” Trump said in a post on his website Truth Social. “Tariffs will soon…

Three Republican senators join Democrats in voting for resolution to oppose US president’s trade policy.The United States Senate has rejected an effort to block US President Donald Trump’s tariffs amid bipartisan concerns about the impact of his trade salvoes on the economy. The upper house of the US Congress voted 49-49 to knock back the resolution on Wednesday, hours after government data showed that the US economy shrank for the first time in three years. Three Republican senators – Rand Paul of Kentucky, Susan Collins of Maine and Lisa Murkowski of Alaska – voted for the measure in a rare rebuke…

European budget airline Ryanair threatened to cancel hundreds of orders of Boeing aircraft amid tariffs imposed by the United States, which have driven prices higher and is considering alternative suppliers, including Chinese planemaker COMAC. The news agency Reuters first reported the story on Thursday. The airline had ordered 330 Boeing 737 MAX aircraft – at a list price of more than $30bn. Ryanair’s chief executive Michael O’Leary said in a letter to an undisclosed senior US lawmaker “If the US government proceeds with its ill-judged plan to impose tariffs, and if these tariffs materially affect the price of Boeing aircraft…

The airline has asked the Indian government for financial relief equivalent to its estimated losses.Air India expects to face about $600m in additional costs if a ban from Pakistan’s airspace lasts for a year and has asked the Indian government to compensate it for the hit. The New Delhi-based air carrier on Sunday asked the government for a “subsidy model” proportionate to the economic hit, estimating a loss of more than $591m (50 billion Indian rupees) for each year the ban lasts, according to a letter sent by the airline to the Ministry of Civil Aviation and seen by the…

Civil liberties have come under threat since United States President Donald Trump took power in January. The Trump administration has primarily targeted more vulnerable groups, such as immigrants, tourists and non-American activists, as US law does not grant them the same protections as US citizens. Some immigrants and tourists have found themselves trapped at the border for long periods of time. In some cases, they have been held due to social media posts critical of Trump. That has raised the question – what should a person be prepared for when they’re going to encounter US immigration agents? Points of entry…

Several global automakers, including Mercedes-Benz and Stellantis, have joined Michigan-based General Motors and Volvo in suspending their respective annual financial guidance reports for investors amid growing tariff uncertainty. The announcements on Wednesday came even as US President Donald Trump signed an executive order on Tuesday to soften the blow of the auto tariffs that he had imposed earlier this month. “While we further assess the impact of the tariff policies on our North American operations, we look forward to our continued collaboration with the US administration to strengthen a competitive American auto industry and stimulate exports,” Stellantis board chairman John…

The White House calls the decision ‘hostile’ as the e-commerce company denies any proposal is under consideration.Amazon may soon show how much tariffs imposed by US President Donald Trump will cost consumers who shop on the company’s platform, according to new reporting from the outlet Punchbowl News, citing a person familiar with the plan. In response to the report on Tuesday, White House Press Secretary Karoline Leavitt said she had discussed the Amazon plan with the president, and his message about it was: “This is a hostile and political act by Amazon.” The White House also attempted to deflect the…