Author: ALJAZEERA

US president says the Treasury secretary wishes to stay in his current role.United States President Donald Trump has ruled out Secretary of the Treasury Scott Bessent as his pick to replace Federal Reserve Chair Jerome Powell.Trump, who has repeatedly criticised Powell for not moving faster to lower interest rates, said on Tuesday that Bessent wished to continue in his current role.“I love Scott, but he wants to stay where he is,” Trump said in an interview with CNBC, adding that Bessent was doing a “great job” and had told him as recently as Monday that he did not want the…

Switzerland says it will try to negotiate its way out of stiff United States tariffs, hours after US President Donald Trump’s administration shocked the European country by announcing plans to impose a 39-percent tariff rate on Swiss goods.The Swiss government said on Friday that it was “disappointed” and would decide how to proceed after Trump unveiled the 39-percent rate, more than double the 15 percent being applied for most European Union imports into the US.The new tariffs, which are set to go into effect on August 7, would prove painful for several key Swiss industries, including manufacturing and watchmaking.The Swiss…

The US president has hurled insults at Fed Chair Jerome Powell, renewing calls for the Federal Reserve to slash interest rates.Washington, DC – United States President Donald Trump has called on the Federal Reserve board to wrest control of the central bank from Chairman Jerome Powell and lower interest rates.In a series of social media posts on Friday, Trump — who has called for lowering interest rates for months — escalated his attacks on Powell, suggesting that the central bank chief should be stripped of his powers.“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW,” Trump wrote.“IF…

The White House has launched an aggressive public relations campaign promoting a narrative of economic strength during the first six months of United States President Donald Trump, with claims of his policies fueling “America’s golden age”.But an Al Jazeera analysis of economic data shows the reality is more mixed.Trump’s claims of his policies boosting the US economy suffered a blow on Friday when the latest jobs report revealed that the country had added a mere 73,000 jobs last month, well below the 115,000 forecasters had expected. The only additions were in the healthcare sector, which added 55,000 jobs, and the…

US President Trump alleged that the data had been manipulated to make him look bad.United States President Donald Trump has removed the head of the agency that produces the monthly jobs figures after a report showed hiring slowed in July and was much weaker in May and June than previously reported.Trump, in a post on his social media platform on Friday, alleged that the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics (BLS), who was appointed by former President Joe Biden, should be fired. He provided no evidence for the…

United States President Donald Trump’s tariffs are set to come into effect on August 1. They mark a significant escalation in US trade policy, leading to higher prices for consumers and bigger financial hits for companies.Trump had initially postponed “reciprocal tariffs”, which he had announced on April 2, giving countries time to reach trade deals with the US.On Sunday, US Commerce Secretary Howard Lutnick said the August 1 tariffs were a “hard deadline”.What are the August 1 tariffs?Several countries are facing a slew of tariffs on August 1. While the situation remains dynamic, different levies are going to hit countries…

United States President Donald Trump has announced a trade deal with South Korea, the latest agreement unveiled ahead of his August 1 deadline for the imposition of steep tariffs on dozens of countries.Under the “full and complete” trade deal, South Korean goods will be subject to a 15 percent tariff, while US exports will not face duties, Trump said on his Truth Social platform on Wednesday amid a blitz of trade-related announcements that also included new US duties on Brazil and India.US and South Korean officials confirmed that the 15 percent rate would apply to vehicles, a win for the East…

The International Monetary Fund has raised its global growth forecasts for 2025 and 2026 slightly, citing stronger-than-expected purchases in advance of an August 1 jump in tariffs imposed by the United States and a drop in the effective US tariff rate to 17.3 percent from 24.4 percent.In its forecast on Tuesday, it warned, however, that the global economy faced major risks including a potential rebound in tariff rates, geopolitical tensions and larger fiscal deficits that could drive up interest rates and tighten global financial conditions.“The world economy is still hurting, and it’s going to continue hurting with tariffs at that level,…

The United States and the European Union have reached a wide-ranging trade agreement, ending a months-long standoff and averting a full-blown trade war just days before President Donald Trump’s deadline to impose steep tariffs.The EU will pay 15 percent tariffs on most goods, including cars. The tariff rate is half the 30 percent Trump had threatened to implement starting on Friday. Brussels also agreed on Sunday to spend hundreds of billions of dollars on US weaponry and energy products on top of existing expenditures.Speaking to reporters at his Turnberry golf resort in Scotland, Trump hailed the agreement as the “biggest…

The carmaker joins Stellantis and GM in reporting hits to their profits as tariffs drive up costs for the industry.Volkswagen has reported $1.5bn in losses in the first half of the year because of tariffs imposed by United States President Donald Trump. The German carmaker reported a hit as the company revised its full year sales and profit margin forecasts. Volkswagen, Europe’s biggest carmaker, now expects this year’s operating profit margin to be 4 percent to 5 percent, compared with a previous forecast of 5.5 percent to 6.5 percent. Full-year sales, earlier seen up to 5 percent higher, are expected…