Crude oil futures pulled back below the $68-a-barrel mark after jumping about 5% in the New York session on Wednesday amid escalating geopolitical tensions between the U.S. and Iran.
After announcing sizable tariff rates for trading partners in early April, the Trump administration put on hold the implementation of much of the levies, except for a baseline 10% rate.
When asked about the bill resulting in a potential deficit increase of $2.4 trillion over the next decade, Bessent refrained from providing details but said the Trump administration’s proposal would result in “smart spending.”
As part of the London deal, China will supply the U.S. with rare earth resources and magnets, while Chinese students will be allowed to access colleges and universities in the United States.
The U.S. President also stated that he will work closely with Chinese President Xi Jinping to revamp the U.S.-China trade, which he believes will be great for both nations.
Apple Inc. (NASDAQ:AAPL) is under scrutiny as CNBC's “Mad Money” host Jim Cramer declared that the tech giant's stock buyback program "is not working right now."
Although Chinese Vice Premier Lifeng did not dive into the details of the framework, he urged the two countries to show the spirit of good faith in abiding by their commitments.
The World Bank has significantly reduced its 2025 global growth forecast, pointing to the escalating trade tensions and policy uncertainty, particularly due to the wide-ranging tariffs imposed by U.S. President Donald Trump.
Morgan Stanley’s economics team expects a modest push from tariffs, underlined by firmer prices for new cars, apparel, and other goods such as household appliances.
