Market Wire, North America

Only a day after the Supreme Court struck down his tariff regime, and less than 18 hours after signing an executive order implementing new 10 percent tariffs on all US trading partners, Donald Trump has announced he will increase the levy to 15 percent. In a post on his social media platform, the president said after a “thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American” court decision, he is “effective immediately, raising the 10 [percent] Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came...

US president Donald Trump has said he will sign an order imposing 10-percent tariffs on all global imports later today, replacing many of the levies ruled illegal by the Supreme Court this morning. In a press conference punctuated by accusations of foreign meddling in American courts, the president said the new duties will be implemented under Section 122 of the Trade Act of 1974, implying that there can be no carveouts for specific product groupings, and that the government will have 150 days to gain Congressional approval before they expire. During that time, Trump said his administration would begin investigations...

The Federal Reserve left rates unchanged this afternoon, and subtly upgraded its assessment of labour markets and growth, disappointing those expecting a more dovish bias and lending the dollar some much-needed support. In the widely-expected decision, the Federal Open Market Committee voted by a consensus-driven 10-to-2 margin to maintain the target range for the federal funds rate between 3.50 and 3.75 percent. Trump appointee Stephen Miran again dissented from the majority in favour of a bigger move, joined by Christopher Waller, who is seen as a potential candidate for Chair when Jerome Powell’s term ends. In a tweak to the...