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The Latest Breaking News from Scott Bessent

Elon Musk is leaving Trump. Or is he? What’s next for Doge’s ‘authoritarian’ wrecking ball?

The world’s wealthiest man is ‘significantly’ stepping back from the White House, but the cost-cutting force isn’t going anywhere, Alex Woodward reports

The Independent UK

Commerce Secretary says US is close to first tariff deal, days after Trump bragged he already had 200 deals

Commerce Secretarty Howard Lutnick says he has a deal done but won’t name the country

The Independent UK

Donald Trump to offer automakers some relief on his 25% tariffs

President Donald Trump signed executive orders on Tuesday to relax some of his 25% tariffs on automobiles and auto parts, the White House said, a significant reversal as the import taxes threatened to hurt domestic manufacturers.

Euronews

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Trump reveals plans to ease tariff impact on US carmakers

US president will curb some duties on foreign parts in domestically manufactured cars, administration says

The Guardian - UK

Federal Minimum Wage Officially Falls Below Poverty Line. Trump Admin Has No Plans to Increase It

The federal minimum wage of $7.25 has not changed since 2009 despite a 37% increase in the cost of living.

Latin Times

Port of L.A. executive director says retailers will soon have only about 7 weeks of full inventories left amid U.S.-China trade war

“Nobody wins,” Gene Seroka said. “China is America’s factory.”

Fortune

White House scales back auto tariffs after industry panic: ‘It’s a little bit of help’

Trump signed a new set of executive orders, which will provide some relief for US automakers who feared the toll of stacking tariffs on prices

The Independent UK

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Walmart, Home Depot, Target Restart China Shipments, Will Cover Tariffs: China Source

Chinese-based news organizations are reporting major U.S. retailers have instructed suppliers to restart shipments.

Investors Business Daily

White House gets defensive when asked if Xi and Trump have talked about the future of tariffs

Trump has claimed to have spoken with the Chinese leader in recent weeks. The Chinese government says it hasn’t happened

The Independent UK

Asian shares advance after a quiet day on Wall St, despite tough talk on tariffs

Asian shares are mostly higher after U.S. stocks drifted to a mixed, quiet finish ahead of a busy week of corporate earnings and economic data

The Independent UK

Markets Rise As Traders Gear Up For Earnings, Key Jobs Data

Markets edged up Tuesday after a largely positive day on Wall Street with investors eyeing a busy week of data and earnings releases that could provide clues about the effects of Donald Trump's trade policies.

International Business Times

Treasury Sec. Isn't Worried About Empty Shelves as 'Empty Cargo Ships' Push Americans to Panic Buy

Treasury Secretary Scott Bessent dismissed concerns of supply chain disruptions amid the trade war with China, saying he is not worried "at present."

Latin Times

U.S. stocks rebound late in the day to finish positive after earlier drawdowns

Investors are still looking to potential trade deals to offer some certainty moving forward.

Fortune

Trump's trade war means empty shelves are looming: How long until consumers feel the pain

"It is quite evident that the impact of the trade war has caused many shippers to pause, or outright cancel, shipments," says one container-shipping expert.

Fortune

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Latin Times

Treasury Secretary Suggests Trade Agreement With China Still Far Away: 'Maybe They'll Call Me One Day'

Treasury Secretary Scott Bessent said China is stand to lose more than the U.S. if the trade war continues its course, calling the situation "unsustainable" for Beijing

Fortune

Scott Bessent says it’s China’s responsibility to ‘de-escalate’ trade war

The U.S. has an escalation plan in its “back pocket” that it doesn’t want to have to use, Bessent said.

International Business Times

China Says On 'Right Side Of History' In Trade Standoff With US

Since returning to the White House in January, US President Donald Trump has imposed 10 percent tariffs on most US trading partners and a separate 145 percent levy on many products from China.

Evening Standard

Trump's tariff wars 'are not working,' says France's chief banker highlighting US recession fears

Francois Villeroy de Galhau slammed the uncertainty the US president’s import levies have sparked in economies and markets around the world

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The Guardian - UK

US tariff war hurting trade with China; M&S cyber-attack crisis continues; FTSE 100 rises for 11th day running – as it happened

Rolling coverage of the latest economic and financial news

The Independent UK

Trump claims trade negotiations are happening every day with China. No one in Beijing or Washington seems to know who is doing the talking

President says U.S. and China are talking, China denies it, and no one in the administration seems to know about it

The Guardian - US

US treasury secretary says ‘there is a path’ with China over tariff negotiations

‘The Chinese will see this high tariff level is unsustainable for their business,’ says Scott Bessent

The Guardian - UK

Despite Pope Francis’s wishes, there’s little appetite for richer nations to help the poorest

Trump’s tariffs will make it tougher for emerging economies to service loans but debt relief has fallen off the political agenda

The Independent UK

‘I want our young people to be able to work in Europe’, says Rachel Reeves

Chancellor’s remarks, made ahead of the EU-UK summit next month, signal a softening of the government’s position on a youth mobility scheme

International Business Times

Developing Countries Should Fast-track US Trade Deals: World Bank President

Developing countries should strike swift trade deals with the United States at the "earliest possible" opportunity, the president of the World Bank told AFP Friday, after a busy week with global financial leaders in Washington.

International Business Times

Trump Tariff Promises Get A Reality Check

A gathering of global economic leaders in Washington wraps up Saturday with tariff talks between the United States and partners still unresolved -- and anxiety building over the state of the global economy.

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