The Latest Breaking News on Trump backs off threat to fire Fed Chair Powell, as stock market surges

Donald Trump says tariffs on China will be dropped “substantially” as IMF warns of ‘major negative shock’ from tariffs – key US politics stories from 22 April

US President Donald Trump said Tuesday he had no plans to fire the Federal Reserve chief, in apparently conciliatory remarks after berating him and triggering market turmoil.

The S&P 500 climbed 2.5% after a broad market selloff on Monday.

The dollar index (DXY00 ) Tuesday rose by +0.65%. The dollar rallied moderately Tuesday and rebounded from Monday's 3-year low. Short covering emerged in the dollar Tuesday on trade deal optimism after US trade negotiators said they have made "significant progress" toward a bilateral trade deal with India following talks...

The trade standoff between Washington and Beijing is not sustainable, US Treasury Scott Bessent said Tuesday, predicting the tit-for-tat tariff war would de-escalate soon.

Trump administration isn’t backing down from raising import taxes despite warnings of an impending recession as a result of higher tariffs

THE INDEPENDENT VIEW: Editorial: The IMF’s downgrade of global growth forecasts, a direct result of US tariffs, will only add to the pressure on chancellor Rachel Reeves to make the case during her visit to Washington for a fabled US-UK free trade agreement

Economists recently echoed concerns of global financial uncertainty and say a recession is more likely.

The U.S.-China standoff over tariffs is unsustainable and likely to de-escalate, Treasury Secretary Scott Bessent said.