US news is today heavily domianted by politics, tariffs and stock markets. The US President has clarified that he has no plans to fire Fed boss Jermone Powell despite complaining about his performance via Twitter/X.
The President has also hinted he may reverse his trade tariffs on China as the IMF downgrades global growth and warns of a US recession.
Trump Signals Shift on China Tariffs
President Trump has indicated a potential reversal in his trade policy with China, stating that the high tariffs on Chinese goods will “come down substantially.” This marks a significant shift from his previous stance during the trade war.
Elon Musk to Reduce Doge Role
Elon Musk plans to reduce his time in Donald Trump‘s Department of Government Efficiency (DOGE) to focus more on Tesla, amidst a 71% drop in the company’s first-quarter profits and ongoing sales challenges influenced by tariffs.
Trump Administration Open to Negotiations with Harvard
The Trump administration appears open to negotiations with Harvard University, following the university’s lawsuit against the federal government for freezing grants. The lawsuit sets up a monumental clash between the administration and one of America’s most prestigious institutions.
Trump Clarifies Stance on Fed Chair Powell
President Trump stated he has “no intention of firing” Federal Reserve Chair Jerome Powell, days after expressing dissatisfaction with Powell’s performance. This clarification comes amid concerns about the stability of U.S. monetary policy.
Trump’s Tariffs Shake Global Economy
President Trump’s steep tariffs on Chinese imports have led to a significant downturn in global markets. The International Monetary Fund (IMF) warns of a potential U.S. recession, with global growth forecasts lowered.
State Department Faces Major Overhaul
Secretary of State Marco Rubio has announced a significant reorganization of the State Department, aiming to modernize operations. The plan includes closing several overseas missions and reducing staff.