Author: Jamie Carpenter

President Donald Trump announced a sweeping 25% tariff on all imported steel and aluminum on Wednesday, escalating global trade tensions and prompting immediate retaliatory measures from the European Union and Canada. Global Trade War Escalates The tariffs, aimed at bolstering U.S. manufacturing, have sparked fears of a global trade war. The European Union swiftly retaliated with countermeasures on up to $28 billion worth of American goods, while Canada imposed over $20 billion in retaliatory tariffs. Trump signaled that further U.S. trade actions could follow. Economic Concerns and Industry Impact While the tariffs are designed to protect domestic steel and aluminum…

Goldman Sachs has slashed its US economic growth forecast for 2025 to 1.7%, down from an earlier estimate of 2.4%, as concerns mount over the impact of President Donald Trump’s escalating trade war. The revision comes amid increasing warnings from Wall Street that ongoing tariff disputes could trigger a global recession. Stock Market Sell-Off Monday saw a sharp sell-off in US equities, with the Nasdaq plunging 5% and the S&P 500 falling 4.6%. Morgan Stanley now predicts that the S&P 500 could decline by another 5% in the coming months if Trump continues to intensify his trade war strategies. Economic…

China’s national consumer price index (CPI) declined into negative territory in February for the first time since January last year, dragged down by falling food, tobacco, and alcohol prices. Year-on-Year and Monthly Decline According to data released by China’s National Bureau of Statistics on Sunday, the CPI dropped by 0.7% year-over-year in February, reversing a 0.5% gain seen in January. The reading missed economists’ expectations of a 0.5% annualized contraction, as forecasted in a Reuters poll. On a month-over-month basis, the CPI declined by 0.2%, compared to a 0.7% increase in January. Economic Stimulus and Growth Targets The decline in…

Wall Street saw a turbulent session on Friday as investors digested the latest jobs report and assessed ongoing uncertainty stemming from President Trump’s trade policy. Market Performance The Dow Jones Industrial Average (^DJI) recovered earlier losses to hover near the flatline. The S&P 500 (^GSPC) fell 0.3%, putting the broad-based index on track for its worst week of the year. Meanwhile, the Nasdaq Composite (^IXIC) pared earlier losses but still dropped 0.4% after closing in correction territory on Thursday. February Jobs Report The latest US nonfarm payrolls report showed that 151,000 jobs were added last month, slightly below economists’ expectations…

Layoffs in the U.S. have skyrocketed to levels not seen since the last two recessions, driven by mass federal government job cuts, canceled contracts, and growing concerns over trade wars. The latest data offers the clearest sign yet of the impact of President Donald Trump’s policies on the labor market. Job Cuts Hit Highest Level Since 2020 Global outplacement firm Challenger, Gray & Christmas reported Thursday that planned job cuts surged 245% to 172,017 in February, marking the highest level since July 2020, when the economy was reeling from the COVID-19 pandemic. It was also the highest February total since…

A consortium led by U.S. investment giant BlackRock has acquired two key Panama Canal ports from their Hong Kong-based owner, CK Hutchison Holdings, in a deal valued at nearly $23 billion (£17.8 billion). Strategic Sale Amid U.S. Political Pressure The sale comes after U.S. President Donald Trump expressed concerns over what he described as Chinese control of the vital shipping lane. The deal involves a 90% stake in Panama Ports Company, which operates the Balboa and Cristobal ports at either end of the canal under a contract running until 2047. Trump previously stated that the U.S. should “take back” control…

U.S. President Donald Trump stated that he warned the leaders of Japan and China against devaluing their currencies, arguing that such actions put U.S. manufacturers at a disadvantage. His remarks came as the U.S. implemented 25% tariffs on imports from Mexico and Canada on Tuesday, while also doubling tariffs on Chinese goods to 20%, escalating global trade tensions. Market Reaction and Yen Strength Trump’s comments triggered market volatility, leading to a nearly 2% drop in Japan’s Nikkei 225 index as the yen appreciated. The currency briefly climbed to 148.60 per dollar on Tuesday, up from around 150 on Monday. “I’ve…

European markets closed higher on Monday, driven by a surge in defense stocks following regional security talks that emphasized increased military spending. The Stoxx 600 index fluctuated early in the session but ended the day 1.1% higher, while the Stoxx Europe aerospace and defense index soared 8%, marking its strongest performance in five years. Defense Stocks Lead Market Gains The biggest movers included Germany’s Hensoldt, which surged 22.3%, Italy’s Leonardo, up 16%, and Dassault Aviation, which gained 15%. Other major defense firms such as Sweden’s Saab, France’s Thales, and Britain’s BAE Systems also saw significant gains. Rolls-Royce, which operates in…

Microsoft is officially shutting down Skype, the internet-based phone and video service that once dominated digital communication in the mid-2000s. Starting in May, Skype will “no longer be available,” the company confirmed on X (formerly Twitter). Users are being encouraged to transition to Microsoft Teams’ free tier using their existing Skype log-in information. The Rise and Fall of Skype Skype launched in Estonia in 2003 and quickly gained popularity as a way to make free calls worldwide. At a time when international calling was costly, Skype revolutionized communication by enabling voice and video calls over the internet. Its early success…

Initial filings for unemployment benefits reached their highest level of the year last week, signaling potential weakness in the U.S. labor market. According to a Labor Department report released Thursday, jobless claims for the week ending Feb. 22 totaled a seasonally adjusted 242,000 — an increase of 22,000 from the previous week and above the Dow Jones estimate of 225,000. Rising Jobless Claims Amid Economic Uncertainty The latest figures mark the highest level of claims since early October 2024, raising concerns about broader economic growth. The increase coincides with declines in consumer sentiment, reflecting growing unease about the economic outlook.…