The August report bolsters the case for another quarter-point interest rate cut when the Federal Reserve meets on September 17-18. Officials will cite the slowdown in job growth and softening manufacturing data, but will also likely reiterate that the economy remains on solid footing overall.
President Trump hit China with new tariffs as retaliation for tariffs China slapped on U.S. goods. The escalating trade war has Wall Street worried. Weijia Jiang reports and yours truly makes an appearance!
The trade battle between the U.S. and China is rocking stock markets around the world. Major indexes lost nearly 3% or more on Monday and the Treasury Department is now labeling China as a currency manipulator. I joined CBS This Morning with more on what that means for your money.
A day after Fed Chair Jerome Powell said that trade policy tensions had been reduced to a simmer, President Trump ratcheted up the heat to what cooks might call a “slow boil.” Last Thursday, Trump tweeted that as of September 1, the U.S. would impose a 10 percent tariff on the remaining $300 billion worth of Chinese goods imported into the U.S.
Amid renewed Presidential criticism and evidence of a slowing economy, Fed officials will convene a two-day policy meeting this week and the pressure is on. As always, central bankers have to balance maintaining a strong enough economy to foster job growth, but it can’t run too hot, which might trigger inflation. Right now, there’s a battle brewing inside the collective Fed’s Head between action and inaction.
President Trump is doubling down on his threat to impose new trade tariffs on Mexico. On Sunday, he tweeted "the problem is that Mexico is an abuser of the United States, taking but never giving." Last week, the president announced an initial five percent tariff on all imports from Mexico, if the country does not stop illegal immigration to the U.S. The first round of tariffs is due to take effect June 10. I joined CBS This Morning to discuss how this could affect American consumers and businesses.
On Thursday night, President Trump reignited the trade conflict with Mexico. You may be thinking, “Wait, didn’t he repeal the steel and aluminum tariffs two weeks ago, and didn’t the White House just submit to Congress the revised NAFTA deal, now known as the United States-Mexico-Canada Agreement, or USMCA?
A surprise move by the president to impose tariffs on Mexico could impact billions of dollars of goods. The auto industry would take the biggest hit. Weijia Jiang reports and I make an appearance.
The stock market plunged amid an escalating trade war between the U.S. and China, but will American consumers be impacted the most? I discussed on the CBS Evening News.