Author: News Room

As a partner at Cadwalader, Wickersham & Taft, Wall Street’s oldest law firm, Todd Blanche had represented people close to President Trump over the years.But in 2023, when Mr. Trump was facing multiple criminal investigations and Mr. Blanche wanted to represent him, most of the firm’s leadership balked at the idea, according to people with knowledge of the matter.So, Mr. Blanche left Cadwalader, hanging out his own legal shingle and expressing bitterness to some allies that he had to do so to take on Mr. Trump as a client, one of the people said.While Mr. Blanche’s loyalty earned him a…

Source: U.S. International Trade Commission Note: Boxes sized by value of exports to the United States. Only the 20 largest exporters to the U.S. are shown. The New York Times For now, most world leaders are trying to bargain their way out of the sweeping new American tariffs. Just two of the 20 largest exporters to the United States have countered them with new tariffs of their own.One was China, which said Friday that it would impose a 34 percent import tax on products coming from the United States. That prompted escalation from the Trump administration: Rescind the tax, it…

The news seemed big: That the Trump administration was considering a 90-day pause to his expansive tariffs.The problem was, it wasn’t true.But in a sign of the precarious nature of the markets right now, an unsubstantiated online report spiked shares sharply, albeit briefly, and continued to climb after CNBC and Reuters relayed the claim. The White House quickly responded saying that the report was “FAKE NEWS,” and CNBC and Reuters issued statements correcting the record.Stocks fell back down after those corrections. Still, the fallout continued to reverberate on Monday, and became a cautionary tale of the risk of using information…

President Trump’s global trade war has significantly raised the bar for the Federal Reserve to lower interest rates, as tariffs risk worsening an already knotty inflation problem while also damaging growth.Jerome H. Powell, the Fed chair, drove home that message in a hotly anticipated speech at the end of a turbulent week as financial markets melted down after Mr. Trump’s tariff plans were revealed.The measures would lead to higher inflation and slower growth than initially expected, Mr. Powell warned during an event in Arlington, Va., on Friday. He showed concern about the souring economic outlook, but his emphasis on the…

President Trump on Monday issued a new ultimatum to China: Rescind its retaliatory tariffs, or face a 104 percent tax on its exports to the United States starting later this week.The president’s threat risked another major escalation in what has already become a costly and damaging global trade war, one that has roiled financial markets as countries around the world scramble to calibrate a response to Washington. After Mr. Trump announced last week that he would impose a new 34 percent tariff on China, Beijing responded in force, threatening to impose a 34 percent tax on U.S. imports.In response, Mr.…

President Trump’s wave of tariffs threatens to bring both short-term economic pain, including lower growth, and long-term damage to America’s standing and trade relationships around the world, the chief executive of Wall Street’s biggest bank warned on Monday.“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Jamie Dimon, JPMorgan Chase’s chief executive, wrote in his annual letter to shareholders.The warning by Mr. Dimon, one of Wall Street’s most influential leaders, echoes the growing anxiety among corporate chiefs about how the tariffs will play out. Even those who had initially professed…

President Trump’s global tariffs have sent stock markets worldwide into a tailspin, and the S&P 500 on Monday entered bear market territory for the first time since 2022.Mr. Trump has seemed unmoved by the decline. He signaled on Monday that he had no plans to back off on tariffs, insisting that they would bring in “billions of dollars” in revenue and that other countries had been “abusing” the United States with their trade policies.Here is what to know about a bear market.What is a bear market?A bear market is a Wall Street term for a sustained market downturn, when a…

In December, Frank Parker upgraded to a bigger shrimp boat.For the Mississippi shrimper, it was a good trade with an older fisherman who was looking to scale back. But the driving force behind acquiring a boat that would allow Mr. Parker to stay in deeper waters for two weeks at a time was President Trump’s return to the White House, and his promise to tax nearly all imports.When Mr. Trump followed through on that promise and levied tariffs across the world this week, Mr. Parker, 52, said it felt “like the sun coming out of the tunnel.”It had been years…

The British government eased rules on carmakers requiring them to shift toward selling electric vehicles, as officials sought to blunt some of the pain caused by new auto tariffs on foreign cars sold in the United States.British officials said on Sunday that they would keep the requirement to stop the sale of new gasoline and diesel cars by 2030, but gave carmakers more flexibility to meet annual targets on electric vehicle sales between now and the 2030 deadline, so they could sell more cars in later years when demand is expected to be higher and face lower penalties. Officials also…

No letup in sight Frenzied selling is gripping global markets for a third straight session, with the S&P 500 and Nasdaq futures deeply in the red, along with a clobbering in European and Asian stocks, as President Trump digs in on tariffs. A new wave of duties is set to take effect this week that could further upset global markets.Trump continues to say he doesn’t care about the stock markets. But last week’s greater than $5 trillion hit to the S&P 500 may be weakening his hand as talks continue with U.S. trading partners. And business leaders — even those…