Biden announced tariffs on Chinese goods
US President Joe Biden has said that his administration will impose tariffs on $18 billion of Chinese imports as part of a series of measures to protect the American economy. The move is meant to protect American sectors and the administration says that China is using unfair trade practices. Biden added the tariffs arenecessary to protect American workers from imports of unfairly traded products.
Some voters in the boomerang county say they are nostalgic for the Trump economy
Luis Escarraman, who drives a truck and freight truck in the US, said that he is nostalgic for Donald Trump’s “economy”. “What have we learned in the last two years?” he asked. Escarraman added that he was weighing a lot of things in deciding who he supports politically. In 2008 and 2012 Northampton voters voted for Barack Obama but switched to Trump.
The Fed has kept interest rates at 23-year high
US Federal Reserve (Fed) Governor Jerome Powell said that “consumers are willing to go out to a mall and why does the central bank care about inflation”, adding that high interest rates haven’t hurt the job market. The Fed can influence demand for homes and cars by reducing interest rates but it’s not a factor that can affect restaurant or concert ticket demand.
The Fed is expected to keep rates steady
The US Federal Reserve on Wednesday kept its interest rates unchanged for the fifth straight time. However, it expects to cut rates by two more times in 2024 and said that it isn’t expected to reduce rates until it has ” gained greater confidence” that inflation is moving towards 2%. The unemployment rate has remained below 4% for more than two years.