Bloomberg Daybreak: Europe Edition Tariff Whiplash Hits Stocks, Bailey’s UK-EU Trade Pitch, What Is Section 899?
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May 30, 2025 Discover the latest twists in U.S. trade policies as a federal court grants Trump a temporary break on tariffs. Trade talks with China are stalling, prompting calls for crucial dialogue between leaders. Meanwhile, Trump pressures the Federal Reserve for lower interest rates. Section 899, an obscure tax measure, raises alarms on Wall Street, potentially impacting foreign investments. Amid this turmoil, the U.S. economy remains more robust than Europe's, as emphasized by Citigroup's CEO, while the Bank of England pushes for stronger EU trade ties.
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Temporary Reprieve for Trump's Tariffs
- A federal appeals court temporarily paused a ruling that blocked President Trump's sweeping tariffs.
- This reprieve prevents tariffs from being overturned immediately but a longer legal battle is expected.
US-China Trade Talks Stalled
- US Treasury Secretary Scott Bessent says trade talks with China are stalled.
- A direct call between President Trump and Xi Jinping may be needed to progress.
Fed Rate Cut Pressure From Trump
- President Trump pushed Fed Chair Jerome Powell to lower interest rates in their first meeting.
- Fed officials remain patient, indicating policy depends on incoming economic data.