President Trump said Tuesday he had "no intention" of firing Federal Reserve Chair Jerome Powell, ending days of speculation about the independence of the central bank that had roiled the financial markets.
When Trump announced sweeping tariffs this month, he called it "Liberation Day." But there are fears that it may well have been the day foreign investors started to lose faith in the United States.
NPR's Mary Louise Kelly speaks with Steven Dunn founder and CEO of Munchkin a U.S.-based company selling lifestyle products for mothers, babies and children. Dunn has written an open letter to President Trump and Congress about how tariffs could harm his business and American families.
President Trump lashed out at Powell for not acting sooner to lower interest rates. The president's own tariffs make that more difficult, by putting upward pressure on prices.
The S&P 500 sank 2.2% after falling as much as 3.3% earlier. Such an amount would have vied for one of its worst losses in years before the historic swings that have upended Wall Street in recent weeks.
The key driver of the economy saw the biggest increase in over two years in March, as car buyers tried to get ahead of President Trump's tariffs on imported autos and auto parts.
Hong Kong is caught in the middle of the trade disputes between the U.S. and China despite being a free port. The former British colony has trade and customs policies different from mainland China's.
The first Trump administration spent $28 billion bailing out farmers during a trade war with China. The White House has said it's starting to look at how to help this time around.
China signals the latest tariff hike will be its last round of tit-for-tat measures, prompting sharp falls in European shares, as Asian stocks end the day mixed.
