President Donald Trump has announced that he will reveal details of a big new trade deal at a press conference tomorrow morning at 10:00 AM in the Oval Office. On his Truth Social account, Trump described the deal as involving a “big, and highly respected, country” and called it “the first of many.”
The announcement comes as US-China talks are set to begin in Switzerland, marking the first formal discussions since the trade war started. Despite this, Trump insists that the US is not negotiating from a weak position. He responded to Chinese claims by saying, “They said we initiated [the talks]? I think they ought to go back and study their files.”
Although Trump has not named the country involved in the deal, the timing is significant, especially with tensions rising over trade, particularly with China. Trump has emphasized that the US is no longer losing money in trade, claiming, “We were losing a trillion dollars a year, now we’re not losing anything.” He also said there would be no reduction in tariffs for now
Trump mentioned that many countries have approached the US about trade deals, but he insists that any agreement must benefit the US first. “We could sign 25 deals tomorrow if we wanted,” he said, adding that tariffs are still a tool he is willing to use to get better terms.
Federal Reserve Keeps Interest Rates Steady, Cites Uncertainty
The US Federal Reserve has decided to keep interest rates unchanged, holding the rate between 4.25% and 4.50%. This decision comes amid concerns about rising inflation and job market pressures. Fed Chair Jerome Powell said there is “a great deal of uncertainty” about how Trump’s trade policies are affecting the economy. These policies, including tariffs on goods from China and other countries, have caused market volatility and worries about inflation and higher unemployment.
Despite these concerns, the economy has remained strong, but there are signs that consumer confidence is falling and inflation may rise. Powell said the Fed is focused on economic data, not on political pressure, despite Trump calling for rate cuts. Many analysts expect the Fed to hold off on rate cuts until September.
Also See: China Announces Major Stimulus Just Before Crucial US Trade Talks – What’s at Stake?
In addition to the tariffs, Trump has proposed a 100% tariff on foreign films. While this idea may not happen, it highlights the challenges facing the film industry. Hollywood, once the center of movie production, is losing ground to other countries that offer better tax breaks for filmmakers. As filming in Los Angeles has dropped, California officials are trying to offer more tax incentives to keep production in the state. However, competition from other countries remains strong.
