scott bessent

A heated confrontation erupted at the White House between Elon Musk and Treasury Secretary scott bessent over IRS reform, reportedly escalating into shouting match with President Trump nearby. Musk has had previous public disputes with senior members of the administration.

US Treasury Secretary Bessent advocated for international cooperation and criticised the IMF and World Bank for straying from their core missions, signaling a nuanced approach to global finance. However, this message was immediately countered by the White House, which reaffirmed its commitment to maintaining tariffs on China until a new deal is reached.

US Treasury Secretary scott bessent criticized China's export-driven economic model as unsustainable, harming both China and the global economy. He defended President Trump's tariffs as a means to foster deeper collaboration and address policy choices that have weakened US manufacturing.

India may soon be the first nation to strike a bilateral trade deal with the US under President Trump's reciprocal tariff policy, according to US Treasury Secretary scott bessent. Negotiations are reportedly near a breakthrough, facilitated by India's relatively low tariffs and minimal trade barriers.

US President Trump indicated that the high tariffs on Chinese imports, currently at 145%, will be reduced substantially, emphasising that the previous zero-tariff situation was detrimental to the US. Treasury Secretary Bessent acknowledged the unsustainability of the current trade standoff, while the White House claims many countries are interested in new trade arrangements.

The White House is set to begin interviewing candidates for the next Federal Reserve Chair this autumn, as Jerome Powell's term concludes in May 2026. Treasury Secretary scott bessent confirmed the timeline amidst President Trump's repeated calls for interest rate cuts. While Bessent affirmed the Fed's independence and dismissed immediate concerns, he suggested a review of its regulatory role.

Donald Trump engaged directly in trade discussions with Japanese officials. This happened amidst worries about tariffs. Shigeru Ishiba noted constructive talks. Trump aims to finalize deals as China expands its influence. Tariffs sparked market panic and recession fears. China's Xi Jinping promotes his country as a reliable trade partner. Trump faces domestic pressure to resolve tariff issues.

The US dollar rebounded as President Trump eased concerns about Federal Reserve independence and potential trade resolutions with China. Market sentiment improved following Trump's assurance regarding Jerome Powell's position and hints at reduced tariffs, contingent on successful negotiations with Beijing. Consequently, the dollar index rose, and major stock futures experienced significant gains.

Donald Trump hinted at reducing the 145% tariffs on Chinese imports, acknowledging their unsustainability while insisting on a trade deal. This shift follows financial market turmoil, Chinese retaliation, and domestic pressures from businesses and consumers. Treasury Secretary Bessent's warnings and internal political tensions also influenced Trump's softened stance, though he maintained tariffs wouldn't return to zero.

President Trump is set to meet with top economic advisors and a Japanese official to negotiate tariffs, military support costs, and trade fairness. Japan's chief trade negotiator, Ryosei Akazawa, aims to convince US officials to remove Trump's tariff measures. Akazawa hopes to build a win-win relationship with the US, emphasizing the protection of Japan's national interests during the talks.

China refuted President Trump's claim of recent tariff talks with Xi Jinping, escalating trade war tensions. This denial raises concerns about the global economy and Trump's strategy, as direct leader dialogue is absent. China's refusal to engage suggests a readiness to endure economic pain, while Trump's credibility faces scrutiny amid conflicting reports.

Japan's representative is set to visit Washington for crucial tariff discussions with top US officials. Ryosei Akazawa will meet with scott bessent and Jamieson Greer. This visit follows Trump's hints at softening auto tariffs. South Korea and Indonesia are also engaging in trade talks with the US. These negotiations are viewed as critical for shaping future trade relations.

India's economic growth could be slashed by 0.5% due to US tariffs, according to Finance Secretary Seth. Speaking in Washington, Seth highlighted potential damage from indirect consequences, even as India aims for 7% growth in the next decade. The WTO forecasts a global trade slowdown, exacerbated by US policies and tensions with China.

Ukraine and the United States have signed a memorandum of understanding, signaling progress toward a minerals agreement and broader economic partnership. This agreement aims to leverage Ukraine's natural resources, including rare earth metals, oil, and gas, to finance postwar reconstruction with potential involvement of American firms. The final deal requires ratification by both the US Congress and the Ukrainian parliament.

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, opened in green on Tuesday. While BSE Sensex went above 80,600, Nifty50 crossed 24,450.

Gold prices experienced significant volatility, initially soaring to record highs due to safe-haven demand amid geopolitical and economic uncertainties last week. However, prices corrected sharply following signals of potential trade negotiations and peace efforts. Investors are closely monitoring central bank independence, inflation expectations, and U.S. economic data for future policy direction.

Donald Trump softened his stance on Volodymyr Zelenskyy, stating he doesn't blame him for the Russian invasion but criticizes his leadership during the war. A long-delayed minerals agreement between the US and Ukraine is expected to be signed soon, potentially granting the US access to Ukraine's rare earth resources.