New agreements set the levy on vehicles imported from South Korea at 15% and extend an Aug. 1 deadline that would have subjected Mexico-built units to a 30% tariff. +
U.S. and Chinese officials announced a 90-day pause on steep tariffs imposed upon each other’s exports, including vehicles and parts, in a sudden de-escalation that could lead to a long-term agreement. +
The United States and the United Kingdom have agreed to a new trade deal that will lower U.S. import taxes on up to 100,000 U.K.-built vehicles per year from 25% to 10%. +
Chairman Jerome Powell says the Federal Reserve will not reduce its target lending rate, holding at 4.25% to 4.5% as evolving economic and trade policies make future conditions difficult to predict. +
