At the meeting of the FCOR, for the first time in 30 years, there were dissenters against the decision
At the meeting of the Federal Open Market Committee, two members - Michelle Bowman and Christopher Waller - voted for a rate cut, marking the first time since 1995 that two members openly disagreed with the main trend. The FT reports that consumer spending is slowing, while inflationary pressure is combined with uncertain trade risks
Trump is ramping up a wave of trade surprises ahead of the August 1 deadline
On Wednesday, Trump announced the imposition of 15% tariffs on imports from South Korea, matching the rate for neighboring Japan, and a painful 25% duty on imports from India, accompanied by criticism of its purchases of Russian energy resources and weapons, putting pressure on Prime Minister Narendra Modi.
Agreements between Thailand and Cambodia are about to be concluded after they agreed to a ceasefire on Monday, confirming Trump's aim to be seen as a global peacemaker. An agreement with Taiwan is also being prepared, as both sides have reached "a certain degree of consensus," a spokesperson in Taipei reported. Malaysian Prime Minister Anwar Ibrahim said Trump told him he would announce troop withdrawals on Friday.
Trump also shocked markets with new tariff rules regarding copper, leading to a record drop in prices in New York after removing 50% tariffs on the most common types of these metals.
This pressure is occurring ahead of the August 1 deadline when the White House threatened reciprocal tariffs for countries without bilateral agreements, most of which do not exist. Trump stated that rates worldwide would rise from 15% to 50% - embodying a policy that he believes will lead to bringing manufacturing home and increasing government revenue, while also giving him huge influence over countries whose exports depend on US consumers.
European stocks rose amid optimistic results from technology companies and positive sentiments that boosted US futures. However, Asian stocks fell, and currencies dropped to a two-month low.
Most countries still do not have a trade agreement, and key details are meager for those who do, including potential exemptions, investment promises, and potential changes to rules of origin. Uncertainty and confusion amid the prolonged implementation of Trump’s new trade order have already impacted global economic growth and worsened investment, even as markets remain optimistic.
Meanwhile, the mood between the US and China remains favorable for now. Speaking in the White House on Wednesday, Trump stated that the US would have "a very fair deal with China." Talks this week in Sweden strengthened trust between the two parties and raised confidence in resolving economic disputes through discussions, the official newspaper of the Communist Party reports.
Trade news was not limited to foreign countries. Consumers and small businesses in the US will soon face higher supply costs as Trump announced that tariffs will apply from August 29 on supplies or imports of goods worth less than $800. Such supplies have become a boon for consumers and retailers, many of whom are located in China, supplying products directly.
For South Korea, these 15% include cars, as well as a $350 billion South Korean fund for US investments, including energy and shipbuilding. As with Japan, US investments will be managed by Trump, the president said. And for both funds, 90% of the profits will be returned to the US, Trade Minister Howard Latnick reported in a post on X.
For India, Trump threatened additional penalties (yet to be determined) for purchasing Russian energy resources, in addition to the 25% tariff on imports from this country. This threatens a number of industries, including clothing and jewelry manufacturers.
Any moves regarding Russian oil can be discussed within the framework of negotiations with China, considering that Beijing is also purchasing significant volumes of Russian oil, which the US has targeted since the invasion of Ukraine in 2022. The price of oil on Thursday was near its highest level in nearly six months.
Trump reacted sharply to Medvedev's threats on social media
US President Donald Trump responded sharply to war threats from Dmitry Medvedev, Deputy Head of the Security Council of the Russian Federation. Trump posted his reaction on his social network Truth Social. "I don't care what India does with Russia. They can destroy their dead economies together. We had very little to do with India; their tariffs are too high, among the highest in the world. Russia and the US also hardly do business together. So let's keep it that way and tell Medvedev, the former president of Russia who has failed and still considers himself president, to watch his words. He is stepping into very dangerous territory!" - Trump wrote on Truth Social. Dmitry Medvedev made threats against Trump in a post on X on Monday. "Trump is playing an ultimatum game with Russia: 50 days or 10... He should remember two things: 1. Russia is not Israel and not even Iran. 2. Every new ultimatum is a threat and a step towards war," - Medvedev wrote on X.
Trump ordered the head of the vaccine agency to be fired
President Trump ordered the firing of a top FDA official responsible for vaccine testing, contrary to the position of HHS Secretary Robert Kennedy Jr. and FDA Commissioner Marty Makary. The political decision has drawn criticism from the medical community, which fears a loss of scientific objectivity in vaccine oversight.
The Russian Federation launched a combined attack on Kyiv
A total of 317 airstrike resources were used. Direct hits from 5 missiles were recorded (one of them hit a residential building in Kyiv) and 21 drones in 12 locations, as well as debris falling in 19 locations.
8 people killed in Kyiv, including one child - a 6-year-old boy. Currently, there are about 10 reports of missing persons in the destroyed building: some of them are likely under the rubble. There are reports of 52 injured, nearly 30 in hospitals, including 9 children.
In Kyiv, over 100 objects have been damaged: residential buildings, schools, kindergartens, medical institutions, universities.
In the Sviatoshyn district, the entrance of a residential building was destroyed, and fires occurred in several non-residential buildings.
In the Solomianskyi district, apartments were damaged, cars were burned, and there were fires and destruction at several non-residential construction sites.
In the Holosiivskyi district, a school and kindergarten were damaged.
In the Shevchenkivskyi district, windows in the children's department of a medical facility were blown out by the shockwave.
Currently, there are reports of 20 injured. Eight of them have been hospitalized, while others received assistance on site. Medical personnel and rescuers are working at the scene.
The rescue operation is ongoing.
In France: Chanel celebrates its 110th anniversary with a large show at the Grand Palais
Chanel celebrated 110 years of the fashion house with a large show at the Grand Palais in Paris. The atelier was reconstructed at the epicenter of the show, where models paraded among a botanical installation. The celebration was dedicated to the brand's history, focusing on luxury, creativity, and theater in fashion.
Men's non-hormonal contraceptive pills have passed initial safety trials
A potential new male contraceptive has just passed initial trials on volunteers. The results provide the first indications that the drug, which does not use artificial hormones and does not affect testosterone production in the testes, may be safe for humans. Although previous attempts to develop a male contraceptive largely failed clinical trials due to unacceptable side effects, this latest contraceptive works differently than previous attempts, meaning it rarely causes hormonal side effects. The study showed that the drug is well tolerated by a small group of healthy young men and does not seem to cause any serious side effects at the doses used. Further studies are needed to accurately demonstrate its effectiveness as a contraceptive. The new method uses a specially designed chemical called YCT-529 to target a specific cell receptor in the testes known as the retinoic acid receptor alpha. Animal studies have shown that YCT-529 causes temporary infertility without any significant side effects. Based on these results, the drug then moved to the first phase of human trials. This is the first stage of human trials, where a small group of healthy volunteers is recruited to check for safety, tolerability, and possible side effects. A larger second-phase study is currently underway, in which the drug will be tested on a larger number of men. Following that, there will be third-phase trials involving hundreds of men, where the effectiveness, reversibility, and side effects of long-term use of the drug will be evaluated.