US President Donald Trump warned foreign governments they would have to pay "a lot of money" to lift sweeping tariffs, characterizing the duties as "medicine" and triggering further carnage across global financial markets. China called the tariffs 'bullying' and urged others to continue with consultation.
US Federal Reserve Chair Jerome Powell indicated this is not the moment for a "Fed put" - Wall Street's term for actions to shore up free-falling stock markets - even as household wealth evaporates with real risks to economic activity.
JPMorgan CEO Jamie Dimon cautioned investors that the turmoil caused by US tariffs and a global trade war could slow growth, spur inflation and potentially lead to lasting negative consequences. Elsewhere, Goldman Sachs has raised the odds of a US recession to 45% in the next 12 months, joining other investment banks in revising their forecast.
The US Capitol building is seen in Washington. REUTERS/Elizabeth Frantz/File Photo
United States
Top Republicans in the House of Representatives plan to move forward on Trump's tax cuts, but their caucus is divided with some members concerned that there are insufficient spending cuts in the budget blueprint passed by the Senate.
A second child with measles has died in Texas in an outbreak of the childhood disease that has resulted in nearly 500 cases in Texas and has spread across 22 states.
US Attorney General Pam Bondi said a Justice Department attorney had been placed on leave after he failed to vigorously defend the government's handling of a man erroneously deported to El Salvador in what a US judge called a "wholly lawless" detention.
A fight is brewing over the ability of federal judges to issue "universal" injunctions. Top lawyers for Trump, and his predecessor Joe Biden, separately urged the US Supreme Court to limit the authority of judges to issue nationwide injunctions that can stop a government policy in its tracks.
Israeli Prime Minister Benjamin Netanyahu said he hopes President Trump will ease tariffs imposed on Israel when the two meet in Washington this week.
Iran-backed militias in Iraq ready to disarm to avert Trump wrath
A vehicle carries the coffin of a commander from Iraq's Kataib Hezbollah armed group. Baghdad, September 22, 2024. REUTERS/Thaier Al-Sudani
Several powerful Iranian-backed militia groups in Iraq are prepared to disarm for the first time to avert the threat of an escalating conflict with the US Trump administration, 10 senior commanders and Iraqi officials told Reuters.
The move to defuse tensions follows repeated warnings issued privately by US officials to the Iraqi government since Trump took power in January, according to the sources who include six local commanders of four major militias.
Advocates gathered to make their case to reverse the flight of production to other states. REUTERS/MIKE BLAKE/File Photo
Hundreds of Hollywood crew members, producers and actors urged California legislators to increase tax incentives and enact other measures to encourage more film and TV production in and around Los Angeles.
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