Tech market sell-off deepens amid fears over US inflation and AI debt

Chip makers and tech investors such as Samsung and SoftBank plunge as potential interest rate hikes spook markets

An accelerating sell-off of AI-linked shares has hit global markets, as fears over rising inflation and future interest rate hikes spooked traders already wary of the heavily indebted sector.

South Korea’s benchmark Kospi 200 index, which is heavily skewed towards the companies that make memory chips, fell more than 8% overnight to a six-month closing low, triggering circuit breakers that brought trading to a halt at various points.

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Trump’s deal with Putin will have little impact on US diesel prices, experts say

Analysts say fuel will take weeks to ship and quantity is too small to affect prices, while full deal is unlikely to be met given damage to Russian refineries

Donald Trump’s deal with Vladimir Putin to temporarily lift sanctions on US imports of Russian diesel will have little “meaningful” effect on motorists and businesses in the US and overseas, energy and foreign policy analysts have predicted.

The US president infuriated Volodymyr Zelenskyy when he announced the deal on Friday, writing on Truth Social that the agreement with his Russia counterpart to supply millions of tonnes of diesel was essential to reduce fuel prices in the US, which have soared after his decision to go to war against Iran.

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DoJ declines to reopen investigation into former Fed chair Jay Powell

Kevin Warsh’s predecessor had been investigated over cost overruns related to central bank renovation project

The US ⁠justice department is not reopening a criminal investigation into former Federal Reserve chair Jerome Powell ⁠for cost overruns ⁠related ​to the central bank’s building renovation project, a department spokesperson said on Friday.

Attorney general Todd ⁠Blanche – in comments to Bloomberg News, which first reported the development – said he has not ruled out ⁠continuing to look into the project’s oversight and potentially take ​action if evidence of ‌wrongdoing came to ‌light.

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‘The weaker he gets, the more dangerous he gets’: Trump lashes out as his power wanes

Trump tries to dominate at the UN as his approval ratings plummet and even some Republicans stray from the script

Donald Trump stood before the United Nations on Tuesday and threatened to “annihilate” Iran. Yet even as the most powerful man on the planet flexed his military muscles, he was powerless to keep the gravitational pull of domestic politics at bay.

Heading into the UN building in New York, the US president was questioned by Kaitlan Collins, an anchor at CNN, which he had banned from the White House before a judge ruled against him. “I’m surprised that CNN is here covering me,” the 80-year-old snapped. “You should not be here covering me.”

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Detroit despairs as ‘insanity’ of Trump’s Canada trade war punishes city

Unpopular new policy comes as midterms loom and control of Congress could be decided by several Michigan races

Every day $1bn worth of goods crosses the river dividing Detroit, Michigan, and Windsor, Ontario, two largely blue-collar US and Canadian cities that have come to act as one in the creation of North America’s auto industry.

News this week of Donald Trump’s escalating trade spat with Canada has everyone worried. Political and economic leaders and observers labeled the move an act of “hubris” , blamed Trump’s “ego”, and called the escalation “insanity”.

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US stock market hits record highs as AI profits pile and oil prices ease

S&P 500 shot up 1.8% and the main measure of Wall Street’s health topped its prior all-time high set a few months ago

The US stock market rallied to records on Tuesday as profits kept piling up for companies and as oil prices eased.

The S&P 500 shot up 1.8%, and the main measure of Wall Street’s health topped its prior all-time high set a couple months ago. The Dow Jones industrial average added 907 points, or 1.7%, to its own record set the day before, while the Nasdaq composite jumped 2.6%.

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Trump’s new tariffs ‘a sales tax that will make life harder for Americans’, say Democrats – US politics live

Even some Republicans apparently expressing concern over measures against 85 countries

The Trump administration continues to expand its authoritarian and radical drive to revamp voting rules and seize state election powers, though it faces growing resistance from US courts, state officials and Democrats, who warn the moves are sparking “chaos” and endangering voting rights and the rule of law.

Donald Trump’s unprecedented drive to change election rules, which states legally set, is fueled by his obsession with his 2020 election loss to Joe Biden, which he falsely attributes to voting fraud, coupled with his fear that Democrats will “find a reason to impeach me” if they take control of the House in November’s midterms elections, say former election officials and legal experts.

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Donald Trump to impose 50% tariff on most Canadian goods, White House says

Turmoil likely as Trump officials say Canada unfairly discriminated against US autos, alcohol and dairy products

Donald Trump is imposing 50% tariffs on most Canadian goods, White House officials said on Monday, declaring Canada has unfairly discriminated against American autos, alcohol and dairy products.

The move could unleash a new wave of economic chaos, with risks of higher inflation and further fraying of relations between two nations that had been closely woven together before Trump’s return to the White House.

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Trump’s Federal Reserve chair pick to face lawmakers at key confirmation hearing – US politics live

The hearing marks a key hurdle Kevin Warsh must overcome in order to succeed Jerome Powell when his term ends on 15 May

While the long-delayed hearing is a necessary step for Kevin Warsh, it’s not clear when the committee may even be able to vote on his nomination.

The Justice Department is investigating Powell and the Fed over a building renovation, and senator Thom Tillis, a North Carolina Republican, has said he would effectively block Warsh until the probe is dropped, AP reported.

Lori Chavez-DeRemer, Donald Trump’s labor secretary, resigned from her role with the administration. She said it was “an honor and a privilege to serve” to serve and that she would take on a job in the private sector. The departure came after she became entangled in a string of political and personal controversies. Democrats celebrated, writing “this administration is imploding”.

Chuck Schumer, the Senate minority leader, called for Kash Patel’s immediate resignation following a report from the Atlantic detailing the FBI director’s alleged excessive drinking and absences. Patel has sued the magazine for defamation with his attorneys calling the article a “sweeping, malicious, and defamatory hit piece”.

Donald Trump signed memorandums related to coal supply chains, natural gas and grid infrastructure on Monday. The president invoked the Defense Production Act in the energy-related memos, writing that increasing energy production is “essential to United States national defense”.

The crowded field of Democratic candidates in the California’s governor’s race appears to be narrowing as Betty Yee — a former state controller— announced Monday she planned to end her campaign. Meanwhile, the California Democratic party chair Rusty Hicks continued to urge candidates trailing in the polls to exit the race.

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Trump claims he has ‘absolute right’ to impose new tariffs after supreme court blow

US supreme court has ‘ransacked’ the country, president argues, in wake of its ruling against his trade agenda

Donald Trump has claimed he has “the absolute right” to impose new tariffs after the US supreme court ruled many of the import duties he imposed last year were illegal.

The president attacked the court in a late night broadside on Sunday, accusing it of having “unnecessarily RANSACKED” the US – and failing to show him sufficient loyalty.

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US inflation stayed flat at 2.4% in February before effects of war on Iran kicked in

Effect of war on prices not reflected in data, as Trump says only ‘fools’ would think oil price shocks would be significant

US inflation stayed flat at 2.4% in February, according to government data released Wednesday that provides a snapshot of the US economy before it was thrown into a tailspin by the US-Israel conflict with Iran.

The levelling comes after prices swung last year, reaching a four-year low in April before shooting back up in September. In late fall, inflation crept down again, reaching 2.4% in January.

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US supreme court hears oral arguments on legality of Trump imposing tariffs

President’s tariffs are being scrutinized in crucial legal test of plan to impose duties on nearly every US trading partner

Donald Trump’s sweeping tariffs on the world are being scrutinized by the US supreme court today, a crucial legal test of the president’s controversial economic strategy – and his power.

Justices started to hear oral arguments this morning on the legality of using emergency powers to impose tariffs on almost every US trading partner.

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Fed cuts interest rates for second time this year amid economic uncertainty

Central bank sets rates at range between 3.75% and 4% amid turbulence from government shutdown and Trump’s tariffs

The US Federal Reserve cut interest rates on Wednesday, the second rate cut this year amid economic turbulence from the federal government shutdown and Donald Trump’s tariffs.

The decision to cut the Fed’s benchmark interest rate by a quarter point to a range of 3.75% to 4% comes at an extraordinary moment for the central bank. The Fed has been under immense pressure from Donald Trump to cut rates despite persistent inflation.

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US prices rose at a 3% annual rate in September, slightly beating forecasts

Increase was largely driven by a 4.1% increase in gasoline prices despite Trump’s campaign pledge to ‘end inflation’

Prices continued to rise in September, increasing at an annual rate of 3%, according to the latest government inflation report.

The September 2025 consumer price index (CPI) was published approximately two weeks later than usual due to the federal government shutdown, which halted all Bureau of Labor Statistics operations.

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75% of Americans report soaring prices as Trump claims inflation ‘over’

Exclusive poll: Inflation remains a concern despite president’s pledge to reduce prices on ‘day one’

Nine months after Donald Trump took office, promising to reduce prices on “day one”, a clear majority of Americans say their monthly costs have risen by between $100 and $749, according to an exclusive new poll conducted for the Guardian.

The president has continued to insist that there is “virtually no inflation”. “Prices are ‘WAY DOWN’ in the USA,” Trump wrote on social media in late August.

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Government shutdown could cost US economy billions of dollars a week, analysts says

According to one report, each week of shutdown could cost up to $7bn, with another suggesting a $15bn loss in GDP

Senior officials inside Donald Trump’s administration have acknowledged the federal government shutdown, without an end in sight, could hurt the US economy. The damage could be worth billions of dollars each week, according to analysts.

“This isn’t the way to have a discussion, shutting down the government and lowering the GDP,” Scott Bessent, the US treasury secretary, told the CNBC financial news network. “We could see a hit to the GDP, a hit to growth and a hit to working America.”

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Trump says US will impose new tariffs on heavy trucks, drugs and kitchen cabinets

President announces 100% tariffs on imported branded drugs, 25% on heavy-duty trucks and 50% on cabinets

Donald Trump on Thursday announced a new round of punishing tariffs, saying the United States will impose a 100% tariffs on imported branded drugs, 25% tariff on imports of all heavy-duty trucks and 50% tariffs on kitchen cabinets.

The US president also said he would start charging a 50% tariff on bathroom vanities and a 30% tariff on upholstered furniture next week, with all the new duties to take effect from 1 October.

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Lisa Cook urges supreme court to reject Trump’s bid to fire her from Fed board

Cook’s lawyers say president’s unprecedented move would destroy Fed’s independence and disrupt financial markets

Federal Reserve governor Lisa Cook urged the US supreme court on Thursday to reject Donald Trump’s attempt to fire her, telling the justices the Republican president’s unprecedented move would destroy the central bank’s independence and disrupt financial markets.

Lawyers for Cook filed a written response opposing the justice department’s 18 September emergency request to lift a federal judge’s order that blocked Trump from immediately removing Cook, an appointee of Democratic former president Joe Biden, while her legal challenge continues.

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Federal Reserve cuts interest rates by a quarter point, for first time in nearly a year – as it happened

Rates now stand at a range of 4% to 4.25% as reduction comes amid concern of political pressure on independent central bank from Trump

A reporter asked Jerome Powell about Stephen Miran’s appointment, specifically on the fact that Miran is the first Fed governor to also have a role in the executive branch while also serving on the Fed board. Miran is the chair of the Council of Economic Advisors.

“The committee remains united in pursuing our dual mandate goals,” Powell said in response. “We’re strongly committed to maintaining our independence and beyond that, I really don’t have anything to share.”

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US treasury secretary reportedly made similar mortgage pledge to Lisa Cook

Bloomberg reports Scott Bessent agreed to occupy two different houses at same time as his ‘principal residence’

Scott Bessent, the US treasury secretary, previously agreed to occupy two different houses at the same time as his “principal residence”, Bloomberg News reported on Wednesday, an agreement similar to one Donald Trump has called mortgage fraud in his unprecedented bid to fire the Federal Reserve governor Lisa Cook.

The Bloomberg report cites Bessent’s mortgages with lender Bank of America and his pledge in 2007 to primarily occupy homes in New York and Massachusetts.

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