U.S. job openings unexpectedly increased in May, but a decline in hiring added to signs that the labor market had shifted into lower gear amid uncertainty over the Trump administration's tariffs on imports, with a 90-day pause on higher reciprocal duties drawing to an end.
Treasury Secretary Scott Bessent said he expects the Federal Reserve to cut interest rates by September, and that President Donald Trump’s trade tariffs were unlikely to stoke inflation as feared by the central bank.
U.S. manufacturing remained sluggish in June, with new orders subdued and prices paid for inputs creeping higher, suggesting that the Trump administration's tariffs on imported goods continued to hamper businesses' ability to plan ahead.
The European Union is prepared to accept a 10% universal tariff on many of its exports to the United States, but is seeking lower rates for key sectors, according to a Bloomberg report on Monday.
Japan’s manufacturing sector expanded in June for the first time in 13 months led by an upswing in output, but overall demand remained weak as new orders shrank yet again amid uncertainty over US tariffs, a private sector survey showed on Tuesday.
Most Asian stock markets rose on Tuesday, with South Korea leading gains following Wall Street’s record highs, while Japan’s Nikkei slipped after U.S. President Donald Trump threatened fresh tariffs against Tokyo.