The US economy grew in the second quarter at the fastest pace in nearly two years as the government revised up its previous estimate of consumer spending.
The European Commission plans to impose tariffs of 25% to 50% on Chinese steel and related products in the next few weeks, German business daily Handelsblatt reported, citing senior officials in Brussels.
Asia shares got off to a shaky start on Friday after US President Donald Trump unveiled a fresh round of punishing tariffs and as traders pared bets of sharp US rate cuts following stronger-than-expected economic data.
Japan's finance ministry said on Friday that it will set up an investment facility at a state-owned development bank to support a US$550 billion (RM2.32 trillion) investment package agreed in Tokyo's tariff deal with Washington.
The US has agreed to consider granting tariff exemptions — specifically zero tariff rates — for several commodity products proposed by Malaysia, including palm oil and cocoa, which are expected to be finalised next month.
President Donald Trump's administration said on Wednesday it was formally implementing the U.S. trade agreement with the European Union, confirming that a 15% duty rate for EU autos and auto parts began on August 1 and listing tariff exemptions for generic pharmaceuticals, aircraft and aircraft parts.