Chinese Commerce Ministry said in a statement on Friday that “China and US stepping up efforts to implement the outcomes of the London framework.”
US President Donald Trump said late Thursday that he “will begin sending letters on trade tariffs starting Friday.”
President Trump's tax-cut and spending bill is passed by the House of Representatives, and it is sent to Trump to be signed into law.
US Treasury Secretary Scott Bessent, in an interview on CNBC, stated that it is up to the Federal Reserve to decide on interest rates. He added that if the Fed does not cut in July, "perhaps interest rate cut in September will be bigger."
Federal Reserve Bank of Atlanta President Raphael Bostic said on Thursday that the US economy is likely to face a protracted period of adjustment in response to new trade and policy dynamics, warning it “will not be short or simple” and could extend over a year or more.
The business activity in the US services sector expanded at a modest pace in June, with the Institute for Supply Management's (ISM) Services Purchasing Managers' Index (PMI) rising to 50.8 from 49.9 in May. This reading came in better than the market expectation of 50.5.
Economic activity in the US service sector accelerated slightly in June, with the ISM Services PMI rising to 50.8 from 49.9 in May, above analysts' expectations of 50.5.
TradingKey - On Thursday, July 3, the U.S. Bureau of Labor Statistics released data showing that the June nonfarm payrolls rose by 147,000, far exceeding the expected 110,000, and up from the previous
US citizens filing new applications for unemployment insurance fell to 233K for the week ending June 28, as reported by the US Department of Labor (DOL) on Thursday. This print came in below initial estimates and the previous week's revised tally of 237K (revised from 236K).