US Trade Representative Katherine Tai told lawmakers that some tariff-lowering agreements have made the US economy vulnerable, and the Biden administration wants to address the problem with a fresh approach to supply chains and commerce.
Salesforce Inc. could see another round of job cuts while the company continues to focus on improving profitability, said Chief Operating Officer Brian Millham.
President Joe Biden said he was confident US regional banks were in good shape and didn’t forsee any major crises on the horizon, downplaying Wall Street angst and lingering fears of broader financial turmoil.
The US military carried out airstrikes in Syria after an American contractor was killed when an alleged Iranian-made drone crashed into a coalition base, sharpening already-fraught tensions between Washington and Tehran.
Top US regulators said Friday that while some banks are coming under stress the overall financial system is still sound, seeking to reassure depositors and investors rattled by recent bank failures.
Deposits at US lenders posted the biggest decline in nearly a year during the week when multiple bank failures triggered the latest bout of global financial turmoil.
A reversal in the bank selloff that rattled markets Friday spurred a rebound in stocks, which also gained amid assurances from authorities about financial stability and growing speculation that policymakers will have to stop raising rates to prevent a recession.
Before a deadly strike by an Iranian drone against a US base in Syria, the Biden administration sent repeated back-channel communications to Tehran with one message: We don’t want a war, but we’ll respond swiftly if attacked.
First Republic Bank shares ended lower Friday on the heels of another downgrade and as financial turmoil spread to a European lender, deepening concern about the banking sector.
Federal Reserve Bank of San Francisco President Mary Daly, who is among senior central bankers whose role in the collapse of Silicon Valley Bank is under scrutiny, has pulled out of an appearance at a conference hosted by her bank.
