US to Slap Tariffs on Europe| Trump Reiterates Criticism on Fed
Published October 3, 2019
Global stock markets tumbled on Thursday after US to impose new tariffs on European goods, fueling fears about global growth and dousing risk appetite. The US will enact tariffs on European Union goods including aircraft and agricultural products as punishment for illegal EU subsidies to Airbus.
President Trump blamed the Federal Reserve for a sharp decline in US manufacturing activity and accused the central bank and its chairman, Jerome Powell, of harming US exporters by keeping the value of the dollar too high.
Chicago Federal Reserve Bank president Charles Evans said that the two recent rate cuts by the Federal Reserve were appropriate, however, added that he will be open-minded in case adjustment is needed.
WTI oil tanked further below $52 a barrel on Thursday after official data showed a rise in US crude inventories, adding to worries about an oversupplied market as weak economic readings in the US depressed global markets.