Sterling, yen dragged by fiscal and political worries
The pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in...
The U.S. budget deficit surged nearly 20% in July to $291 billion despite a significant increase in customs duty collections from President Donald Trump’s tariffs, as government spending outpaced revenue growth.
According to the Treasury Department, total receipts increased by 2% to $338 billion, while government outlays soared 10% to a record $630 billion for the month.
Adjusting for fewer business days in July compared to last year, receipts would have been about $20 billion higher. Customs duties alone rose sharply to approximately $27.7 billion from $7.1 billion the previous July, reflecting the impact of Trump’s tariff policies.
Although tariffs have boosted federal revenue, the additional costs often trickle down to consumers through higher prices.
Consumer price data revealed price hikes in tariff-sensitive items such as furniture, footwear, and auto parts, partially offset by falling gasoline prices.
For the first 10 months of the fiscal year, customs duties totalled $135.7 billion, up 116% from the previous year.
Meanwhile, the year-to-date budget deficit expanded by 7% to $1.629 trillion, with record-high receipts of $4.347 trillion and outlays of $5.975 trillion.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
The pound and the yen came under strain on Wednesday, weighed down by renewed investor concerns over global fiscal health and political uncertainty in Japan.
The price of gold surged sharply on Wednesday, reaching a new record of $3,530.08 per ounce. Analysts say the rise is driven by expectations of a U.S. Federal Reserve (Fed) rate cut in September and concerns over the central bank’s independence.
The New York Stock Exchange opened sharply lower on 2 September as investors weighed the legality of Donald Trump’s tariffs – a federal appeals court has ruled most of them illegal.
Eurozone annual inflation reached 2.1% in August, up from 2% in July, Eurostat announced on Wednesday.
Kraft Heinz is breaking up into two separate companies a decade after its high-profile merger, aiming to unlock greater shareholder value.
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