Us Treasury

Trump may unveil his pick for US Fed chief before Christmas, says Bessent

Bessent has narrowed the search for a successor to Fed Chair Jerome Powell, whose leadership term expires in May, to five from as many as 11, and said in an interview with CNBC

Larry Summers to step back from public roles amid Epstein backlash

In one email, sent in October 2017, Summers told Epstein that Trump was the 'world s luckiest guy in terms of opposition, economy etc. still think his world will collapse'

Trump's $2,000 tariff 'dividend' echoes Covid-era stimulus checks

On Monday, Trump again posted on the payout idea on Truth Social, saying that the tariff revenue money "left over from the $2,000 payments" would be used to "substantially pay down national debt"

US-China talks planned next week as Trump plays down trade tariffs

President Donald Trump expressed optimism that talks with Chinese officials could yield an agreement to defuse the crisis that saw the US leader threaten to drastically hike tariffs

US budget deficit falls slightly to $1.78 trillion on record tariff revenue

President Donald Trump's dramatic tariff hikes helped spur a net $195 billion in tariff revenue for the fiscal year, which ended September 30

US injects $20 bn to stabilise Argentina's economy, Treasury buys pesos

President Donald Trump and Bessent are making a bet on a nation that's defaulted and devalued repeatedly over the past several decades

US Treasury considers $1 Trump coin to mark 250th independence anniversary

The draft design of the coin, which was overseen by the Office of the US Treasurer Brandon Beach, features Trump's profile on one side of the coin

US appeals court rules Trump's tariffs illegal, but keeps them in place

A federal appeals court ruled Friday that President Donald Trump had no legal right to impose sweeping tariffs on almost every country on earth but left in place for now his effort to build a protectionist wall around the American economy. The US Court of Appeals for the Federal Circuit ruled Trump wasn't legally allowed to declare national emergencies and impose import taxes on almost every country on earth, a ruling that largely upheld a May decision by a specialised federal trade court in New York. It seems unlikely that Congress intended to ... grant the President unlimited authority to impose tariffs, the judges wrote in a 7-4 ruling. But they did not strike down the tariffs immediately, allowing his administration time to appeal to the Supreme Court. The president vowed to do just that. If allowed to stand, this Decision would literally destroy the United States of America, Trump wrote on his social medial platform. White House spokesman Kush Desai said Trump had acted lawfu

US govt stake in chipmaker Nvidia not on the table: Treasury Secy Bessent

"I don't think Nvidia needs financial support, so that seems not on the table right now," he said in an interview on Fox Business' "Mornings with Maria" program

Trump turns ally investments into $10 trillion US 'sovereign wealth fund'

Trump's trade policy could channel over $10 trillion into US factories by linking tariff relief for allies to targeted investments in critical industries

Nvidia, AMD China revenue deal could be model for others, says Bessent

Asked about reporting that China is urging its companies to avoid the Nvidia H20 processors now allowed for its market, Bessent said "sure, we can discuss that" with the Chinese

US national debt reaches record $37 trillion, Treasury Department reports

The US government's gross national debt has surpassed USD37 trillion, a record number that highlights the accelerating debt on America's balance sheet and increased cost pressures on taxpayers. The USD37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation's daily finances. The national debt eclipsed USD37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office's January 2020 projections had gross federal debt eclipsing USD37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilise the national economy and support a recovery. And now, more government spending has been approved after Trump signed into law Republicans' tax cut and spending legislation earlier this year. Th

Trump removes Billy Long as IRS commissioner in less than 2 months

President Donald Trump has removed former US Rep Billy Long as IRS commissioner less than two months after his confirmation, a White House official said Friday. The official, who was not authorised to speak publicly and spoke on condition of anonymity, did not give a reason for the dismissal. Treasury Secretary Scott Bessent will serve as acting commissioner, the official said. The Senate confirmed Long on a 53-44 vote despite Democrats' concerns about the Republican's past work for a firm that pitched a fraud-ridden coronavirus pandemic-era tax break and about campaign contributions he received after Trump nominated him. While in Congress, where he served from 2011 to 2023, Long sponsored legislation to get rid of the IRS. A former auctioneer, Long has no background in tax administration.

US Treasury Secy Bessent says Trump has advantage with tariff rates

President Trump is creating this leverage by saying: if you don't want to negotiate with me, I've sent you a letter with a high rate. Have at the high rate or come and negotiate in better fashion

US could collect $300 bn in tariff revenue this year, says Treasury chief

A Treasury spokesperson said the $300 billion target corresponds to the December 31 end of calendar 2025, not the end of the government's fiscal year on September 30

We're 'very close' with India: US Treasury Secretary on trade deal

Jaishankar says he's hopeful but can't guarantee pact

'Relationship is excellent': Trump confirms trade deal with China finalised

Trump says a trade deal with China has been finalised, with key agreements on rare earth supplies, tariffs, and student visas, pending final approval from both leaders after talks in London

US sanctions Palestinian NGO, others over alleged ties with militant groups

The US Treasury Department on Tuesday imposed sanctions on a major Palestinian legal group for prisoners and detainees along with five other charitable entities across the Middle East, Africa and Europe, accusing them of supporting militant groups, including Hamas' military wing, under the pretense of humanitarian aid in Gaza. Those sanctioned include Addameer, a nongovernmental organisation that was founded in 1991 and is based in the city of Ramallah in the Israeli-occupied West Bank. The Palestinian group provides free legal services to Palestinian political prisoners and detainees in Israeli custody and monitors the conditions of their confinement. The federal government claims that Addameer has long supported and is affiliated with the Popular Front for the Liberation of Palestine, a secular, left-wing movement with a political party and an armed wing that has carried out deadly attacks against Israelis. Israel and the United States have labelled the PFLP a terrorist ...

Bond markets are returning to normal but other fiscal numbers are a concern

It may not stay that way given the gathering risks, notably credible estimates that deficits will continue to run well higher than 3 per cent of GDP

Treasury yields rise; stocks, dollar fall amid tax bill, US downgrade focus

The US dollar weakened broadly, hitting a more than one-week low against the safe-haven yen, Swiss franc and euro. Against the Japanese yen, the dollar was down 0.38 per cent at 145.06