The most important events and reports on the economy, central banks, politics from the program of Dow Jones Newswires
Trump: Will react “of course” to EU tariffs
Donald Trump wants to “naturally” react to the counter-tariffs of the European Union to certain US goods. This was said by the US President in the Oval Office at the meeting with the Prime Minister of Ireland, Micheál Martin. Trump added a massive trade deficit with Ireland. Ireland is one of the countries that use the United States. “You do what you should do, maybe in the European Union, but it creates resentment,” he said.
US trading officer criticizes EU-tower tariffs
The US trade representative Jamieson Greer criticized the 50 percent customs on American whiskey, which the EU introduced on steel and aluminum according to the import duties imposed by the USA. In his first public declaration since his confirmation, Greer said that the EU had taken retribution measures against the United States faster than was the case in combating China’s trading practices. For years, the United States has been rejecting the US’s attempts to contain the Chinese steel subsidies, said Greer.
US inflation dropped to 2.8 percent in February
Inflation pressure in the USA decreased more than expected in February. As the U.S. Ministry of Labor announced, consumer prices rose by 0.2 percent compared to the previous month and were 2.8 (previous month: 3.0) percent above the level of the same month. Economists surveyed by Dow Jones Newswires had expected a monthly price increase of 0.3 percent and an annual tax of 2.9 percent. Core consumer prices (without energy and food) increased by 0.2 percent to monthly and 3.1 (previous month: 3.3) percent. The economists surveyed had expected a monthly rate of 0.3 percent and an annual rate of 3.2 percent.
US real income increases by 0.1 percent in February
Real income in the United States rose by 0.1 percent compared to the previous month. As the U.S. Ministry of Labor announced, a decline of 0.3 percent was recorded in January. According to the information from the authority, the average weekly income was $ 383.15 after $ 382.91 in the previous month in February.
US Rohöllag stocks are increasing more than expected
The raw oil bearings in the United States expanded more than expected in the week on March 7, 2025. According to the State Energy Information Administration (EIA), they rose by 1.448 million barrels compared to the previous week. Analysts surveyed by Dow Jones Newswires had predicted an increase of 1.2 million barrels. In the previous week, the inventory had increased by 3.614 million barrels.
OPEC records for the forecast for oil demand
The organization of petroleum exporting countries (Opec) has confirmed its forecast for oil demand. The cartel based in Vienna continues to expect 1.45 million barrels per day this year with an increase in demand and 1.43 million barrels per day next year, supported by the strong demand in aviation and mobility on the street. The group’s overall forecast remains significantly more optimistic than that of other industry representatives, the international energy agency estimates this year’s growth at 1.1 million barrels per day.
Canada strikes back with steel and aluminum impairing töllen
For the seventh time in a row, the Bank of Canada (BOC) has reduced 25 basis points in order to compensate for significantly weaker consumer expenses and company investments that were created in the course of the trade conflict with the United States. However, the central bank dampened the expectations of further interest rate cuts.
Bank of Canada reduces key interest rates by 25 basis points
For the seventh time in a row, the Bank of Canada (BOC) has reduced 25 basis points in order to compensate for significantly weaker consumer expenses and company investments that were created in the course of the trade conflict with the United States. However, the central bank dampened the expectations of further interest rate cuts.
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(End) Dow Jones Newswires
March 12, 2025 14:00 ET (18:00 GMT)