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President Donald Trump on Thursday rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances. "I’ve decided for purposes of fairness that I will charge a reciprocal tariff," Trump said in the Oval Office at the proclamation signing. Trump's Republican administration has insisted that its new tariffs would equalize the ability of U.S. and foreign manufacturers to compete, though under current law these new taxes would likely be paid by American consumers and businesses either directly or in the form of higher prices.

Musk said the action of “deleting” entire agencies is necessary to prevent future administrations from rehiring for what he believes are unnecessary roles.

Talks to end the Ukraine war have partly cut across the hot U.S. inflation report for world markets, reining in both oil prices and capping aggravated U.S. borrowing rates - while also lifting the euro and European shares. Long-flagged by U.S. President Donald Trump as a priority, Wednesday's news that he spoke with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy on talks to end the war dragged crude oil lower. With Russia still the world's third-largest oil producer, the prospect of some future lifting of sanctions on its crude exports saw U.S. oil prices fall back to $70 per barrel and close to the year's lows - down some 4% from Tuesday's close.

Any hints that inflation may be higher than initially thought in 2025 have made investors jumpy recently.

These are today's mortgage and refinance rates. Rates are up in response to high inflation, and they probably won't fall soon. Lock in your rate today.

The president’s team blames his predecessor for stubborn inflation, but Trump’s own agenda could make it harder to defeat.

Musk’s task force wants to cut tens of thousands of federal workers, and now it’s aiming at people he thinks are too rich.