International taxes

Treasury Secretary Scott Bessent said he expects negotiations with trading partners over tariffs to conclude by the end of the year but acknowledged that talks with China had not yet begun.

The pace of hiring drove traders to dial back rate-cut bets that had steadily mounted as Trump's trade war unleashed havoc in financial markets and sowed fears of a US recession.

The Federal Reserve's preferred inflation reading fell in March, but the positive reading came before new trade policies hit the economy.

The potential for a global trade war has largely undone the optimism that the industry exhibited at the beginning of the year. Here's a look at three ways that tariffs could negatively impact banks.

The outperformance of local-currency debt has led to an unusual situation where the historically riskier bonds are trading at lower yields than those denominated in the dollar — traditionally the world's main haven asset.

US bonds have been whipsawed this month as President Donald Trump's move to impose global tariffs raised threats to the economy, undermining Treasuries' reputation as the world's safest asset.

Bessent reiterated his interpretation of the decline being mainly a product of deleveraging, saying he had no evidence that sovereigns were behind the drop.

After rapid changes in U.S. trade policy, banks and their clients are putting merger deals on ice until the dust settles.

Investor confidence in US bonds can no longer be taken for granted — not after a years-long borrowing binge, not with a president hell-bent on rewriting the rules at home and abroad and antagonizing many of the country's biggest creditors.

The slowdown reflected a decline in energy costs, used vehicles, and airfares. Motor vehicle insurance — a main source of inflation in recent years — also retreated.