WILLIE JAMES INMAN:
00:00:58
The Federal Reserve has not cut rates since December of last year. Members of the Central Bank will meet next month. Powell's comments also came with a dose of skepticism about the US economy, following a weak July jobs report and continued concern over President Trump's tariff policy. There is significant uncertainty about where all of these policies will eventually settle and what their lasting effects on the economy will be.
WILLIE JAMES INMAN:
00:01:23
President Trump has repeatedly criticized Powell and called on the Central Bank to lower interest rates, something Powell says the Fed will decide independently. Well, we call him too late for a reason. He should have cut them a year ago.
WILLIE JAMES INMAN:
00:01:36
Meanwhile, this weekend, America's second largest trading partner, Canada, says it's backing off of retaliatory tariffs on dozens of products covered under a trade agreement between the US, Canada, and Mexico. Canada and the United States have re-established free trade for the vast majority of our goods.
WILLIE JAMES INMAN:
00:01:55
But Canadian tariffs on some US goods, like steel, cars and aluminum, remain. Earlier this year, the Trump administration put import taxes on some Canadian goods, claiming Canada has not done enough to stem the flow of illicit fentanyl across the northern border. Canada retaliated with a 25% tariff on some US goods. He's removing his retaliatory tariffs, which I thought was nice. And we're going to have another call soon.
WILLIE JAMES INMAN:
00:02:21
This month, Trump hiked tariffs on Canada to 35% for some imports. Some business leaders hope this easing of trade tensions between Ottawa and Washington could open the door to more negotiations. And the commitment to talk again soon is music to the ears of the business community because we know good things happen when the leaders are talking. In other economic news, the US is now a partial owner of US chipmaker Intel, with a 10% stake. The company confirmed the US government would make an $8.9-billion investment in Intel common stock using previously allocated grants and funding as the company ramps up chip production in the US. Michelle. Willie James, thank you.
