The U.S. trade deficit narrowed significantly in April as President Donald Trump sharply escalated tariffs before pausing a large swath of the levies, U.S. Commerce Department data on Thursday showed.

The European Central Bank (ECB) has cut its key interest rate for the eighth time in just over a year as it warned about continuing pressure on the eurozone from Donald Trump's tariffs. The main rate has been reduced from 2.

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall.

Donald Trump's wide-ranging taxes on imports were reinstated this week after being deemed illegal by a trade court. Their ultimate fate is yet to be decided.

President Donald Trump is hiking tariffs on aluminum and steel as his administration presses countries to speed up trade talks, amid legal battles.