President Donald Trump has said that he will reveal details of a major new trade deal at a press conference scheduled for 10.00am tomorrow (local time) in the Oval Office. In a post on Truth Social, Trump described the agreement as involving representatives of a “big, and highly respected, country,” and called it “the first of many.”“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY,” Trump said in his post.The timing of the announcement also coincides with the start of US-China talks in Switzerland, the first formal dialogue since the trade war escalated. Yet Trump remains adamant that the US is not seeking talks from a position of weakness. “They said we initiated [the talks]? I think they ought to go back and study their files,” he said in response to Chinese claims.While Trump has not yet disclosed the name of the country involved, the announcement comes amid renewed tensions over trade, particularly with China. “We were losing a trillion dollars a year, now we’re not losing anything,” he said earlier this week, ruling out any reduction in tariffs for now.Uncertainty remains over how any new trade deal might be structured. Trump has suggested that his administration has been approached by nearly all major trading partners with potential agreements, but he insists any final deal must serve American interests first. “We could sign 25 deals tomorrow if we wanted,” he said, adding that tariffs remain a tool he’s willing to keep using to leverage better terms.Fed holds rates, warns of uncertaintyThe US Federal Reserve has held interest rates steady, keeping its benchmark rate between 4.25% and 4.50%, amid rising concerns over inflation and employment pressures. The pause, announced Wednesday, comes as the economic impact of President Donald Trump’s sweeping new tariffs continues to unfold. Fed Chair Jerome Powell cited “a great deal of uncertainty” around the administration’s trade policies, which have led to volatility in financial markets and warnings from analysts of higher inflation and unemployment.Trump’s tariffs, including steep levies on Chinese goods and 10% duties on imports from other nations, have shaken investor confidence and raised concerns over future economic growth. While hard data shows the economy has remained resilient, softer indicators point to declining consumer confidence and expectations of rising inflation.The Fed faces a delicate balancing act as it monitors these developments. Despite public criticism from Trump urging rate cuts, Powell insisted the Fed remains focused solely on economic data. Analysts now expect any rate cuts to be delayed, with some predicting the first adjustment in September.Adding to the economic uncertainty is Trump’s proposal for 100% tariffs on foreign films. While unlikely to materialise, the idea underscores wider industry turmoil. Hollywood, long anchored in Los Angeles, is losing ground to international production hubs offering generous tax incentives. With filming in LA at historic lows, California officials are pushing to expand state tax credits to keep production local, though competition from abroad continues to grow.
