Economy

Fed vs. inflation
Trump goes to the Supreme Court to remove Lisa Cook

The Trump administration wants the Supreme Court to make a quick decision so that Lisa Cook can be fired as a member of the US Federal Reserve.

This week, an appeals court ruled that Lisa Cook should be allowed to continue in her position, at least temporarily.

The ruling was the second setback for President Donald Trump in his attempt to get rid of Lisa Cook from office. Earlier, another court paused his decision to fire her.

On Thursday, the Trump administration turned to the Supreme Court and called for a quick decision on the matter.

Trump has accused Lisa Cook of not having handled her mortgage applications properly.

The president wants to see rapid cuts in the key interest rate, a position that is not shared by a majority in the Fed.

Stephen Miran recently took office as a Fed member. He is an economic adviser to the White House, a position from which he is on leave.

At Wednesday's interest rate announcement, it turned out that all members except Stephen Miran voted for a 0.25 percentage point cut in interest rates. He wanted a double cut instead.

Lisa Cook was nominated for her position in 2022 by then-President Joe Biden.

She has previously said that she will not leave her post and will not be "bullied" by Trump.

US more dependent on imports from the EU than China

US import dependence on the EU has grown sharply over the past 15 years and now exceeds dependence on China, according to a study by Germany's IW Institute. Reuters reports.

The number of product groups where at least half of imports come from the EU has increased to over 3,100, compared to just over 2,600 in 2010.

Although trade data cannot fully capture how indispensable these goods are, the study “can be used to make it clear to the Americans that if they continue to raise tariffs, they are shooting themselves in the foot,” points out co-author Samina Sultan.

The value of imports in 2024 amounted to $287 billion, almost 2.5 times more than in 2010, while the corresponding figure for China was $247 billion.

The Tiktok revolution
Trump: Those who invest in Tiktok are among the world’s richest

Donald Trump praises Tiktok for helping him during the election campaign and says that the upcoming agreement means that it will be owned exclusively by American investors.

– The people who invest in it are among the biggest investors, the biggest, the richest, in the world, and they will do a great job, Trump said during a press conference with British Prime Minister Keir Starmer.

At the same time, Trump said that the deal with Tiktok is being made in cooperation with China without going into details.

According to the president, the US government receives a “huge” commission for brokering the deal.

Google’s future
Google adds the AI ​​model Gemini to the Chrome browser

Google is adding its AI model Gemini to its Chrome browser just a couple of weeks after the technology giant dodged a ruling that threatened to force them to break up the company, writes Bloomberg.

Gemini is already available in the Alphabet company’s other products and will be available in Chrome for users in the US starting Thursday.

The AI ​​model is said to be able to provide answers to complex questions, detect fraud and quickly save changed passwords directly in the browser’s address bar, Google writes in a blog post.

The AI ​​race
Nvidia invests in British AI: “Never been a better time”

Nvidia plans to pump 2 billion pounds, equivalent to 25 billion kronor, into British AI startups together with several venture capital firms, the chip giant says according to Bloomberg.

The money will help the UK challenge the rest of the world in the global AI rally.

Nvidia founder Jensen Huang believes that the British market is in a “Goldilocks” situation where the economy is neither too hot nor too cold.

– There has never been a better time to invest in the UK, he says in a statement.