A turbulent night across Washington, Brussels and Wall Street offered a snapshot of the political and economic crosscurrents shaping global markets, from Donald Trump’s search for a new Federal Reserve chair to an unprecedented US immigration raid halting construction at a massive Hyundai facility in Georgia.
Trump narrows Fed chair contenders
President Donald Trump confirmed that White House economic adviser Kevin Hassett, Federal Reserve Governor Christopher Waller and former Fed Governor Kevin Warsh are the frontrunners to replace Jerome Powell as Fed chair.
“You could say those are the top three,” Trump told reporters in the Oval Office, signalling a decision that could soon reshape US monetary policy.
The president, who has frequently criticised Powell, said he was committed to a full interview process before making his choice.
Treasury Secretary Scott Bessent, who was once considered a contender, reiterated that he has no interest in the role.
“I’m the only person on the planet who does not want the job,” he quipped.
White House threatens retaliation over EU fines
Hours after Google was fined nearly $3.5 billion by the European Union over antitrust violations in its advertising technology business, Trump threatened to launch a trade investigation against what he described as “discriminatory” EU actions targeting US tech giants.
In a post on Truth Social, Trump said he would start a Section 301 probe to “nullify the unfair penalties” imposed on American companies like Google and Apple.
He argued that Brussels was “effectively taking money that would otherwise go to American investments and jobs.”
The comments followed a White House dinner with Silicon Valley executives, where Google CEO Sundar Pichai publicly thanked Trump for the administration’s support in ongoing US court battles.
The clash with Brussels risks adding new strain to already fraught EU-US relations on trade and technology regulation.
Immigration raid hits Hyundai’s Georgia project
In the most sweeping workplace immigration enforcement in US history, around 475 workers were detained by Immigration and Customs Enforcement (ICE) at a Georgia construction site building a car battery factory for Hyundai and Kia.
The facility, touted as the biggest industrial investment in Georgia’s history, was abruptly shut down on Thursday after federal agents raided the site.
Reports suggest many of those arrested were South Korean nationals, highlighting the international scale of the project and the implications of Trump’s uncompromising immigration policies.
Governor Brian Kemp had hailed the factory as a major win for the state’s economy.
Instead, the raid has cast uncertainty over the future of Hyundai’s plans in the region.
Tech drives Wall Street amid mixed week for markets
Despite regulatory headwinds, US tech stocks proved resilient.
Alphabet, Apple, Broadcom and Tesla all rallied this week, adding $420 billion to the combined market value of America’s largest technology firms.
Yet broader markets faltered on Friday. The Dow Jones closed 220 points lower at 45,400.86, while the S&P 500 slipped 0.3% and the Nasdaq edged down less than 0.1%.
For the week, the Nasdaq gained 1.1% and the S&P 500 rose 0.3%, but the Dow finished 0.3% lower.
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