Markets

"I wasn't worried," Trump said in a Time magazine interview during which he was asked about financial market tumult.

On tariffs, one central banker said: "In the short run, we will have lower growth. We will probably also have lower inflation."

The trust between Europe and the U.S. is not yet broken despite President Donald Trump's tariff policies, Joerg Kukies, acting German finance minister, said.

Transportation equipment orders surged 27%, led by a 139% increase in nondefense aircraft and parts.

Bank of England Governor Andrew Bailey said Thursday that the central bank is focused on the potential U.K. growth shock from U.S. tariffs.

Businesses dealing with tariffs are looking for ways to pass increasing costs onto consumers, according to the Beige Book report.

Spending in April through the first 15 days climbed about 3.8% from the same period a year ago, JPMorgan found.

The 191-nation fund credited higher tariff revenue for a somewhat smaller deficit projection.

The ECB last week cut interest rates by a further 25 basis points and warned of a "deteriorated" growth outlook linked to tariff tensions.

The Washington-based IMF, in its World Economic Report, cited intensifying downside risks as it lowered its growth projections.