The US Senate has voted to soften a controversial Buy American clause in an economic recovery package, after warnings it might spark a trade war. The clause had sought to ensure only US iron, steel and manufactured goods were used in projects funded by the bill.
United States President Barack Obama has said he wants to avoid economic stimulus measures that would signal protectionism or spark a trade war. Mr Obama was responding to international criticism of a Buy American clause in the 800 billion US dollars economic recovery package.
The extension of a US Federal Reserve currency swap line to Brazil shows confidence in South America's largest economy, Central Bank President Henrique Meirelles said on Tuesday.
US President Barack Obama announced Wednesday his government will impose a salary cap of 500,000 US dollars for senior executives at companies receiving federal economic bailout funds.
The US economy shrank at an annual rate of 3.8% in the last quarter of 2008, according to the latest report from the US Commerce Department. This is the worst performance of the US economy since 1982.
US carmaker Ford reported this week the biggest full-year loss in its history, but said it still was not going to ask for government loans. Ford said its net loss for the fourth quarter of 2008 was 5.9 billion dollars, and 14.6 billion for the whole year.
US President Barack Obama has called for urgent action on his 825 billion US dollars economic recovery plan, saying the American people expect it. Republican lawmakers are increasingly vocal in opposing the bill, complaining it is too expensive and unworkable.
The United States Federal Reserve pledged to keep interest rates at exceptionally low levels, and use all available tools to promote the resumption of sustainable economic growth, as it warned that the outlook for the world's largest economy has weakened further in recent weeks.
President Barack Obama chose an Arabic satellite TV network for his first formal television interview on Monday as president, part of his drive to repair relations with the Muslim world.
Timothy Geithner was sworn in as US Treasury Secretary within hours of the Senate approving his nomination on Monday. The confirmation by 60 votes to 34 was delayed due to concerns Mr Geithner had failed to pay previous taxes on time.