An appeals court in Washington will consider President Donald Trump's sweeping tariff plan, which comes into force Aug. 1, and has sparked consternation from small businesses.

The Federal Reserve kept US interest rates on hold for the fifth meeting in a row yesterday, defying an aggressive campaign from President Donald Trump to slash borrowing costs. Fed chair Jay Powell said after the meeting that “it seems to me — and to almost the whole committee — that the economy is not performing as though restrictive policy is holding it back inappropriately”.