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The Federal Reserve held its benchmark interest rate at 4.25 to 4.5%.

Two committee members dissented, voting instead to cut rates by a quarter of a percentage

point. Donald Trump had again pressured the Fed to lower rates, citing GDP figures released on Wednesday.

America's economy grew at an annualized rate of 3% in the second quarter after shrinking

by 0.5% in the first.

Earlier this year, companies rushed to import goods ahead of Mr. Trump's tariffs

in the second quarter imports fell, making growth appear stronger.

Meanwhile, Mr. Trump raised tariffs on imports from Brazil, from 10% to 50%.

The White House said Brazil's left-wing government had introduced policies that were an extraordinary threat to America's security.

Mr. Trump also announced tariffs of 25% on imports from India from August 1st. He said India would face an

unspecified penalty for importing large amounts of Russian oil and weapons despite the war in

Ukraine. The Trump administration said a 50% tariff on imports of certain copper products,

including pipes and cables, would come

into effect on Friday. But refined copper materials will be exempt from levies. Prices of the

metal fell on the news. Copper futures had surged when Mr. Trump first indicated he planned

...