Borrowing costs are forecast to fall to 4%, the lowest since early 2023, despite higher inflation.

The president also hits India with a 50% tariff and threatened a 100% levy on foreign-made semiconductors.

India, which now faces among the highest tariff rates imposed by the US, called the levy "unjustified and unreasonable".

The president had been pressing Apple to do more of its manufacturing in the US.

The EU is aiming to increase its own production of rare earth metals, led by a facility in France.