April 28, 2025
United States:
Bessent Says ‘It’s Up to China to De-Escalate’ in Trade War
Treasury Secretary Scott Bessent said “all aspects” of the US government are in contact with China but that it’s up to Beijing to take the first step in de-escalating the tariff fight with the US due to the imbalance of trade between the two nations.
“We’ll see where this goes,” Bessent said in an interview with CNBC. “As I’ve repeatedly said, I believe it’s up to China to de-escalate because they sell five times more to us than we sell to them, so these 125% tariffs are unsustainable.”
Europe:
Fiscal Support Since Pandemic Still Boosting Inflation, ECB Says
Aid measures by euro-zone governments during the pandemic and the war in Ukraine will keep stoking inflation in the years ahead, the European Central Bank said.
The increased spending will boost price growth by 0.7 percentage point this year, 0.4 percentage point in 2026 and 0.3 percentage point in 2027, according to a pre-release of the ECB’s monthly bulletin published Monday.
Asia:
BOJ to Hit Pause on Rate-Hike Path as Economic Risks Mount
The Bank of Japan is widely expected to signal a pause in policy normalization this week as US tariffs heighten global uncertainty, without shifting its stance on gradually raising interest rates when the outlook clears.
Governor Kazuo Ueda’s board is poised to keep the benchmark rate at 0.5% at the conclusion of the two-day gathering on Thursday, according to all 54 economists in a Bloomberg survey.
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