United States:
One Year Into His Term, Biden Finds Himself Boxed In on China
“Two years ago, then-President Donald Trump signed the U.S.-China Phase One trade agreement, hailing it as an “historic” deal. Joe Biden’s team spent the presidential campaign criticizing it as too limited in scope and lacking teeth. Yet once the Democrat took office, there was a recalibration. In a speech in October, U.S. Trade Representative Katherine Tai described the framework as “useful” and said it’s had “value in stabilizing the relationship.”
Europe:
U.K. Inflation Surprises With Jump to Highest in 30 Years
“Britain’s inflation rate surged unexpectedly to the highest since 1992, sharpening a squeeze on households and adding to pressure on the government and Bank of England to respond. Consumer prices rose 5.4% from a year ago in December, driven by a broad increase in the cost of food, drink, restaurant meals and furniture, the Office for National Statistics said Wednesday. Economists had expected a reading of 5.2%.”
Asia:
Hong Kong Inflation to Rise as Cargo Flights Cut, Citi Warns
“Hong Kong consumers will see rising prices and possibly shortages of some goods this year as airlines slash cargo flights, Citigroup Inc. warns, highlighting the costs of the city’s zero-Covid strategy. The bank estimated that the consumer price index will rise 2.5% in 2022, up from 1.6% last year, Citi analysts including Adrienne Lui wrote in a note dated Tuesday. They added that “import price pressure will likely be entirely passed on to consumers given that Covid has battered operating margins, and a wide selection of international fresh grocery imports will probably be affected.”
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