July 21, 2025
United States:
Bessent Says China Talks Could Include Its Russia, Iran Oil Purchases
Treasury Secretary Scott Bessent said the next round of US-China talks could include a discussion of China’s purchases of Russian and Iranian oil, a signal that the focus could shift from more traditional trade issues to ones that cross over into matters of national security.
“Trade is in a good place,” Bessent said on CNBC, referring to recent and ongoing negotiations with China. “And I think now we can start talking about other things. The Chinese, unfortunately, are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil — so we could start discussing that.”
Europe:
EU Is Racing to Secure US Trade Deal and Preparing for Worst
European Union and US negotiators are heading into another week of intensive talks, as they seek to clinch a trade deal by Aug. 1, when US President Donald Trump has threatened to hit most EU exports with 30% tariffs.
Officials in Brussels are prepared to stomach an unbalanced agreement that favors the US if that’s what is required to break the impasse before the deadline.
Asia:
Japan Right-Wing Party’s Gains Risk Unnerving Global Investors
The success of Japanese right-wing party Sanseito in Sunday’s upper house election has the potential to unnerve global investors, who have been among the strongest supporters of the nation’s equity markets.
Sanseito, which translates as the “Political Participation Party,” gained 14 seats in the upper house election, up from just a single seat previously, winning the third-most seats among opposition parties, based on results provided by public broadcaster NHK. Both parties in the ruling coalition lost seats in the chamber as well as their majority.
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