July 22, 2025
United States:
Trump Targeting Trade Loopholes Risks 70% of China Exports to US
President Donald Trump’s effort to target China through its trading partners across global supply chains threatens to erode the country’s growth and most of its exports to the US, according to Bloomberg Economics.
China has increasingly relied on third countries for the manufacturing of final products or components, a trend that accelerated following Trump’s first trade war and his imposition of higher restrictions on the world’s second-largest economy.
Europe:
UK Borrows Billions More Than Expected as Debt Costs Surge
UK government borrowing came in more than forecast in June, a setback for Chancellor of the Exchequer Rachel Reeves that will fan speculation over potential tax hikes to shore up the public finances.
A surge in debt-interest payments sent the budget deficit to £20.7 billion ($27.9 billion), the Office for National Statistics said on Tuesday, £6.6 billion more than a year earlier and well above the £17.5 billion economists surveyed by Bloomberg expected.
Asia:
BOJ Is Said to See Little Impact From Election on Rate Views
Bank of Japan officials see little need to shift their policy stance of gradually raising interest rates in the wake of Prime Minister Shigeru Ishiba’s latest election setback, according to people familiar with the matter.
While officials will keep a close eye on the government’s fiscal policy going forward, they still consider it appropriate to keep raising the BOJ’s benchmark interest rate if their economic outlook is realized, the people said.
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