Overseas Headlines – June 25, 2020

United States:

U.S. Recovery Looks to Be Ebbing in States With Virus Outbreaks

“The U.S. economic recovery is showing incipient signs of weakening in some states where coronavirus cases are mounting. The ebbing is evident in such high-frequency data as OpenTable restaurant reservations and follows a big bounce in activity as businesses reopened from lockdowns meant to check the spread of Covid-19.”



Europe Is Approaching a Disastrous Economic Cliff Edge

“In northern Portugal, Tiago Carvalho is nervously counting the days until his business has to stand on its own two feet again. The restaurant owner in Braga, home to the country’s oldest cathedral, says revenue is less than a third of what it was before the coronavirus kept tourists away and confined locals to their homes. Even with lockdown restrictions largely rolled back, customers have stayed away, reflecting the slow pace of recovery across Europe.”



India Plans to Impose Strict Rules and Tariffs on Chinese Imports

“India plans to impose stringent quality control measures and higher tariffs on imports from China, people with the knowledge of the matter said, as a military standoff between the neighbors threaten economic ties. The state-run Bureau of Indian Standards is finalizing tougher norms for at least 370 products to ensure items that can be locally produced aren’t imported, the people said, asking not to be identified citing rules. The products include chemicals, steel, electronics, heavy machinery, furniture, paper, industrial machinery, rubber articles, glass, metal articles, pharma, fertilizer and plastic toys.”



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