United States:
US Trade Deficit Narrows Most on Record on Muted China Imports
“The US trade deficit shrunk in April by the most on record in dollar terms, reflecting a drop in the value of imports amid Covid lockdowns in China while exports climbed. The gap in goods and services trade narrowed $20.6 billion, or 19.1%, to $87.1 billion, Commerce Department data showed Tuesday. The median estimate in a Bloomberg survey of economists called for an $89.5 billion deficit.”
Europe:
German Factory Orders Unexpectedly Plunge Amid China Lockdowns
“German factory orders unexpectedly sank in April as harsh lockdowns in China pressured global supply chains, adding to disruptions caused by Russia’s invasion of Ukraine.”
Asia:
Marxism Makes a Comeback in China’s Crackdown on ‘Disorderly Capital’
“Cheers greeted China President Xi Jinping as he toured Beijing’s Renmin University of China in April, telling students and teachers: “We must continue to promote the modernization of Marxism.” Social science research, he said, should have “Chinese characteristics” and contribute to “China’s independent knowledge system.”
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