Biden Faces Doubts on US Clout as Leaders Skip Americas Summit
“President Joe Biden’s attempt to shift focus to the Western Hemisphere has gotten off to a bumpy start, with the leader of Mexico snubbing his invitation to a Los Angeles summit this week and doubts swirling about the strength of US influence in the region. The White House has billed the Summit of the Americas that Biden will attend starting Wednesday as a chance to tackle regional challenges including migration, climate change and economic disparities. Yet the president’s attention has been diverted by unrelenting crises including inflation, the war in Ukraine and a baby-formula shortage in the world’s largest economy.”
Euro-Area Inflation Is Set to Peak in Third Quarter
“While headline inflation in the euro area is running at similar rates to the US, the composition is quite different: Energy accounts for the bulk of the spike this year, with more modest contributions from goods and services costs. Bloomberg Economics sees inflation peaking at close to 8% in the third quarter, before falling back through 2023. Price gains won’t return to the European Central Bank’s 2% target until the end of next year.”
China Export Boom Fades as Buying Shifts, Cheap Rivals Gain
“After two years of record exports, Chinese manufacturers are turning downbeat as consumers in their biggest markets curb spending and Covid lockdowns drive customers to competitors in the region. With most of the world now living with the coronavirus and travel and other leisure activities resuming, consumers are cutting back on spending on Chinese-made laptops, phones and other work-from-home goods that propelled the nation’s exports and fueled the economy’s recovery from its pandemic slump in 2020.”
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