May 29, 2025
United States:
US Economy Shrinks 0.2% on Weaker Spending, Larger Trade Impact
The US economy shrank at the start of the year, restrained by weaker consumer spending and an even bigger impact from trade than initially reported.
Gross domestic product decreased at a 0.2% annualized pace in the first quarter, the second estimate from the Bureau of Economic Analysis showed Thursday. That compared with an initially reported 0.3% decline.
Europe:
ECB’s Villeroy Says More Rate Cuts Possible in Coming Weeks
European Central Bank Governing Council member Francois Villeroy de Galhau said more reductions in borrowing costs could be on the way, with little sign at present of upward pressure on consumer prices.
President Donald Trump’s tariffs will drive up inflation in the US but won’t have such consequences for Europe, the French official said.
Asia:
Japan’s Akazawa Heads to US for Latest Round of Tariff Talks
Japan’s top trade negotiator Ryosei Akazawa is headed to Washington for his fourth round of trade negotiations with the US, signaling that talks will continue as expected despite a US court ruling that declared the tariffs illegal.
“We are aware of the reports about the ruling and I will refrain from making any premature comments on the impact this may have on Japan-US negotiations,” Akazawa said Thursday, repeating comments made by the nation’s chief cabinet secretary earlier in the day. “But we intend to thoroughly examine the content of the ruling and its implications and respond appropriately.”
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