October 26, 2020
“The U.S. economic recovery’s strength has consistently surprised over the past several months, thanks in part to steadfast consumer finances that were underpinned by robust government aid and ultra-low interest rates. Three months ago, economists were penciling in third-quarter growth at an annualized 18%. The latest Bloomberg survey of economists now shows a median projection almost double that — a record 31.8% pace — for the report due Thursday.”
Europe:
WTO Gives EU Final Nod for Tariffs on $4 Billion of U.S. Exports
“The World Trade Organization on Monday formally authorized the European Union to impose tariffs on about $4 billion worth of U.S. exports annually in retaliation for America’s illegal subsidies to Boeing Co. The WTO approved the EU’s arbitration award — which is the third largest in WTO history — during a meeting of the dispute settlement body at the WTO’s headquarters in Geneva.”
Asia:
China’s New Growth Plan May Push Economy Past U.S. Within Decade
“President Xi Jinping opened a meeting in Beijing this week to map out the next phase of economic development, just days before one of the most contentious U.S. elections in history will produce a president resistant to China’s ascent no matter who wins. The country’s 14th five-year plan is expected to center around technological innovation, economic self reliance and a cleaner environment. Communist Party officials will also set goals for the next 15 years as Xi seeks to deliver on his vow for national rejuvenation by gaining the global lead in technology and other strategic industries.”
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