Overview

• Trump, following talks with Italian Prime Minister Giorgia Meloni, expressed certainty about achieving a 'fair' tariff agreement with the EU before the 90-day pause expires.
• The U.S. maintains high tariffs on Chinese imports, with China retaliating through 125% duties and potential restrictions on rare earth exports critical to U.S. industries.
• The WTO forecasts global trade could shrink by up to 1.5% in 2025 due to ongoing tariff disputes, citing risks to vulnerable economies and global supply chains.
• U.S. bond yields have risen, and the dollar has weakened as investors pivot to German bunds, reflecting shaken confidence in U.S. economic stability.
• Fed Chair Jerome Powell warned of higher inflation and slower growth from tariff policies, prompting Trump to publicly call for Powell’s removal.