Overview

• The US implemented 25% tariffs on auto components on May 3, projecting a 35% decline in cargo arrivals at the Port of Los Angeles next week.
• The European Central Bank warns of significant downside risks to euro-area GDP, citing heightened trade barriers and global uncertainty.
• S&P Global Ratings lowered its 2025 global growth forecast to 2.7%, with cuts also affecting EU and Italian growth projections.
• The EU is preparing a $50 billion proposal to purchase US goods, including LNG and soy, as part of trade negotiations with Washington.
• China is evaluating a US offer for tariff talks but insists the US must first rescind unilateral tariffs to restore trust in negotiations.