Global Times Editorial
The Trump administration announced tariffs on Chinese high-tech and industrial imports worth of US$50 billion. The first round, on imports totaling US$34 billion, will begin July 6, while the second round is still under review.
The global economy is experiencing stronger growth, driven by a rebound in trade, higher investment and buoyant job creation, and supported by very accommodative monetary policy and fiscal easing, according to the OECD’s latest Economic Outlook.
Growth in the world economy is surpassing expectations and global GDP is now expected to expand by more than three per cent this year and in 2019, reflecting strong growth in developed countries and broadly favourable investment conditions, a new UN report finds.
After last week's global rout, Asian markets struggled to hold early gains with analysts warning of further volatility across trading markets.
President Trump declared America “open for business” in a speech on Friday to global to political and business elites in Davos, Switzerland, while taking a hard line on trade and vowing to make commerce with other countries “fair and reciprocal.”
Prospects for the global economy are looking brighter, according to the International Monetary Fund (IMF), arguing that the recent pick-up has been pretty broad-based, particularly in Europe and Asia. Tax reforms in the United States are expected to stimulate economic activity, especially business investment.
The World Bank forecasts global economic growth to edge up to 3.1% in 2018 after a much stronger-than-expected 2017, as the recovery in investment, manufacturing, and trade continues, and as commodity-exporting developing economies benefit from firming commodity prices.
China's president Xi told the World Economic Forum in Davos on Monday that the “migrant crisis had been caused by war, conflict and regional turbulence,” not globalization. Similarly, the 2007/8 financial crisis was caused by “the excessive pursuit of profits and a lack of economic regulations,” he said.
World Bank lowered its 2014 growth forecasts for the global economy but said advanced economies' rebound from a rough start would help offset stagnation in developing countries. Most of the pick-up in growth this year will come from high-income countries, particularly the United States and the 18-nation Euro zone, the World Bank said in its twice-yearly Global Economic Prospects report.
By PM David Cameron - The Wall Street Journal - Britain and America have a proud history of working together to meet the great challenges of the day. Ours is a partnership without parallel, rooted in our values of freedom and enterprise—advancing not just Britain’s and America’s interests but the good of people around the world.