July 11, 2025
United States:
Trump Escalates Canada Trade Fight With 35% Tariff Threat
President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.
The tariff level on Canada would take effect from Aug. 1, the president said. The announced rate is an increase from the current 25% tariff that’s imposed on US imports from Canada that aren’t shipped under the terms of the US-Mexico-Canada Agreement.
Europe:
UK Economy Shrinks for Second Month in Fresh Hit to Starmer
The UK economy shrank for a second straight month as companies and consumers struggled to bounce back from the blow dealt by US tariffs and a raft of tax increases.
Gross domestic product declined 0.1% in May after contracting 0.3% the previous month, the Office for National Statistics said on Friday.
Asia:
PBOC Adviser Urges $209 Billion Stimulus to Offset Tariffs
China should add as much as 1.5 trillion yuan ($209 billion) in fresh stimulus to boost consumer spending and maintain currency flexibility to counter US tariffs’ drag on growth, academics including an adviser to the country’s central bank said.
The Chinese economy has been facing “new disruptions” since April from rising levies in addition to persistent deflation, according to a Friday report by Huang Yiping, a member of the monetary policy committee of the People’s Bank of China, and two other experts.
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