Global Economy News
LAST UPDATE: May 16, 2025
APEC says 'concerned' over challenges to global trade
AFP
APEC trade ministers expressed concern over fundamental challenges to the global trading system, emphasizing the need for cooperation amid rising protectionism and unilateral tariffs.
Insight
The statement underscores growing apprehension among Asia-Pacific nations regarding the impact of unilateral trade measures, particularly those initiated by the US, on global trade stability.
Trump Says US Will Set Tariff Rates for Other Nations in Weeks
Bloomberg
President Trump announced plans to unilaterally set new tariff rates for numerous countries within two to three weeks, citing logistical challenges in negotiating individual trade deals.
Insight
This move indicates a shift towards a more protectionist trade policy, potentially leading to increased global trade tensions and retaliatory measures from affected countries.
China-US 90-day tariff truce should be extended, Global Times says
Reuters
China's state-backed Global Times advocated for extending the 90-day tariff truce with the US, arguing that the period is too short to resolve underlying trade issues.
Insight
The call for an extension reflects China's desire for a more stable and predictable trade environment, highlighting the complexities involved in US-China trade negotiations.
Rubio says NATO members will agree to 5% defense spending over next decade by June summit
Reuters
US Secretary of State Marco Rubio stated that all NATO members are expected to commit to spending 5% of their GDP on defense over the next decade, with formal agreement anticipated at the June summit.
Insight
This proposed increase signifies a significant shift in NATO's defense posture, potentially leading to enhanced military capabilities but also raising concerns about budgetary allocations among member states.
