Global Economy News
LAST UPDATE: July 9, 2025
Trump Says ‘No Extensions’ on Aug. 1 Reciprocal Tariff Deadline
President Trump reiterated that the reciprocal tariff deadline set for August 1, 2025, is firm with “no extensions.” He emphasized that letters notifying tariff imposition will continue to be sent to trade partners.
Insight
Trump’s insistence on strict timing adds pressure in ongoing negotiations with major economies. While the deadline could serve as leverage, the rigid stance also increases the risk of trade disruptions.
Trump says he won’t punt on tariffs again, may set EU rate soon
Trump stated he will not delay any more reciprocal tariffs and hinted at soon setting tariffs on EU imports. He reiterated that no further extensions will follow the August 1 deadline.
Insight
This signals an escalation toward the EU, adding to global trade uncertainty. It suggests Trump is expanding his tariff toolkit beyond Asia, putting bilateral U.S.–EU relations at risk.
Trump says BRICS countries to get 10% tariff ‘pretty soon’
President Trump announced an imminent additional 10% tariff on imports from BRICS-aligned countries, accusing them of supporting “anti‑American policies.” He offered no specific timeline.
Insight
Targeting BRICS marks a widening of tariff pressure beyond traditional trade rivals. It’s a direct challenge to rising multipolar blocs, potentially disrupting global commodity and currency markets.
UN warns Trump tariff delays deepen trade uncertainty
AFP / Reuters
The UN’s trade arm cautioned that Trump’s decision to delay reciprocal tariffs extends global economic instability, discouraging long-term investment and harming developing economies.
Insight
The warning highlights how repeated tariff shifts erode business confidence worldwide, especially in lower-income countries reliant on predictable trade policies.
UN passes climate change motion after Marshall Islands drops fossil fuels focus
The UN Human Rights Council approved a motion linking climate change and human rights after the Marshall Islands withdrew a proposal on fossil fuel phase-out, opting instead for broader wording about “defossilizing” economies.
Insight
The outcome reflects delicate diplomatic negotiation in climate policy: vulnerable nations secure symbolic language while large emitters avoid concrete fossil fuel commitments.
Finance Watchdog Confronts Climate Discord After Officials Clash
The Financial Stability Board (FSB), which includes central banks and financial regulators, revised its climate-risk report after internal debate, reflecting tension between supporters of robust climate action and those warning it could harm economic growth.
Insight
The FSB’s internal rift reveals deep unease over integrating climate risk into financial regulation: striking a balance between sustainable finance and economic resilience remains contentious.
US Treasury’s Bessent to skip South Africa G20 finance meeting next week, sources say
Treasury Secretary Scott Bessent will skip the July 17–18 G20 finance ministers’ meeting in Durban, with Undersecretary Michael Kaplan attending instead. The move follows diplomatic tensions linked to Trump’s critical comments on South Africa.
Insight
The absence signals deepening friction between the US and South Africa, complicating G20 cooperation. It may weaken US coordination on global finance policy at a critical forum.
