USA

World economy 4th July 2025

US and Vietnam reach trade agreement: 20% tariff on Vietnamese exports in exchange for full access to American market

Intermoney | Donald Trump announced yesterday that he had reached an agreement with Vietnam. The terms stipulate that Vietnam will pay the United States a 20% tariff on all goods exported to US territory and a 40% tariff on any transhipments, while in return, Vietnam will grant the United States full access to its commercial markets. Vietnam presented a particular challenge for the Trump administration, as some of the president’s…

World economy 3rd July 2025

US Senate approves Trump’s “One Big Beautiful Bill” by 51 votes to 50

Bankinter | The Senate approved, by a narrow margin of 51 to 50, the stimulus package proposed by President Trump, known as “One Big Beautiful Bill”. The approval was only possible thanks to the tie-breaking vote of Vice President JD Vance, after three Republican senators joined the Democratic opposition. Bankinter analysis team’s view: The package, which now goes to a new vote in Congress, provides for extending and making permanent…

In the World 2nd July 2025

Trump’s tax and spending package could reduce US renewable capacity by 500 GW

Link Securities | The tax and spending package proposed by US President Trump poses significant threats to the renewable energy sector, according to StreetAccount analysts. The Senate bill introduces new taxes on wind and solar projects with Chinese components after 2027, while tightening qualification rules, requiring projects to be operational by 2027, rather than simply started. In addition, they point out that the legislation could reduce US renewable capacity by…

World economy 1st July 2025

US and China reveal some details of trade agreement, which will implement Geneva consensus

Link Securities | The financial news website CNBC reported that the United States and China confirmed on Friday the details of the trade agreement reached by both parties earlier this month in London, which will implement the Geneva consensus, according to a statement issued by the Chinese Ministry of Commerce. China will review and approve export applications for products subject to export control regulations, while the United States will cancel…

World economy 1st July 2025

Europe fears Spain’s stance on defence spending could be stumbling block in trade talks with US

Norbolsa | Spain’s lack of commitment to increasing defence spending as agreed with NATO opens up another rift in EU-US relations. Trump threatens to double tariffs on Spain for failing to meet its defence commitments. With trade agreements in place, it seems unlikely that tariffs could be imposed on a member state, but there is a risk that they could impact the country’s most sensitive goods, including oil, wine and…

In the World 29th June 2025

US GDP contracts by 0.5% in annualised terms in 1Q25 against +2.4% in 4Q24

Singular Bank | According to the BEA, in the final reading, GDP fell by 0.13% in quarterly terms in 1Q25 (against an increase of 0.61% in 1Q24). At the same time, in year-on-year terms, production growth stood at 1.99% (versus 2.53% in the last quarter of 2024) and in annualised terms contracted by 0.5% (against plus 2.4% in the previous quarter).

In the World 25th June 2025

US preliminary composite PMI remains in expansion territory and above estimates at 52.2 points

Singular Bank | According to the preliminary reading for June, the US manufacturing PMI remained stable at 52.0 points, above analysts’ consensus estimates (51.1 points). In contrast, the services sector PMI declined slightly to 53.1 points (against 53.7 points in May). Despite this, the result was better than the consensus of analysts (52.9 points). Given this development, the US composite PMI fell slightly to 52.8 points (against 53.0 points in…

In the World 13th June 2025

Pending ratification by China, US to levy 55% tariff on Chinese imports and China 10% on American imports

Bankinter: Principle of a trade agreement between the US and China. Trump announced yesterday an agreement whereby China will supply the US with minerals and rare earths in exchange for allowing its students access to American universities. The US will levy a 55% tariff on imports from China (current 25% + 10% base rate + 20% for fentanyl trade) and China will apply a 10% tariff on US imports. The…

In the World 9th June 2025

China’s exports to US fall 34.4%, lowest level since February 2020

Bankinter: China’s Trade Balance widened its surplus in May, to $103.22 billion versus an estimated $101.1 billion and $96.18 billion previously. Bankinter analysis team’s view: The CPI has contracted for the fourth consecutive month and reflects the weakening of consumption. In the industrial sector the situation is even more complicated. Industrial Prices have remained negative since October 2022. On the other hand, the Trade Balance shows an increase of the…

In the World 4th June 2025

Trump getting in a hurry: government invites countries to submit “best tariff offer” today, 4 June

Bankinter | A document/letter from the US government has been leaked, inviting all countries to submit their “best tariff offer” today, June 4, to complete the deals as soon as possible. So far, the US has only concluded a deal with the UK. Then, according to the letter (it is not known which countries have received it), the US government will respond within days with the tariff measures it believes…

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