China ended the first half of the year with a record trade surplus of about $586 billion after exports to the US began to stabilize, with factories riding out the tariff rollercoaster that upended global commerce. Exports rose 5.8% in June from a year earlier to $325 billion, exceeding the median estimate in a Bloomberg survey of analysts. Imports rose 1.1% to grow for the first time since February, according to data from the General Administration of Customs on Monday. While US tariffs on Chinese goods have been cut back to around 55%, down from as high as 145% in early April, Beijing faces mounting risks from Washington’s evolving trade strategy. Meanwhile the EU is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter. The contacts with nations including Canada and Japan could include the potential for coordination, said the people, who spoke on condition of anonymity to discuss private deliberations. The move comes as talks between the EU and the US have dragged on and continue to be stuck on several issues, including cars and tariff rates on agriculture. European Commission chief Ursula von der Leyen said the bloc will extend the suspension of trade countermeasures against the US until Aug. 1 to allow for further talks. In market news, Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday. The cryptocurrency bellwether rose as much 3.4% to $123,205 as of 9:10 a.m. in London as digital assets staged a broad advance.
Today’s guests: Modupe Adegbembo, Jefferies Economist, Javier Martínez-Acha Vásque, Panamanian Foreign Minister, Sumant Sinha, ReNew Chairman & CEO
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"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 – The Pulse
00:04:44 – EU-US Talks Stuck on Cars, Agriculture
00:07:45 – Modupe Adegbembo, Jefferies Economist
00:18:07 – Panama Removed From EU List of High-Risk Regimes
00:20:23 – Javier Martínez-Acha Vásque, Panamanian Foreign Minister
00:29:22 – Iran: Weighing US Offer to Restart Nuclear Talks
00:32:40 – India’s Electricity Demand Could Triple by 2050
00:37:20 – Sumant Sinha, ReNew Chairman & CEO
00:44:20 – France’s Macron Raises Defense Budget
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More on Bloomberg Television and Markets
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