IMF says U.S. tax bill goes against deficit reduction goals
This direction differs from current IMF guidance, which calls for tax increases, including on middle-income groups, to help close the deficit
Trump’s tax and spending bill passes in narrow House vote, clears final hurdle in Congress
The White House says Trump will sign it into law at 9 p.m. GMT on Friday, the July 4 Independence Day holiday.
German vehicle shipments to U.S. drop 13% in April, 25% in May
A total of 64,300 vehicles are shipped to the U.S. during those two months
U.S. trade deficit widens to $71.5 billion in May
The increase in the trade gap follows a revised April figure showing the deficit narrowed to $60.3 billion
Trump’s tariff concerns may be based on misinformation, Japanese PM Ishiba says
Ishiba responds to recent remarks by U.S. President Donald Trump, who says Japan does not import American rice or cars
EU delays AI code of practice rollout to end of 2025
The delay comes as tech firms and several EU governments ask for more time to adjust to the upcoming regulations
Tesla sales in Germany fall 60 percent in June
The decline comes despite a rise in overall battery electric vehicle registrations, which grew 8.6 percent during the same month
US sanctions six companies and multiple vessels, including those from Pakistan and India, over Iranian oil trade links
Washington targets a network involved in sale and transport of Iranian petroleum products, ramping up economic pressure on Tehran
French authority fines Shein 40 million euro for fake discounts
France’s antitrust authority says the company raised prices before applying a discount, which led to false promotions
India defence panel starts process to buy arms worth $12.3 billion
Proposals include armoured recovery vehicles and an electronic warfare system for three services and surface-to-air missiles, among others
China’s EV shakeout: Only 15 brands likely to survive by 2030, says AlixPartners
Consultancy predicts massive consolidation as fierce competition, overcapacity, and price wars squeeze profitability in world’s largest EV market
Gulf markets rally as non-oil growth, US-Vietnam tariff deal lift investor sentiment
Saudi and UAE stocks surge to multi-month highs amid easing tariff fears and strong private sector expansion
US crypto firm Ripple applies for national bank charter, says CEO
A national bank charter would allow Ripple to process payments directly, reduce costs, and gain access to central banking services
US House of Represntatives advances Trump tax and spending bill toward final vote
The bill includes extended tax cuts, immigration enforcement, and cuts to healthcare and social programs
US lifts license rule, clears ethane exports to China
Following the removal of the license rule, at least eight vessels head to China after remaining idle along the U.S. Gulf Coast