Japan’s Net External Assets Hit Record ¥533 Trillion But Loses Top Creditor Status to Germany

Economic

Summary:

Japan's net external assets rose to an all-time high of ¥533.1 trillion ($3.73 trillion) in 2024, but it lost its 34-year reign as the world’s top creditor to Germany, largely due to currency effects and relative debt trends....

Japan Posts Record Net External Assets but Cedes Top Spot

Japan's Ministry of Finance reported on Tuesday that the country’s net external assets reached an unprecedented ¥533.1 trillion ($3.73 trillion) at the end of 2024, marking the seventh consecutive year of increase. Despite this record, Japan has relinquished its long-standing title as the world’s largest creditor nation to Germany, which now holds ¥569.7 trillion in net external assets. This shift marks the end of a 34-year streak during which Japan consistently led global creditor rankings.

The surge in Japan’s net overseas assets is primarily attributed to a combination of yen depreciation and robust corporate activity abroad. The U.S. dollar and euro appreciated by 11.7% and 5% respectively against the yen over the year, which significantly inflated the yen-denominated value of Japanese-held foreign assets. In addition, sustained outbound mergers and acquisitions by Japanese firms—spurred by domestic stagnation and the search for growth—contributed to the asset accumulation.

Total gross external assets stood at ¥1,659 trillion, up ¥169 trillion year-on-year, while Japan’s external liabilities rose to ¥1,126 trillion, a ¥109 trillion increase. The resulting net gain of ¥60.9 trillion reflects a 12.9% year-over-year rise.

Germany Takes the Lead, China Holds Third

While Japan experienced absolute growth, Germany outpaced it in terms of net position due to more moderate external debt levels and a strong export-driven capital surplus. Germany’s disciplined fiscal and trade posture positioned it to surpass Japan, even though its overall increase in external holdings was less visibly driven by currency movements. Meanwhile, China remained in third place with ¥516.3 trillion in net external assets.

In addition to the asset balance, the Ministry of Finance released updated figures for Japan’s current account balance in 2024. The country posted a revised current account surplus of ¥29.4 trillion, slightly higher than the previously reported ¥29.3 trillion. The surplus reflects continued export performance, investment income, and a weaker yen supporting trade competitiveness.

A Structural Shift in Global Credit Dynamics?

Japan’s loss of its top creditor status may seem symbolic, but it reflects deeper trends in the shifting landscape of global capital. While Japan remains a financial powerhouse, the rise of Germany signals a diversification in global asset dominance. It also underscores the influence of exchange rate movements on headline asset rankings.

Moreover, as Japan faces mounting demographic and fiscal challenges at home, the continued growth in net external assets may also point to a strategy of increased global investment to offset stagnation and aging domestically. However, relative increases in foreign liabilities and the loss of top status may pressure Tokyo to reconsider its capital deployment and currency stabilization strategies.

Japan’s record ¥533.1 trillion in net external assets underscores the country’s enduring role as a global financial engine, but the symbolic loss of its top creditor crown to Germany signals a broader reordering of global capital dynamics. With the yen’s trajectory, external liabilities, and overseas investment patterns all in flux, the global financial hierarchy is entering a phase where new players like Germany—and potentially others—can eclipse traditional leaders, even amid absolute asset growth.

Source: Reuters

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Economic

Industrial Profit Growth Rebounds on Stimulus Support

Official data released by China’s National Bureau of Statistics (NBS) on Tuesday showed industrial profits rose 1.4% in the January–April period, up from 0.8% in the first quarter, while April alone posted a 3.0% year-on-year profit increase. These figures offer early evidence that Beijing’s incremental policy stimulus—delivered since late 2023—is beginning to support key sectors in China’s manufacturing economy.

The uptick comes amid growing pressure from U.S. tariff threats, with President Donald Trump recently imposing sweeping duties that specifically target Chinese exports, despite a temporary easing reached earlier this month. For an economy that still leans heavily on its export sector, these developments present a formidable challenge to China’s medium-term industrial outlook.

Sectoral Gains Concentrated in Strategic Industries

According to Dan Wang, China director at Eurasia Group, much of the current profit momentum is concentrated in state-prioritized sectors: new energy, new materials, and high-end manufacturing. This aligns with Beijing’s broader push to upgrade its industrial base and reduce dependence on low-margin exports vulnerable to global shocks.

Policymakers have acted cautiously but consistently over the past nine months, introducing liquidity injections, targeted interest rate cuts, and local government funding relief. The most recent measures announced in May include additional monetary easing to bolster investment sentiment and offset slowing credit growth.

Profit Divergence Between State and Private Sector

While total profits are improving, the performance gap between different ownership structures is widening. Profits at state-owned enterprises (SOEs) declined by 4.4% in the first four months of 2025, reflecting persistent structural inefficiencies and lagging reform momentum. In contrast, private firms recorded a 4.3% profit rise, and foreign-invested enterprises posted a 2.5% increase—suggesting that more market-driven entities are adapting better to economic headwinds.

Nevertheless, NBS statistician Yu Weining cautioned that “the foundation for stable profit growth still needs to be strengthened.” Persistent global uncertainties, weak domestic demand, and prolonged deflationary pressures continue to weigh heavily on profit margins across multiple sectors.

Trade Fragility Persists Despite Truce

Despite a temporary easing in U.S.-China trade tensions—marked by a rollback of some tariffs imposed since April—analysts remain skeptical about the durability of the truce. A sudden collapse in bilateral trade relations could still upend China’s fragile industrial recovery.

According to estimates by Nomura, a 50% decline in Chinese exports to the U.S. could result in up to 16 million job losses. This risk, combined with domestic weaknesses such as poor bank lending data and sluggish retail sales, reinforces the vulnerability of China’s recovery trajectory.

Manufacturing Resilience, but Auto Industry Under Pressure

Encouragingly, manufacturing firms posted an 8.6% year-on-year increase in profits, highlighting the underlying resilience in capital goods and industrial equipment demand. However, this strength is uneven. The auto sector, in particular, has seen profits squeezed by intense price competition and rising costs, dampening earnings despite solid unit volumes.

Lynn Song, ING’s chief economist for Greater China, observed that “some industries faced larger challenges, including autos,” where competitive pressure has undermined profitability even as consumer incentives continue to grow.

Stimulus Provides Lift, But Sustainability at Risk

April’s industrial profit data offers cautious optimism that China’s stimulus strategy is starting to yield tangible results in key sectors. However, the uneven nature of the recovery, combined with a fragile external environment and widening ownership-based performance divergence, suggests the path to sustained profit growth remains precarious.

The next phase of China’s policy response will likely need to expand beyond liquidity and rate cuts toward deeper structural reforms, particularly for state-owned firms and consumption-driven sectors. In the absence of a robust and lasting U.S.-China trade agreement, even the recent uptick in profits may prove transitory.

Source: Reuters

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Stocks

Markets React to Trump’s Tariff Pause with Caution

Asian financial markets opened Tuesday with mixed sentiment despite U.S. futures rallying overnight following President Donald Trump's decision to delay the imposition of 50% tariffs on European Union imports. The move temporarily alleviated fears of a global trade rupture but failed to sustain a broader rally in Asia, as traders reassessed the geopolitical and macroeconomic landscape.

Japan’s Nikkei fell 0.15%, while China’s CSI300 slipped 0.06%. The broader MSCI index for Asia-Pacific equities outside Japan declined 0.17%. Hong Kong’s Hang Seng edged down 0.1%. Thin trading due to U.S. and UK market holidays added to the subdued tone.

According to IG analyst Tony Sycamore, "It was a better night for risk assets, following Trump deferring EU tariffs back to July 9," but attention is rapidly shifting toward month-end rebalancing flows and Nvidia’s earnings.

U.S. Futures Up, But Risk Sentiment Remains Fragile

In contrast, Nasdaq futures surged 1.26% and S&P 500 futures rose 1.11% in Asian hours, supported by optimism around tech earnings. Nvidia, the market’s AI bellwether, is set to report first-quarter earnings on Wednesday, with analysts expecting a 65.9% year-on-year jump in revenue. The results could reignite interest in U.S. tech stocks and provide some temporary support to global risk sentiment.

Nonetheless, Friday’s release of the U.S. core Personal Consumption Expenditures (PCE) index—Fed’s preferred inflation gauge—and a series of Federal Reserve speeches will likely provide a clearer picture of the near-term interest rate trajectory, limiting immediate enthusiasm.

Dollar Extends Decline Amid Policy Uncertainty

The U.S. dollar index hovered near its lowest level in over a month and is now on track for its fifth consecutive monthly decline—its longest losing streak since 2017. The euro held firm near a one-month high at $1.14035, while the Japanese yen strengthened 0.5% to 142.18 per dollar.

Analysts attributed the dollar’s slide to a combination of factors including Trump’s erratic trade policy reversals, twin deficit concerns, and a weakening safe-haven status for U.S. assets. Julius Baer economist David Meier commented that a structural regime change for the dollar may be underway, pointing to "erratic U.S. policymaking, the tense fiscal situation, and large external indebtedness."

Gold Rises, Oil Softens

In the face of dollar weakness and persistent global uncertainty, gold prices continued to hold near record highs. The precious metal last traded at $3,332.91 an ounce, down 0.28% intraday but still elevated, as investors diversify away from U.S. assets.

Oil prices, however, saw mild declines. Brent crude futures slipped 0.1% to $64.67 a barrel, and West Texas Intermediate (WTI) fell 0.16% to $61.43. Investors are awaiting this week’s OPEC+ meeting, where potential increases in output could weigh further on crude prices.

Short-Term Relief, Long-Term Caution

Trump’s tariff delay has injected a brief measure of stability into global markets, but the underlying sentiment remains cautious. Asia’s muted equity response and the dollar’s continued slide reflect investor anxiety about the unpredictability of U.S. trade policy, a potential shift in currency dynamics, and the broader implications of fiscal overreach.

With Nvidia earnings and U.S. inflation data looming, and the BOJ’s central bank conference in Tokyo discussing persistent inflation and growth stagnation, the week ahead promises no shortage of volatility. For now, the market narrative is clear: optimism is fleeting, but uncertainty is entrenched.

Source: Reuters

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China–U.S. Trade War

Tariff Delay Brings Relief, But Strategic Adjustments Are Underway

U.S. President Donald Trump's abrupt decision to delay a sweeping 50% tariff on European Union goods has given markets a brief reprieve, but it hasn't stopped European leaders and firms from responding decisively to the threat. Monday night’s surge in U.S. futures and a nearly 1% rise in Europe’s Stoxx 600 index—including a 1.7% rebound in auto stocks—reflect relief more than resolution. Underneath the surface, strategic repositioning is already underway across Europe.

Macron’s Vietnam Visit Secures Industrial Export Wins

French President Emmanuel Macron’s state visit to Vietnam—his first and the first by a French head of state in nearly a decade—served not just diplomatic purposes, but also trade strategy. Among the outcomes was a high-profile agreement for Vietnam to purchase 20 Airbus A330neo jets. This follows a similar order struck earlier, and it positions Airbus as a competitive alternative to U.S.-based Boeing at a time when EU-U.S. trade relations remain volatile.

The deal also included agreements on pharmaceutical supply (vaccines from Sanofi) and cooperation in nuclear energy. These moves demonstrate how EU member states like France are expanding their trade footprint in the Indo-Pacific as a buffer against U.S. market instability.

Volvo Cuts Jobs, Pulls Back from U.S. Market

On the corporate side, Swedish automaker Volvo Cars announced the layoff of around 3,000 employees—mostly office roles in Sweden—as part of a broader cost-cutting effort. Owned by China’s Geely Holding, Volvo has been one of the most directly affected automakers due to the intersection of Trump’s tariffs on both the EU and China.

The company recently withdrew an entire China-made vehicle line from the U.S. market and suspended financial guidance for 2025 and 2026, citing tariff-related volatility. Its ongoing restructuring plan targets 18 billion SEK (approximately $1.89 billion) in savings, reflecting mounting pressures on manufacturers caught between geopolitical flashpoints.

Analysts Urge Caution Despite Market Bounce

While investors welcomed the tariff postponement, economists remain wary of deeper structural conflict. Holger Schmieding, Chief Economist at Berenberg, cautioned that even if the U.S. scaled back the tariff threat to 20–30%, the EU would be compelled to introduce countermeasures. In his view, the current calm may be a prelude to a wider trade confrontation.

The European Commission has made clear that it will push for a “mutually beneficial” deal but has also signaled its readiness to defend core economic interests if negotiations falter. Many policymakers fear Trump’s unpredictability could return with little warning, disrupting supply chains and trade flows once again.

A Fragile Truce, Not a Final Settlement

The July 9 deadline for tariff implementation looms, and although Trump’s phone call with European Commission President Ursula von der Leyen bought more time, the nature of the U.S. demands—ranging from agricultural access to industrial reshoring—suggests that Europe’s flexibility is limited. Several of the U.S. trade targets, such as national-level taxes and digital regulations, fall outside the EU Commission’s direct control, further complicating talks.

While global markets may currently enjoy a temporary lift from Trump’s tariff delay, Europe is not waiting passively for a negotiated outcome. Macron’s pivot to Vietnam and Volvo’s aggressive restructuring show that both governments and firms are recalibrating for a prolonged period of trade volatility.

The path forward will depend on whether the EU can satisfy U.S. trade demands without compromising its regulatory autonomy—or if it must brace for another round of retaliatory tariffs. Either way, Trump’s trade policies have already reshaped European strategies, even before a single tariff goes into effect.

Source: CNBC

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China–U.S. Trade War

A Legal Loophole Gains Momentum Under Tariff Pressure

As U.S. tariffs on imports rise again, companies are reviving a little-known but entirely legal strategy in customs law to blunt the financial blow: the “first sale rule.” In essence, the rule allows importers to calculate duties based on the first price paid in a multi-step transaction, often far lower than the final purchase price.

This method, codified in 1988, lets a U.S. retailer declare the cost from the original foreign manufacturer—say $5—even if a middleman sold it to them for $10. Customs duties are then calculated on the $5, bypassing the markups added by intermediaries. The savings can be substantial, particularly for high-margin consumer goods such as fashion, electronics, or luxury products.

Why Interest Is Surging Again

Interest in the rule surged during Donald Trump’s first presidential term, when his administration introduced 25% tariffs on Chinese goods in 2018. With the return of similarly aggressive tariffs—most recently 145% on some Chinese exports—law firms and trade consultants report a sharp increase in inquiries.

“It’s been around for a very long time but everybody’s beginning to explore it with more interest,” said Brian Gleicher, senior lawyer at Miller & Chevalier. “When the first administration had 25% tariffs [on China in 2018], that’s when we started getting calls. Now with the new tariffs, the first sale rule has started coming up again.”

Requirements and Complexities

To apply the rule, businesses must meet strict criteria: there must be at least two independent sales; the parties must be unrelated; the item must be destined for the U.S.; and the original transaction price must be documented. This can be challenging—many middlemen are unwilling to disclose pricing structures, and importers must secure detailed supply chain data to satisfy U.S. Customs and Border Protection.

Rich Taylor, a corporate consultant in Ningbo, China, highlighted the role of trust: “There has to be a level of transparency between all parties. But if you don’t use it, and your competitor does, you risk losing pricing power.”

Who’s Using It—and Why

Leading companies in diverse sectors are beginning to publicly acknowledge the rule as part of their tariff mitigation strategy. Italian fashion house Moncler reported a “significant benefit” from first sale accounting, noting that their manufacturing cost is roughly half of their internal transfer price. Biotech firm Kuros Biosciences announced it would restructure operations through Zurich to adopt the rule. U.S. companies such as Traeger and Fictiv also cited the rule as part of their supply chain and tariff planning in recent earnings calls.

Although most beneficial for industries with large margins, the rule can be adapted across various supply chains—especially when exporters and wholesalers are strategically positioned in tariff-neutral jurisdictions like Hong Kong or Switzerland.

A Challenge to Tariff Policy Goals

While the first sale rule is entirely within legal bounds, its expanded use runs counter to the intended impact of the tariff regime. Trump’s aggressive trade stance is designed not only to raise revenue but to incentivize reshoring of production to the United States. If importers can reduce duties without changing suppliers or moving manufacturing, the underlying policy objectives may be undermined.

U.S. Customs and Border Protection has not released data on how widely the rule is being used. The White House has not commented on the implications, but trade lawyers acknowledge that broader adoption could sharply erode tariff revenues and stall the administration’s reshoring goals.

A Strategic Pivot Within the Law

The growing interest in the first sale rule highlights how businesses are adapting to an increasingly volatile trade environment. While Washington seeks to pressure foreign supply chains through tariffs, importers are turning inward—within the bounds of legal strategy—to preserve their margins and competitiveness.

In doing so, they reveal a broader truth: policy signals may shift rapidly, but companies armed with legal expertise and supply chain transparency can still navigate around them. The question now is whether the administration will attempt to close this loophole—or tacitly allow it as a pressure valve in an inflation-sensitive economy.

Source: CNBC

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Reprieve Secured, But Uncertainty Lingers

The European Union may have gained breathing room by delaying U.S. President Donald Trump’s threatened 50% tariffs on EU imports until July 9, but the bloc now faces a far more difficult challenge: producing a deal that both appeases the White House and respects the EU’s multilateral structure and regulatory independence.

Trump agreed to extend the deadline following a call with European Commission President Ursula von der Leyen, in which both sides recommitted to fast-tracking negotiations. The European Commission hopes to use this momentum to push for a “zero-for-zero” industrial tariff agreement and expanded purchases of U.S. goods such as soybeans, liquefied natural gas, arms, and possibly hormone-free beef.

U.S. Wants Quick Wins; EU Pushes Back on Scope

While the EU’s proposal centers on reciprocal economic gains and regulatory cooperation, Washington appears focused on narrowing its nearly €200 billion goods trade deficit with the bloc. The U.S. has issued a list of non-tariff barriers it wants eliminated—ranging from value-added taxes and food safety standards to national-level digital services taxes.

However, these demands cut to the core of EU sovereignty. Taxation and digital policies are largely under the control of individual member states, not the European Commission, making it legally and politically impossible for Brussels to negotiate them away. European Trade Commissioner Maros Sefcovic has reiterated that any agreement must be equitable, and will stress this position in a call with U.S. Commerce Secretary Howard Lutnick.

An industry source familiar with the talks said Trump is seeking a quick win with a mix of symbolic gestures and real concessions. But EU officials remain wary of undermining regulatory standards or setting a precedent for unilateral U.S. pressure.

Standards, Not Barriers: The EU's Red Line

European lawmakers, including Bernd Lange, chair of the European Parliament’s trade committee, argue that what Washington sees as protectionism is in fact regulatory independence. “It’s about our standards, our chemicals regulation and our digital regulation,” Lange said, stressing these are not negotiable trade barriers but expressions of EU policy priorities. While minor revisions to specific rules might be feasible, wholesale adoption of U.S. standards is a non-starter.

The Trump administration's broader goal of reshoring key industries—such as steel, autos, semiconductors, and mobile phones—adds further strain to the discussions. The White House views trade not just as a vehicle for tariff reform but as a strategic lever for industrial policy, complicating the EU’s effort to secure a balanced agreement.

Internal Divisions and Structural Constraints

The EU’s negotiating position is further constrained by its institutional complexity. Unlike Washington, where trade decisions can be centralized and politically driven, the EU must balance 27 member states with diverse economic structures and policy interests. Irish Agriculture Minister Martin Heydon emphasized the importance of standing firm: “We are one of the most important trading partners for the U.S. So we shouldn't just agree to whatever the demand is from the White House.”

In this context, any agreement that appears overly one-sided could spark internal backlash and weaken the Commission’s authority in future negotiations. Heydon framed Trump’s frustration as a backhanded compliment, highlighting the EU’s resilience in defending its core economic and legal principles.

Compromise Possible, But Not at Any Cost

With less than six weeks until the revised July 9 deadline, the EU is racing to craft a trade solution that offers enough economic incentive to the U.S. without ceding ground on deeply embedded standards and national sovereignty. The road to a “mutually beneficial” deal remains fraught—not just due to the scale of U.S. demands, but because many of them strike at the heart of how the EU governs itself.

Unless Trump’s administration shows flexibility on its more sweeping requests, Brussels may face another showdown—one that no longer ends in a diplomatic delay. The next phase of talks will test whether transatlantic trade can remain grounded in negotiation, or whether it veers back toward confrontation.

Source: Reuters

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China–U.S. Trade War

Economic

Profit Growth Persists Amid External and Domestic Headwinds

China’s industrial sector showed signs of renewed momentum in April, with official data from the National Bureau of Statistics (NBS) revealing a 3.0% year-on-year increase in profits for the month and a 1.4% rise over the January–April period. These gains mark an acceleration from March’s 2.6% growth and signal modest resilience in the face of mounting external trade frictions and domestic price instability.

April’s performance follows a cumulative 0.8% profit gain in Q1 2025, which reversed a 0.3% contraction seen in the first two months of the year. The continued improvement in profitability comes as China navigates through volatile global demand, internal deflationary pressure, and deepening trade tensions with the United States.

U.S. Tariffs Cast Long Shadow Over Export Prospects

The profit uptick came despite an escalating trade conflict with the United States, which resumed tit-for-tat tariff measures in April. President Donald Trump’s announcement of 145% reciprocal tariffs on Chinese goods, while pausing similar measures for most other countries, raised fears about a new wave of protectionism. Although a temporary truce was reached earlier this month, economists warn that failure to secure a durable agreement could cost China as many as 16 million jobs if exports to the U.S. drop by 50%.

This external pressure has raised doubts about the sustainability of China’s export-led recovery, especially with factory output and retail sales slowing in recent weeks despite better-than-expected export data in April.

Deflation Continues to Squeeze Corporate Margins

While top-line profit figures appear encouraging, price trends point to deeper structural concerns. April marked the 31st consecutive month of factory-gate deflation, with producer prices seeing their steepest decline in six months. This prolonged period of falling input costs reflects weak domestic demand and adds stress to manufacturers’ profit margins, particularly for firms operating on thin returns.

In response, Chinese authorities have begun deploying targeted economic stimulus. Early this month, Beijing unveiled a wide-ranging policy package that includes interest rate cuts and major liquidity injections to spur private investment and consumer spending. In parallel, support measures have been introduced to help exporters pivot toward domestic markets as a hedge against external shocks.

Profit Gains Uneven Across Ownership Structures

The NBS breakdown shows a divergence in performance between ownership types. State-owned enterprises (SOEs) reported a 4.4% decline in profits over the four-month period, continuing a trend of underperformance amid structural reforms and overcapacity challenges. In contrast, private-sector firms saw profits grow by 4.3%, while foreign-invested companies posted a 2.5% gain—highlighting the agility of non-state actors in adapting to volatile market conditions.

The data encompasses large and mid-sized industrial firms with annual main business revenue of at least 20 million yuan, providing a window into the financial health of China’s productive core.

Profits Resilient but Structural Risks Persist

China’s industrial profit rebound in April offers a glimmer of stability amid a turbulent economic backdrop. Yet the recovery remains fragile. Persistent deflation, softening domestic consumption, and renewed tariff risks from the U.S. all pose downside risks in the months ahead.

While recent policy support has helped stabilize expectations, the uneven distribution of gains across ownership types and the enduring squeeze on margins suggest deeper reforms may be necessary to sustain growth. For now, China’s manufacturers are showing grit, but the pressures they face are far from transitory.

Source: Reuters

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Japan’s Net External Assets Hit Record ¥533 Trillion But Loses Top Creditor Status to Germany

Japan Posts Record Net External Assets but Cedes Top Spot

Germany Takes the Lead, China Holds Third

A Structural Shift in Global Credit Dynamics?

Source: Reuters

Stimulus Lifts China’s Industrial Profits, But Trade Tensions Threaten Recovery Path

Industrial Profit Growth Rebounds on Stimulus Support

Sectoral Gains Concentrated in Strategic Industries

Profit Divergence Between State and Private Sector

Trade Fragility Persists Despite Truce

Manufacturing Resilience, but Auto Industry Under Pressure

Stimulus Provides Lift, But Sustainability at Risk

Source: Reuters

Asian Markets Edge Lower as Dollar Weakens Amid Trump Tariff Reversal and Uncertain Outlook

Markets React to Trump’s Tariff Pause with Caution

U.S. Futures Up, But Risk Sentiment Remains Fragile

Dollar Extends Decline Amid Policy Uncertainty

Gold Rises, Oil Softens

Short-Term Relief, Long-Term Caution

Source: Reuters

Europe Reacts to Trump’s Tariff Shockwaves with Strategic Shifts from Airbus to Volvo

Tariff Delay Brings Relief, But Strategic Adjustments Are Underway

Macron’s Vietnam Visit Secures Industrial Export Wins

Volvo Cuts Jobs, Pulls Back from U.S. Market

Analysts Urge Caution Despite Market Bounce

A Fragile Truce, Not a Final Settlement

Source: CNBC

U.S. Importers Turn to ‘First Sale Rule’ to Legally Sidestep Tariff Costs

A Legal Loophole Gains Momentum Under Tariff Pressure

Why Interest Is Surging Again

Requirements and Complexities

Who’s Using It—and Why

A Challenge to Tariff Policy Goals

A Strategic Pivot Within the Law

Source: CNBC

EU Struggles to Balance Concessions and Sovereignty as Trump Trade Deadline Looms

Reprieve Secured, But Uncertainty Lingers

U.S. Wants Quick Wins; EU Pushes Back on Scope

Standards, Not Barriers: The EU's Red Line

Internal Divisions and Structural Constraints

Compromise Possible, But Not at Any Cost

Source: Reuters

China’s Industrial Profits Rise in April Despite Trade Pressures and Deflation Fears

Profit Growth Persists Amid External and Domestic Headwinds

U.S. Tariffs Cast Long Shadow Over Export Prospects

Deflation Continues to Squeeze Corporate Margins

Profit Gains Uneven Across Ownership Structures

Profits Resilient but Structural Risks Persist

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