Mohamed Aly El-Erian, chief economic advisor for Allianz SE. Bloomberg | Getty ImagesPresident Donald Trump’s extensive raft of import tariffs are putting the U.S. economy at risk of recession, Allianz’s Chief Economic Advisor Mohamed El-Erian warned on Friday. He added that Trump’s swathe of so-called reciprocal tariffs could have a significant effect on the global economy.”You’ve had a major repricing of growth prospects, with a recession in the U.S. going up to 50% probability, you’ve seen an increase in inflation expectations, up to 3.5%,” he told CNBC’s Silvia Amaro on the sidelines of the Ambrosetti Forum in Cernobbio, Italy.”I don’t think…
Author: usaeverydaylife
Australia is one of America’s closest allies; the two countries have fought alongside each other in every major conflict since World War I. Jake Sullivan, former President Joe Biden’s national security adviser, said in January that the two had effectively entered a “strategic marriage.”Lately, though, Australians have been feeling rather like a spouse who awoke one morning to find a complete stranger lying next to them. Many have watched, aghast, how President Trump has treated other longstanding allies such as Canada and Europe, cavalierly threatening their economies with hefty tariffs and casting doubt on the U.S. commitment to protect NATO…
Fresh off absorbing this week’s tariff news from the White House, investors are bracing for a jobs report Friday that might provide little in the way of good news, even if it is better than expected. The Bureau of Labor Statistics is expected to report that nonfarm payrolls expanded by 140,000 in March, which is just about the average of the first two months of the year , according to the Dow Jones consensus forecast. Also in the report, the unemployment rate is expected to hold steady at 4.1%. However, within the broader context of tariffs and their potential effect…
The Tourism Authority of Thailand is expecting that country’s upcoming Songkran festival will generate more tourism revenue than it did last year, despite projections that the March 28 earthquake has dampened tourist arrivals to the kingdom.The 7.7-magnitude earthquake, which epicentered in neighboring Myanmar, caused a building under construction near Bangkok’s famous Chatuchak market to collapse, raising questions about the safety of Thailand’s high-rise architecture.Still, Thailand’s tourism authority, in a press release published Thursday, said that the multi-day festival event in mid-April — the country’s biggest — will generate 26.5 billion Thai baht ($763 million) in tourism revenue, an increase of…
European stock markets were heading for a lower open on Friday, with investors still reeling from the scale of U.S. tariffs announced this week.The regional Stoxx 600 index closed 2.57% lower on Thursday, as the world digested the steep duties slapped by U.S. President Donald Trump on more than 180 countries, bringing fears of a global trade war to a boiling point.Among the hardest-hit sectors on Thursday were retailers, with the Stoxx Luxury 10 index down 5.2% in its worst session for nearly four years, and banks, which plunged 5.53%. Shares of shipping giants Maersk and Hapag-Lloyd, bellwethers for the health…
A flying taxi displayed at the China Telecom booth at SNIEC in Shanghai, on June 26, 2024, during the opening of Mobile World Congress 2024.Nurphoto | Nurphoto | Getty ImagesFlying taxis will become a viable method of transportation in China in the next three to five years, according to a senior executive at Ehang, a company that makes autonomous aerial vehicles (AAVs).The prediction by Ehang’s Vice President He Tianxing comes days after the company became the first company, along with its joint venture partner Hefei Heyi Aviation, to obtain a certificate to operate “civil human-carrying pilotless aerial vehicles” from the…
Artificial intelligence is projected to reach $4.8 trillion in market value by 2033, but the technology’s benefits remain highly concentrated, according to the U.N. Trade and Development agency.UNCTAD said the AI market cap would roughly equate to the size of Germany’s economy, with the technology offering productivity gains and becoming a prominent force in digital transformation, in a report released on Thursday. However, the agency also raised concerns about automation and job displacement, warning that AI could affect 40% of jobs worldwide. On top of that, AI is not inherently inclusive, meaning the economic gains from the tech remain “highly concentrated,”…
British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.Nurphoto | Nurphoto | Getty ImagesBritish oil major BP on Friday said its chair Helge Lund will step down, kickstarting a succession process.The company said the successful candidate will work with Lund ahead of taking on the role. Lund is expected to step down in 2026.”Having fundamentally reset our strategy, bp’s focus now is on delivering the strategy atpace, improving performance and growing shareholder value,” Lund said in a statement.”Now is the right time to start the process to find my successor…
South Korea’s Constitutional Court on Friday upheld the impeachment of President Yoon Suk Yeol, removing him from office four months after his short-lived imposition of martial law on Dec. 3.Protesters who have been demanding his ouster erupted in cheers at the ruling, waving flags and pumping their fists in the air. For weeks leading up to the ruling, hundreds of thousands of people protesting for and against Mr. Yoon have lined the streets of Seoul, often enduring freezing temperatures, rain and snow.At 11 a.m. local time, Acting Chief Justice Moon Hyungbae began reading the ruling, which came after months of…
U.S. President Donald Trump holds a chart next to U.S. Secretary of Commerce Howard Lutnick as Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., on April 2, 2025.Carlos Barria | ReutersThe tariff policy outlined by President Donald Trump on Wednesday appears set to raise the level of U.S. import duties to the highest in more than 100 years.The U.S. introduced a baseline 10% tariff on imports, but also steep country-by-country rates on some major trading partners, including China. The country-by-country rates appear to be related to the trade deficit the U.S. has…
