Data & financial journalist covering global economics and policy
Despite sanctions, Russia’s crude oil exports remain steady. Trade flows have pivoted from Europe to Asia, with China and India now the top buyers. India’s growing imports—and its refusal to join Western sanctions—have triggered steep new U.S. tariffs.
After months of negotiations, pauses, and delays, a sweeping new tariff slate took effect Thursday—marking a new era in U.S. trade policy, with import rates reaching their highest levels since the Great Depression.
U.S. trade deficit shrank to $60.2B in June 2025, the lowest since Sept. 2023, driven by falling imports and rising tariff uncertainty.
IMF issued its steepest downgrade for the U.S. among advanced economies, citing rising tariff-related uncertainty and a heightened risk of recession. Global economic sentiment has dimmed, with the IMF now projecting a 37% chance of a U.S. downturn—up sharply from 25% just months ago.