While global trade grew on average roughly twice as fast as global output prior to the financial crisis, the ratio of imports to world GDP has largely stagnated over the last five years and will probably remain at current levels, the ECB wrote in an economic bulletin. Source: Bloomberg
Under nationalist pressure, Bulgaria’s government looks set to oppose any move to deprive Hungary of its voting rights in the EU, due to fears of democratic backsliding. Bulgaria’s government, led by Boyko Borissov, will soon draft a position opposing a pending vote to initiate the Article 7 process that could take away Hungary’s right to vote in the Council of the EU. Source Balkan Insight
President Donald Trump said on Tuesday the United States is considering a request from Poland for a permanent U.S. military presence in the fellow NATO country, acknowledging that he shares Poland’s concerns about possible Russian aggression. Source: Reuters
The U.S.-China trade war deepened as Beijing announced retaliatory tariffs on $60 billion of U.S. goods and the Trump administration threatened duties on virtually all Chinese imports. Source: Bloomberg
