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Howard Lutnick, the billionaire nominee for the U.S. commerce department, remains largely unknown in China, yet his potential influence on American trade policies is significant. Following Donald Trump's announcement of a 10% tariff on Chinese goods, concerns are rising among Chinese investors about the possibility of a 60% tariff on imports.
On November 21st, the U.S. Treasury imposed new sanctions on over 40 Russian banks, including Gazprombank, to tighten financial restrictions amid the ongoing conflict. Starting December 20th, European buyers of Russian gas will need to navigate alternative payment methods, complicating transactions and potentially impacting energy supplies.
Saudi Arabia's holdings of US Treasuries reached their highest level since February 2020, accounting for nearly 35% of the foreign assets held by the Saudi Central Bank (SAMA) as of October. This marks a significant increase in the country's investment in US government debt amid changing economic conditions.
Iceland's Social Democrats emerged as the frontrunners in a snap election, driven by key issues such as immigration, energy policy, and the economy. Public support for EU membership has risen to 45%, marking a significant shift after more than a decade. Prime Minister Bjarni Benediktsson called the election following disputes among the ruling coalition, which saw all three governing parties lose support.
Donald Trump's warning to BRICS nations about imposing 100% tariffs for moving away from the US dollar is deemed unrealistic by the Global Trade Research Initiative (GTRI). They suggest India should prioritize developing a local currency trading system rather than adopting a BRICS currency, emphasizing the need for a transparent financial infrastructure to navigate global trade dynamics effectively.
Russian President Vladimir Putin has approved a military-focused budget for the years 2025-2027. This decision was made public through a document published on the official legal acts website. The budget reflects a continued emphasis on military spending in the coming years.
Foreign Portfolio Investors (FPIs) continued their selling trend in November, withdrawing Rs 21,612 crore, contributing to a total net outflow of Rs 15,019 crore in 2024. Future foreign investment flows into Indian equity markets will depend on various factors, including U.S. policies, inflation, interest rates, and geopolitical developments, according to Himanshu Srivastava from Morningstar Investment Research India.
Italian minister Adolfo Urso has emphasized that Italy can serve as a "landing base" for India to access the European market, while India can similarly facilitate Italy's entry into Asia. He highlighted the need to enhance the current USD 14 billion annual bilateral trade and strengthen communication between the two nations amid evolving geopolitical dynamics.
Donald Trump has issued a stern warning to BRICS nations, demanding they refrain from creating or supporting any currency that could replace the U.S. dollar. He stated that failure to comply would result in 100% tariffs, emphasizing that any country attempting to challenge the dollar should "wave goodbye to America."
U.S. President-elect Donald Trump and Canadian Prime Minister Justin Trudeau held a "very productive" meeting to discuss border, trade, and energy issues amid concerns over a potential trade war. This meeting followed Trump's pledge to impose 25% tariffs on imports from Canada and Mexico, which has raised alarms about retaliatory measures from both countries.

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