The U.S. dollar continued its upward trend with the U.S. dollar index closing at 106.26, which is its highest level since November 2023. The index measures the strength of the dollar against six peers. The peer currencies include the Euro, the Japanese yen, the Canadian dollar, the British pound, the Swiss franc, and the Swedish krona.
Category: 10. International Economics (trade and finance)
Yellen Says She Won’t Rule Out Possible Tariffs on China’s Green Exports (Macro News for April 6, 2024 – April 12, 2024)
China's industry incentives might push the U.S. to impose tariffs on China's green energy exports according to U.S. Treasury Secretary Janet Yellen. Yellen stated the U.S. would prefer to work out a different solution but that tariffs and other measures were still possible. According to Yellen, the U.S. is trying to create a "level playing field in the green energy space."
Brexit Britain Has ‘Significantly Underperformed’ Other Advanced Economies, Goldman Sachs Says (Macro News for February 24, 2024 – March 1, 2024)
Wall Street investment banker Goldman Sachs released new analysis stating that Great Britain's economy has "significantly underperformed" relative to other advanced economies since the Brexit referendum in 2016. Goldman estimated that Great Britain's economy grew by 5% less than its peers over the past eight years.
Elon Musk Says Chinese Electric Car Brands Could ‘Demolish’ Rivals as Tesla Earnings Fall (Macro News for January 27, 2024 – February 2, 2024)
Tesla CEO Elon Musk stated his belief that Chinese electric vehicle (EV) manufacturers such as BYD would crush global competitors unless trade barriers were erected. BYD is a Chinese automaker backed by famous investor Warren Buffett. The firm dominated the Chinese market and surpassed Tesla in global sales. BYD has now set its sights on Europe with a manufacturing plant slated to open in Hungary in late 2024.
Pearson Economic News 