Russia's Mongolian partners are worried about secondary sanctions from Western countries, countries are looking for solutions to deal with US President Donald Trump's tariff policies, European gas prices are rising sharply amid escalating political tensions... are prominent world economic news.
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| Nearly 60% of US adults surveyed predict that President Trump's tariffs on imported goods will lead to higher prices. (GK Images/Alamy Stock) |
US economy
The US economy is facing a new challenge from President Donald Trump’s trade dispute, with economists warning that the consequences could include fewer jobs, slower growth and higher prices.
The fallout is expected to be widespread, as the world's largest economy adjusts to the shock of 25% tariffs on most goods from Mexico and Canada, two key trading partners, along with an additional 10% levy on imports from China.
That’s if Mr. Trump doesn’t back down from a stock market slump and signs of fraying consumer and business sentiment. Canada and China have announced retaliatory tariffs on U.S. imports, and Mexico is expected to follow suit later this week.
* Two recent polls show that US President Donald Trump risks making Americans, who are already worried about the economic situation and inflation, more frustrated with a series of policies implemented massively in the first weeks of his inauguration.
The results of a survey released by CBS News and market research firm YouGov on March 3 showed that about 80% of adults participating in the survey said that President Trump should prioritize solving economic and inflation issues.
However, a majority of people believe that Mr. Trump’s top priorities now are the US-Mexico border, efforts to cut federal payrolls and imposing tariffs. Only 29% of respondents said Mr. Trump is “very” concerned about inflation, and 36% said the same about the economy.
In another CNN poll conducted from February 24 to 28, 40% of respondents said President Trump was prioritizing the right issues, down from 45% in the February 13 to 17 poll. President Trump’s approval rating in the latest poll was 48%, unchanged from mid-February.
The results are similar to those of a poll conducted by Bloomberg News and Harris Market Research in early February. Accordingly, nearly 60% of US adults surveyed predicted that President Trump's imposition of tariffs on imported goods would lead to higher prices .
Chinese Economy
* China will impose tariffs on a range of US agricultural products as part of retaliatory measures against tariffs from US President Donald Trump, threatening to disrupt a large part of trade between the two agricultural powerhouses.
While the list of measures announced by China on March 4 showed some restraint, the scope of the impact on the agricultural sector is wide, covering everything from beef to corn and soybeans.
According to the latest decision, China will impose an additional 10% tariff on US soybean imports from March 10. The announcement on the website of the Chinese Ministry of Finance also said that sorghum, pork and beef will also be subject to a 10% tariff, while US chicken, wheat, corn and cotton will be subject to a 15% tariff.
* Recently, the Ministry of Housing and Urban-Rural Construction of China announced data showing that in 2024, the whole country started renovating 58,000 old apartment buildings, exceeding the annual target of renovating 54,000.
According to local statistics, in 11 regions such as Beijing, Henan, Guangxi..., the number of renovated old apartments exceeded the planned target.
In recent years, China has vigorously promoted the renovation of old apartment buildings, thereby improving people's housing conditions and living environment. In 2025, the country plans to carry out a series of new renovation projects, comprehensively completing the renovation of old apartment buildings built before 2000.
European Economy
* AFP news agency quoted French Finance Minister Eric Lombard on February 27 as saying that the European Union (EU) would "do the same thing" if the US implemented the 25% tax rate announced by President Donald Trump.
Previously on February 26, Mr. Trump warned that he would impose a 25% tax on imported goods from the EU.
On February 27, diplomats from the Group of Seven (G7) told US Treasury Secretary Scott Bessent via video conference that "tariff wars lead to inflation, lower growth and are not a solution". Negotiations between the EU and the US will begin on April 2. The EU will "represent European countries with the aim of reaching a fair agreement".
* On the morning of March 3, European gas prices recorded a sharp increase when markets opened, marking a turning point in the context of escalating political tensions.
The incident, which followed a meeting between US President Donald Trump and his Ukrainian counterpart Volodymyr Zelensky at the White House over the weekend, has had a major impact on the development of the gas market, especially as traders are losing confidence in the possibility of a ceasefire in Ukraine that could allow Russian gas to return to Europe.
At the market open on the morning of March 3, the Dutch TTF futures contract rose 6.7% to 47 euros ($49.3) per megawatt hour (MWh), a significant increase reflecting the political instability that is directly affecting the energy market.
* The restoration of direct flights between Moscow and Ulaanbaatar is being hampered by secondary sanctions, Izvestia newspaper quoted Russian Ambassador to Mongolia Alexei Yevsikov as saying.
According to Ambassador Yevsikov, Mongolian partners are concerned about secondary sanctions, since almost the entire fleet of civil aircraft capable of performing long-haul flights is still leased from Western companies and insured by companies affiliated with the US and European sides.
As for flights by Russian airlines, Ulaanbaatar also has international obligations in the field of civil aviation. The diplomat added that their implementation would theoretically create a risk of detention or arrest of aircraft registered in Russia but not deregistered in other countries.
* French inflation has fallen to a four-year low , with preliminary economic data showing the consumer price index (CPI) in February 2025 is expected to have risen just 0.8% year-on-year. The main driver of the decline was electricity prices.
After a spike in February 2024, energy prices in February 2025 recorded a sharp decline of 5.7% compared to the same period last year. In addition, prices of services, industrial goods and tobacco also tended to slow down, while food prices are forecast to increase slightly.
* The Italian Energy Minister has just revealed plans to build a legal framework for nuclear energy by 2026, including new generation reactor technology. This is considered a move to pave the way for the return of nuclear energy in Italy after nearly 40 years.
According to a 10-year energy and climate plan released last year, Italy wants to use nuclear energy to provide 11% to 22% of its electricity consumption by 2050.
* The International Monetary Fund (IMF) and Ukraine have reached an agreement to review a loan program worth about $400 million for support funds needed for Ukraine's reconstruction. The IMF's Executive Board is scheduled to meet to evaluate and make a decision on approval in the coming weeks.
Economy of Japan and South Korea
* On March 4, Japan rejected US President Donald Trump's statement criticizing the Japanese government for pursuing a policy of devaluing the Yen. Tokyo said it would maintain close contact with Washington on foreign exchange issues.
On March 4, in the Tokyo market, the Yen rose against the USD after Mr. Trump said he had informed the leaders of Japan and China that they could not continue to "devalue or destroy" the value of their currencies.
* South Korean Trade, Industry and Energy Minister Ahn Duk-geun said on March 4 that South Korea and the United States have agreed to establish expert-level consultation bodies to promote bilateral cooperation in the shipbuilding and energy industries, as well as discuss the new US tariff program.
South Korea is the first country to establish working-level consultations with the new US government on tariff negotiations and bilateral cooperation, and these channels will begin operating as soon as possible.
* On March 4, South Korea's first alternative stock trading platform was launched , offering a 12-hour trading system as well as greater efficiency and convenience for stock trading. The launch of the country's secondary stock trading platform, Nextrade (NXT), is expected to facilitate competition in the country's stock market.
NXT operates for 12 hours from 8am to 8pm, longer than the main KRX exchange's trading hours of 9am to 3:30pm. NXT also offers lower fees than the main exchange and offers a wider range of stock buying and selling prices.
ASEAN Economy and Emerging Economies
* The Australian Bureau of Statistics (ABS) said on March 5 that the country's economy will grow by 0.6% in December 2024 and 1.3% in 2024 as a whole. Data showed that GDP per capita increased by 0.1% in December 2024, ending seven consecutive quarters of decline.
"With interest payments starting to fall and jobs growth remaining strong, real household income growth should continue to rise going forward," said Abhijit Surya from Capital Economics.
* Thai Prime Minister Paetongtarn Shinawatra has pointed out the reasons she believes are causing Thailand's economic growth to slow down and pledged that her administration will complete its entire term to accelerate the economic expansion of the "Land of Golden Pagodas".
The Thai prime minister also called on the private sector to help the government develop the national economy , saying commercial banks should approve loans so that small and medium-sized enterprises can increase investment.
* The Indonesian Ministry of Agriculture and the Ministry of Manpower have jointly implemented an initiative to develop 3 million hectares of rice fields and establish modern agricultural clusters.
Modern agricultural clusters are designed to achieve food self-sufficiency and make Indonesia a global food hub in the future.
The Ministry of Manpower will deploy 300–500 trainers to oversee the management of these agricultural areas. The program will involve 27,000 Gen Z farmers who have previously registered with the Ministry of Agriculture and is expected to create more jobs, contributing to reducing unemployment and poverty.
Source: https://baoquocte.vn/kinh-te-the-gioi-doi-tac-mong-co-cua-nga-so-bi-trung-phat-cac-nuoc-suc-soi-voi-thue-quan-cua-ong-trump-nguoi-my-that-vong-hon-306530.html
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