The global trading system has started to resemble a reality TV show, as former President Donald Trump issued dramatic tariff threats to America's trade partners. On 7 July, he sent letters promoting the US economy while warning of steep tariffs set to begin on 1 August - 25% for Japan and South Korea, 32% for Indonesia, and 36% for Thailand. However, Trump's track record suggests the deadline may not be firm, with previous threats withdrawn or delayed.
His pledge of securing "90 deals in 90 days" has fallen short, with only two frameworks agreed - with Britain and Vietnam. Trade deals typically take much longer, as shown by slow progress with Japan, where negotiations are constrained by domestic politics and existing tariffs.
Talks with South Korea are even more muddled, with unclear objectives and a growing list of US demands, including digital taxes, troop cost-sharing, and energy investment. Though Trump has extended some deadlines by three weeks, partners remain uncertain if more delays will follow, or if tariffs will be enforced.
Most countries are trying to avoid tariffs by offering limited concessions, such as buying more American goods or adjusting regulations, while resisting major compromises. Meanwhile, the EU is the largest player still without a deal. It is aiming to secure a 10% tariff cap and exemptions for key exports, while preparing countermeasures if talks fail. A basic agreement may soon be reached - one that others might view with envy, particularly if the EU’s tough stance helped secure better terms.

For over a month, Los Angeles has seen frequent immigration raids targeting areas like street markets and car parks, often carried out by heavily armed and masked federal agents. These actions reflect a wider shift under President Donald Trump’s new One Big Beautiful Bill Act (BBB), signed on 4 July, which allocates $170 billion to border security and deportations, with $75 billion earmarked for Immigration and Customs Enforcement (ICE). The aim is to make ICE far more powerful and capable of conducting mass deportations.
The expansion marks a turning point for ICE, which has grown increasingly militarised over the years, particularly since the creation of the Department of Homeland Security after 9/11. ICE’s focus has shifted from criminals to broader immigration enforcement, blurring priorities and sparking internal tensions. Critics argue that Congress’s failure to reform immigration law has allowed enforcement agencies to grow unchecked.
Despite claims that ICE is targeting serious offenders, nearly half of those arrested in early June had no criminal record. The BBB makes large-scale deportations more feasible by increasing resources and reducing legal barriers, such as stripping temporary protections granted under the Biden administration.
However, resistance remains from sanctuary cities and states, which refuse to cooperate with ICE. The agency is compensating by redirecting resources and training local police. While support for ICE has risen among Republicans, overall public approval has declined. The increase in raids and fast-tracked hiring of agents has raised fears of violence and misconduct, with both former officials and activists warning of potential harm to communities and the country’s broader security.

China's rapid urban development and rise of a middle class has been underpinned by a surge in household borrowing, which now exceeds 60% of GDP - up from under 11% in 2006. While consumer spending has supported the economy, the growing personal debt burden is becoming a major concern, especially amid high youth unemployment and a struggling property market. Millions are now in default or arrears, with some turning to social media to share their stories and seek support.
Much of the debt relates to housing, with government banks cautious about foreclosures that could spark unrest, and online lenders using aggressive tactics to reclaim funds. Entrepreneurs who borrowed to invest in family businesses have also suffered, particularly after COVID-19 and policy crackdowns. Debtors face harassment from collectors known as "pressure dogs", leading to mental health issues and social stigma.
Regulations on debt collection remain weak, and support for indebted individuals is limited. Online communities like the Debtors Alliance offer solidarity, but systemic reform is slow. A personal bankruptcy law exists only in Shenzhen and is rarely applied, as the government fears it could encourage irresponsible borrowing. As household debt rises, it threatens both social stability and consumer confidence in the long-term promise of prosperity.

Brazil, Guyana and Argentina are set to drive over 80% of global oil production growth outside the OPEC bloc in the next five years, offsetting declines in conflict-hit regions. Brazil’s Petrobras plans to invest $111 billion by 2029, particularly in offshore projects near the Amazon. Argentina’s output is at a 20-year high, fuelled by the Vaca Muerta shale field, while Guyana is becoming the world’s top oil producer per capita.
This South American oil boom marks a shift away from maturing U.S. shale fields. Major companies like Exxon and Chevron are increasingly investing in Brazil’s Equatorial Margin, where oil is cheaper to extract and cleaner to produce. Guyana’s Stabroek Block has rapidly increased output, with low production costs and rising reserves, although concerns remain about how the country will manage its newfound wealth. Suriname is also attracting investment and could emerge as the next major producer.
Unlike Venezuela and Bolivia, which scared off investment with state control and instability, Brazil has remained open to foreign capital, balancing oil expansion with environmental concerns. Despite President Lula’s climate agenda, he supports oil production to fund Brazil’s green transition. As South America’s role in global oil grows, it is reshaping the industry’s future.

Elon Musk and Tesla are facing increasing challenges in China, Tesla’s second-largest market and key production hub. Once warmly welcomed by Beijing and hailed as a catalyst for the local electric vehicle (EV) industry, Tesla is now struggling to keep pace with Chinese competitors like BYD and Xiaomi. These firms offer vehicles with more features tailored to local tastes and often at lower prices.
Tesla's market share has declined significantly, and attempts to introduce advanced self-driving software in China have stalled due to regulatory hurdles and restrictions on foreign data use. Musk’s deteriorating relationship with Donald Trump has also weakened his political usefulness to Chinese officials.
While Tesla retains brand recognition and government support in China, its ageing product line, sluggish innovation, and failure to respond effectively to local consumer demands have caused concern among employees. The company has delayed plans for a China-specific vehicle and now hopes a cheaper Model Y variant will revive sales.
Musk’s ambitions in batteries and robotics also face risks from rising Chinese competition, and analysts suggest Tesla may be reaching the end of its golden era in China. As local firms improve rapidly and gain support, Musk’s early advantages are fading, highlighting the recurring challenge Western companies face in the Chinese market.

A long-running class-action lawsuit against CME Group has finally gone to trial in Chicago, with former floor traders alleging they were deprived of promised rights when the exchange shifted to electronic trading. The traders, once part of the elite open-outcry community, claim CME broke agreements by launching a data centre in 2010 that favoured high-frequency traders, effectively sidelining traditional members.
The plaintiffs are seeking around $2 billion in damages, arguing that their "B shares" – linked to trading floor privileges – were rendered worthless, while CME's market value soared. CME, which evolved from a non-profit into a $102 billion exchange giant, denies any wrongdoing and insists the rights applied only to physical trading floors, not electronic ones.
The case, first filed in 2014, is expected to last several weeks and could affect hundreds of former traders. CME’s CEO Terrence Duffy has been subpoenaed and maintains confidence that the firm will win.

Apple has launched a legal appeal against a €500 million (£430 million) fine imposed by the European Commission, claiming the penalty is “unprecedented” and exceeds legal requirements. The fine was issued in April after the Commission found Apple had breached the Digital Markets Act by restricting app developers from directing users to cheaper deals outside its App Store.
In response, Apple altered its App Store rules to avoid further daily fines of up to €50 million, but now argues that the new business terms are confusing and harmful to developers and users. Apple also accused Brussels of unlawfully broadening the definition of "steering" to include in-app promotions, not just external links.
The case reflects wider tensions between the EU and major US tech firms, with ongoing criticism from American officials who see such regulation as protectionist. The European Commission has said it will defend its decision in court.

Visma, a €19bn Norwegian software company, is planning to float on the London Stock Exchange next year, choosing it over Amsterdam and offering a rare boost to the struggling UK market. The Oslo-based firm, which provides accounting, payroll, and HR software to over two million customers, is attracted by London's deeper capital markets and stronger base of UK-focused investors. While the final decision hinges on regulatory reforms, London is currently the leading contender.
Visma is majority-owned by UK private equity firm Hg Capital, which took the company private in 2006. Since then, Visma has expanded rapidly through over 350 acquisitions and now employs 16,400 people, with revenues of €2.8bn and underlying profits of €893m reported last year. Other key investors include Singapore’s GIC, Canada’s CPP Investments, and US firm TPG. The flotation would mark a significant win for London, which has recently suffered a wave of company departures.

Nearly three years after her brief and disastrous premiership, Liz Truss's legacy continues to shape British politics - not through direct influence, but through the fear her economic failure instilled. Her mini-budget in 2022 triggered a market crisis that has left successive governments overly cautious, with rigid adherence to fiscal rules now dominating policy decisions.
This fear-driven caution was evident in the recent failed attempt to cut disability benefits, a decision prompted not by evidence but by a minor downgrade in GDP forecasts. The obsession with meeting fiscal rules - now treated as near-sacred - has left the government with few options: raise taxes or cut spending, both of which are politically toxic after years of austerity and stagnant wages.
Despite rising public demand for investment and fairer taxation of wealth, the government remains paralysed, fearing market backlash. The article argues that public spending, if targeted well, could spur growth and reduce debt in the long term. Yet until leaders find the courage to challenge these self-imposed constraints, Britain remains trapped in economic stagnation - a country still governed, in effect, by the ghost of Truss’s failure.

A record number of companies have applied to list on the Hong Kong Stock Exchange in the first half of 2025, as the territory seeks to reassert its position as a leading global financial hub. A total of 208 firms filed for listings - surpassing the previous high of 189 in 2021 - with 75 applications in June alone, the highest ever for a single month.
The surge has been driven by a booming equity market, increasing capital flows from Chinese investors, and the appeal of raising funds in a US dollar-pegged currency outside China’s strict capital controls. Hong Kong has also benefited from rising geopolitical tensions, with Chinese firms viewing it as the only viable overseas listing option amid strained US-China relations.
As a result, Hong Kong topped global capital markets in the first half of the year, raising $13.9bn in IPOs and secondary listings - ahead of Nasdaq and the NYSE. In stark contrast, London raised just £160mn, its weakest half-year since 1995.
Many of the listings are “A-to-H” secondary listings from mainland Chinese companies, such as CATL, Jiangsu Hengrui, and Midea, looking to expand globally. The Hong Kong Exchange has also taken steps to attract specialist tech and biotech firms and is increasingly appealing to international issuers, including Thai drinks firm IFBH and possibly Shein.
While not every company that applies will list, the pipeline reflects strong momentum, particularly compared to the subdued Chinese mainland market, where fundraising has fallen.

Crypto companies and traders are increasingly investing billions in tokenised money market and Treasury bond funds as an alternative to stablecoins for parking cash with some yield. Assets in tokenised Treasury products have surged 80% this year to $7.4bn, with funds managed by BlackRock, Franklin Templeton, and Janus Henderson experiencing rapid growth.
Tokenised funds offer a cheaper, faster way to trade mutual funds on blockchain, reducing settlement times from days to minutes and lowering capital and administrative costs. This shift has been driven largely by crypto traders seeking more secure, yield-bearing alternatives to stablecoins, which offer no returns.
Tokenised assets are also gaining traction as collateral in crypto derivatives trading, allowing faster margin calls outside traditional bank hours. Significant investment from Wall Street firms into blockchain platforms like Digital Asset highlights growing interest in tokenised collateral management.
Despite these advances, broader market adoption remains slow due to liquidity challenges and the early stage of the technology. Experts acknowledge the potential benefits but emphasise that tokenised bonds currently lack the liquidity of traditional cash bonds.

Fundraising through initial public offerings (IPOs) in London has plunged to its lowest level in at least 30 years, highlighting the UK’s declining appeal as a hub for equity markets. In the first half of 2025, just five listings raised a mere £160 million, marking a 98% drop from early 2021 and even falling below post-financial crisis levels in 2009.
Experts warn this decline risks creating a vicious cycle where fewer companies list in London, leading to reduced liquidity and prompting the best growth firms to seek listings elsewhere, particularly in the US, where valuations are higher. The situation is underscored by recent news that AstraZeneca’s CEO has privately considered moving its listing to New York, causing concern among City investors.
The fall in public market activity is partly due to companies choosing private capital routes, shrinking the pool of public investment opportunities. Although the Labour government has proposed reforms to revitalise London’s markets, critics argue these focus too much on private companies and not enough on supporting public equity.
Overall, the London market faces a critical juncture, with industry leaders warning that without urgent change, it risks further decline and loss of its once-dominant position.