Substantial progress. But who holds the cards?

Monday 12th May 2025

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US Treasury Secretary Bessent said there had been ‘substantial progress’ in the negotiations with China over the weekend. Maybe the US is feeling the pressure, with stores warning of supply shortages. China, meanwhile, according to trade data on Friday, is exporting more, they’ve just switched the destination away from the US. Phil asks NAB’s Rodrigo Catril if China exports have a deflationary impact elsewhere (not the US), will we see more of a divergence in the approach taken by central banks? And could this be a big week for deals? With China? With other nations? And potentially positive talks over Ukraine with Putin and Zelensky supposedly set to meet face to face.  

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