As the G20 finance chiefs prepare to meet in Durban, global economic tensions are running high. US Treasury Secretary Scott Bessant’s absence from pre-summit talks, rising BRICS friction, and Donald Trump’s escalating tariff threats are expected to dominate discussions. Trump’s proposed 10% baseline tariff on all imports, along with targeted levies on steel, autos, and agriculture, are already rattling markets.
In the US, inflation is expected to climb in June, with the Consumer Price Index (CPI) forecast to rise 0.3%. Economists warn that tariff-driven price hikes could weigh on households already struggling with high interest rates. This leaves the Federal Reserve with a tough balancing act, as persistent inflation may delay any anticipated rate cuts this year.
Meanwhile, Asian stock markets edged higher and the US dollar held firm on Tuesday, as investors focused on trade negotiations, upcoming US inflation data, and key bank earnings. Oil prices, however, dipped after President Trump gave Russia a 50-day deadline to end the war in Ukraine or face fresh energy sanctions. Meanwhile, Japan is scrambling to hold talks with Washington before new US tariffs kick in, with bond yields reaching their highest levels since 2008.
And in the world of crypto, Bitcoin has shattered records, surging past $120,000 for the first time.
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