The ongoing trade war between the United States and China is taking its toll on the Chinese economy. Today’s report on the economic growth of China found the GDP at 6.0% at its lowest in 30 years. The poor data may also give the United States grounds to push China more in the trade negotiations.
Meanwhile, in Europe most eyes are on Boris Johnson, who secured a last-minute withdrawal agreement with the European Union. Johnson’s bill uses Theresa May’s deal as a foundation, but places an effective border between Northern Ireland and the rest of the United Kingdom.
The Prime Minister is expected to defend the bill in Parliament today. Tomorrow, MPs will make a rare exception and sit on a Saturday to vote on the bill. Several Tories whom Johnson previously expelled from the party have stated they will support the deal, and some Labour MPs might back it too, despite Corbyn’s criticism of the agreement. It will be a close fight with an unpredictable outcome.
In other news, President Donald Trump was successful in negotiating a temporary pause of Turkey’s military offensive in Syria. Trump imposed tariffs on Turkey and threatened to “destroy” its economy, unless President Erdogan stops attacking the Kurds. In the current lull, both the Turkish lira and the Russian ruble have managed to stabilize against the dollar. Recall that Russia is fighting alongside Syria against Turkey.
