Daily flyovers
Latest news for 24 April 2025
Quick hits of consequential news from all corners of the world.
- 01
UNITED STATES
Bessent denies plans to ease China tariffs.
Treasury Secretary Scott Bessent has denied a WSJ report suggesting President Trump might unilaterally ease his tariffs on China, though says he believes things will de-escalate “in a mutual way”. He’s also flagged US-China trade ties could take two or three years to rebalance, though expects a deal will come sooner. (CNBC)
Comment: Battered markets took Bessent’s words as a signal Trump is open to a quick deal, and rose on the news — but Beijing has just issued a statement rejecting any notion that talks have even started. And… back down go the markets.
- 02
UKRAINE
Latest Russian attacks kill nine.
Russia’s mass overnight drone and ballistic missile attacks killed at least nine civilians in Kyiv, while President Trump has criticised his Ukrainian counterpart for rejecting a proposal that’d see the US recognising Ukraine’s Crimea as Russian. (The Guardian)
- 03
SOUTH KOREA
Economy contracts amid political crisis.
The 0.2% Q1 contraction comes as South Korea’s protracted political crisis takes its toll on consumer sentiment — it’ll get worse as Trump’s tariffs hit exports. (Korea Herald)
Comment: Seoul will be hoping its talks with the US (today) and impending elections (called for June 3) might offer a path back out. And speaking of elections…