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Turkey's central bank increased its inflation forecast range and pledged to maintain a tight monetary policy stance. The bank also reported that its foreign currency reserves continued to grow, reaching a new all-time high. In the industrial sector, defense and aerospace exports set a new monthly record in January, jumping by over 44% compared to the same month last year. High inflation was reported to be affecting domestic industries, including television soap opera production.
In Germany, economic policy discussions included a new 'one-click' tax return system set to launch in July and debates on concepts like a planned economy to address global problems. Reports indicated the affordability crisis is currently outweighing climate concerns for many. Separate analysis suggested forcing employees back to the office could lead to resignations among younger workers.
Trump threatened to impose higher tariffs on global trading partners, including the EU and Canada, and announced new global tariffs. This created confusion in Europe, leading the EU Parliament to halt implementation of a trade deal with the US. In a separate ruling, the US Supreme Court found some of Trump's previous tariffs unlawful. Trump also signed a new trade agreement with Taiwan and threatened to block a major new bridge connecting the US and Canada.
Germany's Chancellor Friedrich Merz, as chancellor candidate, discussed economic policies including trade with China, pension reform, and a potential Mercosur free trade deal. German industrial data showed a significant uptick, with exports posting their strongest increase in over four years. Major German companies announced new deals, including a Salzgitter-Thyssenkrupp agreement and a BMW partnership with PreZero. In regional economic developments, Turkey's Eczacıbaşı conglomerate announced plans to invest in Egypt's building materials industry, as bilateral trade grew to $6.8 billion in 2025.
4 topics | 85 sources
German Chancellor Friedrich Merz traveled to Beijing for his first official visit, where he met with about 30 business managers and discussed trade relations with China. The talks focused on specific sticking points in the economic relationship between the two countries. Back in Germany, Merz is pushing for a rapid pension reform that would include a stronger role for private retirement savings. He also expects the free trade agreement with the Mercosur countries in South America to take effect provisionally soon.
Turkey's central bank has increased its forecast range for inflation and pledged to maintain a tight monetary policy stance amid ongoing price pressures. At the same time, the bank reported that its foreign currency reserves have continued to increase, setting a new all-time record. This marks a sustained period of growth for the country's official reserves while monetary authorities grapple with high inflation.
Turkey's defense and aerospace exports jumped by over 44% in January compared to the same month last year. This increase set a new monthly record for the country's sales in this sector.
13 topics | 120 sources
Feb 24
Trump threatens global tariffs as EU halts trade deal while Uruguay and Argentina ratify EU pactPresident Trump has threatened to impose higher tariffs on global trading partners, including the EU and Canada, creating confusion and frustration in Europe. The EU Parliament has halted the implementation of a trade deal in response to these tensions. Meanwhile, Uruguay and Argentina have ratified their trade deal with the European Union, showing continued trade engagement between South America and Europe despite the broader global trade tensions.
Feb 4
SpaceX merges with AI company xAI and Trump announces trade deal with IndiaTwo major business and trade developments were announced. Elon Musk's space exploration company, SpaceX, is merging with his artificial intelligence company, xAI. Separately, President Donald Trump announced a new trade deal between the United States and India.