#global-economy

#global-economy

"We worked hard," WTO Director-General Ngozi Okonjo-Iweala said, adding that the US and Brazil in particular "need more time" to work out their differences over the agreement to impose levies on cross-border online orders.

"It's like a storm closing in on us, and every week brings a new cloud," said John Aylieff, WFP's country director in Afghanistan. "The latest big, dark cloud is the Iran crisis."

The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.

As he headed to France, Rubio said it was in the 'interest' of the G7 to 'step up' and help with the Strait of Hormuz, which Iran has effectively blockaded, causing fuel prices to soar.

The figures show the severe impact the Iran war is already having on the euro zone economy. But, like in the 1970s, stagflation could become a widespread global phenomenon characterised by high inflation, low growth, and high unemployment, heavily driven by oil price shocks.

The US-Israeli war on Iran will have a profound impact on the global energy markets, sending the price of Brent crude oil soaring to nearly $120 per barrel.

The priority now is turning this EU-Mercosur agreement into concrete outcomes, giving EU exporters the platform they need to seize new opportunities for trade, growth and jobs.

Modi emphasized steady progress in India-China relations, stating that respect for each other’s interests has guided developments since his last meeting with President Xi.

"We doubt that US tariffs will significantly affect inflation in the rest of the world, but if anything, the effect could be mildly disinflationary," said Simon MacAdam and Ariane Curtis.