Trump’s Debt Balloons, WTO Subsidy Revoked, N.Z. Rates: Eco Day

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© Reuters. Trump’s Debt Balloons, WTO Subsidy Revoked, N.Z. Rates: Eco Day© Reuters. Trump’s Debt Balloons, WTO Subsidy Revoked, N.Z. Rates: Eco Day

(Bloomberg) — Welcome to Tuesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help start your day:

  • President Donald Trump released his annual budget Monday that proposed deep cuts to social programs and increases in defense and entitlement spending that would push gross federal debt above $30 trillion over the next decade. Here’s a chart of debt-to-GDP
  • Meanwhile, the budget assumes economic growth above 3% this year, exceeding mainstream forecasts and other key authorities in Washington. Bloomberg economics sees GDP rising 2.1%
  • The Trump administration is changing a key exemption to America’s trade-remedy laws to make it easier to penalize about two dozen so-called developing countries including China, India and South Africa
  • New Zealand central bank governor Adrian Orr may signal he’s prepared to cut interest rates again to cushion the economic impact of coronavirus, while keeping policy unchanged at Wednesday’s meeting
  • Thomas Piketty’s latest book “Capital and Ideology” will see the English translation published in March. The author sits down with Bloomberg’s Stephanie Flanders in a sneak preview
  • After months of promises that the U.K. would be next in line for trade negotiations, U.S. officials are signaling the EU might be the easier target for a quick outcome
  • Canadian Finance Minister Bill Morneau warned the spread of coronavirus is likely to have a “real” impact on Canada’s economy given far-reaching, global knock-on effects
  • Indonesia is grappling with surging garlic prices as the fast-spreading coronavirus spurs fears over supply disruptions in China that accounts for 80% of the world’s garlic supply
  • A two-week strike in the Finnish paper and forest industry is ending on Monday after parties accepted a deal brokered by the national conciliator
  • Business growth in Dubai stalled while jobs disappeared at the fastest pace in at least a decade in the latest signs of strain on the Middle East’s commercial hub
  • Sinn Fein’s surge has left Micheal Martin with the dilemma of a lifetime — does he bring the left-wing Irish nationalists into government?
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