Hong Kong's economy is expected to be overshadowed by high trade policy uncertainty, but will benefit from local government measures and sustained growth in China's Mainland economy. Exports grew 8.7% year-on-year, while private consumption decreased 1.2%. The city aims for a 2-3% growth goal this year, despite Paul Chan warning of a "tense external environment" due to US actions.
https://www.victoriaadvocate.com/news/nation/hong-kong-posts-3-1-growth-warns-of-trade-war-risk/article_125bf24d-9eab-51c4-8de3-8a2d2e31d0e6.htmlThe Indian government has announced a plan to offer $56 billion worth of US products to end trade tensions with the EU. Top negotiator Robert Lighthizer made the announcement, which could potentially ease trade tensions between the two economic powers. The move comes as India and the US are engaged in a trade war that has been ongoing for several years.
https://www.livemint.com/opinion/online-views/donald-trump-india-trade-elon-musk-tesla-volkswagen-tax-dispute-auto-tariffs-skoda-exports-audi-import-porsche-auto-11746171039951.htmlIndia and the US are set to sign a trade pact, with JD Vance calling Indian Prime Minister Narendra Modi a "tough negotiator". The deal is expected to be among the first major agreements between the two countries.
https://www.livemint.com/economy/among-the-first-deals-india-us-trade-deal-soon-says-jd-vance-calls-pm-narendra-modi-tough-negotiator-11746191417902.htmlThe Palestinian delegation has accused Israel of breaching international law in the occupied territories, citing a move to bring more proceedings to court. Palestinian U.N. envoy Riyad Mansour praised this development, stating it will help achieve the rights of the Palestinian people, including self-determination and statehood. In response, Israeli Foreign Minister Gideon Saar denied any violation of international law, accusing UNRWA, the U.N., and the secretary-general of bias against Israel in its defense.
https://www.thehindu.com/news/international/top-un-court-wraps-week-of-hearings-on-humanitarian-aid-to-gaza/article69530168.eceJapanese companies cite US policies and economic trends as their top five concerns, according to the Tokyo-based Institute of Geoeconomics' 2024 Economic Security Survey. Despite uncertainty over Trump's economic impact, 46.9% of Japanese firms plan to increase sales in the US, while 15.6% aim to maintain current levels, indicating a commitment to strengthening American operations.
https://www.japantimes.co.jp/commentary/2025/05/02/japan/japan-economic-security-survey-2024/Larry Fink is pushing forward with his plan to acquire 43 ports worldwide, including two on the Panama Canal, from Hong Kong-based CK Hutchison. However, he faces challenges in getting approval from 23 countries and China, which is currently engaged in a trade war with the US. The deal's complexity stems from the fact that Hutchison is a Hong Kong-based company, not mainland Chinese, allowing Fink to navigate the situation more easily. Despite the US-China tariff war, Fink believes it may not significantly impact his deal due to Hutchison's status as a separate entity.
https://nypost.com/2025/05/02/business/why-larry-finks-devilishly-complicated-panama-canal-deal-may-come-good/A group of activists on an aid boat for Gaza were attacked by drones in international waters off Malta on May 2, with Israel accused of carrying out the attack. The Maltese government responded to a distress call from the vessel and offered immediate support.
https://www.hurriyetdailynews.com/drones-strike-ship-carrying-aid-to-gaza-organizers-say-208738The US economy contracted by 0.3% from January to March, its first decline in three years, amid uncertainty for consumers and businesses. Tariffs on steel and materials used in oil production can significantly impact oil companies, exacerbating the negative effects of falling oil prices. Falling oil prices signal pessimism about economic growth, prompting manufacturers to cut production, businesses to reduce travel costs, and families to reconsider vacation plans. The OPEC+ alliance, comprising eight major oil-producing countries, has shown little willingness to increase production, pushing back planned increases from 2025 to October 2026. This decision was made after the group postponed production hikes scheduled for January 1.
https://apnews.com/article/exxon-mobil-oil-trump-tariff-recession-8fc6bfd4de13db80b62be1df6c0fb23cPakistan's Prime Minister has expressed concern over India's actions on water disputes, calling them a "weapon of aggression" that violate international accords. The dispute is related to the Indus Waters Treaty between Pakistan and India. China has reiterated its support for Pakistan's position, with Foreign Minister Wang Yi backing Pakistan's call for a reliable and transparent investigation into the Pahalgam incident. The Prime Minister thanked China for its endorsement, particularly in light of growing tensions in South Asia.
https://www.brecorder.com/news/40360613/china-puts-its-weight-behind-pakistan