The World Bank has announced that the global economy is projected to experience its slowest growth in over five decades, largely due to the effects of Donald Trump's tariffs.

• Global growth is forecasted at only 2.3% for 2025, down 0.4% from previous predictions.
• The main organization responsible for the report is the World Bank.
• The report highlights increasing trade tensions as a significant factor impacting investor confidence and private consumption, with a potential for further tariffs leading to a global economic slowdown.

The US and China have reached an agreement in principle to de-escalate trade tensions, with plans for approval from President Trump and President Xi Jinping.

• US Commerce Secretary Howard Lutnick announced that the deal aims to resolve restrictions on rare earth minerals.
• The negotiations took place over two days in London, following a recent phone call between the two leaders.
• Both nations have accused each other of violating previous trade agreements, escalating tariffs that peaked at 145%.

India is hopeful of reaching a trade agreement with the US before the tariff suspension ends on 9 July, according to India's foreign minister S Jaishankar.

• $190bn in bilateral trade exists between India and the US, with a $45bn trade deficit favoring the US.
• S Jaishankar emphasized that any deal must be mutually beneficial for both countries.
• The White House has requested its trade partners to submit their best offers as the deadline approaches.