The US Court of International Trade declared Trump's duties illegal. The court supported the Democratic-led states and small businesses, which accused the president of misuse of the law on the state of emergency. The court's decision affects Trump's global tariff and increased rates for China, but tariffs on steel, aluminum and automobiles remain in effect.
European stock markets on Thursday showed growth against the backdrop of the US court's decision to block new tariffs proposed by Trump. This has boosted hopes for mitigating the economic impact of trade disputes. The German DAX rose by 0.4%, the French CAC 40 added 0.6%, while the British FTSE 100 decreased by 0.1%.
The ruble continues to strengthen, already confidently below 79 per dollar. Currently, the ruble is considered the strongest currency in the world. However, the question is how long it will last. Analysts have been warning for two months that the ruble is overbought, and the objective dollar exchange rate should be above 90. Nevertheless, the Russian currency has not yet shown signs of weakening.
The Bank of Russia sees no risks to the Russian economy due to the strengthening of the ruble. The Central Bank stated that there was no significant strengthening of the ruble, because before it strengthened, the ruble weakened quite significantly. In addition, a strong ruble is a disinflationary factor. It may lead to lower interest rates, which will be positive for the budget.
In April, car production in the UK fell to its lowest level since 1952, with the exception of the 2020 lockdown, when production almost stopped. The figure decreased by 15.8% year-on-year, amounting to only 59,203 vehicles. According to the SMMT, the current recession has completed the worst start to the year for the industry since 2009.
