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?

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.