United States

The U.S. and Chinese governments should take action to lower future borrowing, as a surge in their debts threatens to have “profound” effects on the global economy and the interest rates paid by other countries, the International Monetary Fund said on Wednesday, the Wall Street Journal reported. In its twice-yearly report on government borrowing, the Fund said many rich countries have adopted measures that will lead to a reduction in their debts relative to the size of their economies, although not to the levels seen before the Covid-19 pandemic.

The collapse of Baltimore's Francis Scott Key Bridge is likely to lead to a multi-billion dollar insurance loss, the chairperson of commercial insurance market Lloyd's of London said on Thursday, Reuters reported. The massive Singapore-flagged container ship Dali sailing out of Baltimore Harbor bound for Sri Lanka reported losing power and the ability to maneuver before plowing into a support pylon of the bridge on Tuesday.

Treasury Secretary Janet Yellen called out China’s ramped-up production in solar energy, electric vehicles and lithium-ion batteries, calling it unfair competition that “distorts global prices” and “hurts American firms and workers, as well as firms and workers around the world,” the Associated Press reported.

Following the collapse of Baltimore's Francis Scott Key Bridge, automakers must navigate a possible disruption to their supply chain, Yahoo Finance reported. Baltimore is a key U.S. port for automotive imports and exports. Alliance for Automotive Innovation CEO and President John Bozzella joins Market Domination Overtime to discuss how the industry will be impacted. Bozella claims Baltimore is the top port for automotive imports and exports of parts and vehicles. There is "no question there's gonna be some impact on the industry, what we don't know is the extent of the impact," he says.