The Economic Corner || What's Next After UK And Australia Agree On Free Trade Deal?

•  Israel mounted air strikes in the Gaza Strip on Wednesday in response to incendiary balloons launched from the Palestinian territory. This is the first since the end of 11 days of cross-border fighting last month. The flare-up which is a first test for Israel’s new government, followed a march in East Jerusalem on Tuesday by Jewish nationalists that had drawn threats of action by Hamas, the ruling militant group in Gaza. 

• According to Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts was 280,779 units in May 2021, up slightly from 278,462 units in April 2021.

• US President Joe Biden has appointed Lina Khan to chair the Federal Trade Commission. The decision elevates the 32-year-old Columbia University Law School professor to a powerful antitrust role in the US president’s administration, as lawmakers in Congress vow to crack down on anti-competitive behaviour among the biggest tech groups.

•  The EU and US have agreed to end a 17-year dispute over aircraft subsidies lifting the threat of billions of dollars in punitive tariffs on their economies. This will help boost their transatlantic relations. The draft deal happened after two days of intensive negotiations in Brussels on how to handle subsidies for Airbus and Boeing.

• The UK has agreed with Australia its first big post-Brexit trade deal, with tariffs cut on a range of goods. The deal also includes a significant transition period to abate the concerns of British farmers.

• New York state has lifted nearly all remaining Covid-related restrictions, 15 months after America’s biggest city was forced into an unprecedented lockdown. New York took its decision on the same day that California, another centre of Covid devastation, also lifted most restrictions.

• The Federal Reserve will announce its interest rate decision on Wednesday as it faces pressure from investors urging the central bank to act to prevent negative rates taking hold in parts of the US financial markets.

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