and she explained how she viewed relations between the two countries well, trade relations, like other parts of the us relationship with china are tense. while a lot of trade still continues to flow up between the two countries, export restrictions remain in place, and china is increasingly imposing regulations, making it very tough for us companies to operate in their country. it s interesting, because economic ties still happen, discussions of geopolitical issues on the defence front just shut down. now we have bill gates, elon musk visiting china. should we feel a bit more positive about the economic side of their relationship? well, clearly beijing seems more interested in reviving or strengthening the economic part of the relationship versus the military part, and one of the things i will be looking at over the next day now is whether there is a pathway for the secretaries on the economic team for president biden to visit beijing in the coming weeks are coming months. so
on the cost of borrowing. it s theirfirst meeting since president erdogan won a new term in a recent election runoff. the turkish lira is currently on its longest losing streak in over two decades. also due this week us fed chairjerome powell will deliver the second of his twice yearly reports to congress on monetary policy. analysts are hopeful they ll get more clarity on what the fed intends to do next. there have been growing concerns that monetary tightening is pushing the global economy into a recession. earlier, i spoke with steve cochrane of moody s analytics and he told me if we were seeing signs of that. well, the risk towards global recession are definitely high is not the rate of growth around the world is slow, particularly in europe and north america, well below potential. so any kind of shocked could hit the economy and one of the shocks could be a couple of surprise industry hikes. could push the economy over into a recession.
important to see whether indeed secretary blinken its an audience with the chinese president today in beijing. i think it s like that he will because i think that china has an interest like the us in stabilising the relationship. and the president of china is planning on visiting the us in november for the meeting. and he will want a very smooth and positive meeting in the united states. the whole world is watching, and i think the more engagement taking place between the two countries, even if we are not seeing eye to eye on all of the issues, talking is better than not talking. in other news this morning drugmaker astrazeneca has told the bbc it will not comment on rumours around its future strategy. that s after a report in the financial times that the company was draughting plans to spin off its china business. the move if true could protect the firm from tensions between the us and china. and us presidentjoe biden
expectation beginning to ease in the us the steps of the federal reserve at least for now seems to be comfortable with where rates are, although it s pretty clear they will be looking very carefully at theirjuly meeting and other. china is very countercyclical, instead of the economy going through a period of strong recovery and now easing, china isjust struggling as it emerges out of its pivot away from zero coveted last december. the beginning of this year, it looked like they were high expectations for the chinese economy recovering quickly, but it has really stalled. there really no good positive indicators about the chinese economy in terms of investment or trade or spending at all. so the central bank is looking at anyway they can stimulate the economy, similarly without adding to the overall level of debt in china, that is the quandary that they face right now.
kicked off his 2024 re election live pictures now of antony blinken, meeting his counterpart, the chinese. sorry. yes, his top diplomat. this is a meeting that we were expecting a lot to take place as the tensions between these two countries, as we were just talking about, is at a record high temperature. and us presidentjoe biden kicked off his 2024 re election bid with a pitch to union members in the working class city of philadelphia over the weekend. mr biden has been seen as the most pro union president in history. and the bloc is a key part of his electoral campaign. this also marked mr biden s first political rally since he announced his bid in april. this week is shaping up to be an important one and we re keeping a close eye on thursday. that s when it s decision time in ankara the central bank of turkey will announce its latest decision