there is a roughly one in four chance that the us will hit the so called x date, when the us government runs out of money to pay its bills without a deal to raise the debt limit. that is according to the banking giantjp morgan chase. and they say the odds are getting worse. that forecast comes after house speaker kevin mccarthy said on wednesday that he thought progress could be made, but warned the two sides remain far apart. republicans are warning that any deal must cut future federal spending in exchange for raising the debt ceiling a red line for the white house. on wall street, us stocks fell as investors have been watching these talks closely for any sign of an agreement. and even if a deal is done in time, economists say that depending on the details, cuts to government spending are likely create economic headwinds that could bring down inflation a possible silver lining for the federal reserve, which has been raising interest rates to fight inflation. fed officia
italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond, to address this threat. for more on what the shipping disruption might mean for the global economy, i m joined from washington by hung tran, a senior fellow at the atlantic council and former deputy director at the international monetary fund or imf. thank you so much forjoining us on the programme. firstly, if you can explain how important this area is to global trade? important this area is to global trade ? important this area is to global trade? important this area is to ulobaltrade? , ., ., ., global trade? this area of the red sea leading global trade? this area of the red sea leading to global trade? this area of the red sea leading to the - global trade? this area of the red sea leading to the suez l red sea le
havoc to global trade. speaking in bahrain, the us defense secretary lloyd austin said participating countries include the united kingdom, bahrain, canada, france, italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond to address this threat. for more on what the shipping disruption might mean for the global economy, i m joined from washington by hung tran, a senior fellow at the atlantic council and former deputy director at the international monetary fund. this area of the red sea leading to the suez canal is quite important in terms of the volume of trade passing through it. about 12% of global trade passes through the red sea, including 30% of the container shipping. altogether, it accounts for about us$1 trillion per year of trade, so it is quite significant, and a disruption
speaking in bahrain, the us defense secretary lloyd austin said participating countries will include the united kingdom, bahrain, canada, france, italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond to address this threat. for exactly what this shipping disruption might mean for the global economy, i spoke to hung tran, a senior fellow at the atlantic council and former deputy director at the international monetary fund. this area of the red sea leading to the suez canal is quite important in terms of the volume of trade passing through it. about 12% of global trade passes through the red sea, including 30% of the container shipping. all together, it accounts for about us$1 trillion per year of world trade, so it is quite significant, and a disruption there would cause damage to
it s part of apple s commitment to invest $430 billion into the american economy and. it also comes at a time when washington is trying to reduce its reliance on foreign trade, foreign on foreign made chips. my colleague samira hussain explains. the 56 chips apple is buying from broadcom will be designed and built in the us. it is the latest business deal between the two companies. in 2020, broadcom said it would sell $15 billion of wireless components to apple. the deal fits the brief apple set out for it self to invest more in the us economy. it also goes hand in hand with a push to get more us companies to use domestically made microchips. the supply chain disruptions during the pandemic triggered a semiconductor shortage which showed just how reliant us companies had become on chips made overseas, specifically in china and taiwan. which many us officials see as a national security concern. since then, the us has been privatising domestic production of semiconductors as it