SINGAPORE (July 30): “Mr Trump is the price of tax cuts for billionaires. They sowed the wind; the world is reaping the whirlwind.” — Martin Wolf, Financial Times columnist 

Here are five things you need to know this week:

1 The US and the European Union have called a trade truce. Both sides have agreed to put new tariffs on all industrial goods, excluding cars, on hold. However, they are still negotiating over the US steel and aluminium tariffs of 25% and the EU’s retaliation on US$20 billion ($27 billion) worth of imports. There was little detail about the agreement, but European Commission president Jean-Claude Juncker has said that the EU will import more US soybeans, as well as liquefied natural gas, provided the right infrastructure to export LNG is built. Both parties also expressed a desire to reform the World Trade Organization to address unfair trade practices.

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