The European Commission has approved 13 new strategic projects outside the EU to secure critical raw materials vital for electric vehicles, renewable energy, and defence. Spanning countries from Greenland to Brazil, the projects support the bloc’s plan to reduce import dependency and strengthen supply chain resilience by 2030.

The European Commission and ECB have approved Bulgaria’s accession to the eurozone, with the country set to adopt the euro on 1 January 2026. Final approval from EU finance ministers is expected in July, completing the process of economic integration that began with Bulgaria’s EU accession in 2007.

Elon Musk has sharply criticised Donald Trump’s proposed tax bill, calling it a “disgusting abomination.” The legislation, which increases defence spending and cuts social programmes, faces opposition in the Senate. Musk’s remarks have deepened divisions within the Republican Party over the bill’s fiscal impact and policy direction.

The OECD has lowered its global GDP forecast to 2.9% for both 2025 and 2026, citing U.S. tariffs and weakening investment. Growth estimates for the U.S., UK, and China were revised downward, while inflation remains high. India remains strong, but global trade and fiscal flexibility remain under pressure.

A U.S. federal court has struck down President Trump’s global tariffs, ruling they exceed the limits of the International Emergency Economic Powers Act. The administration has appealed, insisting trade talks remain on track. The ruling affects Executive Order 14257 but leaves other trade measures intact, pending further judicial review.

The Bank of Korea has reduced its key interest rate to 2.5% amid slowing growth and global trade pressures. The move comes days before a contentious presidential election, dominated by personal attacks and scandal. Economic uncertainty is deepening as policy discussions are drowned out by political infighting and voter fragmentation.

Elon Musk has stepped down from his advisory role in the Trump administration after criticising a major tax and spending bill. His departure ends a 130-day tenure focused on federal cost-cutting and coincides with investor pressure to refocus on Tesla and SpaceX amid recent business challenges and political tensions.

Poland’s public deficit hit 6.6% of GDP in 2024, driven by defence and social spending. Rising debt, polarised politics, and stalled reforms have raised concerns among ratings agencies and EU institutions. With a 3% target set for 2028, analysts question whether fiscal consolidation is possible without broad political consensus.

President Donald Trump is weighing fresh sanctions on Russia following its largest aerial assault on Ukraine since the war began. The strikes killed 12 civilians and derailed peace talks. The Kremlin dismissed Trump’s criticism, while Washington considers targeting Russian banks and sanction-busting countries.

Spanish hatmaker Fernández y Roche faces a 10 per cent US import tariff, jeopardising its 40-year trade with Orthodox Jewish communities. With a 50 per cent duty possible by July, Spain has launched a €14.1 billion support plan while EU–US trade talks continue.