U.S. jobless claims rose to 243,000, with a 4.1% jobless rate. China’s leadership pledged reforms and accepted ex-Foreign Minister Qin’s resignation. Taiwan readies for potential Trump demands, expecting pressure for higher defense spending.
New unemployment claims in the U.S. rose by 20,000 to a seasonally adjusted 243,000 for the week ending July 13, exceeding the expected 229,000.
The previous week’s claims were revised downward, yet the overall unemployment rate increased to a 2.5-year high of 4.1% in June.
China’s Leadership Pledges Economic Reforms and Accepts Qin Gang’s Resignation
The Chinese Communist Party concluded a four-day leadership meeting, the third plenum, chaired by President Xi Jinping, with a commitment to enhance market economy management through reforms.
Although reforms were emphasized, specifics were limited, and no major policy shifts were announced.
The meeting formalized the resignation of former Foreign Minister Qin Gang, who was removed from his role and the party’s Central Committee without explanation.
Taiwan Prepares for Potentially Transactional Relations with Trump
Taiwan is preparing for the possibility of a Trump presidency, which could bring a transactional approach to U.S.-Taiwan relations, including expectations for Taiwan to invest more in its defense.
Experts suggest Trump views China as a primary challenge but may approach Taiwan relations with pragmatism, focusing on deals rather than alliances.
Under Biden, Taiwan has experienced consistent support; a Trump win could pressure Taiwan’s government to accelerate military reforms and defense spending amidst domestic challenges.
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