Donald Trump was elected on a campaign promise to bring down prices - John McDonnell/Getty Images The number of Americans falling seriously behind on their credit card payments has soared to a near 15-year high. The share of credit card loan balances more than 90 days behind on repayment has hit 12.4pc, the highest level since 2011, according to figures from the Federal Reserve Bank of New York. America’s credit card debt pile has soared by 76pc since the start of 2011 to total a record $1.23tn (£940bn) ...

Core Insights - The Biden administration is under pressure to address a cost-of-living crisis affecting millions of Americans, with potential adjustments to grocery tariffs being considered to lower prices [1] - The National Economic Council Chairman Kevin Hassett indicated that discussions are ongoing regarding food tariff adjustments, suggesting more changes may follow [1] - Former President Trump plans to make a significant announcement aimed at stabilizing food prices, including items like coffee and bananas [1] Group 1 - The inflation rate is currently at 3%, which Hassett believes is moving in the right direction, but acknowledges that grocery prices have continued to rise during Trump's presidency [2] - Typical monthly grocery spending for a family increased from approximately $400 when Trump left office to about $512 currently, indicating a significant rise in food costs [2] - Trump's imposition of large tariffs on most trade partners raised the average tariff level in the U.S. to its highest point since World War II [2] Group 2 - The U.S. has granted exemptions from retaliatory tariffs for certain industries like chips, pharmaceuticals, and critical minerals, while investigations are ongoing that may lead to future tariffs [2] - Many countries are seeking limited agreements with the U.S. to reduce some of the tariffs imposed by Trump, but the government maintains a baseline tariff of at least 10% on nearly all trade partners [2]

Core Insights - The surge in precious metal prices is aiding the rebound of several African currencies from earlier weaknesses [1] - The Zambian kwacha has appreciated approximately 8% in June, making it the best-performing currency globally [1] - Other currencies such as the Tanzanian shilling and Nigerian naira have also seen increases of 4% and 3.1% respectively [1] Currency Performance - The significant rise in prices of metals including platinum, palladium, gold, silver, and copper has preceded the appreciation of these currencies [1] - Ghana's currency, the cedi, has shown remarkable performance this year, appreciating over 43% against the US dollar, following a debt default at the end of 2022 [1] - In contrast, many African currencies experienced substantial depreciation last year, exacerbating inflation and leading to a cost-of-living crisis in countries like Nigeria, Ghana, Egypt, and Ethiopia [1] Historical Context - The depreciation of currencies in 2022 varied significantly, with Ghana's currency depreciating by 19% and Ethiopia's by 56% [1]

Election Overview - The parliamentary election in Portugal on the 18th resulted in the center-right Social Democratic Party winning the most seats but failing to secure an absolute majority of 116 seats, making it unable to form a government alone [1] - The far-right "Enough" party achieved a record high vote share, becoming the biggest winner of the election [1] - The election was the third early parliamentary election in Portugal within less than four years, raising questions about the political stability and future governance [1] Rise of the Far-Right Party - The "Enough" party capitalized on widespread voter dissatisfaction regarding issues such as housing shortages, strained public healthcare resources, and frequent corruption scandals [2] - The traditional left-wing Socialist Party, which has been in power since 2015, saw a decline in support due to multiple corruption scandals and a lack of improvement in the living conditions of the populace, leading to a political crisis in 2024 [2] - The rise of the "Enough" party reflects a broader trend of far-right parties gaining traction across Europe, breaking Portugal's previous status as an exception [2] Future Political Landscape - Portugal operates under a parliamentary system with a unicameral legislature consisting of 230 members serving four-year terms [3] - The current political situation remains uncertain, particularly regarding whether President de Sousa will invite Prime Minister Montenegro to form a government [3] - Montenegro has ruled out forming a coalition with the "Enough" party, citing concerns over its reliability and stability, which poses significant governance challenges for any new government [3]

Core Points - The Democratic Union, led by current Prime Minister Montenegro, won the most seats in the Portuguese parliamentary elections but did not achieve the absolute majority required to form a government [1] - The Democratic Union received 32.1% of the votes, translating to 86 seats, while the Socialist Party garnered 23.38% of the votes for 58 seats, and the far-right "Enough" party also received 22.56% of the votes for 58 seats [1] - Key issues during the election included immigration policy, the cost of living crisis, and housing problems, with increasing voter concerns about political stability and economic welfare [1]