The US and China are discussing new measures to prevent a wave of emerging market sovereign defaults, according to people familiar with the situation, one of the most significant attempts in years at economic cooperation between the rival superpowers.

As President Joe Biden’s administration prepares to accept requests for $39 billion in funding to jumpstart US production of microchips, his commerce chief emphasized the program’s focus is strengthening national security rather than boosting struggling chipmakers.

European Union and US officials committed in principle to resolving a dispute over electric-vehicle incentives that threatens to spark a trade war, without Washington making specific concessions and time running short.

The fastest inflation in decades and the resulting rush by central banks to raise interest rates are stoking recession fears in financial markets -- worries that are being compounded by the impact of aggressive coronavirus lockdowns in China and the war in Ukraine.

The Biden administration will share more details about its work on an economic framework agreement with Asian nations in the coming weeks, according to a top trade official.

Covid-19 flare-ups, diminished policy support, and lingering supply-chain bottlenecks will see the global economic recovery cool more than previously estimated in 2022, after last year’s expansion clocked the fastest post-recession pace in eight decades, the World Bank said.

The Federal Reserve probably will need to begin raising interest rates in late 2022 or early 2023 as increased government spending keeps inflation above its long-run average target, according to the International Monetary Fund.

Covid-19 has created an economic downturn that will cause a “pandemic depression” in many countries, according to World Bank chief economist Carmen Reinhart.