Flagship

China’s economic woes deepen

China’s economic slowdown appears to be deepening, new data showed. Retail sales, industrial production, and investment levels were all below analysts’ expectations in August, while a real estate downturn intensified. The figures reinforce worries over prospects for the world’s second-biggest economy, which is already grappling with a heavy debt burden, high levels of youth unemployment, and worsening deflation. 2024 saw a similar pattern, in which the economy weakened as the year went on: Solid data at the beginning of 2025 means Beijing’s target of 5% annual growth this year is still possible, but ING’s chief China economist warned further stimulus may be needed to ensure that goal is reached.

US-China trade rift deepens

Chinese authorities said chip giant Nvidia violated antitrust rules in the country, in yet another sign that ongoing trade talks between Beijing and Washington are unlikely to result in significant progress. Chinese officials did not give details of how the firm broke competition rules, but said the ruling followed a preliminary investigation. The announcement came after Beijing opened new inquiries into Washington’s manufacture and regulation of semiconductors. The US, meanwhile, is mulling restricting imports of Chinese-developed drugs and remains frustrated over China’s alleged lack of progress in cracking down on illegal fentanyl production. The litany of setbacks underscores the challenge facing the two superpowers as their top trade officials meet in Madrid for a fourth round of negotiations this week.

Romania accuses Russia of incursion

A Russian aircraft crossed into Romanian airspace over the weekend, days after Poland shot down Russian drones. Romania scrambled fighter jets in response to the drone crossing into its territory, Bucharest said. Poland last week shot down several Russian unmanned aircraft, but it too had to use expensive fighter aircraft and missiles. Moscow’s mass use of drones makes Ukraine, which alone has the experience of defending mass drone assaults, “an essential partner” for Europe against Russia, La Matinale Européenne argued. Drones are only going to become more important: A US startup will ship 33,000 AI-powered drones, capable of acting as a coordinated swarm, to Ukraine this year.

US goes rogue on health policy

The US is increasingly breaking stride with the global scientific community on critical health issues. The Trump administration plans to link 25 children’s deaths to the COVID vaccine, The Washington Post reported, an assertion which scientists say is based on a misunderstanding. The US is an outlier when it comes to vaccine policy: While other countries are trying to minimize vaccine skepticism, Washington is defunding vaccine research, ultimately “eroding vaccine confidence worldwide,” The New York Times said. The administration has also gutted the US “war on cancer” declared by former President Richard Nixon, the Times argued, cancelling hundreds of millions of dollars in grants and contracts: The National Cancer Institute faces a 37% funding cut under the president’s proposed budget.

FBI chief under scrutiny

The US FBI Director Kash Patel is under increasing pressure over his handling of the killing of conservative activist Charlie Kirk. Patel initially announced authorities had a suspect in custody, but then quickly walked back the comments. His later confirmation of an arrest came in upbeat remarks that “contrasted with frustration and anger, both inside and outside the FBI,” over his handling of the case, CNN reported. A key Trump ally said conservative leaders are questioning “whether Kash Patel has what it takes to get this done,” while Fox News cited 10 government sources as cataloguing the pressure on the FBI chief, who has overseen significant cuts to the bureau.

US, UK sign nuclear power pact

The US and UK signed a major nuclear power deal to build up to 12 cutting-edge reactors in England ahead of a state visit by President Donald Trump. The deal is a welcome distraction from issues at home for UK Prime Minister Keir Starmer, who is facing a potential revolt from within his party if local elections due next year go badly. Starmer removed his US ambassador last week over links to disgraced financier and sex offender Jeffrey Epstein, and his Labour Party has fallen behind the anti-immigrant Reform UK in the polls. “Trump really likes a popular PM,” Politico noted, so Starmer’s woes may make the state visit uncomfortable for both.

AfD surges in Germany

Germany’s chancellor won a convincing election in his home state, while the anti-immigration AfD party tripled its vote share in what is seen as a bellwether region. Friedrich Merz’s CDU garnered more than a third of the vote, and the AfD saw its share rise to 15%. The bump is part of a wider surge for the far right across Europe: Such populist parties simultaneously topped opinion polls in Britain, France, and Germany last month for the first time in modern history. Just yesterday, more than 100,000 anti-immigration protesters packed central London on Sunday, while in France, President Emmanuel Macron is resisting intense pressure to call snap parliamentary elections — a vote the far right would likely win.

Lungisa Fuzile, Standard Bank’s CEO for Africa Regions and Offshore, will join the stage at The Next 3 Billion — the premier US summit focused on closing the global digital divide. Semafor editors will sit down with global executives and thought leaders to highlight the economic, social, and global impact of bringing the next 3 billion people online.

Sept. 24, 2025 | New York City | Delegate Application →

Brazil slams ‘illogical’ US tariffs

Brazilian President Luiz Inácio Lula da Silva pushed back against Washington’s “misguided” and “illogical” tariffs on his country, with neither side backing down in a deepening dispute. Writing in The New York Times, the leftist leader said “Brazil’s democracy and sovereignty are not on the table,” comments that come as senior White House officials threaten further sanctions on Brazil after the country convicted former President Jair Bolsonaro for masterminding a coup. Latin America’s biggest economy is already subject to 50% tariffs over what US President Donald Trump says is the unfair prosecution of Bolsonaro. In response, Lula has vowed to pursue closer ties with BRICS countries, which could further erode relations.

AU revamps mineral supply chains

The Democratic Republic of Congo and Rwanda will work with third parties to revamp their mineral production in a bid to supply growing global markets and boost their war-wracked economies. The deal, expected to be finalized next month, could include participation from Washington, and follows a peace agreement between the DRC and Rwanda. The African Union said this month it would form a coalition of mineral-producing nations as countries across the world look to secure access to the continent’s resources. The US, China, Russia, and several Gulf countries have recently ramped up mining investment in Africa, which holds some of the world’s biggest reserves of metals and minerals needed for EVs and defense technology.