September 1st, 2025

#DailyBrief ✅ In China, manufacturing activity contracted for the fifth consecutive month in August, keeping pressure on authorities to step up stimulus measures as tariff uncertainty continues to weigh on the economy. ✅ Chinese President Xi Jinping on Monday pushed his vision for a new global security and economic order prioritizing the “Global South,” in a direct challenge to the United States, during a summit also attended by the leaders of Russia and India. ✅ A federal appeals court ruled that Trump’s global tariffs under IEEPA were issued illegally. The measure involves Mexico, China, and Canada, and could result in billions of dollars in tax refunds.