<p><strong>GLOBAL: </strong>US President Donald Trump announced a new round of tariffs, ranging from 10% to 12.5%, on imports from 60 countries effective July 24, as the temporary 10% global tariff nears expiration.&nbsp;</p>

<p><strong>Market impact: </strong>US stocks declined and Treasury yields rose as oil prices surged to USD 100 per barrel.&nbsp;</p>

<p><strong>Broad-based tariffs are expected to raise consumer prices,</strong> potentially dampening spending and GDP growth.&nbsp;</p>

<p><strong>LOCAL: </strong>The budget deficit widened by 9.39% year-on-year to PHP 264.3 billion in June, driven by higher National Tax Allotment transfers to local government units and increased funding releases to government-owned and controlled corporations.&nbsp;</p>

<p><strong>Market impact: </strong>The PSEi posted modest gains on bargain hunting, while the peso remained at record lows amid heightened geopolitical tensions.&nbsp;</p>

<p><strong>Analysts anticipate an acceleration in public spending to sustain domestic growth momentum, </strong>with a focus on high-multiplier investments amid tightening fiscal space.&nbsp;</p>