Top Overnight News
The Trump administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125bn ecommerce market, as part of a trade deal being negotiated under the threat of increased tariffs. FT
India’s Prime Minister Narendra Modi and U.S. Vice President JD Vance on Monday hailed the “significant” progress made in trade talks between the two sides during Vance’s visit to India. CNBC
Talks between the US and Thailand over the Trump administration’s tariff plans were postponed after Washington asked the Southeast Asian nation to address “issues” related to trade, officials said. BBG
WSJ's Timiraos writes "Trump Is Laying the Groundwork to Blame Powell for Any Downturn" and is signalling he will blame the Fed for any economic weakness resulting from his trade war if it doesn't cut rates soon.
US Securities and Exchange Commission announced Paul Atkins was sworn in as chairman
Senior House Republican, Frank Lucas, defends Powell and Fed independence amid Trump attacks. Axios
Chinese trade held up in April despite Trump’s tariffs, data showed, as Trump spared many electronics and paused levies against most countries. BBG
China’s curbs on shipments of critical metals to the US are already having a visible effect, with exports of the minerals plunging and shipments of several critical items halting entirely in March, customs data shows. SCMP
A Japanese delegation will deliver a letter from PM Shigeru Ishiba to Xi Jinping this week, as Tokyo strives to avoid China-US crossfire. BBG
When Japanese Finance Minister Katsunobu Kato meets his U.S. counterpart Scott Bessent in Washington this week, the yen is shaping up to be a major topic of discussion, though sources say Tokyo will push back against any request to boost its currency. RTRS
The BOE’s Megan Greene said US tariffs may be more of an disinflationary risk to the UK than inflationary. BBG