After running on an extension of the 2024 budget for more than a month, France is finally set to have a formal 2025 budget after Prime Minister François Bayrou forced the text through parliament without a vote but survived a vote of no-confidence over the move. The plan aims to bring the budget deficit down to 5.4 percent of GDP and save €50 billion through spending cuts and tax hikes. Plus, amid US President Donald Trump’s tariff threats, new data shows the US trade deficit with other countries widened to a new record in 2024.
