Trump's Mexico Salvo, China's PMI Shock, Praet Departs: Eco Day

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Welcome to Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• President Donald Trump vowed to impose a 5% tariff on Mexican goods until that country stops immigrants from entering the U.S. illegally
• Economists swiftly warned that Trump’s vow poses a new danger to the world economy. They also say prospects for a U.S.-China trade deal just became even more remote
• Elsewhere, China’s manufacturing sector slowed more than expected and further signs of stress in the labor market appeared
• When Peter Praet makes way for Philip Lane at the European Central Bank on Friday, the handover will mark an important shift in Europe’s economic landscape
  • Investor focus on who will succeed Mario Draghi at the ECB may be missing the broader challenges the institution is set to face
• U.K. house-price growth remained subdued in May as Brexit continued to cloud the outlook for the wider economy
  • Still, U.K. consumers grew less pessimistic this month
• Finally, here’s our weekly wrap of what happened in the world economy and the lessons learned.

To contact the reporter on this story: Enda Curran in Hong Kong at ecurran8@bloomberg.net

To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Karthikeyan Sundaram, Zoe Schneeweiss

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