Tax ‘Revolution,’ IMF Takeaways, Canada Housing Boom: Eco Day

Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The guardians of the global economy this week implored governments to act to avoid a two-speed rebound where vaccinated, rich nations recover more strongly from the pandemic than poorer countries languishing under the burden of disease and debt
  • A surprise U.S. drive to overhaul international corporate taxation promises a new era for governments to capture a bigger tax take from some of the most successful global businesses -- if only the rest of the world can agree
  • The Senate’s approach to counter China is taking shape with a bill introduced Thursday directing the U.S. government to adopt a policy of “strategic competition” with China to “protect and promote our vital interests and values”
    • The U.S. added seven Chinese supercomputing firms to a list of entities banned from receiving exports from American companies, citing activities contrary to the national-security or foreign-policy interests of the U.S.
  • Federal Reserve Bank of San Francisco President Mary Daly said she’s “bullish” on the rebound of the U.S. economy, but there is still a long way before the recovery is complete and will wait for the data to show it
    • AFL-CIO president Richard Trumka called on Joe Biden to use a current vacancy on the Fed’s Board of Governors to bring greater diversity to the central bank
  • Prime Minister Justin Trudeau is likely just getting started in his bid to rein in Canada’s pandemic housing boom
  • Costa Rica’s president says he’ll bring an end to years of excess government borrowing
  • European Central Bank policy makers stepped up pressure on governments to get on with their joint fiscal stimulus
  • After carrying the weight of the global economy since World War II with little fanfare, the lowly shipping pallet is finally commanding some respect

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