The U.S. economy faces increasing threats from trade policy turmoil and worsening fiscal conditions, with 60 percent of chief financial officers (CFOs) anticipating a recession by late 2025, a CNBC survey shows on Wednesday.
Trade disruptions have emerged as businesses' primary concern, cited by 30 percent of CFOs as their top external risk - surpassing inflation and weak consumer demand - with many describing current policies as "chaotic" and "disruptive" to long-term planning.
Meanwhile, the economic warnings have intensified with Moody's reaffirming its negative outlook on U.S. creditworthiness on Tuesday, citing ballooning budget deficits and unsustainable debt levels that threaten long-term stability.
The credit agency noted this downward trajectory has accelerated since its November 2023 decision to downgrade the U.S. credit outlook to negative - a move that maintained the AAA rating but signaled growing risks.
Taken together, these warning signs paint a troubling economic outlook where consumers are pulling back as confidence evaporates, businesses are paralyzed by policy uncertainty and investors face mounting risks from debt and deficits.
Compounding these challenges, markets now fear the U.S. government's protectionist policies may simultaneously reignite inflation and accelerate an economic downturn.
Sixty pct of CFOs anticipate US recession by late 2025
A rescue team from China's Hong Kong Special Administrative Region (HKSAR) arrived in Nay Pyi Taw, capital of Myanmar, on Sunday evening, and swiftly proceeded to the area hardest hit by a massive 7.7-magnitude earthquake to assist in search and rescue operations.
The 51-member team, after a brief rest at the Myanmar National Center for Disease Control (CDC) in Nay Pyi Taw, geared up for an overnight journey to Mandalay, the city closest to the quake's epicenter, to begin their crucial rescue efforts.
"I am part of the support team from the Hong Kong Hospital Authority (HA). This time, the HA has dispatched two doctors and two nurses to join the HKSAR rescue mission. We have prepared for possible emergencies, including bringing a large stock of medical supplies and equipment such as ventilators and blood pressure monitors," said Chiu Yuet Chung, one of the rescuers.
"As soon as we received news of such a severe disaster, we immediately began extensive preparations in Hong Kong. While the 'golden 72 hours ' are critical, we ensured that we could deploy as quickly as possible. This time, we were able to prepare and depart in a very short time," said Kong Ka-ho, a senior officer from Hong Kong's Fire Services Department.
Kong said the rescue team had prepared a wide range of equipment, including life-detecting radars, drones, 360-degree cameras, and demolition tools, to assist in the precise search and rescue of trapped individuals.
According to the Hong Kong SAR Government's Security Bureau, the 51-member rescue team comprises personnel from the Security Bureau, Fire Services Department, Immigration Department, and the Hospital Authority. The team also includes two fire search and rescue dogs.
The earthquake that struck Myanmar on Friday noon was the largest of the year so far and the strongest continental seismic activity globally in nearly a decade. At least 1,700 people died, 3,400 were injured, and 300 remained missing as of Sunday noon, according to the country's State Administration Council on Sunday.
China's HK rescue team rushes to Myanmar quake epicenter to search for survivors
