Former U.S. President slams both China and the EU, telling our colleagues Stateside that America is being taken advantage of economically. JPMorgan boss Jamie Dimon urges the Federal Reserve to act cautiously on rate cuts, arguing that a U.S. recession is still a possibility as President Biden unveils his budget for 2025, which proposes higher taxes, spending and debt. BoJ governor Kazuo Ueda has dampened optimism about the state of the Japanese economy ahead of a key meeting which could see the central bank raise rates out of negative territory for the first time since 2016 as the 10-year JGB reaches a three-month high. Chinese smartphone maker Xiaomi is to launch its first ever EV, helping to push shares up on the Hang Seng. GOP House leaders move against social media giant TikTok with a bill that could require its parent company ByteDance to either sell the platform or be liable to a fine in the U.S.