Corporate profits are booming while the wider economy struggles, and the Iran war plus Trump's trade fights are dragging down growth for the US and its allies.

• S&P 500 profits are up sharply, but that money is flowing to big companies and wealthy investors, not Main Street.
• Treasury Secretary Scott Bessent used the G20 meeting to broker deals for US executives, including bankers and crypto bosses — a first for the job.
• Europe and Canada pushed back hard on Trump's tariffs, saying the uncertainty is choking trade and eroding trust.
• Germany is angry that Bessent sold US-held euros to prop up Japan's yen, weakening Europe's currency without warning.
• Japan's yen crashed to a 40-year low because its interest rates stayed far below the Fed's, and propping it up does not fix that.

Outlook: With the Iran war showing no sign of ending and energy prices still climbing, growth is likely to keep slowing in the US and among its allies.