This development is usually supportive of EM, especially for LatAm and EM Asia via closer trade links.

FORBES: Emerging Markets GettingTired; U.S. Better...For Now

European foreign ministers who met in Luxembourg on Monday warned that closer trade and economic links with Iran would have to be matched by Iranian efforts to stop terrorism and the spread of nuclear, biological and chemical weapons.

BBC: EU talks human rights with Iran

As regards the bilateral dimension of our agenda, Brazil and the United States have increasingly drawn closer ties in their trade links, while at the same time, expanding mutual investments.

WHITEHOUSE: President Obama��s Bilateral Meeting with President Rousseff of Brazil | The White House

As reports suggested that Duncan Smith's leadership manifesto would indicate a desire for closer links with the North American trade zone Nafta, Mr Clarke described his rival's European policy as "a euphemism for leaving the EU".

BBC: Clarke 'not surprised' by Hague snub

If the latest financial troubles in Latin America (see article) put a severe brake on the region's growth, this will have a bigger adverse impact on America's growth and its trade deficit than has the slump in Asia, because America has closer economic links to the region.

ECONOMIST: The dollar

Chile and Bolivia have signed free-trade agreements with it, and Mercosur has stimulated closer political, transport and energy links.

ECONOMIST: Sour Mercosur