Trump hails trade deal with ‘oldest ally’ UK – but what about the details?

President’s announcement receives favorable political reaction but experts warn much remains unresolved

There was plenty of congratulatory backslapping in the Oval Office as Donald Trump unveiled his “major” trade deal with the United Kingdom on Thursday, but many of the details of that agreement have been left to later discussions.

Trump’s rush to claim a win for his controversial tariffs policy left many grasping just what to call this: a deal, an agreement, a framework? Observers predict that the coming negotiations could take months.

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EU targets US aircraft and car exports in new list of potential tariffs

Move would hit Boeing, as Brussels also starts consultation on possible litigation over Trump’s blanket 20% tariffs

The EU is considering imposing tariffs on US aircraft and car exports in a fresh attempt to persuade Donald Trump to drop his current and proposed tariffs against the EU.

If acted on they will hit Boeing hard but also include further categories of US exports including chemicals, electrical equipment including cameras, health-related products and some foods such as sweet potato and nuts.

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From snail slime to salmon sperm: the K-beauty boom hits UK high streets

South Korean skincare retailers want to capitalise on viral sales of beauty ranges by opening stores across the UK

Korean beauty products are moving from phone screens to UK high streets as social media drives sales of skincare with the help of eye-catching ingredients such as snail slime and salmon sperm.

Retailers are looking to capitalise on the TikTok and Instagram trend for skincare and makeup ranges from South Korea – known as K-beauty – by opening physical stores and launching brands in a push to get consumers to pick up products that havegone viral online.

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US and UK set to announce trade deal today – UK politics live

US president set to announce ‘full and comprehensive’ trade deal between UK and US with Starmer due to make statement

The Liberal Democrats treasury spokesperson Daisy Cooper has reiterated the party’s position that any trade deal with the US should be put to parliament for approval before being ratified, saying Labour “should not be afraid” of a vote if they are confident a deal is in the country’s best interests.

Cooper, the MP for St Albans, said in a statement:

Parliament must be given a vote on this US trade deal so it can be properly scrutinised.

A good trade deal with the US could bring huge benefits, but Liberal Democrats are deeply concerned that it may include measures that threaten our NHS, undermine our farmers or give tax cuts to US tech billionaires.

If it’s correct, and you know, whilst we haven’t been named publicly, it does sound like something’s happening, nevertheless, it would be wholly speculative [to comment].

As you appreciate and know full well, with any deal like that, the devil is in the detail. What is the nitty gritty? What does it mean for individual sectors and so on.

I think if we don’t know at all what’s in it, or even if it’ll definitely happen, I think to try and sort of pre-judge what might or might not be in is not something I’m going to get into respectfully. I totally understand why you’re asking that. I think it’s an incredibly important issue, particularly with the wider challenge of tariffs and so on. I’m a big free trader. Our party wants us to see the UK growing by striking trade deals. But I just think you’ve got to wait and see, because who knows, quite frankly.

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UK interest rate cut: what does it mean for mortgages and savings?

The Bank of England has voted to cut the cost of borrowing, reducing the base rate to 4.25%. Here’s what it means for you

The Bank of England has cut interest rates from 4.5% to 4.25%.

It follows two interest rate cuts in the second half of last year, and another one in February this year.

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UK interest rates fall to 4.25% as Bank of England announces a quarter-point cut

Move follows run of downbeat economic data and looks to cushion UK from Trump’s trade war fallout

Bank of England policymakers have cut interest rates by a quarter point to 4.25% to cushion the UK economy against the impact of Donald Trump’s trade war.

The widely expected move from the Bank’s monetary policy committee (MPC), its fourth cut since last August, should lead to cheaper mortgages for homeowners.

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Australia news live: Rudd criticises Trump’s proposed ‘tax on Bluey’; Faruqi refuses to concede Bandt will lose Melbourne

Australia’s ambassador to the US has taken aim at the proposal to put tariffs on screen productions. Follow today’s news live

Ben Raue’s predictions for Menzies, Bullwinkel and Bradfield

Analyst Ben Raue also predicted that Labor’s Gabriel Ng lead by 1,145 votes in Menzies, Victoria, will “grow slightly”.

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Jon Voight defends Trump’s film tariff plan: ‘Something has to be done’

Oscar-winning actor gives first interview to Variety since working with Trump on plan to shake up Hollywood

Jon Voight, the actor who inspired Donald Trump’s surprise statement about placing a 100% tariff on foreign-made films, has given his first interview on the supposed plan to “give people back their dignity and their jobs”.

“Something has to be done, and it’s way past time,” the 86-year-old actor told Variety while he was, according to the magazine, “driving through what sounded like a car wash”.

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Has UK-India trade deal ‘sold out British workers’ as Farage and Badenoch claim?

Row over exemption of national insurance contributions for Indian short-term workers overshadows deal

A multibillion-pound free trade agreement with India has long been touted as a big Brexit boon.

Cheaper clothes and shoes for British shoppers, a huge market for scotch whisky producers and luxury carmakers, and billions of pounds worth of extra trade are among the benefits of the agreement, which was finalised this week.

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China to cut interest rates in response to trade war with US

Half-point cut to be made to banks’ reserve requirement ratio and 1tn yuan released into banking system

China will cut interest rates and inject some much-needed liquidity into the domestic economy, as the country steels itself for a bruising trade war with the US.

The People’s Bank of China said on Wednesday it would make a half-point cut to the banks’ reserve requirement ratio, its benchmark interest rate, and release 1tn yuan (£103.6bn) into the banking system.

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Australia news live: federal election 2025 results; AEC and Senate vote count continues today – latest update

Liberal candidate says he is ‘proud’ to represent electorate after being ‘written off’ three years ago. Follow today’s live news and reaction to the 2025 Australian federal election results

Max Chandler-Mathers on housing: Labor refused to negotiate then told media the Greens were blocking their bills

Asked about criticism that the Greens slowed down progress on housing on Triple J Hack, Max Chandler-Mather said Anthony Albanese was “basically saying that, and it just wasn’t true, but then the media repeated as fact”.

It was odd for me, I have to say, because I would be sitting in a negotiating room with the prime minister or with the housing minister, and we’d be privately saying we’re willing to give up everything on our side of negotiations if you just build a bit more public housing. And then they say, ‘Nah, no way, we’re not giving you a thing’. And then they go out into the media and say, ‘The Greens are blocking housing’.

In the house, a lot of those things didn’t get across that you were hoping or that you were promising, the rent freezes, the rent caps, the negative gearing changes, the doubling of capital gains tax … That stuff didn’t get across the line, but Labor’s housing policies still did.

I’ll be honest, one of the things I’m quite happy about at the moment is I don’t have to spend more time in the House of Representatives, because, like, basically every time I stood up, I got screamed and yelled at. In terms of a workplace, it was bloody awful, and frankly, a lot of the times miserable.

The only reason I kept going back because it felt like we were one of the few voices fighting for millions of people who feel really let down by this political system …

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Starmer beats Trump to the line in race for trade deal with India

India has made concessions in trade negotiations, leaving UK heralding deal as ‘most significant’ since Brexit

It is not exactly the deepest and most comprehensive trade deal the UK has ever entered, but the timing of the announcement that Keir Starmer has clinched a free trade deal with India could not be more fortunate.

Over the weekend, the US president, Donald Trump, hinted he was on the verge of announcing his first trade deal, prompting speculation it could be with Japan, South Korea or India.

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China’s service sector hit by trade war; Ford predicts $1.5bn profit hit from Trump tariffs – business live

Rolling coverage of the latest economic and financial news


The takeover of UK food-delivery platform Deliveroo by US rival DoorDash has been agreed.

The two sides have reached agreement on DoorDash’s offer of 180p in case for each Deliveroo share, made last month.

Like DoorDash, Deliveroo is obsessively focused on their customers - consumers, merchants, and riders. They work day in and day out to improve their consumer value proposition, bring new services to local businesses, and offer flexibility and support to riders.

These efforts and attention to detail from Will and the team have had a tremendous positive impact in the communities where Deliveroo operates.

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Aviation industry is ‘failing dramatically’ on climate, insiders say

Professionals call for a fundamental transition including controlling flight numbers

The aviation industry is “failing dramatically” in its efforts to tackle its role in the climate crisis, according to a newly formed group of aviation professionals.

They say they are torn between their passion for flying and their concern for the planet and are calling for a fundamental transition of the industry, including controlling flight numbers.

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UK ministers to meet bank bosses over lending to small businesses

Rachel Reeves concerned that lenders’ restrictions are holding back growth in the SME sector

Ministers will meet bank bosses on Tuesday to discuss how big lenders can support the government’s growth strategy as concerns mount inside Whitehall that small businesses are struggling to access the funds needed to make vital investments.

Senior executives from HSBC, NatWest and Lloyds are expected to explain how they will meet the government’s mission to increase lending after criticism from business groups about the lack of credit available after the pandemic.

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US media stocks slide on Wall Street after Trump threatens movie tariffs

Netflix, Amazon, Warner Bros Discovery and Paramount shares fall as studios reel from announcement

Shares in US streamers and production companies fell on Monday, after Donald Trump said he would introduce 100% tariffs on films made abroad, a move that couldsharply raise costs for Hollywood studios.

Trump’s announcement on his Truth Social platform, revived worries about the US president’s trade policy and its impact on the world economy.

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UK offshore havens miss deadline for transparency plans

British Virgin Islands criticised for launching financial crime-fighting cartoon mascot before new legislation

UK offshore havens have missed a deadline to publish their plans to improve corporate transparency, as MPs criticised the British Virgin Islands (BVI) in particular for launching a financial crime-fighting cartoon mascot before new legislation.

Jurisdictions including the BVI and Bermuda pledged last year to approve laws allowing access to company ownership data to those with a “legitimate interest” by April 2025, with implementation to follow in June.

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Salvage operation to recover Mike Lynch superyacht begins off Sicily

UK tech entrepreneur and his daughter were among seven killed when the Bayesian sank in a violent storm

A 55-metre (180ft) barge carrying a heavy-lift crane has begun work to raise the British-flagged superyacht Bayesian from the seabed off Sicily, where it sank last summer killing seven people including the UK tech entrepreneur Mike Lynch.

The barge, named Hebo Lift 2, with its 700-sq-metre deck, specialist diving apparatus and a remotely operated underwater vehicle, arrived last week in Porticello, a fishing port near Palermo, where marine salvage experts have started operations to raise the Bayesian.

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Warren Buffett announces retirement from leading Berkshire Hathaway

Billionaire shocked audience of investors with disclosure and said his vice-chair, Greg Abel, should take over

Warren Buffett, the billionaire investor and philanthropist, has announced his intention to retire at the end of this year. He is 94 years old.

Buffett, the fifth-richest person in the world, shocked an arena full of shareholders on Saturday when he announced that he would step down as the CEO and chair of the trillion-dollar conglomerate Berkshire Hathaway at the end of 2025. He will recommend to the 11-person board that his vice-chair, Greg Abel, who currently oversees most of the company’s investments, be named as his successor, Buffett said.

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Treasury threatens Defra with £4bn bill if Thames Water nationalised

Exclusive: Treasury threat an example of ‘scare tactics’ to help force through private sector deal, sources suggest

Whitehall officials have been at loggerheads over the fate of Thames Water since the Treasury told the environment department that it would have to meet the cost of a multibillion pound temporary nationalisation.

Britain’s biggest water company recently came within days of running out of money. Thames is in a desperate race to find a buyer willing to inject cash, with the US private equity firm KKR in pole position.

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