President poised to further impose taxes after Beijing announced a 34% tariff on US imports as global markets fall
Donald Trump has threatened to impose an additional 50% tariff on imports from China on Wednesday unless the country rescinds its retaliatory tariffs on the United States by Tuesday.
The news comes on the third day of catastrophic market falls around the globe since Trump announced his trade war last Wednesday with tariffs on the US’s trading partners.
Continue reading...Barbados PM and Caricom chair calls on Washington to engage in talks to ‘keep prices down for all of our people’
The Caribbean is a friend, not an enemy, leaders in the region have told Donald Trump after the US president’s imposition of worldwide import tariffs.
The prime minister of Barbados, Mia Mottley, invited Trump to talk with leaders in the region and “work together to keep prices down for all of our people”, adding: “I say simply to President Trump: our economies are not doing your economy any harm in any way. They are too small to have any negative or distorted impact on your country.”
Continue reading...The value of one Australian dollar dropped to a low of 59.64 US cents, its lowest point since April 2020
Consumers and travellers will face higher prices after the Australian dollar fell to Covid-era lows, as markets reel from Donald Trump’s “liberation day” tariff plan.
Fears of a global recession dragged the Australian dollar sharply lower on Monday against the country’s major trade partners and to its lowest point against the Euro, pound and US dollar since 2020.
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Continue reading...Japan’s Nikkei 225 tumbles nearly 9% on Monday as Hong Kong’s Hang Seng down 8% and South Korea trading temporarily halted amid Trump tariff concerns
Hong Kong stocks have plummeted more than 9% at open, while Singapore stocks dropped over 7%, according to reports.
Hong Kong and Chinese stocks dived on Monday as markets around the world crumbled in the face of the widening global trade war and fears it will unleash a deep recession, Reuters says.
Continue reading...Japan’s Nikkei 225 tumbles nearly 9% on Monday as Hong Kong’s Hang Seng down 8% and South Korea trading temporarily halted amid Trump tariff concerns
Hong Kong stocks have plummeted more than 9% at open, while Singapore stocks dropped over 7%, according to reports.
Hong Kong and Chinese stocks dived on Monday as markets around the world crumbled in the face of the widening global trade war and fears it will unleash a deep recession, Reuters says.
Continue reading...US president tells reporters the levies are ‘medicine to fix something’ as Nikkei tumbles nearly 9% in early trading, worsening huge losses from last week’s announcement
Donald Trump said foreign governments would have to pay “a lot of money” to lift sweeping tariffs that he characterised as “medicine,” as markets in Asia plunged in early trading on Monday.
Speaking to reporters aboard Air Force One late on Sunday, the US president indicated he was not concerned about market losses that have already wiped out nearly $6tn in value from US stocks. “I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said.
Continue reading...US president tells reporters the levies are ‘medicine to fix something’ as Nikkei tumbles nearly 9% in early trading, worsening huge losses from last week’s announcement
Donald Trump said foreign governments would have to pay “a lot of money” to lift sweeping tariffs that he characterised as “medicine,” as markets in Asia plunged in early trading on Monday.
Speaking to reporters aboard Air Force One late on Sunday, the US president indicated he was not concerned about market losses that have already wiped out nearly $6tn in value from US stocks. “I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said.
Continue reading...Carmakers will be given more flexibility over targets on transitioning to electric vehicles
Keir Starmer has said the government will step in to support key British industries, as business grapples with the economic turmoil unleashed by Donald Trump’s global tariffs.
As the government attempts to counter the impact of the White House hitting the UK with a 10% base levy on exports to the US, the prime minister will promise to help shelter vulnerable sectors and will implement key parts of the industrial strategy months early.
Continue reading...Commerce secretary insists on CBS that tariffs will ‘stay in place’ as treasury secretary tells NBC negotiation is possible
Senior officials within Donald Trump’s administration gave conflicting messages on Sunday about the US president’s global tariffs that have caused a meltdown in stock markets, prompted warnings of a world recession and provoked rare expressions of dissent from within his Republican party.
Cabinet members fanned out across Sunday’s political talk shows armed with talking points on Trump’s 10% across-the-board tariff on almost all US imports, with higher rates targeted at about 60 countries. If the intention was to calm nerves with a clear statement of intent, then it backfired as top officials gave starkly contrasting signals.
Continue reading...Commerce secretary insists on CBS that tariffs will ‘stay in place’ as treasury secretary tells NBC negotiation is possible
Senior officials within Donald Trump’s administration gave conflicting messages on Sunday about the US president’s global tariffs that have caused a meltdown in stock markets, prompted warnings of a world recession and provoked rare expressions of dissent from within his Republican party.
Cabinet members fanned out across Sunday’s political talk shows armed with talking points on Trump’s 10% across-the-board tariff on almost all US imports, with higher rates targeted at about 60 countries. If the intention was to calm nerves with a clear statement of intent, then it backfired as top officials gave starkly contrasting signals.
Continue reading...PM says he will use policy to shelter British businesses following the stock market turmoil prompted by Trump’s announcement
Starmer orders economic reset amid Trump’s tariff mayhem
Welcome back to our live coverage of the economic fallout from Donald Trump’s announcement of sweeping tariffs last week.
Almost $5tn (£4tn) was wiped off the value of global stock markets after the US president made his shock announcement last Wednesday, which included a 10% base tariff on imports into the US from the UK.
Continue reading...Unions urge energy giant EDF to take action as concerns mount over health of construction staff
Workers building the troubled Hinkley Point C nuclear reactor in Somerset have raised concerns that the construction site is overrun by rats.
The Unite and GMB trade unions are understood to have warned the developer, the French energy giant EDF, that urgent action is needed because the rodents are “everywhere”.
Continue reading...Carmaker says action will allow it to consider how to mitigate cost of 25% tariff on imports
Jaguar Land Rover (JLR) will pause shipments of its UK-made cars to the US for a month as it considers how to mitigate the cost of Donald Trump’s tariffs.
The 25% tariff imposed by the US on imported cars and light trucks took effect on 3 April.
Continue reading...Labor and Coalition would both end Chinese company Landbridge’s long-term lease of strategically important asset
The Chinese company that controls the Port of Darwin has accused Anthony Albanese and Peter Dutton of treating it like “a political football” in the middle of a federal election campaign.
Federal Labor and the Coalition have both announced that if elected on 3 May they would end Landbridge’s long-term lease of the Port of Darwin, arguing it is strategically important and should be controlled by an Australian entity.
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Continue reading...This blog is now closed
Poll points to risks in key seats for Labor
We’ve made it to a week into the election campaign. So who’s winning?
At the end of week one, it was clear that Albanese won more days than Dutton and therefore won the week. But there are still four more to go, and anything can happen in an election.
Continue reading...UK prime minister to speak to international leaders this weekend to ‘maintain stability and strengthen our partnerships abroad’
Trump claims Starmer ‘very happy’ about tariffs
Downing Street has refused to confirm President Trump’s claim that Keir Starmer was “very happy” about the treatment the UK is getting under the new US global tariff regime. (See 9.32am.) Asked about the president’s words at the morning lobby briefing, the PM’s spokesperson said that the government had already set out its position yesterday and that it was “disappointed” by the US tariff policy.
Livia Tossici-Bolt has been sentenced at Poole magistrates’ court to a conditional discharge for two years for two charges of breaching a “buffer zone” outside an abortion clinic in Bournemouth, PA Media reports. See 11.22am.
Continue reading...Closure of Nippon Electric Glass plant would put further pressure on Rachel Reeves’s industrial strategy
A glass factory in Wigan that produces fibreglass for electric cars and wind turbines faces closure and the loss of 250 jobs unless its Japanese owner can find a new partner or a buyer.
In the latest blow to Britain’s industrial base, Nippon Electric Glass (NEG) announced a “strategic review” of its composites business Electric Glass Fiber UK (EGF), which it expects to last approximately two months, putting about 250 jobs at risk.
Continue reading...Shoppers also face more ‘shrinkflation’ as manufacturers ‘try to offset rising production costs’
Exchanging Easter eggs and tucking into a roast dinner are among the highlights of the spring holiday but Britons face paying more for this year’s celebrations after a sharp rise in the price of essentials such as chocolate, lamb and hot cross buns.
A leg of lamb joint now costs on average £13.94 a kilo in supermarkets, which is 10%, or £1.31, more than last year, according to the price analysts Assosia. Over two years, the jump is nearly 27%, or approaching £3 more a kilo, based on the pre-promotion price across Tesco, Sainsbury’s, Asda and Morrisons.
Continue reading...Figure up from 117,000 jobs added in February, far higher than expected, as unemployment rose slightly to 4.2%
The US added 228,000 jobs in March, far more than expected, as the US economy shook off the blow from the Trump administration’s deep cuts to federal workers.
The figure was up from an adjusted 117,000 jobs added in February. Unemployment rose slightly to 4.2%.
Continue reading...Fund boss Kristalina Georgieva says it is important that US and trading partners avoid escalating trade war
The International Monetary Fund (IMF) has warned that Donald Trump’s implementation of swingeing tariffs poses a “significant risk” to the global economy, as stock markets were hit by a punishing worldwide sell-off by investors.
Kristalina Georgieva, the managing director of the IMF, said it was important that the US and its trading partners avoided further escalating Trump’s trade war, while stock markets plunged on Friday as China retaliated against the tariffs.
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