EU hopes for quick deal to resolve US trade war after Trump delays 50% tariffs

European leaders call for ‘lowest possible’ border taxes after levies postponed from 1 June to 9 July

EU leaders have expressed hopes for a quick deal to resolve the trade war with the US after Donald Trump announced he was delaying his threatened 50% tariffs for the bloc until 9 July.

The US president said on Sunday he would pause the border tax due to be imposed on 1 June, which he had announced two days earlier, after what he called a “very nice call” with Ursula von der Leyen.

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EU president secures tariffs delay after talk with Trump

Enactment of 50% tariffs postponed until July so both sides can ‘reach a good deal’ after pressure from European leaders

Donald Trump has announced that he will pause his threatened 50% tariffs on the European Union until 9 July, after a “very nice call” with EU chief Ursula von der Leyen.

The European Commission president announced in a social media post that she had spoken with Trump and secured the delay to give the two sides more time to negotiate.

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Any trade deal with US must be based on ‘respect not threats’, says EU commissioner

Maroš Šefčovič’s remarks come after pace of talks prompted Trump to propose 50% tariff on goods from bloc

The European Union’s trade chief has struck a defiant tone after Donald Trump threatened to place a 50% tariff on all goods from the bloc, saying any potential trade deal between Brussels and Washington must be based on “respect not threats”.

The US president made his announcement after voicing frustration with the pace of progress on a trade agreement with the EU. The new rates would come into effect from 1 June.

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World’s seven wealthiest countries agree to counter China’s trade practices

G7 finance ministers and central bank governors pledge to address ‘economic imbalances’, without naming China

Top finance officials from the world’s seven wealthiest democracies have set aside stark differences on US tariffs and agreed to counter global “economic imbalances”, a swipe at China’s trade practices.

Ahead of the meeting of G7 finance ministers and central bank governors there had been doubt about whether there would be a final communique, given divisions over US tariffs and Washington’s reluctance to refer to Russia’s war on Ukraine as illegal.

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Government considers sale of Brexit border checkpoint in Kent – reports

New trade deal with EU could make 41 border control posts built after Brexit redundant

The UK government is reportedly considering selling a post-Brexit border check facility in Kent that could fall out of use as a result of this week’s trade pact with the EU.

The site, based in Sevington, Ashford, was erected in 2021 with capacity for 1,300 lorries that were expected to face extra checks on plants and animal goods, including dairy and meat, entering and leaving Britain after Brexit.

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South Africa’s Ramaphosa expected to take golf stars to Trump meeting

Ernie Els and Retief Goosen reportedly part of delegation as president seeks to reset ties after white ‘genocide’ claims

The South African president, Cyril Ramaphosa, is expected to take the golfers Ernie Els and Retief Goosen with him to meet Donald Trump in the Oval Office on Wednesday, as the government attempts to reset relations with the US amid Trump’s accusations that it is fomenting a white “genocide”.

Ramaphosa’s appeal to Trump’s love of golf, with the potential inclusion of Els and Goosen reported by South African local media, is part of his efforts to avoid a public dressing down of the kind Trump gave to the Ukrainian president, Volodymyr Zelenskyy, in February.

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Reeves hopes hat-trick of deals shows Britain is open for business

Impact of agreements on food, energy and defence may not be huge but chancellor believes it will draw investors to UK

Rachel Reeves joked to journalists after Monday’s EU-UK reset that trade deals were coming along “like buses”, given the agreements with India and the US that had also been sealed in the past fortnight alone.

The chancellor described the EU deal as the best that had been secured by any non-member country, but she was also keen to talk about the three successful negotiations as a package.

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China issues warning to UK over terms of US trade deal

UK accused of aligning with US in move that could compel firms to exclude Chinese products from supply chains

China has warned the UK over its new trade deal with the US, accusing Britain of aligning with the US in a move that could compel British companies to exclude Chinese products from their supply chains.

The UK-US trade deal, signed last week, offers Britain limited relief from US tariffs on car and steel exports, but only if it complies with strict American security requirements. These conditions include scrutinising supply chains and ownership structures – a move widely interpreted as targeting Chinese involvement.

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China cautiously welcomes pause in US tariff war

State media editorial says talks mark ‘step toward resolving differences’ but Xi again criticises US ‘bullying’

A 90-day pause in the US-China tariff war has been cautiously welcomed in China but tensions remain high, with Xi Jinping again accusing the US of “bullying”.

After two days of talks between officials in Geneva over the weekend, China and the US agreed to substantially lower for the next 90 days the high tariffs each had imposed on the other in a tit-for-tat trade war.

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Trump claims ‘total reset’ in US-China trade relations after tariff talks in Geneva

US president praises ‘very good’ discussions as top US and Chinese officials meet over trade war triggered by Trump’s tariff blitz

Donald Trump has hailed a “total reset” in US-China trade relations after the first day of talks between top American and Chinese officials in Geneva aimed at defusing a trade war sparked by his tariff rollout.

The US president praised the “very good” discussions and deemed them “a total reset negotiated in a friendly, but constructive, manner”.

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Chinese and US officials meet in Geneva for ‘de-escalation’ trade talks

World Trade Organization hails ‘constructive step’ as senior figures come together to discuss tariffs

Senior US and Chinese officials held talks early on Saturday in Geneva in a tentative first step towards defusing a trade war that is disrupting the global economy, according to China’s state-owned news agency and people close to the talks.

China’s vice-premier, He Lifeng, and the US treasury secretary, Scott Bessent, met after weeks of growing tensions as duties on imports between the world’s two largest economies have risen above 100%.

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Whiplash reversals mean Trump’s erratic trade policy is as clear as mud

The specifics of the administration’s economic masterplan – from strollers to movies to China – change by the day

Decades of economic orthodoxy failed millions of Americans, according to Donald Trump, who marched back into the White House promising to shred the status quo. But the specifics of his alternative – exactly how his administration claims it will make America great again – change by the day.

The US president declared this week to be a key milestone of his second term, as he unveiled his first major trade deal since returning to office following accelerated talks with the UK.

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Trump floats cutting Chinese tariffs from 145% to 80% before weekend talks

Meeting aimed at de-escalating trade war after Chinese exports beat expectations despite slump in trade

Donald Trump has floated cutting tariffs on China from 145% to 80% before a weekend meeting as he looks to de-escalate the trade war.

Top US officials are expected to meet a high-level Chinese delegation this weekend in Switzerland in the first significant talks between the two nations since Trump provoked a trade war with stiff tariffs on imports.

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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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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 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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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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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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Why is Trump ending the ‘de minimis’ tariff loophole on low-value imports?

Goods worth less than $800 will be subject to 120% levy meaning prices on Chinese exports will probably increase

At one minute past midnight on Friday, eastern time, a US tariff exemption that has fuelled the rise of companies such as Shein and Temu, and stocked the wardrobes of millions of Americans with cheap fast fashion and other household goods, closed. As part of Donald Trump’s flurry of tariffs on China, the US is closing a loophole that allowed low-value goods to be shipped into the US without paying any import fees. The “de minimis” loophole, known by the Latin phrase for “of little importance”, was “a big scam going on against our country”, the US president said on Wednesday. “We put an end to it.”

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