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.
Continue reading...Leaders to hold separate press conferences revealing first trade agreement by White House since global tariffs move
The UK and US are poised to announce a trade agreement, the first by the White House since Donald Trump announced his sweeping global tariffs.
Trump said it was “a very big and exciting day” for both countries before a press conference in the Oval Office on Thursday. Keir Starmer is planning to deliver his own press conference at around the same time.
Continue reading...Major corporations are best placed to benefit from Trump polices at the expense of independent farmers
The winners and losers of Trump’s first tariff war strongly suggest that bankruptcies and farm consolidation could surge during his second term, with major corporations best placed to benefit from his polices at the expense of independent farmers.
New analysis by the non-profit research advocacy group Food and Water Watch (FWW), shared exclusively with the Guardian, shows that Trump’s first-term tariffs were particularly devastating for farmers in the Maga rural heartlands.
Continue reading...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”.
Continue reading...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.
Continue reading...Vibe at meeting could hint at future relationship between the two countries and their two leaders
Canada’s prime minister, Mark Carney, was due to meet with the US president, Donald Trump, on Tuesday in a closely watched encounter at the White House that could hint at the future relationship between the two countries and their two leaders.
Over the weekend, Trump said it was “highly unlikely” he would use military force to annex Canada, a key trading partner and political ally. In recent months, the president has repeatedly threatened to use economic coercion to weaken Canada to the point that it accedes to Trump’s wish to make it the 51st state.
Continue reading...Actor was assigned by Trump to come up with a plan to save Hollywood, but his proposal only included tariffs ‘in certain limited circumstances’
US president Donald Trump announced his 100% tariff on films “coming into our country produced in foreign lands” one day after meeting with actor Jon Voight to discuss his proposals to bring film production back to the US – which only suggested that tariffs could be used “in certain limited circumstances”.
The Midnight Cowboy and Heat actor, who was appointed a “special ambassador” to Hollywood by Trump, has been meeting with studios, streamers, unions and guilds for months to develop a plan to lure film and television productions back to the US. Production companies often seek more cost-effective locations or tax incentives in other countries such as Canada, Australia, the UK, New Zealand, Hungary, Italy and Spain.
Continue reading...Former vice-president says tariffs ‘not a win for the American people’ and predicts public pressure will grow
Donald Trump’s tariffs policy will trigger a “price shock” and possible shortages, and lead to public pressure on him to change his approach, the former vice-president Mike Pence has said.
In one of his most wide-ranging critiques yet on the policies of the president he used to serve, Pence, speaking to CNN, derided the White House’s “wavering” support for Ukraine and declared – in direct contradiction of repeated assurances from Trump – that President Vladimir Putin of Russia “doesn’t want peace”.
Continue reading...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.
Continue reading...President calls films ‘national security threat’ and claims he called on commerce department to immediately enact tariff
Donald Trump on Sunday announced on his Truth Social platform a 100% tariff on all movies “produced in Foreign Lands”, saying the US film industry was dying a “very fast death” due to the incentives that other countries were offering to draw American film-makers.
In his post, he claimed to have authorised the commerce department and the US trade representative to immediately begin instituting such a tariff.
Continue reading...Liberal PM will also meet with US president on Tuesday amid tensions over threatened annexation and tariffs
King Charles has accepted an invitation to open Canada’s parliament on 27 May, in “an historic honour that matches the weight of our times”, the country’s prime minister, Mark Carney, said on Friday.
In his first news conference since an election dominated by Donald Trump’s threats to Canada’s sovereignty, the prime minister also confirmed he would meet the US president at the White House on Tuesday.
Continue reading...Comments come a week after Trump claimed talks were already taking place
Beijing is “evaluating” an offer from the US to engage in trade negotiations, the Chinese government has said, a week after Donald Trump claimed talks were already under way.
China’s commerce ministry said on Friday: “The US has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China.”
Continue reading...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.”
Continue reading...Company exceeds expectations for third quarter in a row as chief executive Andy Jassy admits uncertainty over tariffs
Amazon reported strong first-quarter earnings for the 2025 fiscal year on Thursday after the New York stock exchange closed – results that will be seen in the context of consumer resilience in the face of Donald Trump’s tariff wars.
Amazon reported $1.59 in earnings-per-share (EPS) and revenue of $155.67bn. Analysts had estimated that the company’s EPS would come in at $1.36 on revenue of $155bn. In particular focus: Amazon’s advertising business, which grew 19% in the first quarter of 2025, handily exceeding analyst expectations as well. The company has exceeded Wall Street’s expectations for the previous two quarters.
Continue reading...Decline in output and new orders in April allied with rising uncertainty is prompting layoffs, survey finds
Britain’s factories suffered a slump in export orders last month as Donald Trump’s globally unsettling tariff regime sent overseas demand for UK goods tumbling at the fastest pace in five years.
Manufacturers reported rising economic and trade uncertainties in April as some tariffs took effect and other threatened border taxes loomed, forcing them to lay off workers for a sixth consecutive month.
Continue reading...President acknowledged his tariff war with China could lead to a toy shortage and costlier products
Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might “have two dolls instead of 30 dolls”, but he insisted China will suffer more from his trade war.
The US president has tried to reassure a nervous country that his tariffs will not provoke a recession, after a new government report showed the US economy shrank during the first three months of the year.
Continue reading...Temu and Shein among fast-fashion sites affected by drop in first three months of this year but sales in rise to EU
Exports to the US from Chinese online shops such as Temu and Shein have plunged in the face of Donald Trump’s trade war, as shipping from China to the EU has increased.
Official Chinese data showed its total e-commerce shipping to the US dropped 65% by volume in the first three months of the year, but rose by 28% in Europe.
Continue reading...Index of activity drops to lowest reading since December 2023 as a result of ‘sharp changes’ in international trading
China’s factory activity slowed in April, with Beijing blaming “sharp changes” in the global economy as it fights a mounting trade war with the United States.
Punishing US tariffs that reached 145% on many Chinese products came into force in April, and Beijing responded with 125% duties on imports from the US. Chinese exports soared more than 12% last month as businesses rushed to get ahead of the punishing tariffs.
Continue reading...Prime minister pledges to reduce country’s reliance on US trade – but must navigate competing visions for the future
In his victory speech early on Tuesday, Mark Carney wasted little time calling for a dramatic reshaping of his government’s relationship with the United States, arguing that threats from Donald Trump cast doubt Canada’s ability to function as a “free, sovereign, and ambitious” nation.
The former central banker and investment executive had for months focused his electoral campaign on the threats from Canada’s largest trading partner and longtime political ally.
Continue reading...UK-based bank warns that trade tensions will lead to lower investment, consumer spending and GDP growth
HSBC has sounded the alarm about the impact of higher trade tariffs on economic growth, unemployment and inflation around the world, as it set aside more money to cover bad debts and reported lower profits.
The UK-based bank reported a $200m (£149m) rise in expected credit losses to $900m in the first quarter, as it increased allowances to “reflect heightened uncertainty and deterioration in the forward economic outlook due to geopolitical tensions and higher trade tariffs”.
Continue reading...