Category Archives: Trump tariffs

Primark owner’s shares drop as sales fall amid Trump tariff fears

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Company says consumer confidence could deteriorate further as countries face risk of recession

Shares in the owner of Primark fell after the budget clothing chain posted a sharp drop in UK sales and lost market share, as the company warned that consumer confidence was likely to worsen further amid Donald Trump’s trade wars.

Associated British Foods (ABF), which also owns a sugar business and food brands such as Ryvita and Kingsmill, said several countries could slide into recession as a result of US trade policy.

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Adidas warns Trump tariffs will put up US shoe prices

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Company had strong first quarter but says it cannot raise outlook for this year owing to tariffs uncertainty

Adidas has said the price of its popular trainers, including the Samba and Campus models, is likely to rise as a result of Donald Trump’s tariffs.

The German group said the uncertainty around US import tariffs had prevented it from raising its outlook for sales and profit this year despite reporting strong first-quarter results.

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Drugmaker AstraZeneca shifts more production to US amid Trump tariffs

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UK and rest of Europe risk losing out to US and China unless they ramp up spending on new medicines, says CEO Pascal Soriot

AstraZeneca said it was shifting the production of some medicines sold in the US from Europe to the US, to counter the impact of Donald Trump’s trade tariffs.

Speaking as the company reported higher sales and profits for the first quarter, the FTSE 100 pharma company reiterated that the UK, and the rest of Europe, risked losing out to the US and China unless they ramped up spending on new medicines. Pascal Soriot, AstraZeneca’s chief executive, warned that well-paid advanced manufacturing and research jobs could move to the US in the long run.

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Trump reveals plans to ease tariff impact on US carmakers

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US president will curb some duties on foreign parts in domestically manufactured cars, administration says

Donald Trump unveiled plans to water down his sweeping tariffs for US carmakers on Tuesday by curbing some duties on foreign cars and parts, granting a reprieve to an industry that warned his strategy would increase costs for American manufacturers by tens of billions of dollars.

Carmakers subject to a 25% tariff on imports will not be subject to other levies Trump has imposed, for example, on steel and aluminum. US automakers will also be allowed to apply for tariff relief on a proportion of the costs imposed for imported parts, although that relief will be phased out over the next two years.

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UK banks brace for first-quarter reports after Trump tariff turmoil

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Lenders expected to split into two camps: those focused on domestic customers and those with large operations in the US, China and the EU

UK banks’ earnings reports will be studied this week for signs of turmoil linked to Donald Trump’s tariff drama, with uncertainty over global growth likely to weigh on lenders with heavy exposure to China, including HSBC.

First-quarter profits only reflect the January-to-March period that preceded the US president’s “liberation day” tariff announcements on 2 April. But investors will be concerned about any hints of caution around earnings forecasts, as well as an uptick in money put aside for defaults by tariff-hit borrowers.

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US treasury secretary says ‘there is a path’ with China over tariff negotiations

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‘The Chinese will see this high tariff level is unsustainable for their business,’ says Scott Bessent

The US treasury secretary, Scott Bessent, said “there is a path” to an agreement with China over tariffs after he had interactions with his Chinese counterparts last week in Washington.

“I had interaction with my Chinese counterparts, but it was more on the traditional things like financial stability, global economic early warnings,” Bessent told ABC News’s This Week on Sunday, explaining that he spoke to the Chinese during International Monetary Fund meetings in Washington. “I don’t know if President Trump has spoken with President Xi,” he added.

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Pope’s funeral a diplomatic minefield as Trump sets fire to US alliances

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President’s international engagements have set stage for explosive confrontations and Pope Francis’s funeral comes at an especially fraught moment

A spectre is haunting Europe: the spectre of Donald Trump flying to the Vatican this weekend and publicly feuding with international leaders in front of St Peter’s Basilica in the midst of the sombre rituals and rites that will mark the funeral of Pope Francis.

The US leader’s first international trip of his second term comes at one of the most politically fractious and fraught moments in recent memory, as his “America first” project sets fire to US alliances and trade relationships around the world. Between international tariffs, the wars in Ukraine and in Gaza, the Trump team’s open antipathy toward Europe and its hard line on immigration from Central and South America, the papal funeral could prove to be a minefield of international diplomacy.

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US consumer sentiment sees largest drop since 1990 after Trump tariff chaos

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Experts warn of slowing economy after score based on Americans’ financial outlooks fell by 32% since January

US consumer sentiment plummeted in April after Donald Trump’s trade war threw the global economy into chaos, according to a new report.

The index of consumer sentiment, a score based on a monthly survey asking Americans about their financial outlooks, fell by 32% since January – the largest drop since the 1990 recession, according to the University of Michigan’s Institute for Social Research.

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Xi announces plan for Chinese economy to counter impact of US trade war

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Beijing will ‘strengthen bottom-line thinking’ as reports say it could drop tariffs on some US products

Xi Jinping has announced a plan to counter China’s continuing economic problems and the impact of the US trade war, as reports swirl that it could drop tariffs on some US products, including semiconductors.

Friday’s meeting of the politburo was convened to discuss China’s economy, which since the pandemic has faced difficulties fuelled by a housing sector crisis, youth unemployment and Donald Trump’s tariffs on all Chinese imports to the US.

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‘Trump 2028’ hats and T-shirts for sale on US president’s online store

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Donald Trump, who has seen his approval rating sink, has not ruled out serving a third term – though most spectators consider that highly unlikely

Donald Trump’s online store is selling clothing emblazoned “Trump 2028”, the year of the next US presidential election, in which the Republican is constitutionally banned from running.

The 78-year-old, who has seen his approval rating sink in recent opinion polls, has not ruled out serving a third term – though most spectators consider that highly unlikely.

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California’s economy surpasses Japan’s as it becomes fourth largest in world

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State’s nominal GDP reaches $4.1tn, edging out Japan’s $4.02tn, ranking it behind the US, China and Germany

California’s economy has surpassed Japan’s, making the Golden state the fourth largest economy in the world, Governor Gavin Newsom announced on Thursday.

The state’s nominal GDP reached $4.1tn, according to data from the International Monetary Fund and the US Bureau of Economic Analysis, edging out Japan’s $4.02tn nominal GDP. California now ranks behind the US at $29.18tn, China at $18.74tn and Germany at $4.65tn.

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Boeing hopes to find new buyers for up to 50 planes returned by China

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Airplane manufacturer says it is lobbying Donald Trump over ‘unfortunate’ decision to impose tariffs

Boeing will try to divert as many as 50 planes ordered by Chinese airlines to customers elsewhere after steep tariffs prompted by Donald Trump’s trade war.

The US manufacturer said it was confident it could find other buyers for the planes, but said it was lobbying Trump personally to resolve an “unfortunate situation”.

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Gold climbs above $3,500 for first time as Wall Street rallies after slide

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Dollar also recovers after Monday’s sell-off prompted by Donald Trump’s attack on Federal Reserve chair

Gold has climbed above $3,500 an ounce for the first time while stocks on Wall Street and the dollar rose following Monday’s sell-off prompted by Donald Trump’s blistering attack on the Federal Reserve chair, Jerome Powell.

Spot gold reached the record price of $3,500.01 (£2,620) on Tuesday, extending a rally that has pushed bullion up from $2,623 an ounce at the start of this year.

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UK manufacturers to cut jobs ‘within weeks unless ministers can strike trade deal’

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Bosses from automative, manufacturing and energy warned MPs about effect of Trump tariffs

Britain’s manufacturers will start cutting jobs “within weeks” unless the government can strike a deal to safeguard the UK economy from Donald Trump’s trade war, industry leaders have told MPs.

Senior executives from the UK’s automotive, manufacturing and energy sectors warned a committee of MPs to expect job losses this summer if the US moves ahead with a swathe of global trade tariffs set out by Trump earlier this month.

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US stock markets fall again as Trump calls Fed chair ‘a major loser’

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President amps up attacks against Jerome Powell, pushing him to lower interest rates to offset impact of tariffs

US stock markets fell again on Monday as Donald Trump continued attacks against the Federal Reserve chair, Jerome Powell, who the US president called “a major loser” for not lowering interest rates.

“There can be a slowing of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote on social media.

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Boeing investors brace for fallout from Trump tariffs

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Jets intended for Chinese airline returned to US, raising fears for planemaker as results near

Investors in Boeing are braced to learn the full impact of Donald Trump’s trade war, amid fears the US planemaker could be hit harder than first expected after jets intended for a Chinese airline were returned to the US.

A Boeing 737 Max 8 plane intended for use by a Chinese airline returned to the US on Monday from Boeing’s China finishing centre, according to flight data cited by Reuters. It followed the arrival in the US on Sunday of another 737 Max painted in the livery of China’s Xiamen Airlines at Boeing’s US production hub in Seattle.

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Jim Ratcliffe’s chemicals business under pressure from Trump tariffs, Moody’s warns

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Rating agency downgrades Ineos Quattro as it says ‘trade barriers’ could affect it for next two years

Sir Jim Ratcliffe’s loss-making chemicals business could take longer than expected to recover its financial health because of Donald Trump’s trade tariffs, analysts have said.

The billionaire industrialist has faced growing concerns over the state of his chemicals group amid problems with his business interests in Manchester United and All Blacks rugby.

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Senate Democrat meets Ábrego García in El Salvador as legal battles continue – US politics live

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Visit by Maryland’s Chris Van Hollen comes as a federal appeals court rules against the Trump’s administration’s efforts to block return to the US

Hello and welcome to the US politics live blog. My name is Tom Ambrose and I’ll be bringing you all the latest news over the next few hours.

We start with news that Maryland senator Chris Van Hollen met in El Salvador with Kilmar Ábrego García, a man who was sent there by the Trump administration in March despite an immigration court order preventing his deportation.

James Comer, the chair of the House oversight committee, and Elise Stefanik, chair of the House Republican leadership, have launched an investigation into Harvard University, accusing the university of a “lack of compliance with civil rights laws”.

Elon Musk’s SpaceX and two partners have emerged as frontrunners to win a crucial part of Donald Trump’s “Golden Dome” missile defense shield.

The supreme court said it will hear arguments next month over Donald Trump’s bid to restrict automatic birthright citizenship.

In their unanimous opinion issued today, a US appeals court warned the Trump administration that battles against the judiciary could undermine public confidence.

After weeks of strong rhetoric, the president told reporters in the Oval Office on Thursday that he thought trade deals could be finished in the “next three or four weeks”.

Trump on Thursday extended a government-wide federal hiring freeze that was set to expire this weekend.

The Washington DC headquarters for the Department of Housing and Urban Development may soon be up for sale.

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‘We’re going to stand up to Trump,’ says Mark Carney in second Canadian election debate

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PM focuses on threat from across the border as most polls show his Liberals leading Pierre Poilievre’s Conservative party in tight race

Canada’s prime minister, Mark Carney, faced sustained attacks from his Conservative rival at an election debate on Thursday but the Liberal leader sought to focus attention on what he calls Canada’s top threat: Donald Trump, the US president.

Most opinion polls show Pierre Poilievre’s Conservative party trailing Carney’s Liberals ahead of the 28 April vote for Canada’s federal government.

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Donald Trump ‘expecting to make second state visit to UK in September’

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US president and first lady received invitation in February from King Charles for unprecedented repeat trip

Donald Trump has said he is expecting to travel to the UK in September for his second state visit.

King Charles is preparing to host the US president and first lady as the UK government tries to bolster transatlantic ties after Trump imposed a series of tariffs on trading partners.

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