6 d. ago I’ve seen many phoney trade wars come and go. This is the real thing | Larry Elliott

This battle between the US and China goes far beyond market turmoil – it has killed off the liberal dream of a borderless world Donald Trump’s decision to impose a 104% tariff on Chinese imports into the US – and China blasting back with 84% – has spooked the financial markets. The response is entirely rational. Over the past few decades, phoney trade wars have been commonplace. Rival nations have squared off against each other, indulged in a bit of sabre-rattling, but eventually agreed on a deal. Headlines that screamed “trade war looms” were quickly replaced by those that read “trade war averted”. This time it’s different. The battle between the US and China prompted by Trump’s tariffs is no pretend trade war. It is the real deal – and it will have real consequences. Tariffs operate as a tax, adding to the costs of doing business and raising prices for consumers. Growth will slow and inflation rates will rise. The global economy was already growing only slowly. As things stand, it...

Events

7 d. ago Trump reveals how American families can PROFIT from market crash: Live updates

President Donald Trump said other world leaders are desperate to deals with him as his tariffs come into effect.

Events

7 d. ago China retaliates with 84% tariffs as Trump says ‘great time to move companies to the US’ – business live

Stock markets down in UK and across Europe after steep declines in Asia, while turmoil spreads to bond market China announces 84% tariffs on all US goods in response to Trump’s 104%Bank of England warns Trump tariffs threaten global growth and raise risk of ‘severe shocks’Today’s tariffs follow Trump’s 10% tariff on all imports from many countries, including Australia, which came into effect at the weekend.US customs agents began collecting the unilateral tariff at US seaports, airports and customs warehouses on Saturday. Today’s measures are higher levies on goods from 57 larger trading partners. Continue reading...

Politics

7 d. ago Trump Treasury Secretary Scott Bessent fires back at 'loser' China in all

President Donald Trump said other world leaders are desperate to deals with him as his tariffs come into effect.

Politics

7 d. ago China hits out at 'threats and coercion' over Donald Trump's 104% tariffs

China's government has shared a white paper on the country's popular Weibo platform, spelling out the context of the trade war after President Donald Trump hit the country with record-high tariffs

Events

7 d. ago Trump live updates: President tells world to ‘be cool’ as China introduces 84% retaliatory tariffs on US

President’s reciprocal tariffs take effect, including 104% levy on Chinese goods, inviting swift response from Beijing and Brussels

Politics

7 d. ago What do Trump’s 104% tariffs on China mean and who will be affected?

As Trump slaps 104% tariffs on China, Alicja Hagopian and Millie Cooke look at what industries will be hardest hit.

Politics

7 d. ago What does Trump’s 104% tariff on China mean and who will be affected?

As Trump slaps 104% tariffs on China, Alicja Hagopian and Millie Cooke look at what industries will be hardest hit.

Politics

7 d. ago What Asian countries hit hard by Trump’s tariffs are doing to save their economies

China refuses to bow to US pressure while other Asian nations urge negotiations to soften the blow

Politics

7 d. ago Trump calls tariff fallout a ‘war with the world’ and gloats over fellow leaders ‘kissing his a**’: Live

President’s reciprocal tariffs take effect on Wednesday, including 104% levy on Chinese goods

Politics

7 d. ago Trump calls tariff fallout a ‘war with the world’ and gloats over world leaders ‘kissing his a**’: Live

President’s reciprocal tariffs take effect on Wednesday, including 104% levy on Chinese goods

Politics

7 d. ago Trump imposes new tariffs on dozens of partners, sparking fresh market turmoil

Rates on imports to US from dozens of economies rise further, with China hit by 104% tariffsBusiness live – latest updatesThe US and China are heading towards an all-out trade war, after Donald Trump unleashed a fresh wave of tariffs against dozens of partners that triggered a fresh day of stock market turmoil on Wednesday.Despite the market chaos, China’s government was unbowed, reiterating threats of further countermeasures and saying it was unwilling to fight a trade war but “will never sit idly by and watch the legitimate rights and interests of the Chinese people be damaged and deprived”. Continue reading...

Politics

7 d. ago Trump's massive 104% tariff sparks 'bullying' response from China as market plunges

Donald Trump has declared a trade war on the rest of the world after his latest round of tariffs went into full effect at midnight. China has now been slapped with an eye-watering 104%

Politics

7 d. ago Ireland’s deputy PM to meet US secretary of commerce as EU finalises first part of response to Trump’s tariffs – Europe live

Simon Harris to meet Howard Lutnick as EU member states vote on final list of €21bn of goods facing retaliatory tariffsUS president Donald Trump continues to rewrite the rules of global trade, as his sweeping tariffs take effect.Rates on imports to the United States from dozens of economies rose further from 12.01am (0401 GMT) on Wednesday, with tariffs imposed on Chinese products since Trump returned to the White House reaching a staggering 104%. The new tariffs include rates of 20% on the European Union, 26% on India and 49% on Cambodia. Continue reading...

Politics

7 d. ago UK and EU stock markets slump as Trump’s tariffs, including 104% on China, take effect – business live

Stock markets down from Australia to Japan and Taiwan as Trump presses ahead with huge retaliatory tariffs on ChinaFull report: Trump unleashes new wave of tariffsDispatch: The view from Yiwu, China’s biggest wholesale marketToday’s tariffs follow Trump’s 10% tariff on all imports from many countries, including Australia, which came into effect at the weekend.US customs agents began collecting the unilateral tariff at US seaports, airports and customs warehouses on Saturday. Today’s measures are higher levies on goods from 57 larger trading partners. Continue reading...

Economics

7 d. ago Trump's 104% monster tariffs spark more global market meltdowns

More chaos is unfolding on the world's financial markets after Trump announced a huge 104% tariff on China - Asian stocks plummeted overnight and the FTSE is expected to drop again this morning

Politics

7 d. ago China reportedly considering ban on Hollywood films in response to Trump tariffs

The White House has said China will be hit with a tariff rate of 104 percent from tomorrow

Politics

7 d. ago Trump declares 'war with the world' as his 'explosive' tariffs take effect and send global stocks plunging again

Asian shares slipped further today as the latest set of Donald Trump's tariffs took effect including a massive 104 per cent levy on Chinese imports.

Events

7 d. ago Trump live updates: President claims tariffs ‘great’ for Republicans as trade war roils Asian markets

Beijing says it will ‘fight to the end’ as president’s 104% China tariffs take effect

Politics

7 d. ago Tariffs live: Asian markets fall as Trump’s 104% levy against China comes into effect

Beijing has vowed to 'fight to the end' in deepening US-China trade war

Economics