4 h. ago Trump permits Nvidia to sell advanced chips in China, CEO says

Chipmaker’s CEO, Jensen Huang, recently met with Donald Trump as US-China trade rivalry deepensNvidia’s CEO, Jensen Huang, says the chipmaker has won approval from the Trump administration to sell its advanced computer chips used to develop artificial intelligence to China.“Today, I’m announcing that the US government has approved for us filing licenses to start shipping H20s,” Huang told reporters in Beijing. Continue reading...

Politics

4 h. ago In Trump’s game of chicken, the EU cannot afford to back down | Nathalie Tocci

When threatened with US tariffs, Europe was initially bullish. But the influence of nationalist leaders sympathetic to Trump has caused a splitDonald Trump’s trade policy has been labelled “Taco” – “Trump always chickens out” – by his critics. But when it comes to his latest trade war with the EU, it’s Brussels that risks chickening out. The US and the EU have been negotiating for months on an agreement. This week Trump made the shock announcement that the US would hit the EU with punitive tariffs on goods at a crippling 30% rate from 1 August. This was in addition to separate steel and aluminium tariffs, and cars at even more punitive rates.Blindsided Brussels negotiators calculated the economic damage, and ministers talked about retaliation. Ursula von der Leyen, the European Commission president, warned that “all necessary steps to safeguard EU interests” would be taken. But so far, despite the tough words, the EU is holding back.Nathalie Tocci is a Guardian Europe columnist Cont...

Politics

10 h. ago China’s economy beats expectations in face of Trump’s trade war

GDP grows 5.2% in second quarter as world’s second largest economy ‘front-loads’ shipments before tariffs kick inBusiness live – latest updatesChina’s economy grew more strongly than expected in the second quarter as it proved resilient in the face of Donald Trump’s trade war.China’s gross domestic product (GDP) grew 5.2% in April to June compared with a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts’ expectations for a rise of 5.1%. Continue reading...

Politics

10 h. ago Xi says Australia and China should ‘unswervingly’ work together despite global instability

Talks between leaders came after Australian camera crews were confronted by Chinese security guards and told to hand over footageFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastXi Jinping has told Anthony Albanese that geopolitical turbulence and Donald Trump’s growing trade war should not derail newfound stability between China and Australia, saying the two countries should “unswervingly” stick to cooperation.The prime minister met China’s president for the second time in Beijing on Tuesday, promising to find common ground despite differences on sensitive issues such as the ownership of the Port of Darwin and US pressure over the future of Taiwan.Sign up for Guardian Australia’s breaking news email Continue reading...

Politics

11 h. ago FTSE 100 share index hits 9,000 points for the first time – business live

Rolling coverage of the latest economic and financial newsThe FTSE 100 has also benefitted from the TACO trade this year – the bet that Trump always chickens out when his policies cause mayhem in the markets.As this chart shows, shares in London slumped in early April after the US president announced high new tariffs on US trading partners. Continue reading...

Events

22 h. ago To Whom it May Concern: Trump's tariff letters cause a stir among world leaders

President Trump has taken an unconventional approach to trade negotiations by sending form letters to foreign leaders

Politics

24 h. ago The Guardian view on Europe’s Trump challenge: Brussels must hold its nerve and think big | Editorial

A renewed threat of punitive tariffs from the White House is a reminder that the EU must invest in its own values in a volatile and transforming worldAs the world has grown used to Donald Trump delivering aggressive ultimatums that are then revised or watered down, the shock-and-awe effect of a presidential edict on Truth Social has somewhat diminished. On Saturday, Mr Trump unexpectedly announced that the United States would hit the European Union with swingeing tariffs on goods of 30% from 1 August. That certainly prompted urgent weekend discussions in Brussels, Paris and Berlin. But for now, the European Commission president, Ursula von der Leyen, is placing all countermeasures on hold, in the hope that what the German chancellor, Friedrich Merz, described as “reasonable solutions” can be found.Given the stakes, betting on the success of a softly, softly approach to trade negotiations remains sensible. Mr Trump’s previous imposition of 25% tariffs on European carmakers ...

Politics

25 h. ago EU warns of ‘big gap’ in trade talks after Trump’s 30% tariff threat

Bloc’s trade commissioner Maroš Šefčovič said duties at that level would make transatlantic trading ‘almost impossible’

Events

32 h. ago EU warns Trump’s 30% tariffs would eliminate transatlantic trade

Bloc’s trade commissioner Maroš Šefčovič issues caution as ministers meet to consider retaliatory measures against US

Events

34 h. ago EU scrambles to respond to US tariff threat as Trump promises ‘major statement’ on Russia – Europe live

EU ministers meet for urgent talks after US president threatens 30% tariffs on blocA show of unity is expected publicly with German chancellor Friedrich Merz saying he will work “intensively” with Emmanuel Macron, Ursula von der Leyen and Trump to try and rescue the agreement in principle that was put on Trump’s desk last week involving tariffs of 10%. Over the past three months Germany has urged a quick UK style deal while Macron has favoured a tougher stance to face down Trump, given average tariffs before his presidency were 2.5% and they breach WTO rules.The EU’s continued and future reliance on the US for security and defence is influencing the position with member states accepting a trade off between business and arms and military intelligence Trump provides.If stock markets fall that puts at risk the pensions and the savings of the Americans. Continue reading...

Politics

35 h. ago Bank of England governor says jobs slowdown could prompt rate cut; European markets fall after Trump tariff threat – business live

Rolling coverage of the latest economic and financial news, as Andrew Bailey insists: “I think the path [for interest rates] is down”.Donald Trump’s threat to impose a 30% on European Union imports from next month is weighing on European stock markets this morning.Most of Europe’s markets have dropped at the start of trading, pulling the pan-European Stoxx 600 index down by 0.6%.Inadvertently or otherwise the President is testing the market’s patience. At a time when investors had seemingly brushed aside the likelihood of the base line of tariffs settling at 10%, the new pronouncements suggest a level of between 15% and 20% being the norm, with additionally punitive numbers on the likes of Canada at 35% adding to the uncertainty.The so-called “TACO” trade will therefore be tested again, with markets drifting in the US on Friday and futures currently suggesting a similar fall today. In addition, and as the new 1 August extension approaches, nerves are likely to jangle. Continue readi...

Economics

48 h. ago Trump’s anger over Bolsonaro case leaves top adviser fumbling to justify ‘punishing’ tariffs on Brazil: ‘So, what is it?’

President fired off letters to world leaders imposing new tariffs from August 1

Politics

52 h. ago EU pauses trade retaliation against US after Trump’s 30% tariff threat

European Commission president Ursula von der Leyen calls for negotiated solution to dispute

Politics

69 h. ago Donald Trump ramps up trade war with threats of 30% tariffs on EU and Mexico

Three EU officials told Reuters they believed the tariffs were a negotiation ploy by Trump

Events

3 d. ago World must be more wary than ever of China’s growing economic power | Phillip Inman

Autocratic regime is malign actor on world stage and its efforts to undermine others’ economic resources must be limitedChina is pulling every lever at its disposal to counter Donald Trump’s economic blockade, and it’s working.Trade is recovering after the massive hit from Washington’s wide-ranging tariffs on Beijing’s exports. Continue reading...

Economics

4 d. ago Jamie Dimon hates ‘TACO’ but says Trump did the right thing in ‘chickening out’ over tariffs

JP Morgan Chase CEO also warns investors against assuming tariffs won’t be permitted to take effect

Politics

4 d. ago Rachel Reeves says May’s fall in GDP is ‘disappointing’; Trump tariffs knock markets – business live

Latest economic report shows UK GDP fell by 0.1% in May, following 0.3% fall in April.Full story: UK economy shrinks unexpectedly by 0.1% in blow to Rachel ReevesUS will impose 35% tariffs on Canadian imports, Trump says in letterChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatli...

Economics

4 d. ago Rachel Reeves says GDP figures ‘are disappointing’ after UK economy shrinks for second month in a row – business live

Latest economic report shows UK GDP fell by 0.1% in May, following 0.3% fall in April.Full story: UK economy shrinks unexpectedly by 0.1% in blow to Rachel ReevesUS will impose 35% tariffs on Canadian imports, Trump says in letterChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatli...

Economics

4 d. ago Rachel Reeves say GDP figures ‘are disappointing’ after UK economy shrinks for second month in a row – business live

Latest economic report shows UK GDP fell by 0.1% in May, following 0.3% fall in April.Full story: UK economy shrinks unexpectedly by 0.1% in blow to Rachel ReevesUS will impose 35% tariffs on Canadian imports, Trump says in letterChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatli...

Economics

4 d. ago Rachel Reeves say GDP figures ‘are disappointing’ after UK economy shrinks for second month running – business live

UK GDP falls by 0.1% in May, following 0.3% fall in April.US will impose 35% tariffs on Canadian imports, Trump says in letterFTSE 100 hit record high on ThursdayChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatlining growth in May highlights the ongoing pressures facing the UK ec...

Economics