27 h. ago Commodity firms poised for $300mn windfall from US copper tariff trade

Trafigura, Mercuria, Glencore and IXM set for bumper profits from metal shipped into America ahead of new levies

Economics

36 h. ago Lula threatens 50% tariff on US goods in retaliation for Trump levy on Brazil

Brazilian president says ‘if he charges us 50%, we’ll charge him 50%’ after Trump cited trial of Bolsonaro to justify tariffBrazil threatened to hit back against Donald Trump’s plan to introduce 50% tariffs on its exports with its own 50% tariff on US goods, setting the stage for a precipitous trade war.“If he charges us 50%, we’ll charge him 50%,” Luiz Inácio Lula da Silva, the Brazilian president, told local news outlet Record, a day after Trump threatened to impose steep duties on Brazilian goods and accused the country of conducting a “witch-hunt” against its former president Jair Bolsonaro, who is facing a trial over his attempt to overturn his 2022 election defeat. Continue reading...

Politics

64 h. ago Trump delayed his tariff deadline after Treasury Secretary pleaded for more time to get deals done, report says

Treasury boss talked Trump into yet another multi-week reprieve

Economics

68 h. ago Bank of England says UK banks can increase riskier mortgage lending – business live

Rolling coverage of the latest economic and financial news, as BoE recommends banks can issue more high loan-to-income level loansCopper prices in US hit record high after Trump announces 50% tariffTrump threatens to escalate trade war amid confusion over new tariff ratesCarsten Menke, Head of Next Generation Research at Julius Baer, says the copper tariffs will be inflationary domestically in the US and deflationary internationally – which matches the price action we’ve seen since last night.Menke also points out that the jump in US copper prices (13% yesterday) is less than the 50% tariff, implying traders expect some imports will be exempt, saying:President Trump announced the imposition of 50% import tariffs at a cabinet meeting yesterday. While US-traded futures jumped on the news, the price differential is well below the tariff level, pointing to expectations of exemptions for key suppliers or expectations of different demand dynamics.As already mentioned, we remain of the con...

Economics

2 d. ago Copper prices in US hit record high after Trump announces 50% tariff

Latest escalation in trade war is expected to push up costs across key parts of US economyBusiness live – latest updatesCopper prices hit a record high in the US after Donald Trump announced he would impose a 50% tariff on the industrial metal, in the latest escalation in his trade war.Trump said before a cabinet meeting on Tuesday: “Today we’re doing copper,” proposing a 50% tariff rate for imports. He also threatened to impose a 200% border tax on pharmaceuticals but in a year or year and a half’s time. Continue reading...

Politics

3 d. ago Trump threatens to escalate trade war amid confusion over new tariff rates

US president announces tariffs of up to 200% on foreign drugs and 50% on copper as he continues to shift plansDonald Trump vowed to further escalate his trade wars on Tuesday, threatening US tariffs of up to 200% on foreign drugs and 50% on copper, amid widespread confusion around his shifting plans.Hours after saying his latest deadline for a new wave of steep duties was “not 100% firm”, the US president declared that “no extensions will be granted” beyond 1 August. Continue reading...

Events

5 d. ago Business news live: Trump delays end of trade tariff pause and surprise June house prices data

Stock markets updates and business news from Monday

Economics

5 d. ago Trump and US commerce secretary say tariffs are delayed until 1 August, sparking confusion

President says team will start sending trade partners letters with new tariff rates ahead of this week’s original 90-day deadline to make dealDonald Trump has said that his administration plans to start sending letters on Monday to US trade partners dictating new tariffs, amid confusion over when the new rates will come into effect.“It could be 12, maybe 15 [letters],” the president told reporters, “and we’ve made deals also, so we’re going to have a combination of letters and some deals have been made.” Continue reading...

Politics

5 d. ago Trump and US commerce secretary say tariffs are delayed until 1 August

President says team will start reaching out to trade partners with new tariff rates as 90-day pause ends this weekDonald Trump said on Sunday that his administration plans to start sending letters on Monday to US trade partners, dictating new tariff rates to be imposed on goods they sell to Americans. “It could be 12, maybe 15,” the president told reporters, “and we’ve made deals also, so we’re going to have a combination of letters and some deals have been made.”With his previously announced 90-day pause on tariffs set to end on 9 July, the president was asked if the new rates would go into effect this week, or on 1 August, as some officials had suggested. Continue reading...

Politics

5 d. ago EU locked in Trump trade talks as ‘Liberation Day’ tariff deadline looms

The US president’s pause on the imposition of his ‘Liberation Day’ tariffs ends on Wednesday

Politics

5 d. ago EU leaders race to secure a deal as deadline looms in Trump trade talks

There are just two days of talks left before the US president’s potentially swingeing tariffs are restoredThe EU is entering a crunch week with only two days of talks left to secure a trade deal with Washinton to avert Donald Trump’s threatened 50% tariff on its imports into the US.According to the US treasury secretary, Scott Bessent, on Friday, the negotiations – which continued over the weekend – are focussed on 15 to 18 agreements with important partners, while Trump warned of import tax rates of up to 70% on others. Continue reading...

Politics

5 d. ago EU leaders split over tactics as deadline looms for Trump trade talks

With two days of talks left, some want a quick UK-style deal to avert 50% tariffs while others want to play hardballThe EU is entering a crunch week with only two days of talks left to secure a trade deal with Washinton to avert Donald Trump’s threatened 50% tariff on its imports into the US.According to the US treasury secretary, Scott Bessent, on Friday, the negotiations – which continued over the weekend – are focussed on 15 to 18 agreements with important partners, while Trump warned of import tax rates of up to 70% on others. Continue reading...

Politics

7 d. ago Trump to step up tariff pressure with letters to trade partners on new rates

US president appears to be losing patience, with only two deals agreed ahead of July 9 deadline

Politics

1 week ago The ‘big, beautiful’ trade deal India and US are rushing to seal as tariff deadline looms

Can New Delhi and Washington overcome red lines to strike a trade deal ahead of Donald Trump’s tariff deadline?

Economics

1 week ago Labour's 'nanny state' plans for curbs on alcohol advertising 'could break US trade deal'

The American drinks industry is said to believe the introduction of advertising restrictions would constitute a non-tariff barrier to trade.

Economics

1 week ago US narrows trade focus to secure deals before Trump tariff deadline

President’s 90-day pause on reciprocal levies expires on July 9

Economics

1 week ago Starmer urged to act after Trump threatens Commonwealth ally Canada

Exclusive: Labour prime minister facing calls to act ahead of US President’s state visit to the UK, where he will meet King Charles

Politics

3 w. ago Has Starmer caved to Trump on trade AGAIN? PM and US president parade deal

Keir Starmer and Donald Trump put on an old pals act at the G7 in Canada as they showed off a text implementing the broad agreement struck last month.

Politics

3 w. ago Starmer in desperate bid to finalise trade deal with Trump as steel tariff deadline looms

Sir Keir Starmer knows that he needs to leave the G7 in Canada with his US/ UK trade deal fully implemented as he prepares to meet Trump

Economics

4 w. ago The deadline approaches for Trump’s ‘90 deals in 90 days.’ So far he has ‘frameworks’ for two

President Donald Trump’s sweeping ‘Liberation Day’ tariffs that he ushered in on April 2 are set to go into effect in less than a month

Economics