2 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

4 h. 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

4 h. ago NATO scrambles warplanes as Putin launches attack near European country's border

Vladimir Putin's forces hit Ukraine with 741 missiles and kamikaze drones in a record for the three-year conflict, triggering an emergency response from NATO forces

Events

5 h. ago Business news live: Housebuilders pay £100m after investigation and copper hits record price on tariff threat

Stock markets updates and business news from Wednesday

Economics

13 h. ago US copper prices rise to record high as Trump threatens 50% tariff

President also says he will impose levies of up to 200% on drug imports after a transition period

Politics

14 h. ago US copper prices soar to record high as Trump threatens 50% tariff

President also says he will impose levies of up to 200% on drug imports after a transition period

Politics

21 h. ago Trump is bullying Canada over ‘digital taxes’ and Canada caved | Joseph Stiglitz

The question now: will countries cave in to these threats or stick together and collect the billions they are rightly owed?Donald Trump’s announcement calling off trade talks with Canada over its digital tax – and that he would impose retaliatory tariffs – demonstrates, once again, not only the president’s ignorance of economics and willful disregard of international norms and the rule of law, but also his willingness to use brute power to get whatever he and the oligarchs who support him want.He was wrong in labeling the tax as outrageous and “a direct and blatant attack on our country”. It is actually an efficient tax, well designed to ensure that the technology companies – the profits of which benefit the tech oligarchs who have come to dominate US policy – pay their fair share of taxes.Joseph E Stiglitz is a Nobel laureate in economics, university professor at Columbia University and chief economist of the Roosevelt InstituteAnya Schiffrin, senior lecturer at Columbia University...

Politics

22 h. ago Fifa opens office in Trump Tower, deepening ties with US president

Announcement follows Infantino appearances with TrumpLocation will be Fifa’s second US officeFifa’s relationship with US president Donald Trump now has a physically tangible marker, with soccer’s world governing body announcing that it has opened an office at Trump Tower in New York City.The announcement of the new office opening came on Monday evening, after Fifa placed the Club World Cup trophy on display in the lobby of the skyscraper on the south-west corner of Central Park in an event attended by several Fifa dignitaries including its president Gianni Infantino, the Brazilian great Ronaldo and Eric Trump, the son of the US president and executive vice-president of the Trump Organization. Continue reading...

Politics

26 h. ago Trump promises to send Ukraine 10 Patriot missiles after weapons U

Ukrainian officials say they are grateful but number is ‘minuscule’, as defence ministry seeks details on policyDonald Trump has promised to send 10 Patriot missiles to Ukraine, after announcing on Monday that US weapons deliveries would resume days after they were halted by the Pentagon, according to an official familiar with the matter.Ukrainian officials said on Tuesday they were grateful for the US president’s U-turn but described the number of Patriots being supplied to Kyiv as “minuscule”. Ukraine’s defence ministry said it was seeking to clarify the details. Continue reading...

Events

39 h. ago Trump announces tariffs of up to 40% on 14 countries, with more letters to follow – US politics live

US president posts letters setting out tariffs of between 25% and 40% on number of countries including South Korea, Japan, Cambodia and ThailandThe president of the European Commission, Ursula von der Leyen, said she had a “good exchange” with Donald Trump on Sunday, a Commission spokesperson told reporters during a daily press briefing this morning.The spokesperson said:We want to reach a deal with the US (by 9 July). We want to avoid tariffs. We believe they cause pain. We want to achieve win-win outcomes, not lose-lose outcomes. Continue reading...

Politics

42 h. ago Trump plans to delay tariff start to August 1 as he announces 25% levy for Japan and South Korea

Bizarre letters cite ‘unsustainable’ trade deficits with two of America’s most important allies and trading partners

Politics

44 h. ago Donald Trump announces 25% tariffs on Japan and South Korea in letters released on social media – US politics live

US president’s letters appear to be the first his administration planned to release today outlining new tariffs on major trading partners The president of the European Commission, Ursula von der Leyen, said she had a “good exchange” with Donald Trump on Sunday, a Commission spokesperson told reporters during a daily press briefing this morning.The spokesperson said:We want to reach a deal with the US (by 9 July). We want to avoid tariffs. We believe they cause pain. We want to achieve win-win outcomes, not lose-lose outcomes. Continue reading...

Politics

3 d. ago Elon Musk’s ‘America’ party could focus on a few pivotal congressional seats

Billionaire says his new political party could try to turn attainable House and Senate seats to decide major issuesThe new US political party that Elon Musk has boasted about bankrolling could initially focus on a handful of attainable House and Senate seats while striving to be the decisive vote on major issues amid the thin margins in Congress.Tesla and SpaceX’s multibillionaire CEO mused about that approach on Friday in a post on X, the social media platform he owns, as he continued feuding with Donald Trump over the spending bill that the president has signed into law. On Saturday, without immediately elaborating, the former Trump adviser announced on X that he had created the so-called America party. Continue reading...

Politics

4 d. ago Hamas says it is ready to enter ceasefire negotiations in ‘positive spirit’

Group said to want stronger guarantees of permanent end to war as Netanyahu prepares to meet Trump in USHamas said it had responded on Friday in “a positive spirit” to a US-brokered Gaza ceasefire proposal and was prepared to enter into talks on implementing the deal which envisages a release of hostages and negotiations on ending the conflict.US President Donald Trump earlier announced a “final proposal” for a 60-day ceasefire in the nearly 21-month-old war between Israel and Hamas, stating he anticipated a reply from the parties in coming hours. Continue reading...

Events

6 d. ago Asian shares mostly higher after US stocks hit another record as Tesla and Nike rally

Asian shares are mostly trading higher after U.S. stocks hit another record

Events

7 d. ago Financial gripes ‘have reached highest level since PPI scandal aftermath’

Fraud and scam complaints have hit a record level, the Financial Ombudsman Service said.

Politics

7 d. ago European junk bond sales hit record as investors cut US exposure

June issuance of about €23bn beats previous high four years ago as companies take advantage of lower borrowing costs

Economics

7 d. ago Trump announces Gaza ceasefire with Israeli agreement but has a warning for Hamas

The US President has said that Israel has agreed to the required terms of an internationally negotiated 60-day ceasefire in Gaza

Events

7 d. ago Small boat crossings hit record high in another blow for Starmer

The record figures come just days before the prime minister celebrates his first anniversary in No 10

Events

8 d. ago Starmer boasts of 'real sense of pride' at marking first year in power... as he faces biggest Labour revolt yet, Channel boats hit grim new record, and taxes are set to rise AGAIN

Keir Starmer 'reflected' on the looming anniversary of his July 4 election landslide as he gathered Cabinet.

Economics