2 h. ago Reeves ‘disappointed’ after UK economy unexpectedly shrinks for second month in a row

It followed a 0.3 per cent contraction in April, when US president Donald Trump announced tariffs

Politics

5 h. ago UK economy shrinks for second month in a row after unexpected slump in May

It followed a 0.3 per cent contraction in April, when US president Donald Trump announced tariffs

Politics

7 h. ago Donald Trump's tariffs will see some companies struggle to stay afloat

Businesses lacking managerial experience or cash reserves may find uncertainty challlenging, writes Amy Flavell

Politics

10 h. ago Rubio in bind as he seeks to reassure Asia, even as region faces punishing Trump tariffs

Questions over US commitment to the region coupled with Trump’s tariff polices could be a boon to ChinaEven as they face among the most punitive tariffs globally, US secretary of state Marco Rubio has sought to reassure southeast Asian nations of Washington’s commitment to the region, saying countries there may get “better” trade deals than the rest of the world.In his first official visit to Asia, Rubio met foreign ministers of the 10-member Association of Southeast Asian Nations (Asean) in Malaysia on Thursday, telling his counterparts the US has “no intention of abandoning” the region. His visit came days after president Donald Trump renewed his threat to impose severe tariffs across many southeast Asian countries if they did not strike deals by 1 August. Continue reading...

Politics

16 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

46 h. ago Trump defends tariffs as more trade announcements expected – live updates

President Donald Trump said that there would be more trade-related announcements this morningSources in the European Union, which Donald Trump said could expect a letter regarding its tariff deal in the next 48 hours, said they believed a framework agreement would be reached this week. The agreement is expected to include headline tariff arrangements for a limited number of sectors including cars, steel and medical devices.The German chancellor, Friedrich Merz, told the Bundestag today: “I am cautiously optimistic that we can succeed in reaching an agreement with the US in the next few days, by the end of the month at the latest.” Continue reading...

Politics

48 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

49 h. ago Threat of Trump tariffs ‘puts businesses at risk of going bust’

Bank of England says further rise in trade taxes could weaken demand, increase costs and make banks less willing to provide loansBusiness live – latest updatesThe looming threat of much higher tariffs amid Donald Trump’s trade war could lead to a fresh wave of companies going bust and cause financial losses for banks, the Bank of England has warned.The Bank’s financial policy committee said a rise in trade levies would compound existing vulnerabilities, with the risks to global growth and inflation having grownas a result of the president’s ever-changing border tax rates and an escalating conflict in the Middle East. Continue reading...

Events

49 h. ago UK workforce exposed if global trade war intensifies, Bank warns

Households and businesses nonetheless remain resilient, and the UK banking system is equipped to support them if conditions worsen.

Events

50 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

59 h. ago Australian government ‘urgently seeking more detail’ after Trump flags 200% tariffs on foreign pharmaceuticals

Global trade tensions linked to unpredictable and expanding US levy regime a ‘substantial concern’, Jim Chalmers saysFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastLabor is making urgent representations to the White House about Donald Trump’s threat to impose 200% tariffs on drug imports to the US, an announcement Jim Chalmers says is very concerning for the Australian economy.The US president said on Wednesday that the punishing new border levies would come with a transition period that could last more at least a year, after sustained pressure from the US pharmaceutical industry over price controls on common drugs in countries like Australia.Sign up for Guardian Australia’s breaking news email Continue reading...

Politics

60 h. ago Talks to finalise US steel tariff exemption ongoing as deadline due to pass

President Donald Trump has said he plans to start implementing tariffs on the US’s trade partners on July 9.

Events

2 d. ago A look at the countries that received Trump's tariff letters

President Donald Trump has sent letters to 14 countries outlining higher tariffs they’ll face if they don’t make trade deals with the U.S. by Aug. 1

Politics

3 d. ago China threatens retaliation for Trump tariffs as Rubio starts first Asia trip

China has warned US president Donald Trump against reigniting trade tensions by reimposing tariffs on Chinese goods and threatened retaliation against countries siding with Washington at Beijing’s expense.

Politics

3 d. ago How much will your country 'pay'? As Trump sends out letters with 40% tariff increase

American President Donald Trump has launched a new wave of import tariffs on a host of Asian and African countries as he continues his policy of putting "America First"

Politics

3 d. 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 ‘Discussions continue’ over US steel tariffs deal ahead of deadline, says No 10

US president Donald Trump has said he plans to start implementing tariffs on the US’s trade partners on July 9.

Economics

4 d. ago Donald Trump clashes with Elon Musk and threatens additional tariffs on countries with ‘anti

Musk says he is setting up America party to challenge Republican and Democratic ‘Uniparty’We can now bring you the latest updates from the devastating Texas floods that have killed at least 82 people. Rescuers are working around the clock to find survivors but their efforts may be hampered by more heavy rain that is expected to fall today.Most of the fatalities were in Kerr County, where Camp Mystic, a Christian girls’ camp, was deluged.Netanyahu and Trump have a complex personal relationship – and Trump openly vented frustration at him last month during efforts to negotiate a truce with Iran – but the two have appeared in lockstep since the US launched a bombing run against Iran’s nuclear programme, fulfilling a key goal for Israeli war planners.Netanyahu arrives in Washington in a strong political position, observers have said, potentially giving him the diplomatic cover he would need to end the war in Gaza without facing a revolt from his rightwing supporters that could lead to t...

Politics

4 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

4 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