28 h. ago Households face new squeeze as June inflation unexpectedly jumps to 3.6%

The “grim” jump in inflation to an 18 month high is not expected to prevent an interest rate cut next month

Economics

45 h. ago Inflation jumped in June hitting its highest mark in months amid Trump’s tariffs threat

Inflation rose 0.3 percentage points in the last month and 2.7 percent in the past year

Economics

46 h. ago Inflation jumped last month hitting its highest mark in months amid Trump’s tariffs threat

Inflation rose 0.3 percentage points in the last month and 2.7 percent in the past year

Economics

49 h. ago Why Russian markets jumped after Trump’s tariff threat against Putin

Russian Stock Market jumped by 2.7 percent after Trump’s ultimatum

Politics

66 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

3 d. 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

3 d. 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

3 d. 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

6 d. 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

6 d. 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

7 d. ago TACO returns to Wall Street: Investors shrug off Trump’s latest tariff threat as nickname sets the investor’s mood

Experts weigh in on whether Trump will carry out his latest threat – and the consensus is that the uncertainty looming over the U.S. economy can’t continue, Rhian Lubin reports

Economics

8 d. 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

8 d. 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

9 d. ago Trump renews threat to hit trading partners with steep tariffs

Stocks fall even as White House extends deadline for ‘reciprocal’ levies from July 9 to August 1

Events

2 w. ago EU leaders mull US tariff response as deadline looms over Trump’s 50% threat

European Commission expects to hear on Thursday whether leaders want quick trade deal or tough reactionEuropean leaders will tell the European Commission later on Thursday whether they want a quick trade deal with the US, or favour a tough response to Donald Trump’s tariff threats.The European Commission president, Ursula von der Leyen, is expected to update EU leaders over dinner on Thursday on trade talks with the US ahead of a looming 9 July deadline. Continue reading...

Politics

last month At least 15 die in Russian strikes on Kyiv in ‘one of most horrific attacks’ of Ukraine war – Europe live

Zelenskyy hits out at Putin and says world leaders ‘turn a blind eye’ after attack in which more than 100 people were woundedRussian strikes on Kyiv kill at least 14US president Donald Trump has repeated his threat to impose pharmaceutical tariffs saying they were “coming very soon” and criticised the EU for not offering a fair deal on trade.His comments, reported by Reuters, come from his brief chat with reporters on board Air Force One, on the way back from the G7 summit in Canada. Continue reading...

Events