7 h. ago Interest rates would have been cut, if not for Trump’s tariffs, Fed chair says

Trump has pressured Powell and the Fed to lower short term interest rates

Politics

13 h. ago Federal Reserve chair blames Trump’s tariffs for preventing interest rates cut

Jerome Powell says inflationary impact of the president’s trade policies needs to be assessed before borrowing costs can be reducedThe chair of the Federal Reserve, Jerome Powell, has blamed Donald Trump’s tariffs for preventing the immediate interest rate cuts the president has demanded.Trump has repeatedly urged Powell to reduce borrowing costs in the US economy. He posted a hand-scrawled note on his Truth Social platform on Monday, saying: “You have cost the USA a fortune – and continue to do so – you should lower the rate by a lot!” Continue reading...

Politics

13 h. ago Federal Reserve chair blames Trump’s tariffs for preventing interest rate cuts

Jerome Powell says inflationary impact of the president’s trade policies needs to be assessed before borrowing costs can be reducedThe chair of the Federal Reserve, Jerome Powell, has blamed Donald Trump’s tariffs for preventing the immediate interest rate cuts the president has demanded.Trump has repeatedly urged Powell to reduce borrowing costs in the US economy, and on Monday posted a hand-scrawled note on his Truth Social platform saying: “You have cost the USA a fortune – and continue to do so – you should lower the rate by a lot!” Continue reading...

Politics

14 h. ago Fed chair Jerome Powell blames Trump tariffs for failure to cut US interest rates this year – business live

Rolling coverage of the latest economic and financial newsUS dollar has worst first half in more than 50 years amid Trump tariffsSainsbury’s has recorded its strongest growth since last summer after its Argos chain recorded a big step up in sales as shoppers sought out paddling pools and fans during recent hot weather.The retail group said Argos, its catalogue shop, was able to achieve growth of 4.4% in the three months to 21 June, up from 1.9% in the previous quarter. Comparable group sales, excluding fuel, rose 4.7% on a year earlier.Companies have now expanded production slightly for the fourth month in a row, order intake has ceased to fall, and slightly longer delivery times also indicate that demand is picking up a bit.Against the backdrop of numerous uncertainties - US tariffs, the crisis in the Middle East, and Russia’s ongoing war against Ukraine - this can certainly be seen as a sign of resilience. Continue reading...

Politics

15 h. 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

24 h. 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

35 h. ago Tariffs got claws: Cost of cat food set to skyrocket under Trump’s import plan

Thailand’s pet food producers are bracing as the end of Trump’s 90-day tariff pause fast approaches

Politics

38 h. ago Canada caves to Trump over plan to charge Google and Amazon billions and resumes tariff talks

Canada caved to President Donald Trump and scrapped its digital services tax targeting U.S. technology firms, paving the way for the resumption of tariff talks.

Politics

47 h. ago Chinese factory activity improves slightly with delay on tariffs, but still lags

Monthly surveys of Chinese factory managers showed manufacturing improving somewhat in June after President Donald Trump delayed imposing higher tariffs, but overall activity was still contracting

Politics

48 h. ago Shiploads of cars ready to set sail for US from UK as trade deal kicks in

Makers of Aston Martins and Range Rovers expect high demand but British farmers say they have been used as collateralShiploads of Minis, Aston Martins and Range Rovers will set sail for the US on Monday as the UK-US trade deal kicks in, but British farmers say they have been used as collateral to save the car industry.Auto shipments across the Atlantic were down more than half in May after Donald Trump’s imposition of a 25% tariff on 3 April on top of an existing 2.5% levy. Continue reading...

Economics

58 h. ago As trade deal deadline looms, Trump says he’ll write letters to countries about tariffs: ‘Dear Mr Japan, here’s the story’

President and his administration promised 90 trade deals in 90 days, a deadline that falls on July 8

Economics

60 h. ago The Guardian view on Donald Trump’s China deal: rare earths pave the green road to militarisation | Editorial

Clean tech’s key minerals now drive western rearmament, reviving extractive ambition and exposing the toxic cost of dependenceIt’s an irony that the minerals needed to save the planet may help destroy it. Rare earth elements, the mineral backbones of wind turbines and electric vehicles, are now the prize in a geopolitical arms race. The trade agreement between Washington and Beijing restores rare earth shipments from China to the US, which had been suspended in retaliation against Donald Trump’s tariffs. Behind the bluster, there has been a realisation in Washington that these are critical inputs for the US. They are needed not just by American icons such as Ford and Boeing but for its fighter jets, missile guidance systems and satellite communications.This understanding suggests that Washington will scale back some of its countermeasures once Beijing resumes delivery of rare earths. The paradox is that to reduce its dependence on China, the US must depend on Beijing ...

Events

3 d. ago Trump’s tariff war and aid cuts threaten poorest nations’ recovery

Smaller countries face ‘perfect storm’, says UN and WTO trade tsar ahead of key sustainable development summit in Spain

Events

3 d. 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

4 d. ago Your Nike shoes are about to cost a whole lot more thanks to Donald Trump, company warns

The sports giant appears to be unloading some of the burden of the tariffs onto customers

Events

4 d. ago Is Trump a genius? Top economist and tariff skeptic admits president may have outsmarted us all on the economy

Torsten Sløk, the chief economist at Apollo Global Management, theorized a possible way for President Donald Trump to avoid wrecking the global economy with his tariffs — if he changes how he’s playing his game

Politics

4 d. ago US stocks hit record high as markets recover from Trump tariff shock

Wall Street stocks roar back from April’s sell-off, buoyed by resilient economy and share buybacks

Events

4 d. ago Business news live: Nike fears $1bn Trump tariff hit, plus why oil prices are now rebounding

Stock markets latest updates and business news on Friday

Economics

4 d. ago EU retaliation against Trump drug tariffs would be bad idea, says industry

European pharmaceutical body says it would be ‘negative for both sides’ if Brussels hits back on threatened US leviesThe European pharmaceutical industry has urged Brussels not to retaliate if Donald Trump brings in threatened tariffs on imported drugs, amid fears he could impose the levies as early as next week.The US president said last week that the sector-specific tariffs were coming “very soon”. There is concern in Brussels that he could impose them imminently to give himself further leverage ahead of his self-imposed 9 July deadline for trade deals with the EU and about 60 countries. Continue reading...

Politics

5 d. ago EU ready for trade deal with US but prepared to fail, says von der Leyen

European Commission president says ‘all options on the table’ as Trump threatens 50% steel tariffs The European Commission president, Ursula von der Leyen, has said the EU is ready for a trade deal with Donald Trump, but “all options remain on the table”.Von der Leyen said she was analysing the latest US negotiating document received on Thursday. “Our message today is clear, we are ready for a deal,” she told reporters, after briefing EU leaders at a summit in Brussels. “At the same time, we are preparing for the possibility that no satisfactory agreement is reached and we will defend the European interest as needed. In short, all options remain on the table.” Continue reading...

Economics