32 h. ago Trump says nothing Carney says will stop tariffs after PM insists Canada ‘will never be for sale’ – live

Trump claims he wants ‘friendship’ between US and Canada as new PM visits White HouseA group of US senators wants Congress’ watchdog agency to investigate whether controls on humanitarian aid deliveries by Israel and other foreign governments violate US law, according to a letter seen by Reuters.The six senators – Chris Van Hollen, Dick Durbin, Jeff Merkley, Bernie Sanders, Elizabeth Warren and Peter Welch – wrote to Gene Dodaro, the comptroller general, asking him to launch an investigation by the nonpartisan Government Accountability Office into the US government’s implementation of laws regarding the delivery of humanitarian assistance. Continue reading...

Politics

40 h. ago UK business activity falls for the first time since October 2023 as trade tensions hurt economy, and car sales slide – business live

Rolling coverage of the latest economic and financial newsTrump’s foreign film tariffs could ‘wipe out’ UK movie industry, ministers toldCar sales across the UK fell by over 10% last month, compared to a year ago.New industry data shows that 120,331 new vehicles were registered in April, 10.4% fewer than in April 2024.In what is traditionally a quieter month following the March plate change, volumes were also impacted by the late timing of Easter, resulting in fewer working days.In addition, the implementation of VED changes affecting all new cars, including the Expensive Car Supplement which became applicable to many new EVs from 1 April, pushed transactions into March as shrewd buyers got ahead of the tax increases. Continue reading...

Economics

41 h. ago UK car sales drop 10% in April; Ford predicts $1.5bn profit hit from Trump tariffs – business live

Rolling coverage of the latest economic and financial newsTrump’s foreign film tariffs could ‘wipe out’ UK movie industry, ministers toldCar sales across the UK fell by over 10% last month, compared to a year ago.New industry data shows that 120,331 new vehicles were registered in April, 10.4% fewer than in April 2024.In what is traditionally a quieter month following the March plate change, volumes were also impacted by the late timing of Easter, resulting in fewer working days.In addition, the implementation of VED changes affecting all new cars, including the Expensive Car Supplement which became applicable to many new EVs from 1 April, pushed transactions into March as shrewd buyers got ahead of the tax increases. Continue reading...

Economics

5 d. ago Online retailer stuns shoppers by abruptly halting packages from China as Trump's tariff rules kick in

Bargain fast-fashion chain Temu has halted all shipments into the US from China. 

Politics

5 d. ago Shein and Temu prices rise as Donald Trump closes major tax loophole

The 'de minimis' tax rule allowed imports from China and Hong Kong that are worth under $800 to enter the US duty-free - but this came to an end on May 2

Politics

6 d. ago McDonald’s and General Motors say Trump’s tariff war is harming business

Fast-food company reports 3.6% fall in sales and carmaker says tariffs could cost it as much as $5bn in 2025McDonald’s and General Motors have warned that uncertainty around Donald Trump’s tariff policy is hurting business, hitting sales and knocking profits.The fast-food chain reported a 3.6% fall in sales in its US home market during the first quarter, driven mainly by lower customer numbers as consumers reined in their spending in the face of an unpredictable economic outlook. Continue reading...

Politics

7 d. ago France to follow US in imposing taxes on small parcels from China

Minister says the tax, if imposed, will be ‘a few euros’

Politics

1 week ago WPP says US tariffs yet to hit client spending despite sales fall

The FTSE 100 company told shareholders it is making progress despite a ‘challenging’ wider economic backdrop.

Economics

1 week ago China ‘may exempt some US goods’ from tariffs; British retail sales beat forecasts – business live

Rolling coverage of the latest economic and financial newsRachel Reeves used a brief speech to US investors at the British ambassador’s lavish residence in Washington last night, to acknowledge some of the downsides of globalisation, in a nod to Donald Trump’s stance.As she prepares to meet Treasury secretary Scott Bessent today, Reeves said China’s entry into the global trading system 25 years ago had created “huge benefits in terms of cheaper goods, more innovation and more opportunities to trade”.“They voted for change because they didn’t think that the economy worked well enough for them and their families. They saw the erosion of good jobs that paid a decent wage. They saw industries that once powered their towns disappear. And as elected politicians we have to respond to that”.“Some may say that under this very consequential president we have at the moment, this is a rollercoaster period and therefore a challenge to us all. But we would say that a rollercoaster is fine, as lon...

Economics

2 w. ago US rare earth champion faces trade war test after tariffs halt China sales

MP Materials has been sending concentrates to Chinese partner as it races to expand in US

Economics

2 w. ago Temu and Shein warn of US price hikes from next week due to Trump tariffs

Shein says ‘operating expenses have gone up’ as both Chinese retailers also drop ad spending in USTwo of China’s largest fast fashion retailers, Temu and Shein, have warned US customers that they will face price hikes from next week, as Donald Trump’s hefty tariffs on Chinese imports come into force.Both companies will be hit by new import levies, which will mean taxes of up to 145% being applied to Chinese goods. They will also suffer from Trump’s cancellation of so-called “de minimus” exemption, under which shipments worth less than $800 (£600) could be imported duty-free. Continue reading...

Events

2 w. ago Shein and Temu issue warning to shoppers as Donald Trump trade war with China escalates

The price hikes also come ahead of the end of the 'de minimis' tax loophole, which allows imports that are worth under $800 can enter the US duty-free

Events

2 w. ago Chinese manufacturers flood TikTok with videos urging Americans to buy direct after Trump’s tariffs

Experts say videos are likely an effort by counterfeit manufacturers to take advantage of confusion over tariffs to boost their sales

Economics

2 w. ago Temu and Shein drop US ad spending as they face tariffs on even small sales

E-tailers also hiking prices after Donald Trump ends ‘de minimis’ exemption for cheap shipments from China and Hong KongTemu and Shein are cutting back their spending on US social media advertising as they lose an exemption on tariffs for many of their shipments from China and Hong Kong.The online e-tailers, both of which ship low-priced China-made goods direct to US shoppers, had been on an ad spree until recently. But under an executive order from Donald Trump, as of 2 May their sales valued at under $800 will no longer be exempt from US tariffs. Continue reading...

Economics

3 w. ago Trump latest: China warns president to ‘stop whining’ over tariffs after US curbs Nvidia chip sales in trade war

It comes as Donald Trump claims the U.S is taking in ‘record’ tariffs after raising import duties

Events

3 w. ago Chinese factories flood TikTok with videos urging Americans to buy direct after Trump’s tariffs

Experts say videos are likely an effort by counterfeit manufacturers to take advantage of confusion over tariffs to boost their sales

Events

3 w. ago UK retail bosses raise fears of Chinese product ‘dumping’ due to Donald Trump’s tariffs

Companies flag signs of goods being diverted from US to Europe via platforms such as Temu, Shein and Amazon

Politics

3 w. ago UK retail bosses raise fears of Chinese ‘dumping’ due to Trump tariffs

Companies flag signs of goods being diverted from US to Europe via platforms such as Temu, Shein and Amazon

Politics

3 w. ago Trump’s auto tariffs expected to cost industry over $100 billion, with millions fewer cars sold

Vehicle sales are predicted to plummet from auto tariffs and tightened spending by Americans due to import taxes on other goods

Economics

3 w. ago UK toy firm Character Group pulls forecasts over tariff uncertainty

The Surrey-based firm said its ability to accurately forecast its sales to the US has been ‘considerably obscured’ by the trade tariffs.

Economics