78 m. ago ‘Oligarchy’: Trump exempts big oil donors from tariffs package

Trump’s new 10% universal tariffs will not apply to many fossil fuel products in sign of his fealty, advocates sayUS politics live – latest updatesThe sweeping package of tariffs unveiled by Donald Trump on Wednesday includes an exemption for the energy sector, which is a clear sign of the president’s fealty to his big oil donors over the American people, advocates say.Trump’s new 10% universal tariffs – which are higher for many major economies – are wreaking havoc on the global economy and are expected to increase consumer prices in the US. But the levies will not apply to many fossil fuel products, including liquefied natural gas imports, crude oil from Canada, and materials needed for making petrochemicals. Continue reading...

Politics

1 hour ago Trump tears into China for retaliating against him and vows that tariffs 'will never change' despite markets tanking

President Donald Trump remained bullish about the effects of his his newly enacted tariffs on Friday, despite retaliatory actions announced by China.

Economics

1 hour ago ‘My policies will never change’: Trump doubles down on trade war after China announces retaliatory tariffs – live

US president says on Truth Social that ‘this is a great time to get rich’ despite China issuing a 34% tariff on all US goods The Trump administration is taking aim at Brown University with threats to freeze $510m in grants, widening its promise to withhold federal funding from schools it accuses of allowing antisemitism on campus, according to multiple media outlets including Reuters and the New York Times.University officials said they had not yet been formally notified, but the school was among dozens warned last month that enforcement actions could be coming as the administration seeks to crack down on academic institutions . Continue reading...

Events

1 hour ago ‘Scary times’: New York shopkeepers plan ‘astronomical’ price hikes under Trump tariffs

Small businesses that import goods brace for steep price increases that they have to pass on to their customersIt’s just two days since Donald Trump launched his extraordinary tariff assault on the world in a bid to rebuild the US economy and roll back an era of globalization. But already shopkeepers are bracing for recession, and their customers spending less, as they prepare to increase prices.“We’re going to have to put our prices up and people aren’t going to like it,” said Ian Anderson, store manager at Tea and Sympathy, a UK grocery store, restaurant and fish-and-chip shop stalwart in Manhattan’s West Village. Continue reading...

Economics

2 h. ago Scots businesses 'braced' for impact of Donald Trump tariffs with firms taking 'urgent' measures

The US market is worth about £971million to the Scotch whisky industry, while salmon is worth £225million in exports.

Economics

2 h. ago Donald Trump says tariffs going 'better than expected' as trillions wiped off global economy

The US President's latest claims follow an earlier post on Truth Social in which he said the "operation is over" and, referring to the US economy as a "patient", said it would come back more "resilient"

Politics

3 h. ago ‘Another nail in the coffin’: Germany’s car industry faces up to Trump’s tariffs

There are major concerns about the potentially ‘catastrophic’ impact US policy will have on vehicle makers Emerging into the springtime sun from gate 17 at Volkswagen’s main factory in Wolfsburg at the end of his shift on Thursday afternoon, Carsten, 63, pulled heavily on a cigarette and shook his head when asked about Donald Trump’s US tariff policies.“It’s just another nail in the coffin for the German car industry,” the assembly line worker said. He cited managers’ plans to slash jobs and close factories earlier this year, and a decade before that the ‘dieselgate’ scandal, costly both financially and reputationally, after Germany’s largest carmaker was found to have falsified CO2 emissions tests. Continue reading...

Politics

3 h. ago ‘Only job I know’: tiny Lesotho’s garment workers reel from Trump’s tariffs

Impoverished African country is hit with highest tariff rate at 50%, overturning decades of global trade policyThe day after Donald Trump announced sweeping global tariffs, Lesotho’s garment workers feared for their jobs.Last year, Lesotho sent about 20% of its $1.1bn (£845m) of exports to the US, most of it clothing, as well as diamonds, under a continent-wide trade agreement meant to help African countries’ development via tariff-free exports. Continue reading...

Politics

3 h. ago ‘Only job I know’: tiny Lesotho’s garment workers reel from Trump’s 50% tariffs

Impoverished African country is hit with highest tariff rate, overturning decades of global trade policyThe day after Donald Trump announced sweeping global tariffs, Lesotho’s garment workers feared for their jobs.Last year, Lesotho sent about 20% of its $1.1bn (£845m) of exports to the US, most of it clothing under a continent-wide trade agreement meant to help African countries’ development via tariff-free exports, as well as diamonds. Continue reading...

Politics

4 h. ago Are Trump’s tariffs for real or an AI hallucination? I’m afraid the answer is both | Marina Hyde

Amid claims that a chatbot helped shape the key calculations, the president is now off playing golf. He’ll find the world economy in a bunkerThere’s a scene in the very first episode of Yellowstone where the casino-owning Native American chief explains the basic financial logic of all casinos to an uncomfortable politician: “The gamblers’ money is like a river – flowing one way. Our way.” Oh no, hang on, wait Not all casinos. In fact, it could be that when all is said and done, the historians looking for that one key fact to illustrate the eventual legacy of Donald Trump will not go with his two stunning presidential election wins. Instead, they’ll point out that in the 90s, he literally managed to bankrupt casinos. To repeat: this is a man who somehow contrived to bankrupt multiple casinos. Is he the guy to reshape the entire global economic order of the past century? Let’s find out! Either way, only 45 months of his presidency left to go.Anyway: tariffs. Rather than using actual t...

Politics

4 h. ago Stock markets plunge as China announces retaliatory 34% tariffs on US goods – business live

Global trade war escalate as Beijing hits back against Donald Trump with new tariffs on US goodsIMF warns of ‘significant risk’ to global economy from Trump tariffs as markets slideGlobal markets in turmoil as Trump tariffs wipe $2.5tn off Wall StreetAnalysis: Trump’s ‘idiotic’ and flawed tariff calculations stun economistsNew Civil Liberties Alliance, a conservative legal group, has filed what it says is the first lawsuit seeking to block Donald Trump’s tariffs on Chinese imports, saying the US president overstepped his authority. Reuters reports:The lawsuit, filed in federal court in Florida, alleges that Trump lacked the legal authority to impose the sweeping tariffs unveiled on Wednesday as well as duties authorized on February 1 under the International Emergency Economic Powers Act.“By invoking emergency power to impose an across-the-board tariff on imports from China that the statute does not authorize, President Trump has misused that power, usurped Congress’s right to contro...

Economics

4 h. ago FTSE latest: European stock markets plunge after China retaliates with 34% tariff on US goods

The stock markets in the UK, France, Germany, Japan, South Korea and Australia were all falling for a second day

Economics

4 h. ago How investors can protect against tariff turbulence... and even profit from the storm

Ahead of Isa deadline day, the mood is apprehensive following Donald Trump's unveiling of his tariff plan, which has shrunk the value of many stocks and shares Isas.

Economics

5 h. ago How could Donald Trump’s tariffs affect UK households and their finances?

Households could see their money affected in various ways following the US president’s announcement on tariffs

Politics

5 h. ago How could Donald Trump’s tariffs affect households and their finances?

Households could see their money affected in various ways following the US president’s announcement on tariffs.

Politics

7 h. ago UK 'negotiating intensively' for US tariffs deal as Government considers response

Britain’s top stocks slid further in value on Friday morning

Economics

7 h. ago David Lammy responds after Donald Trump claims Keir Starmer is 'very happy' with UK tariffs

The Foreign Secretary said the UK is 'very concerned'

Politics

8 h. ago Stock markets plunge further as Trump tariffs spark chaos but US president insists policy 'going well'

Trump has created huge global trade turmoil after slapping a minimum 10% tariff on most US imports and much higher levies on dozens of countries

Politics

8 h. ago BBC Breakfast host clashes with UK minister in live TV grilling

Treasury minister James Murray was confronted over struggling charities facing a double whammy of employers' tax rises - and now uncertainty over Donald Trump's trade tariffs

Politics

8 h. ago How Donald Trump's tariffs and a trade war will hit British business and YOU

We explain what the tariffs mean, what the impact could be on British businesses and consumers and what they mean for you.

Events