75 m. ago Rachel Reeves will meet US counterpart TODAY as figures show a QUARTER of UK car exports go to America

Chancellor Rachel Reeves will sit down with Treasury Secretary Scott Bessent in Washington, where they have been both attending an IMF summit.

Politics

3 h. 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

12 h. ago West ‘cannot be agnostic or naive’ about where goods are made, Reeves tells IMF

The Chancellor was speaking ahead of a meeting with US Treasury secretary Scott Bessent on Friday.

Politics

20 h. ago Trump keeps claiming he’s working on a deal with China. Beijing says that it is all in his mind

‘Any claims about the progress of China-U.S. trade negotiations are groundless as trying to catch the wind and have no factual basis,’ a spokesperson for China’s Ministry of Commerce said

Economics

22 h. ago China tells US to ‘cancel all unilateral tariffs’ if it wants talks

Beijing says claims it is nearing a deal with Washington to resolve the trade war are ‘fake news’

Politics

25 h. ago The key reasons China holds the edge over the US in Trump’s trade war

Despite the slight change in tone from the White House, China says it will not be bullied into a deal

Politics

27 h. ago Kenyan president vows closer ties to China during visit amid Trump's trade war

Kenyan President William Ruto pledged to build closer ties with China on Thursday, a day after saying a global trade war triggered by Washington could deal a “death blow” to the current world order

Politics

36 h. ago Elon Musk in White House 'WWE' style shouting match before stepping back from DOGE

Elon Musk has reportedly had a bust up with another key figure in the Trump administration, US Treasury Secretary Scott Bessent, at the White House where witnesses described the pair going "chest-to-chest"

Events

37 h. ago Rachel Reeves in US for trade showdown talks in hopes of saving ailing economy

Rachel Reeves will meet with US counterpart Treasury Secretary Scott Bessent in the hopes of seeking the best deal possible for Britain amid crippling US trade tariffs

Economics

39 h. ago US ‘keen to do a deal’, says Rachel Reeves as she outlines red lines ahead of trade talks

Chancellor expected to meet US Treasury secretary Scott Bessent on Friday in an attempt to make progress on negotiations for a UK-US economic deal

Economics

41 h. ago Treasury Secretary Scott Bessent says China has ‘opportunity for a big deal’ with US as trade war appears to cool

The Treasury Secretary says the U.S. and China can work together to ‘rebalance’ their respective economies

Economics

41 h. ago Trump sends the markets wild with promise for 'fair' trade deal with China amid growing uncertainty

Markets rose Wednesday as Trump and his Treasury secretary spoke of the potential of a deal with China amid a trade war, plus the president saying he didn't plan to fire the head of the Fed.

Economics

43 h. ago The Latest: Treasury secretary says trade war with China is not ‘sustainable’

U.S. markets opened with big gains Wednesday amid clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies

Events

59 h. ago Trump says China tariffs will drop ‘substantially – but it won’t be zero’

US president says tariffs on imported goods will come down from 145% rate but insists ‘we’re doing fine with China’Donald Trump said during a White House news conference that high tariffs on goods from China will “come down substantially, but it won’t be zero”.Trump’s remarks were in response to earlier comments on Tuesday by treasury secretary Scott Bessent, who said that the high tariffs were unsustainable and that he expects a “de-escalation” in the trade war between the world’s two largest economies. Continue reading...

Politics

64 h. ago US Treasury secretary says trade war with China is not 'sustainable'

U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown with China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies

Events

1 week ago Scott Bessent, the Treasury secretary shaping Trump’s trade war

The former hedge fund manager is being asked to lead negotiations with foreign governments amid America’s self-inflicted hit

Politics

2 w. ago Inside Trump's whirlwind decision to pause tariffs and how it stunned even his own staff

President Donald Trump sat down with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent in the Oval Office on Wednesday morning to plot a way out of the trade war.

Politics

2 w. ago Trump officials to appeal court ruling lifting White House ban on Associated Press – US politics live

Court filing reported by Reuters shows White House appealing against judge’s order to restore full access to the AP China’s move to impose 84% retaliatory tariffs against the United States is unfortunate and a losing proposition for Beijing, the US treasury secretary, Scott Bessent, said on Wednesday, as he urged China to “come to the table” with the Trump administration.“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the international trading system,” Bessent said in an interview with Fox Business Network.I can tell you that this escalation is a loser for them, that they have some very smart the economist and the academicians, technocrats within their bureaucracy, and they would be telling the leadership that we do not have the edge here. They are the surplus country that their exports to the US are five times our exports to China. So they can raise their tariffs. But so what?No one wins in a war. But it’...

Politics

2 w. ago I’ve seen many phoney trade wars come and go. This is the real thing | Larry Elliott

This battle between the US and China goes far beyond market turmoil – it has killed off the liberal dream of a borderless world Donald Trump’s decision to impose a 104% tariff on Chinese imports into the US – and China blasting back with 84% – has spooked the financial markets. The response is entirely rational. Over the past few decades, phoney trade wars have been commonplace. Rival nations have squared off against each other, indulged in a bit of sabre-rattling, but eventually agreed on a deal. Headlines that screamed “trade war looms” were quickly replaced by those that read “trade war averted”. This time it’s different. The battle between the US and China prompted by Trump’s tariffs is no pretend trade war. It is the real deal – and it will have real consequences. Tariffs operate as a tax, adding to the costs of doing business and raising prices for consumers. Growth will slow and inflation rates will rise. The global economy was already growing only slowly. As things stand, it...

Events

2 w. ago Democratic governors hit back at Trump order blocking state climate policies – US politics live

Move directing US attorney general to block laws addressing carbon emissions draws criticism China’s move to impose 84% retaliatory tariffs against the United States is unfortunate and a losing proposition for Beijing, the US treasury secretary, Scott Bessent, said on Wednesday, as he urged China to “come to the table” with the Trump administration.“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate, because they are the worst offenders in the international trading system,” Bessent said in an interview with Fox Business Network.I can tell you that this escalation is a loser for them, that they have some very smart the economist and the academicians, technocrats within their bureaucracy, and they would be telling the leadership that we do not have the edge here. They are the surplus country that their exports to the US are five times our exports to China. So they can raise their tariffs. But so what?No one wins in a war. But it’s proportionality. And ...

Politics