19 h. ago IMF warns that trade tensions could test stability of world economy; Reeves ‘confident’ about US trade deal – business live

Rolling coverage of the latest economic and financial newsDonald Trump’s tariffs will make it harder for Sir Jim Ratcliffe’s car division, Ineos Automotive, to reach its first profit.Ineos Automotive’s CEO, Lynn Calder, told Bloomberg that the US president’s 25% tariff on foreign cars will make it harder to hit the earnings target.“For sure, this last week has put a dent in that and, for sure, delayed it,”“We’re stubborn as mules. We’re not easy to knock down.”“With fieldwork completed just days after Donald Trump’s “Liberation Day” tariffs, it is unsurprising that consumer expectations for the economy plummeted to a record low. The original tariff schedule, since reduced for most countries, was expected to reduce growth in the UK and elsewhere. Yet despite this economic pessimism, expectations of retail spending rose slightly as the prospect of Easter shopping drew closer.The state of the economy dropped significantly to -48 in April, down from -35 in March.Their personal financial...

Events

23 h. ago US trade war fears drive UK consumer confidence down to record low; Tesla’s European sales fall again – business live

Rolling coverage of the latest economic and financial newsDonald Trump’s tariffs will make it harder for Sir Jim Ratcliffe’s car division, Ineos Automotive, to reach its first profit.Ineos Automotive’s CEO, Lynn Calder, told Bloomberg that the US president’s 25% tariff on foreign cars will make it harder to hit the earnings target.“For sure, this last week has put a dent in that and, for sure, delayed it,”“We’re stubborn as mules. We’re not easy to knock down.”“With fieldwork completed just days after Donald Trump’s “Liberation Day” tariffs, it is unsurprising that consumer expectations for the economy plummeted to a record low. The original tariff schedule, since reduced for most countries, was expected to reduce growth in the UK and elsewhere. Yet despite this economic pessimism, expectations of retail spending rose slightly as the prospect of Easter shopping drew closer.The state of the economy dropped significantly to -48 in April, down from -35 in March.Their personal financial...

Economics

41 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

45 h. ago UK annual borrowing exceeds forecasts by almost £15bn in blow to Rachel Reeves

Chancellor may be forced to raise taxes or announce deeper public spending cuts in autumn budget, economists sayBusiness live – latest updatesRachel Reeves could be forced to raise taxes or announce deeper cuts to public spending after figures revealed UK borrowing overshot official forecasts by almost £15bn in the last financial year.With the British economy coming under mounting strain amid Donald Trump’s escalating trade war, the Office for National Statistics (ONS) said borrowing in the financial year ending in March was £151.9bn, more than £20bn higher than in the previous financial year. Continue reading...

Economics

56 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

62 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

4 d. ago China sends back Boeing jet as Trump tariffs escalate trade war with US

Beijing cautions third countries against making trade concessions to US at its expense

Politics

6 d. ago Could Trump’s tariffs give a green light for corporate profiteering?

Expectations of inflation, and recent waves of price rises, could be self-fulfilling and fuel ‘greedflation’ – and it may not only apply to US consumersOver the past few years consumers have grown used to seeing prices rise at an exorbitant rate. The cost of everything – from used cars to utility bills and the humble loaf of bread – has rocketed in the worst inflation shock across advanced economies since the 1980s.While inflation has cooled in the past year, talk of fast-rising prices is back on the agenda from Donald Trump’s escalating trade war. Continue reading...

Politics

6 d. ago Show goes on for Ralph Lauren as fashion reels from Trump tariffs

With the sector bracing itself for a global trade war, investors may find comfort in a trusted pair of handsTwo weeks after Donald Trump announced his “liberation day” tariffs, the fashion industry finds itself in turmoil as it tries to navigate the chaos unleashed.Some are calling it the “tariffpocalypse”, with the sector bracing itself for a global trade war, snarling up supplies and hiking costs, alongside plummeting consumer confidence. Continue reading...

Politics

8 d. 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

1 week ago China’s Xi Jinping is in Vietnam to figure out how to ‘screw’ the US, says Trump

US president issues scathing view of Chinese counterpart’s motivations amid escalating trade war with Beijing Xi Jinping’s tour of South-east Asia this week is likely intended to “screw” the United States, President Donald Trump has suggested, as the Chinese leader embarks on five-day tour of some nations hardest hit by Trump’s tariffs.China’s president arrived in Hanoi on Monday, where he met Vietnam’s top leader, To Lam, called for stronger trade ties, and signed dozens of cooperation agreements, including on enhancing supply chains. Continue reading...

Politics

1 week ago Donald Trump insists there will be NO tariff exemptions in dramatic policy reversal

President Donald Trump took to Truth Social to clarify that China - which is embroiled in an escalating trade war with the US - will not be exempt from tariffs on electronics and semiconductors

Events

1 week ago China says ‘sky won’t fall’ as exports surge ahead of Trump tariffs

Rush of shipments preceded escalation of trade war between world’s two biggest economies

Politics

1 week ago China customs says ‘sky won’t fall’ as exports surge ahead of Trump tariffs

Rush of shipments preceded escalation of trade war between world’s two biggest economies

Politics

1 week ago China says ‘sky won’t fall’ as exports surge ahead of Trump’s tariffs

Rush of shipments preceded escalation of trade war between world’s two biggest economies

Politics

1 week ago Xi Jinping seeks to strengthen economic ties during tour of south

President’s first stop is Vietnam as China urges US to end trade war and return to ‘right path of mutual respect’The Chinese president, Xi Jinping, will visit Vietnam on Monday as he begins a tour of south-east Asia where he will seek to strengthen ties with neighbouring countries amid an escalating trade war.Xi will visit Vietnam from Monday, before travelling to Malaysia and Cambodia, a high profile tour that Chinese officials have described as being of “major importance”. Continue reading...

Economics

1 week ago BP dropped its green pledges and turned back to oil. Now the price of crude has collapsed

At its AGM this week, the company will face not only the activist investor at its heels, but a global economy being changed from the White HouseAfter Donald Trump’s “liberation day” on Wednesday last week, BP lost almost a quarter of its market value in a share price rout even deeper than the oil giant endured in the wake of the Deepwater Horizon disaster. The collapse in global oil prices in the wake of the US president’s ­tariff blitz may have wiped billions from its ­market value – but Trump isn’t BP’s only problem.The oil company will face shareholders this week for the first time since it bowed to investor pressure to abandon its green energy ambitions in favour of a return to fossil fuels, and its chair, Helge Lund, agreed to step down from the board. Continue reading...

Politics

1 week ago Price hike on Shein? How Trump tariffs could shift the US’s love of fast fashion

Trump ended the ‘de-minimis’ rule while launching a trade war with China – which will make retail giants such as Temu more expensive, experts sayAfter a chaotic week of flip-flopping tariff policies, cheap clothes from China are nearly certain to face a steep price hike soon – prompting concern among fast fashion retailers and potentially pushing consumers to look for other alternatives.As part of a package of global tariff policies announced on “liberation day” last week, Donald Trump signed an executive order that ended a duty-free exemption for low-priced goods to enter the US from China and Hong Kong. Known as the “de-minimis” rule, packages under $800 do not qualify for any taxes or tariffs on the goods and are inspected minimally at the border. Continue reading...

Politics

1 week ago Trump rolls back some more tariffs as his ‘Liberation Day’ plans continue to face scrutiny: Live updates

Electronics exemption to Trump’s tariffs are boost for high-tech companies like Apple and Tesla, as well as China, which still remains under 145 percent levy

Politics

1 week ago Tariffs live: White House insists countries need US markets to survive as ‘phones ringing’ to make trade deals

The share markets reacted after China lifted tariffs on US goods to 125 per cent and said it would ignore any further US levy increases in the escalating trade war

Economics