17 h. ago Wall Street selloff caps brutal week for markets as Trump tariffs rattle investors

Slumps on S&P 500, Dow and Nasdaq cap dismal day for global indices but US president doubles down on tariff planWall Street suffered its worst week since the onset of the Covid-19 crisis five years ago as investors worldwide balked at Donald Trump’s risky bid to overhaul the global economy with sweeping US tariffs.The US president doubled down on his plan on Friday, insisting he would not back down even as the chairman of the Federal Reserve warned it would likely raise prices and slow down economic growth. Continue reading...

Economics

20 h. ago Trump insists he won’t back down from global trade war as markets slump

On social media, the president said, ‘My policies will never change’, before suggesting possible change with VietnamDonald Trump doubled down on his decision to launch a global trade war, declaring that he would “never” back off from sweeping tariffs on US trading partners.The US president’s announced action sent shock waves around the world this week, prompting fierce threats of retaliation and sharp sell-offs in stock markets. Continue reading...

Politics

21 h. ago FTSE suffers biggest daily drop since early in the pandemic as Wall Street slides again – business live

Global trade war escalates as Beijing hits back against Donald Trump with new tariffs on US goodsChina retaliates to Trump’s ‘bullying practice’ with 34% tariffs on US importsIMF warns of ‘significant risk’ to global economy from Trump tariffs as markets slideAnalysis: 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 ...

Economics

22 h. 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

23 h. ago US trade war with China is 'single stupidest thing you’ll ever see’ says expert

Political expert Ian Dunt has issued a scathing attack on Donald Trump after the US President announced a sweeping range of import tariffs on territories around the world

Events

25 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

25 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

26 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

26 h. ago Labour minister insists chlorinated US chicken ‘will remain illegal in the UK’

Treasury secretary James Murray says chlorinated chicken 'will remain illegal in the UK’, in light of Donald Trump’s demands for Britain to allow US chlorine-washed chicken and hormone-laced beef into UK markets in exchange for relief from his sweeping tariffs.

Politics

29 h. ago Trump claims Starmer is ‘very happy’ about tariffs imposed on Britain

UK foreign secretary regrets ‘return to protectionism’ and says Britons will be concerned about impact on financesBusiness live – latest updatesDonald Trump has claimed that the UK is “very happy” with tariffs imposed on the country as part of his shock upending of global trade, but the British foreign secretary, David Lammy, said he regretted the “return to protectionism”.Wielding a chart in the White House Rose Garden, the US president revealed on Wednesday that the UK would be hit with 10% so-called “reciprocal” tariffs as part of a sweeping drive on all countries. Continue reading...

Politics

30 h. ago FTSE 100 hits lowest level since January as IMF warns Trump tariffs ‘a significant risk’ to global economy – business live

Kristolina Georgieva warns against retaliation to US levies while US president insists ‘markets will boom’ after sweeping tariff announcementGlobal 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 control tariffs, and upset the Constitution’s ...

Events

33 h. ago The far right has seemed unstoppable in Europe. Here’s how Trump’s tariffs could change that | Nathalie Tocci

With populist leaders on the back foot and EU support at its highest in years, the US trade war could be an opportunity for the unionDonald Trump has unleashed a trade war on the world, and Europe, considered by Washington to be among the “worst offenders”, is a major target. After hitting European steel, aluminium and cars, this week Trump announced sweeping 20% tariffs on almost all EU imports. Europeans have seen this coming for a long time. Well before his re-election, officials in Brussels were drawing up plans on how the EU might respond to Trump 2.0 and a possible transatlantic trade war.What might the political fallout in Europe be? The good news is that Trump’s trade war puts Trump-friendly far-right forces in Europe in a terribly uncomfortable position. It’s one thing for the European far right to support Trump in principle, or to support the administration’s tyranny over peoples it doesn’t care about, be it Ukrainians, Canadians, Mexicans or Palestinians. It’s quite anoth...

Politics

33 h. ago ‘There are no winners’: global companies respond to Trump tariffs

From UK tailors to Australian farmers to Irish whiskey distillers, firms reveal the impact of US measuresDonald Trump’s sweeping tariffs will upend global trade, adding costs and delays to businesses around the world and threatening a recession.The Guardian spoke to eight businesses about the impact. Continue reading...

Politics

35 h. ago Asian markets drop further as IMF warns Trump tariffs ‘a significant risk’ to global economy – business live

Kristolina Georgieva warns against retaliation to US levies while US president insists ‘markets will boom’ after sweeping tariff announcementFull report: Global markets in turmoil as Trump tariffs wipe $2.5tn off Wall StreetAnalysis: Trump’s ‘idiotic’ and flawed tariff calculations stun economistsSenior senators introduced new bipartisan legislation on Thursday seeking to claw back some of Congress’s power over tariffs after Donald Trump unveiled sweeping new import taxes and rattled the global economy with sweeping new import taxes.The Trade Review Act of 2025, co-sponsored by Senator Chuck Grassley, a top Republican lawmaker from Iowa, a state heavily reliant on farm exports, and Senator Maria Cantwell, a Democrat from Washington, whose state shares a border with Canada, would require the president to notify Congress of new tariffs, and provide a justification for the action and an analysis on the potential impact on US businesses and consumers. Continue reading...

Events

39 h. ago Sweeping Trump tariffs shock global economy, drawing threats and calls for talks

Tariff hikes announced by U.S. President Donald Trump have provoked dismay, threats of countermeasures and calls for further negotiations to make trade rules fairer

Events

40 h. ago Jesus take the tariff: Why Bibles could soon get more expensive thanks to Trump’s policy

China, where Trump’s official ‘God Bless the USA’ Bibles are printed, has been hit hard by the president’s sweeping tariffs

Politics

43 h. ago Trump ‘is not going to back off’ from tariff policies, US commerce secretary says – live

Howard Lutnick tells CNN that US president stands by decision to impose sweeping tariffs on nations around the worldUS stock markets tumble as investors shaken by Trump tariffsIn the aftermath of the disastrous debate against Donald Trump that ultimately ended his political career, Joe Biden skipped a White House meeting with the congressional Progressive caucus in favor of a Camp David photoshoot with the fashion photographer Annie Leibovitz, a new book says.“You need to cancel that,” Ron Klain, Biden’s former chief of staff and debate prep leader, told the president, as he advocated securing the endorsement of the group of powerful progressive politicians perhaps key to his remaining the Democratic nominee. Continue reading...

Politics

45 h. ago US stock markets tumble as investors shaken by Trump tariffs

Dollar hits six-month low after president announces sweeping tariffs on US’s largest trade partnersTrump condemned as global markets tumble – live updatesUS stock markets tumbled on Thursday as investors parsed the sweeping change in global trading following Donald Trump’s announcement of a barrage of tariffs on the country’s trading partners.All three major US index funds were down as trading started on Thursday morning. The tech-heavy Nasdaq fund was down 4.5%, while S&P 500 and the Dow dropped 3.4% and 2.7% at opening, respectively. Continue reading...

Economics

47 h. ago ‘Creating chaos and crisis’: Democrats slam Trump’s sweeping tariffs as global markets tumble – live

Democrats accuse Trump of ruining US economy on purpose and note the lack of tariffs for RussiaGlobal markets react to Trump tariffs – follow liveAnalysis: Trump promised lower prices – his tariffs risk the oppositeIn the aftermath of the disastrous debate against Donald Trump that ultimately ended his political career, Joe Biden skipped a White House meeting with the congressional Progressive caucus in favor of a Camp David photoshoot with the fashion photographer Annie Leibovitz, a new book says.“You need to cancel that,” Ron Klain, Biden’s former chief of staff and debate prep leader, told the president, as he advocated securing the endorsement of the group of powerful progressive politicians perhaps key to his remaining the Democratic nominee. Continue reading...

Politics

47 h. ago Stocks tumble on Wall Street as Donald Trump’s sweeping tariffs send shockwaves through global markets – business live

Ursula von der Leyen says tariffs a ‘major blow’ to world economy, as US dollar falls to six month low after US President Trump’s ‘liberation day’Full report: Trump announces sweeping new tariffsAnalysis: Trump’s tariffs likely to raise prices and cause chaosWhat are tariffs and why do they matter?The new US tariffs “will only create losers” with US consumers particularly hard hit, the German Automotive Industry Association (VDA), has said in a statement, calling on the EU “to act together and with the necessary force, while continuing to signal its willingness to negotiate.”The body, which represents the powerful German auto industry, said the tariffs markedthe United States’ departure from the rules-based global trade order – and thus a departure from the foundation for global value creation and corresponding growth and prosperity in many regions of the world.This is not America first; this is America alone. Continue reading...

Economics