32 h. ago Trump’s tariffs unravel US supply chains at China’s export showcase

Buyers and sellers at Canton trade fair search for ways to evade levies as goods pile up in warehouses

Politics

1 week ago It falls to Congress to unravel Trump’s reckless tariff plan

If Republicans are serious, they should join with Democrats to pass a resolution to fix this crisis

Politics

2 w. ago It could set the industry back 50 years: fashion braces for impact of Trump tariffs

From farmers to designers, the entire supply chain will be hit – but it is unclear what duties apply to a finished productFirst it was steel producers. Then automobiles. Now the fashion industry has been left reeling from Donald Trump’s announcement on Wednesday that he was imposing tariffs on more than 180 countries including severe levies aimed at some of fashion’s biggest manufacturing regions.Trump’s “liberation day” tariffs included a 10% duty on all imports to the US but “worst offender” countries – those with whom America has bigger trade deficits – face a higher rate. Several of these are key to fashion’s supply chains. China, where everyone from Prada to Zara outsource production, faces a 54% duty. Vietnam, where more than half of Nike’s footwear was produced last year, will be subject to a 46% tariff. Pakistan, a key manufacturer of denim items, will be hit with a 29% duty. Bangladesh, where garment manufacturing makes up to 80% of its total exports, will be subjected to 3...

Politics

2 w. ago Trump tariffs see stocks dive and investors scramble to bonds, gold and yen

Nasdaq futures tumbled 3.3% and in after-hours trade as $760bn was wiped from the market value of ‘Magnificent Seven’ technology leadersStocks dived and investors scrambled to the safety of bonds, gold and the yen on Thursday as Donald Trump unveiled a bigger-than-expected wall of tariffs around the world’s largest economy, upending trade and supply chains.The technology sector was pummelled as manufacturing hubs in China and Taiwan faced new tariffs above 30%. In total, China now faces an eye-watering 54% in tariffs on its exports to the US. Continue reading...

Economics

3 w. ago US consumer confidence hit by tariff fears; Thames Water’s finance chief leaving within days – business live

Rolling coverage of the latest economic and financial newsOver in Germany, the number of people out of work has risen at the fastest rate since October of 2024.The German labour office said the number of unemployed increased by 26,000 in seasonally adjusted terms to 2.92 million. Analysts polled by Reuters had expected that figure to rise by 10,000.“March marks the start of the so-called spring recovery on the labour market. This year, however, the economic slump is noticeably slowing it down.”One bright spot was the impressive 1.9% q/q (CE forecast 0.7% q/q) rise in consumers’ real incomes in Q4. The 4.2% rise in 2024 as a whole suggests households experienced the strongest real income growth in nine years.With consumer spending hardly rising, at 12.0% in Q4 (up from 10.3% in Q3), the saving rate remains unusually high, suggesting households are choosing to save rather than spend the bulk of those gains. Continue reading...

Economics

3 w. ago Tariff uncertainty risks ‘significant economic damage’; Thames Water’s finance chief leaving within days – business live

Rolling coverage of the latest economic and financial newsOver in Germany, the number of people out of work has risen at the fastest rate since October of 2024.The German labour office said the number of unemployed increased by 26,000 in seasonally adjusted terms to 2.92 million. Analysts polled by Reuters had expected that figure to rise by 10,000.“March marks the start of the so-called spring recovery on the labour market. This year, however, the economic slump is noticeably slowing it down.”One bright spot was the impressive 1.9% q/q (CE forecast 0.7% q/q) rise in consumers’ real incomes in Q4. The 4.2% rise in 2024 as a whole suggests households experienced the strongest real income growth in nine years.With consumer spending hardly rising, at 12.0% in Q4 (up from 10.3% in Q3), the saving rate remains unusually high, suggesting households are choosing to save rather than spend the bulk of those gains. Continue reading...

Economics

3 w. ago China’s Xi urges global CEOs to protect trade supply chains; UK’s 2024 growth revised higher, but households hoard cash – business live

Rolling coverage of the latest economic and financial newsOver in Germany, the number of people out of work has risen at the fastest rate since October of 2024.The German labour office said the number of unemployed increased by 26,000 in seasonally adjusted terms to 2.92 million. Analysts polled by Reuters had expected that figure to rise by 10,000.“March marks the start of the so-called spring recovery on the labour market. This year, however, the economic slump is noticeably slowing it down.”One bright spot was the impressive 1.9% q/q (CE forecast 0.7% q/q) rise in consumers’ real incomes in Q4. The 4.2% rise in 2024 as a whole suggests households experienced the strongest real income growth in nine years.With consumer spending hardly rising, at 12.0% in Q4 (up from 10.3% in Q3), the saving rate remains unusually high, suggesting households are choosing to save rather than spend the bulk of those gains. Continue reading...

Economics

3 w. ago China’s Xi urges global CEOs to protect trade supply chains; UK’s 2024 growth revised higher – business live

Rolling coverage of the latest economic and financial newsToday’s UK national accounts data also shows that people stashed away more of their money into savings at the end of last year.The household saving ratio, which measure the proportion of income that is saved, rose to 12% in October-December 2024, up from 10.3% in the third quarter of last year.One bright spot was the impressive 1.9% q/q (CE forecast 0.7% q/q) rise in consumers’ real incomes in Q4. The 4.2% rise in 2024 as a whole suggests households experienced the strongest real income growth in nine years.With consumer spending hardly rising, at 12.0% in Q4 (up from 10.3% in Q3), the saving rate remains unusually high, suggesting households are choosing to save rather than spend the bulk of those gains.Non-food stores – the total of department, clothing, household and other non-food stores – rose by 3.1% over the month. This put monthly sales volumes at their highest level since March 2022.“The exceptional volatility in rec...

Economics

3 w. ago China’s Xi urges global CEOs to protect trade supply chains; WH Smith sells high street stores – business live

Rolling coverage of the latest economic and financial newsShares in WH Smith have dropped by 2.4% in early stock market trading in London, as traders digest the sale of its high street stores for £76m.Less encouragingly, the UK’s trade deficit has widened.finished manufactured goods (£1.8bn)semi-manufactured goods (£1.2bn)oil (£0.6bn)other fuels (£0.3bn)“The UK’s current account deficit with the rest of the world widened slightly in the latest quarter, driven by falling exports of goods.Our balance of payments statistics for recent years have been updated to incorporate improved measurement of foreign direct investment and corrected trade data.” Continue reading...

Economics