21 h. ago Trump delays China tariffs at the last minute and announces 90 day truce

President Donald Trump has once again delayed a showdown between the world’s two biggest economies

Politics

44 h. ago Trump is losing his foolish trade war. This will cost ordinary Americans greatly | Steven Greenhouse

Trump’s trade war has pushed up inflation, slashed US job gains, slowed economic growth and caused the manufacturing sector to sputterThe ever-bombastic Donald Trump has boasted repeatedly of his trade victories, while White House news releases trumpet his “historic trade wins”. The Wall Street Journal echoed Trump’s triumphalism with a headline saying, “Trump is Winning His Trade War”, and last week the New York Times used the exact same words in a headline. That must have been music to the president’s ears.Forgive me for being a spoilsport, but I don’t see where the victory is or how Trump is winning. I keep reading how Trump’s trade war and tariff machinations have pushed up inflation, slashed US job gains, slowed economic growth and caused the manufacturing sector to sputter.Steven Greenhouse is a journalist and author, focusing on labour and the workplace, as well as economic and legal issues Continue reading...

Politics

4 d. ago Trump’s trade war about to cost Americans 1.8% more in the short term, Yale analysis finds

Trump falsely claims tariffs are paid by foreign countries — they are typically paid by American importers

Politics

5 d. ago China's exports and imports picked up in July, helped by the pause in Trump's higher tariffs

China has reported its exports surged 7.2% in July from a year earlier while its imports grew at the fastest pace in a year, as businesses rushed to take advantage of a truce in President Donald Trump's trade war with Beijing

Politics

5 d. ago Trump claims ‘billions of dollars’ now flowing into US after president’s new tariffs come into effect

More than 90 countries have been slapped with new rates as President Trump reignites his trade war

Politics

6 d. ago UK construction activity shrinks by most in five years as housebuilding falls – business live

Rolling coverage of the latest economic and financial newsOpenAI takes on Meta and DeepSeek with free and customisable AI modelsThe contraction in UK construction last month is another reason for the Bank of England to consider cutting interest rates at noon tomorrow.A rate cut, from 4.25% to 4%, is already widely expected – it’ s a 95% chance, according to the City money markets this morning.“The Bank of England is widely expected to cut rates this week in what is likely to be a complex decision as the MPC weighs weak growth, sticky inflation, and a looming fiscal tightening.While markets are pricing in a 0.25% cut, attention will centre on the voting split – particularly how many members vote for a 0.5% move or prefer to hold. Continue reading...

Society

6 d. ago ChatGPT firm OpenAI could be valued at $500bn in share sale; Honda Motor profits halve as tariffs bite – business live

Rolling coverage of the latest economic and financial newsOpenAI takes on Meta and DeepSeek with free and customisable AI modelsProfits at Japanese automarket Honda have halved in the last quarter, as Donald Trump’s trade war hit their earnings.Honda, which is Japan’s second-largest carmaker, has reported quarterly operating profit of ¥244.2bn (£1.24bn) for April-June, missing analyst forecasts of ¥311.7bn.“We’re excited to make this model, the result of billions of dollars of research, available to the world to get AI into the hands of the most people possible.” Continue reading...

Economics

9 d. ago Despite Trump, the US economy remains surprisingly resilient. But for how long? | Richard Partington

Thanks to stockpiling, neither the markets nor consumers have been as badly affected by the trade wars as feared. But signs of trouble are loomingChaotic and unpredictable, keeping up with Donald Trump’s volatile trade war – never mind his presidency – can be tough.Back in April after his “Liberation Day” tariff announcement, the talk was of the president crashing the global economy. Then, after a Wall Street backlash, the world learned the acronym “Taco”, which stands for “Trump Always Chickens Out”. Now, things are heating up again. Continue reading...

Politics

4 w. ago China’s economy beats expectations in face of Trump’s trade war

GDP grows 5.2% in second quarter as world’s second largest economy ‘front-loads’ shipments before tariffs kick inBusiness live – latest updatesChina’s economy grew more strongly than expected in the second quarter as it proved resilient in the face of Donald Trump’s trade war.China’s gross domestic product (GDP) grew 5.2% in April to June compared with a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts’ expectations for a rise of 5.1%. Continue reading...

Politics

4 w. ago Xi says Australia and China should ‘unswervingly’ work together despite global instability

Talks between leaders came after Australian camera crews were confronted by Chinese security guards and told to hand over footageFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastXi Jinping has told Anthony Albanese that geopolitical turbulence and Donald Trump’s growing trade war should not derail newfound stability between China and Australia, saying the two countries should “unswervingly” stick to cooperation.The prime minister met China’s president for the second time in Beijing on Tuesday, promising to find common ground despite differences on sensitive issues such as the ownership of the Port of Darwin and US pressure over the future of Taiwan.Sign up for Guardian Australia’s breaking news email Continue reading...

Politics

4 w. ago Bank of England governor says jobs slowdown could prompt rate cut; European markets fall after Trump tariff threat – business live

Rolling coverage of the latest economic and financial news, as Andrew Bailey insists: “I think the path [for interest rates] is down”.Donald Trump’s threat to impose a 30% on European Union imports from next month is weighing on European stock markets this morning.Most of Europe’s markets have dropped at the start of trading, pulling the pan-European Stoxx 600 index down by 0.6%.Inadvertently or otherwise the President is testing the market’s patience. At a time when investors had seemingly brushed aside the likelihood of the base line of tariffs settling at 10%, the new pronouncements suggest a level of between 15% and 20% being the norm, with additionally punitive numbers on the likes of Canada at 35% adding to the uncertainty.The so-called “TACO” trade will therefore be tested again, with markets drifting in the US on Friday and futures currently suggesting a similar fall today. In addition, and as the new 1 August extension approaches, nerves are likely to jangle. Continue readi...

Economics