3 h. ago Trump tariffs live: China says ‘market has spoken’ after global stocks sink and FTSE sees biggest drop since Covid

UK’s key FTSE-100 stock market suffered its worst one-day drop since the pandemic

Politics

4 h. ago Trump tariffs come into effect in ‘seismic’ shift to global trade

‘Baseline’ 10% import levy takes effect at US seaports, airports and customs warehouses on Saturday, with some higher tariffs to begin next weekUS customs agents began collecting President Donald Trump’s unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.The initial 10% “baseline” tariff took effect at US seaports, airports and customs warehouses at 12.01am ET (0401 GMT), ushering in Trump’s full rejection of the post-second world war system of mutually agreed tariff rates. Continue reading...

Politics

11 h. ago As Trump's tariffs trigger market meltdown, leading bank warns there is now a 60 per cent chance of a global recession

As the market meltdown triggered by Donald Trump's trade war accelerated, the FTSE 100 suffered its sharpest drop since the outbreak of the pandemic.

Economics

14 h. ago Trump tariffs live: Global stocks sink and FTSE sees biggest drop since Covid pandemic on second day of market turmoil

Beijing hits back after president’s ‘Liberation Day’ wipes $2.4trn from S&P 500, in biggest one-day loss since March 2020

Politics

15 h. ago Fed chair warns of high inflation and slower growth as Trump tells him to cut interest rates – live

Federal Reserve chair says ‘we face a highly uncertain outlook’ as president tells him to cut interest ratesPeople in the US: how have your shopping habits changed due to Trump’s tariffs?Trump insists he won’t back down from global trade war as markets slumpThe Trump administration is taking aim at Brown University with threats to freeze $510m in grants, widening its promise to withhold federal funding from schools it accuses of allowing antisemitism on campus, according to multiple media outlets including Reuters and the New York Times.University officials said they had not yet been formally notified, but the school was among dozens warned last month that enforcement actions could be coming as the administration seeks to crack down on academic institutions . Continue reading...

Events

16 h. ago China hits back hard at ‘bullying’ Trump tariffs as global recession fears grow

Beijing imposes punitive 34% extra tariffs on all goods imported from US, exacerbating stock market sell-offBusiness live – latest updatesUS politics live – latest updatesChina has hit back hard against Donald Trump’s “bullying” tariffs, raising fears that the escalating trade war could trigger a global recession and prompting fresh turmoil in financial markets.Beijing retaliated on Friday with punitive 34% additional tariffs on all goods imported from the US – mirroring the US decision and exacerbating a sell-off on global stock markets. Continue reading...

Politics

16 h. ago Keir Starmer to mount diplomatic blitz as Donald Trump's tariff war triggers meltdown

The global economy has been rocked by Donald Trump slapping tariffs on countries around the world - with the UK FTSE 100 suffering its worst day of trading since Covid

Politics

16 h. ago Keir Starmer to mount diplomatic blitz as Donald Trump's tariff war triggers mayhem

The global economy has been rocked by Donald Trump slapping tariffs on countries around the world - with the UK FTSE 100 suffering its worst day of trading since Covid

Politics

17 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

17 h. ago Trump’s tariffs will likely mean ‘higher inflation and slower growth’, says Fed chair

While the US economy remains robust, Jerome Powell cautions there is high uncertainty over its directionUS politics live – latest updatesDonald Trump’s global tariffs assault is set to raise prices and slow down economic growth, Federal Reserve chair Jerome Powell has warned, defying the US president’s demands for an immediate interest rate cut.While the US economy remains robust, Powell cautioned that there is high uncertainty over its direction. “Downside risks have risen,” he told an event in Arlington, Virginia, on Friday. Continue reading...

Economics

19 h. ago Downing Street says Trump’s tariffs signal ‘new era’ in global economics

No 10 says US president’s decision is ‘disappointing’, as experts warn UK may have to raise taxes in autumnUK politics live – latest updatesDonald Trump’s tariffs signal a new global economic era, Downing Street has said, as economists warn the British government is likely to have to raise taxes in response.No 10 said on Friday the prime minister believed that this week’s trade announcement by the US president, which has started a global trade war and sent stock markets tumbling, marked a turning point in history. Continue reading...

Economics

20 h. ago Donald Trump says tariffs going 'better than expected' as trillions wiped off global economy

The US President's latest claims follow an earlier post on Truth Social in which he said the "operation is over" and, referring to the US economy as a "patient", said it would come back more "resilient"

Politics

21 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

21 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

22 h. ago Starmer to hold talks with other global leaders to discuss response to Trump tariffs, says No 10 – UK politics live

UK prime minister to speak to international leaders this weekend to ‘maintain stability and strengthen our partnerships abroad’Trump claims Starmer ‘very happy’ about tariffsDowning Street has refused to confirm President Trump’s claim that Keir Starmer was “very happy” about the treatment the UK is getting under the new US global tariff regime. (See 9.32am.) Asked about the president’s words at the morning lobby briefing, the PM’s spokesperson said that the government had already set out its position yesterday and that it was “disappointed” by the US tariff policy.Livia Tossici-Bolt has been sentenced at Poole magistrates’ court to a conditional discharge for two years for two charges of breaching a “buffer zone” outside an abortion clinic in Bournemouth, PA Media reports. See 11.22am. Continue reading...

Politics

22 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

23 h. ago Trump tariffs live: FTSE hits lowest level since December as global market meltdown continues

FTSE slumps after Trump’s ‘Liberation Day’ tariffs wipe $2.4trn from S&P 500, in its biggest one-day loss since March 2020

Politics

23 h. ago David Lammy says he regrets Trump has embraced protectionism, something not seen in US ‘for nearly a century’ – UK politics live

David Lammy, foreign secretary, says UK is ‘a nation that believes in open trade’ and says government is negotiating with US over economic agreementAn anti-abortion campaigner at the centre of a free speech controversy involving the US government has been found guilty of breaching a “buffer zone” outside a Bournemouth abortion clinic, PA Media reports. PA says:Livia Tossici-Bolt was convicted at Poole magistrates’ court of two charges of breaching the Public Spaces Protection Order on two days in March 2023.The case involved the 64-year-old from Bournemouth holding a sign saying “Here to talk, if you want”.But I think our approach should be to slightly stand back and think, what does Britain want, and can it get from the rest of the world, and what can we contribute?And in that regard, it’s important to realise that the rest of the G7, except the US, collectively are the same size as the United States. And I would have thought a very sensible thing to be doing is having a serious co...

Politics

25 h. ago David Lammy says Trump has taken US economic policy back 100 years with ‘return to protectionism’ – UK politics live

David Lammy, foreign secretary, says UK is ‘a nation that believes in open trade’ and says government is negotiating with US over economic agreementThe official plan to increase access to NHS dental services in England has been a “complete failure”, and some of the government’s initiatives have worsened the crisis, a damning report warns, Andrew Gregory reports.David Lammy, the foreign secretary, is at the Nato HQ in Brussels this morning, where Nato foreign ministers are meeting. Speaking to the media, he said President Trump was taking US economic policy back almost a century by embracing protectionism. He said:The United Kingdom, like France, is a great maritime nation.We are a nation that believes in open trade, and I regret the return to protectionism in the United States, something that we’ve not seen for nearly a century. Continue reading...

Politics

26 h. ago IMF warns of ‘significant risk’ to global economy from Trump tariffs as markets plunge

Fund boss Kristalina Georgieva says it is important that US and trading partners avoid escalating trade warBusiness live – latest updatesThe International Monetary Fund (IMF) has warned that Donald Trump’s implementation of swingeing tariffs poses a “significant risk” to the global economy, as stock markets were hit by a punishing worldwide sell-off by investors.Kristalina Georgieva, the managing director of the IMF, said it was important that the US and its trading partners avoided further escalating Trump’s trade war, while stock markets plunged on Friday as China retaliated against the tariffs. Continue reading...

Events