15 h. ago Global cost of Trump trade war ‘could reach $1.4tn’; tariff fears hurt UK factories – business live

Rolling coverage of the latest economic and financial news, as UK business secretary warns Britain will be hit by ‘Liberation Day’ tariffsTrump prepares to unveil reciprocal tariffs as markets brace amid trade war fearsTrump’s new tariffs could backfire if they are set too high, explains Mark Haefele, chief investment officer at UBS Global Wealth Management:“Wednesday’s reciprocal tariffs could push the effective tariff rate another 4 percentage points higher. Anything further than that could move tariffs beyond a revenue-raising ‘sweet spot,’ in our view.Globally, the risk of high tariffs disrupting trade and economic activity would potentially offset any US federal revenue gains that the Trump administration seeks to use to further domestic policies.”“It appears tomorrow there’ll be no country in the world exempt from the initial announcements”.I tihnk that our trading relatinship is a very strong, and fair and balanced one, so I don’t think there is the need to do this. Continue ...

Economics

4 d. ago Judge blocks Trump’s move to dismantle consumer protection watchdog – US politics live

President had targeted Consumer Financial Protection Bureau (CFPB) for mass terminationsCanadian prime minister Mark Carney and Donald Trump’s first phone call will take place this morning, a source with knowledge of the matter has told Radio-Canada.It will be their first conversation as leaders and comes days after Trump announced plans to impose sweeping 25% tariffs on cars from overseas, a move Carney condemned as a “direct attack” on Canadian workers. Trump later threatened further tariffs if the EU worked with Canada “in order to do economic harm to the USA”. Carney said:We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together.I’m available for a call, but you know, we’re going to talk on our terms as a sovereign country, not as what he pretends we are. Continue reading...

Politics

4 d. ago Another top US law firm strikes deal with Trump to avoid being targeted – US politics live

Law firm criticized by Elon Musk agrees to $100m in pro bono legal work for the federal government amid criticism of top law firms caving to pressureBig law firms being threatened by Trump face pressure to speak outVance Greenland visit – live updatesCanadian prime minister Mark Carney and Donald Trump’s first phone call will take place this morning, a source with knowledge of the matter has told Radio-Canada.It will be their first conversation as leaders and comes days after Trump announced plans to impose sweeping 25% tariffs on cars from overseas, a move Carney condemned as a “direct attack” on Canadian workers. Trump later threatened further tariffs if the EU worked with Canada “in order to do economic harm to the USA”. Carney said:We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together.I’m available for a call, but you know, we’re going to talk on our terms as a sovereign country, not as what he pretends we are. Conti...

Politics

4 d. ago Trump asks supreme court to lift order barring deportations under Alien Enemies Act – live

Lawyers for the administration make emergency appeal to resume deportations of Venezuelan migrants to El Salvador under wartime lawCanadian prime minister Mark Carney and Donald Trump’s first phone call will take place this morning, a source with knowledge of the matter has told Radio-Canada.It will be their first conversation as leaders and comes days after Trump announced plans to impose sweeping 25% tariffs on cars from overseas, a move Carney condemned as a “direct attack” on Canadian workers. Trump later threatened further tariffs if the EU worked with Canada “in order to do economic harm to the USA”. Carney said:We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together.I’m available for a call, but you know, we’re going to talk on our terms as a sovereign country, not as what he pretends we are. Continue reading...

Politics

4 d. ago Another law firm targeted by Trump sues to block punishing executive order – live

Law firm Jenner & Block sues Trump administration seeking to block executive order that would halt the firm’s business with the government and revoke security clearancesCanadian prime minister Mark Carney and Donald Trump’s first phone call will take place this morning, a source with knowledge of the matter has told Radio-Canada.It will be their first conversation as leaders and comes days after Trump announced plans to impose sweeping 25% tariffs on cars from overseas, a move Carney condemned as a “direct attack” on Canadian workers. Trump later threatened further tariffs if the EU worked with Canada “in order to do economic harm to the USA”. Carney said:We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together.I’m available for a call, but you know, we’re going to talk on our terms as a sovereign country, not as what he pretends we are. Continue reading...

Politics

5 d. ago Canadian baseball fans rage against Donald Trump amid tariff war with the USA

In what has become commonplace among the United States' neighbors to the north, Canadian sports fans were once again heard booing the American National Anthem.

Politics

5 d. ago US cities located in states won by Trump would be most hurt by Canadian tariffs, an analysis finds

A new analysis finds the U.S. cities most vulnerable to a trade war with Canada turn out to largely be in the states that helped return Donald Trump to the White House

Politics

2 w. ago ALEX BRUMMER: These tariffs couldn't have come at a worse time for Britain's ailing steel industry

When Trump announced a 25 per cent tariff on Canadian steel and aluminium imports, Doug Ford, the feisty premier of Ontario, Canada's largest industrial province, came out swinging.

Politics

2 w. ago Canada announces retaliatory tariffs on nearly $30bn worth of US imports

Canadian government says it will follow ‘dollar-by-dollar’ approach and institute 25% tariffs on US importsCanada announced retaliatory tariffs on nearly $30bn worth of American imports after US tariffs on steel and aluminum imports went into effect Wednesday.The Canadian government said it will be following a “dollar-by-dollar” approach and institute 25% tariffs on American imports, including steel, computers and sports equipment. Continue reading...

Economics

2 w. ago Canada will announce more than $20 billion in tariffs in response to Trump's metal tariffs

Canada will announce Canadian $29.8 billion or $20.7 billion in retaliatory tariffs in response to the 25% steel and aluminum tariffs that U.S. President Donald Trump has leveled

Economics

2 w. ago Two ways Trump’s efforts to help Tesla could hurt it instead

Experts have weighed in on the unusual presidential endorsement of a private company

Politics

2 w. ago Trump’s 25% Canadian steel and aluminum tariffs go into effect after backtracking on his 50% tax: Live updates

House Republicans also voted to fund the government through September, a step toward avoiding a shutdown

Politics

3 w. ago Trump backtracks 50 percent tariff on Canadian metals but 25 percent import tax to go into effect

Trump’s tariff threats have caused the worst stock market slide in years

Politics

3 w. ago US won’t impose 50% tariffs on Canadian steel and aluminum after Ontario suspends electricity levy – live

White House says 25% tariff to still take effect on Wednesday after Ontario premier walks back 25% tariff on electricity exports to three US states Trump raises Canadian steel and aluminum tariffs to 50%Ukraine ceasefire – live updatesPolls have opened in Greenland for early parliamentary elections Tuesday as US President Donald Trump seeks control of the strategic Arctic island.The self-governing region of Denmark is home to 56,000 people, most from Indigenous Inuit backgrounds, and occupies a strategic North Atlantic location. It also contains rare earth minerals key to driving the global economy, AP reported. Continue reading...

Economics

3 w. ago Ontario suspends electricity tariff imposed on US after Trump’s commerce secretary agrees to talks – live

End of 25% tariff on electricity exports to three US states announced in joint statement from Ontario premier and US commerce secretaryTrump raises Canadian steel and aluminum tariffs to 50%Ukraine ceasefire – live updatesPolls have opened in Greenland for early parliamentary elections Tuesday as US President Donald Trump seeks control of the strategic Arctic island.The self-governing region of Denmark is home to 56,000 people, most from Indigenous Inuit backgrounds, and occupies a strategic North Atlantic location. It also contains rare earth minerals key to driving the global economy, AP reported. Continue reading...

Politics

3 w. ago Trump doubles tariffs on Canadian metals as fears of US economic downturn grow

President’s levies have caused concern among investors and business leaders

Economics

3 w. ago Trump raises Canadian steel and aluminum tariffs to 50% as trade war escalates

President cites Ontario’s recent imposition of 25% surcharge on electricity exports to US as reason for doubling dutiesUS politics – live updatesDonald Trump has announced he is doubling tariffs on Canadian steel and aluminum from 25% to 50% as a retaliation for the province of Ontario’s imposition of a 25% surcharge on electricity exports to several US states, in a dramatic escalation of the trade war between the two ostensibly allied countries.“Based on Ontario, Canada, placing a 25% Tariff on ‘Electricity’ coming into the United States, I have instructed my Secretary of Commerce to ad [sic] an ADDITIONAL 25% Tariff, to 50%, on all STEEL and ALUMINUM COMING INTO THE UNITED STATES FROM CANADA, ONE OF THE HIGHEST TARIFFING NATIONS ANYWHERE IN THE WORLD,” Trump wrote on Truth Social. Continue reading...

Politics

3 w. ago Top shipping broker Clarksons says war and Trump tariff fears have hit revenues

Shares in FTSE 250 company fall by nearly a fifth as geopolitical turmoil pushes down freight ratesBusiness live – latest updatesThe world’s biggest ship broker has warned that geopolitical turmoil from war and Donald Trump’s tearing up of US foreign policy have hurt its revenues, sending its share price tumbling by nearly a fifth on Monday.Clarksons, which is listed on London’s FTSE 250 index of mid-sized companies, said the rates charged by shipping companies had dropped since the start of 2025, hit by concerns over the impact of tariffs. Continue reading...

Events

3 w. ago China’s retaliatory tariffs on US farm goods kick in, as trade war escalates – business live

Rolling coverage of the latest economic and financial newsChina’s stock markets have dropped today, as the double-whammy of trade war fears and deflation weighed on investors.The CSI 300 index dropped by 0.4%, while in Hong Kong the Hang Seng index slid by 1.8%.The week starts on a sharp negative note for the Chinese stocks, as the latest inflation update showed that consumer prices in China fell the most in more than a year .Overall, the week is expected to bring more tariffs the Chinese tariffs on US agricultural and some Canadian products will start today, while the US steel and aluminium tariffs will be live from Wednesday.Monday kicks off with the same old deflationary drumbeat as China’s consumer inflation took a deeper dive than expected, slipping below zero for the first time in over a year. The data only reinforces what’s been clear for months—deflationary pressures remain firmly entrenched in the world’s second-largest economy.The property sector remains stuck in the mud, ...

Economics

3 w. ago Trump claims it’s ‘easier’ to deal with Russia for Ukraine ceasefire and says he’s planning tariffs on Canadian lumber and dairy – live

Asked whether he believes Putin wants peace, US president says ‘I believe him’Canadian prime minister Justin Trudeau has scrambled to convince Donald Trump to lift tariffs on his country, which together with Mexico and China is one of the US’s largest trading partners.That effort included a phone call between the two leaders on Wednesday, which appears to have had some effect – on Thursday, Trump exempted Canada from some of the tariffs he had imposed, along with Mexico.Trudeau responded Tuesday by placing tariffs on the US, and he questioned whether further negotiations would make any difference, accusing Trump of acting in “bad faith.” The two leaders eventually spoke Wednesday morning, an exchange Trump said ended in a “somewhat” friendly manner. A person familiar with the matter said the call grew heated and included profanity. Continue reading...

Economics