1 hour ago Trump threatens 17% tariffs on food and farm produce exports from Europe

EU says it ‘favours a negotiated solution’ but is prepared for potential trade war with retaliatory dutiesDonald Trump threatened to impose 17% tariffs on food and farm produce exports from Europe during talks in Washington this week, it has emerged.Such tariffs would hit everything from Belgian chocolate to Kerrygold butter from Ireland and olive oil from Italy, Spain and France, all big sellers in the US. Continue reading...

Politics

8 h. ago China warns Trump’s tariff war will have ‘no winners’ as deadline looms

Beijing hopes Washington will continue to meet it halfway

Events

31 h. ago US economy adds 147,000 jobs in June, surpassing expectations amid Trump trade war

Economists anticipated drop, but 8,000 new positions were added in June compared with May, with unemployment rate down to 4.1%The US economy added 147,000 jobs in June, a sign of continuing strength in the labor market amid Donald Trump’s trade war.The number of jobs added surpassed expectations, as economists largely anticipated a drop in openings. Instead, 8,000 more jobs were added in June compared with May, according to new job figures from the Bureau of Labor Statistics (BLS). The unemployment rate actually decreased to 4.1%, down from 4.2% in May. Continue reading...

Politics

35 h. ago Closely watched US jobs report likely to show hiring slowed in June

The steady slowdown in U.S. hiring likely continued in June as President Donald Trump’s trade wars, federal hiring freeze and immigration crackdown weighed on the American job market

Politics

8 d. ago Trump tariffs: US economy saw stark drop in GDP growth as businesses rushed to secure imports

Revised data shows economy shrank more than previously thought as president’s global trade war loomed and consumer spending softened

Economics

9 d. ago Trump says a major ally is on his hit list after skipping out on NATO pay...and will face severe consequences

Trump accused the country of getting a 'little bit of a free ride and warned they'll 'have to pay it back to us on trade.'

Politics

9 d. ago Tesla’s EU sales slump continues; China’s premier warns global trade tensions ‘intensifying’ – business live

Rolling coverage of the latest economic and financial newsShares in UK defence Babcock have surged 13% at the start of trading, after it upgraded its medium-term forecasts and hailed a ‘new era’ for defence (see earlier post).After several turbulent sessions, the financial markets seem calm this morning, as the Israel-Iran ceasefire holds.‘’Optimism about the fragile ceasefire holding between Iran and Israel has bubbled through markets, lifting equities, but more doubts are now creeping in about the truce holding.Wall Street rose in a relief wave, pushing the S&P 500 close to record highs. Sentiment has held up in Asia and European indices largely look set for a positive start to trading. Nevertheless, a little more uncertainty is seeping in. A leaked report from US Intelligence casting doubt on the effectiveness of the US strikes in crippling Tehran’s nuclear capabilities, has led to some worries that military action could resume. Continue reading...

Events

1 week ago Bank of England governor Andrew Bailey warns Trump trade wars are creating unpredictability; UK restricts steel imports – as it happened

Bailey says the BoE doesn’t know how trade wars will play out, as UK brings in new restrictions on steel imports Oil prices sink after Iranian strike on US airbase reduces fears of market disruptionTravel and leisure stocks across Europe are rallying too.This has pushed up the STOXX Europe travel and leisure index by 4.1% in early trading, which Reuters reports it the biggest one-day jump since 10 April. Continue reading...

Events

1 week ago Bank of England governor Andrew Bailey warns Trump trade wars are creating unpredictability; UK restricts steel imports – business live

Oil has fallen to its lowest level since June’s conflict began, while stock markets have jumped across Asia and EuropeOil prices sink after Iranian strike on US airbase reduces fears of market disruptionTravel and leisure stocks across Europe are rallying too.This has pushed up the STOXX Europe travel and leisure index by 4.1% in early trading, which Reuters reports it the biggest one-day jump since 10 April. Continue reading...

Events

1 week ago Netanyahu 'biggest loser in town' as 'man of peace' Trump has taken back control

EXCLUSIVE: The US has long been a key ally of Israel, but one expert believes the PM Benjamin Netanyahu is the biggest loser in America's intervention in their conflict with Iran

Politics

1 week ago Israel PM Netanyahu is 'biggest loser' in broken Iran ceasefire after Donald Trump's f

A furious Donald Trump used expletive language in a warning to Iran and Israel after the two countries broke ceasefire terms on Tuesday morning - hours into the deal being agreed

Politics

2 w. ago Canada poised to pass infrastructure bill despite pushback from Indigenous people

Bill prioritizes ‘nation-building’ pipelines and mines, causing concern that sped-up approvals will override constitutional rightsCanada’s Liberal government is poised to pass controversial legislation on Friday that aims to kick-start “nation building” infrastructure projects but has received widespread pushback from Indigenous communities over fears it tramples on their constitutional rights.On its final day of sitting before breaking for summer, parliament is expected to vote on Bill C-5. The legislation promised by Mark Carney, the prime minister, during the federal election, is meant to strengthen Canada’s economy amid a trade war launched by Donald Trump. Continue reading...

Politics

2 w. ago UK interest rates expected to remain on hold; rate cuts in Norway, Switzerland and the Philippines – business live

Central bankers warn that trade war worries, and conflict in the Middle East, could hurt growthNewsflash: We have a third interest rate cut this morning!Norway’s central bank has surprised analysts by cutting its policy rate by a quarter of one percentage point, to 4.25%. The rate had been set at 4.5% since December 2023.“Inflation has declined since the monetary policy meeting in March, and the inflation outlook for the coming year indicates lower inflation than previously expected.A cautious normalisation of the policy rate will pave the way for inflation to return to target without restricting the economy more than necessary.”“The uncertainty surrounding the economic outlook is now greater than normal. If the economy takes a different path than currently envisaged, the policy rate path may be adjusted. But our objectives stand firm. We will finish the job and ensure that inflation is brought all the way back to 2 percent.”The Monetary Board also noted indications of a deceleratio...

Politics

2 w. ago Bank of England expected to leave interest rates on hold as Middle East conflict pushes up oil price – business live

Rolling coverage of the latest economic and financial news, as Switzerland and Philippines cut interest ratesNewsflash: We have a third interest rate cut this morning!Norway’s central bank has surprised analysts by cutting its policy rate by a quarter of one percentage point, to 4.25%. The rate had been set at 4.5% since December 2023.“Inflation has declined since the monetary policy meeting in March, and the inflation outlook for the coming year indicates lower inflation than previously expected.A cautious normalisation of the policy rate will pave the way for inflation to return to target without restricting the economy more than necessary.”“The uncertainty surrounding the economic outlook is now greater than normal. If the economy takes a different path than currently envisaged, the policy rate path may be adjusted. But our objectives stand firm. We will finish the job and ensure that inflation is brought all the way back to 2 percent.”The Monetary Board also noted indications of...

Economics

2 w. ago Bank of England expected to leave interest rates as Middle East conflict drives up oil price – business live

Rolling coverage of the latest economic and financial newsEurope’s main stock markets have dropped at the start of trading.In London, the FTSE 100 index has lost 33 points, or 0.37%, to 8810 points. Mining stocks are among the fallers. Continue reading...

Economics

2 w. ago UK transport secretary calls HS2 an ‘appalling mess’ as she confirms delay

Heidi Alexander vows to ‘sort out’ HS2 project; UK inflation dips to 3.4% as transport costs ease while food prices jumpUK inflation eases to 3.4% amid falling fuel and air fare pricesInflation pressures remain sticky in the UK, according to Rob Wood, chief UK economist at Pantheon Macroeconomics.Looking ahead, we continue to expect CPI inflation to average 3.4% for the rest of the year as strong wage growth, minimum wage hikes and tax increases pass through to retail prices. We think headline inflation will struggle to dip below 3% before April 2026. By that point, inflation will have been above target almost continuously for five years, risking further deanchoring of inflation expectations and persistent wage pressure.Granted, US president Trump’s trade war could lead to some diversion of Chinese exports previously bound to the US, which could cut UK inflation. But war in the Middle-East has boosted oil and natural gas prices, adding 10bp to our forecast inflation peak and risks p...

Politics

2 w. ago Why Europe should hijack Nato for its own purposes | Paul Taylor

As the Trump administration’s security focus shifts towards countering China, European governments are living on borrowed timeCall it the five-for-five summit. When Nato leaders meet in The Hague next week, European allies will sign up to a phoney transatlantic bargain in which they pretend they will spend 5% of their economic output on defence and Donald Trump pretends in return that he is committed to Article 5 of the Nato treaty, the mutual defence clause that he has repeatedly undermined.The Nato secretary general, Mark Rutte, is deploying all his considerable political wiles and powers of persuasion to contrive a short, “no surprises” summit at which fundamental differences over Russia’s war of aggression against Ukraine, trade, the Middle East and liberal democratic values are deliberately excluded.Paul Taylor is a senior visiting fellow at the European Policy Centre Continue reading...

Politics

2 w. ago Starmer warned British jobs at risk without better trade deal from Trump

US tariffs for the steel industry will stand at 25 per cent for now – as negotiations over an improved deal continue

Events

2 w. ago Live: Trump and world leaders attend G7 summit against backdrop of trade war tension and Middle East conflict

Watch live as Donald Trump meets Canadian Prime Minister Mark Carney as he attends the G7 summit in Alberta on Monday (16 June).

Politics

2 w. ago Europe should be standing up to Trump and Putin – instead it is mirroring them | Alberto Alemanno

Public opinion is clamouring for closer EU cooperation. The last thing we need is Ursula von der Leyen pandering to the far rightDonald Trump’s “America First” policies are undermining decades of transatlantic cooperation just as Putin’s Russia destabilises Europe with direct military aggression. But these twin shocks have unintentionally accomplished something the EU institutions never could. They have made European integration feel not just important, but existential – a matter of democratic survival – for ordinary citizens.From Helsinki to Lisbon, people are suddenly experiencing the same existential unease. Trade wars, defence threats and military aggression don’t respect borders. More and more Europeans now recognise that their small, individual nations cannot withstand simultaneous pressure from both Washington and Moscow. They find themselves caught between economic coercion and military intimidation.Alberto Alemanno is the Jean Monnet professor of EU law at HEC Paris and the...

Politics