10 h. 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

20 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

21 h. ago China’s retaliatory tariffs spark fresh turmoil in global financial markets

Fresh turmoil was sparked on Friday by China announcing it will impose a 34% tariff on imports of all US products.

Economics

22 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

23 h. ago This is the barren, uninhabited island Trump has imposed 10% tariffs on

This is the barren, uninhabited island near Antarctica on which Donald Trump slapped a 10% import tariff when he announced his wide-reaching levies on Wednesday, 2 April.

Politics

27 h. ago China launches major trade war response with 34% additional tariffs on US goods in retaliation for Trump's 34% levy

Beijing announced the measure today, igniting a major trade war between the two global economies. The latest wave of tariffs are in addition to the existing tariffs already imposed on US goods.

Politics

27 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

27 h. ago China imposes a 34% tariff on imports of all U.S. products starting April 10

China has announced it will impose a 34% tariff on imports of all U.S. products beginning April 10

Politics

28 h. ago Furious Macron tells European firms to freeze billions in US investments

The bloc has already responded fiercely to the US President's decision to impose a 20 per cent tariff on all EU goods sold to the US.

Economics

30 h. ago Trump claims Starmer is ‘very happy’ about tariffs imposed on Britain

UK foreign secretary regrets ‘return to protectionism’ and says Britons will be concerned about impact on financesBusiness live – latest updatesDonald Trump has claimed that the UK is “very happy” with tariffs imposed on the country as part of his shock upending of global trade, but the British foreign secretary, David Lammy, said he regretted the “return to protectionism”.Wielding a chart in the White House Rose Garden, the US president revealed on Wednesday that the UK would be hit with 10% so-called “reciprocal” tariffs as part of a sweeping drive on all countries. Continue reading...

Politics

31 h. ago Trump insists Starmer ‘very happy’ with tariffs as UK prepares for retaliation

Treasury minister says UK disappointed with decision to impose tariffs when asked if Trump was right to say Britain is pleased with its treatment

Politics

31 h. ago FTSE 100 hits lowest level since January as IMF warns Trump tariffs ‘a significant risk’ to global economy – business live

Kristolina Georgieva warns against retaliation to US levies while US president insists ‘markets will boom’ after sweeping tariff announcementGlobal 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 control tariffs, and upset the Constitution’s ...

Events

35 h. ago Not that Norfolk! Mislabelled shipments led to Trump tariffs on uninhabited islands and remote outposts with no US trade

Exclusive: Aquarium systems, Timberland boots and recycling plant parts were mislabelled as coming from remote Norfolk Island or Heard and McDonald islandsTariffs send US markets tumbling to worst day since Covid crashTrade tariffs imposed on tiny Australian territories that are either uninhabited or claim to have no trading relationship with the US appear to have been calculated based on erroneous trade data.The data relates, at least in part, to shipments mislabelled as coming from remote Norfolk Island, or Heard Island and McDonald Islands, instead of their correct countries of origin, the Guardian can reveal. Among the erroneously-labelled shipments over the past five years from the island territories are shipments of aquarium systems, Timberland boots, wine and parts for a recycling plant. Continue reading...

Politics

36 h. ago Trump live: Markets see worst day since Covid after new tariffs as president teases $5m gold card featuring his face

President Trump imposes blanket tariffs on all countries, hitting China and Europe hardest

Politics

37 h. ago Britain did better than Europe in 'Liberation Day' tariffs because of Brexit, Labour told

Ministers were yesterday urged to thank the previous government for 'getting Brexit done', after Donald Trump levied tariffs on UK goods at only half the level imposed on the EU.

Politics

37 h. ago Trump tariffs live: President teases $5m gold card for US entry which features his own face on day that stocks plunge globally

President Trump imposes blanket tariffs on all countries, hitting China and Europe hardest

Politics

43 h. ago Trump live updates: President says tariffs rollout ‘going very well’ despite plunging stock market

President Trump says he will impose blanket tariffs on all countries, hitting China and Europe hardest

Politics

44 h. ago Trump ‘is not going to back off’ from tariff policies, US commerce secretary says – live

Howard Lutnick tells CNN that US president stands by decision to impose sweeping tariffs on nations around the worldUS stock markets tumble as investors shaken by Trump tariffsIn the aftermath of the disastrous debate against Donald Trump that ultimately ended his political career, Joe Biden skipped a White House meeting with the congressional Progressive caucus in favor of a Camp David photoshoot with the fashion photographer Annie Leibovitz, a new book says.“You need to cancel that,” Ron Klain, Biden’s former chief of staff and debate prep leader, told the president, as he advocated securing the endorsement of the group of powerful progressive politicians perhaps key to his remaining the Democratic nominee. Continue reading...

Politics

44 h. ago The Guardian view on Trump’s tariffs: a monstrous and momentous act of folly | Editorial

The US president has expelled his own country from the rules-based global trade system that America itself createdFor the world’s already embattled trading system, it is as though an asteroid has crashed into the planet, devastating everyone and everything that previously existed there. But there is this important difference. If an asteroid struck the Earth, the impact would at least have been caused by ungovernable cosmic forces. The assault on world trade, by contrast, is a completely deliberate act of choice, taken by one man and one nation.Donald Trump’s decision to impose tariffs on every country in the world is a monstrous and momentous act of folly. Unilateral and unjustified, it was expressed on Wednesday in indefensible language in which Mr Trump described US allies as “cheaters” and “scavengers” who “looted”, “raped” and “pillaged” the US. Many of the calculations on which Mr Trump doled out his punishments are perverse, not least the exclusion of Russia from the cond...

Politics

45 h. ago Canada to counter ‘unjustified’ US tariffs with 25% taxes on US cars, says Carney

Canadian prime minister says country will impose taxes on US vehicles not compliant with continental free trade dealCanada will retaliate against “unjustified, unwarranted” tariffs imposed by the United States with a 25% tax on US vehicles, says Mark Carney.On Wednesday, Donald Trump announced wide-ranging tariffs on dozens of countries, but did not add new trade levies to Canada or Mexico. Despite the reprieve, however, the US has placed 25% taxes on Canadian steel, aluminum and vehicles. Continue reading...

Economics