Tom Espiner Business reporter, BBC News Reuters UK car production sank to its lowest level since 1949 in May as US tariffs hit exports, an industry group has said. Production fell by nearly a third from a year earlier to 49,810 units, according to the Society of Motor Manufacturers and Traders (SMMT), which – excluding...
This had all the hallmarks of Trumpian political theatrics. In the Canadian sunshine here in the Rockies at the G7 summit, President Trump emerged from a meeting with Sir Keir Starmer brandishing a folder. Within it was the deal US and UK officials have been putting together to flesh out a tariffs agreement struck last...
Getty Images US President Donald Trump may have called tariffs his favourite word in the dictionary. But when it comes to obsessions, business investment has got to be close. As of last month, he said more than $12 trillion (£8.8tn) had been “practically committed” on his watch. “Nobody’s ever seen numbers like we have,” he...
The UK economy shrunk by more than expected in April as taxes rose for firms, household bills increased and exports to the US plunged. The economy contracted by 0.3%, more than the 0.1% fall predicted by economists. In April, employers’ National Insurance and water, energy and council tax bills both rose, while the introduction of...
Lululemon shares have plunged by more than 20% after it cut its annual profit forecast, as the company navigates tariffs and fears about the US economy slowing. “We experienced lower store traffic in the Americas, partially reflective of economic uncertainty, inflationary pressures, lower consumer confidence, and changes in discretionary spending,” Lululemon said in a statement....
Gee … what might the two leaders of the world’s largest economies have to discuss? The Knicks firing a coach that got them into the finals? The latest episode of The Last of Us? For the moment, we don’t know — and in fact, we only know about the call because China’s state media got...
The European Central Bank (ECB) has cut its key interest rate for the eighth time in just over a year as it warned about continuing pressure on the eurozone from Donald Trump’s tariffs. The main rate has been reduced from 2.25% to 2% by the ECB, which sets rates for the countries that use the...
The UK has been spared from US President Donald Trump’s executive order doubling steel and aluminium tariffs from 25% to 50%. The order signed by Trump on Tuesday evening raises import taxes for US firms buying from other countries – but the levy remains at 25% for the UK. The UK and US tariff pact...
Getty Images US President Donald Trump has signed an order doubling tariffs on steel and aluminium imports from 25% to 50%. The move hikes import taxes on the metals – key inputs in everything from cars to canned food – for the second time since March. Trump has said the measures, which come into effect...
Global economic growth is set to be slower this year largely because of Donald Trump’s US tariffs, according to a leading international policy group. Worldwide growth is now expected to slow to a “modest” 2.9%, down from a previous forecast of 3.1%, said the Organization for Economic Co-operation and Development (OECD). It blamed a “significant”...
The EU has said it “strongly” regrets Donald Trump’s surprise plan to double US tariffs on steel and aluminium in a move that risks throwing bilateral trade talks into chaos. On Friday, the US president told a rally in the steel-making city of Pittsburgh that the tariffs would rise from 25% to 50%, claiming this...
UK steelmakers said US President Donald Trump’s decision to double import taxes on steel and aluminium to 50% is “yet another body blow” to the industry. Trade group UK Steel warned some orders could be delayed or cancelled, with uncertainty surrounding some shipments which are already halfway across the Atlantic. Trump’s new 50% import tax...
President Donald Trump has announced the US will double its current tariff rate on steel imports from 25% to 50%. Speaking at a rally in Pittsburgh, Pennsylvania, Trump said the move would help boost the local steel industry and the national output, while decreasing reliance on China. Trump also said that $14bn would be invested...
Adam, Alex, James and Vicki discuss the political stories of the week. Read full article at source...
Sarah Smith North America editor Getty Images Since returning to power, US President Donald Trump has wielded tariffs – or the threat of them – as his economic weapon of choice. He has slapped import duties against allies and adversaries alike, and raised their rates to staggeringly high levels, only to change his mind and...