Harriet Harman advises Sir Keir Starmer to clearly communicate that Donald Trump’s tariffs on UK goods are incorrect and unjustified.
Continuing the trend of the week, coverage of Donald Trump’s tariffs, the stock market reaction and now claims of potential insider trading.
Gold has risen to a record high as investors seek safe-haven assets amid the chaos. The ongoing escalation in the US-China trade war is still causing chaos in the markets as the Asian markets slid on Friday and the US markets slumped on Thursday close, wiping out a chunk of Wednesday’s historic rally. The US markets open at 14:30 GMT.
Friday’s UK headlines cover a variety of domestic and international stories. There is, of course, continued coverage of the fallout from the Trump tariff debacle amid claims of market manipulation and calls for an investigation into potential insider trading.
Royal news continues to be highlighted on the front pages – in print and online – with Prince Harry making a surprise visit to Ukraine and Prince William talking football after Villa’s 3-1 loss. Charles and Camilla are pictured on several tabloids after marking their 20th wedding anniversary with a state visit to Italy, where the pair exercised their soft power in a bid to rebuild relations with the rest of Europe.
The UK is set for another sunny day with temperatures reaching over 23C in some parts – and in Scotland, there are warnings of potential wildfires.
The International Energy Agency forecasts that electricity consumption by global data centres will double within five years, largely driven by the rise of powerful AI models.
Tahawwur Hussain Rana, a Pakistani-born Canadian, was extradited from the US to India and accused of being a key conspirator in the 2008 Mumbai terror attacks that resulted in over 160 deaths.
The US aims for free and priority access to the Panama Canal, while Panama insists on its sovereignty, complicating negotiations amidst ongoing tensions.
Space Forge, founded by two entrepreneurs in Cardiff, is set to launch its ForgeStar-1 satellite, aimed at revolutionising semiconductor manufacturing in microgravity.
Cliff Notes The father of a grooming gang victim criticises the government for causing confusion regarding the promised local inquiries, stating it is "messing around…
Donald Trump has backed down on his tariffs (higher than the baseline 10%) on countries that did not retaliate against the levies. The US president announced via social media that there would be a 90-day pause on those tariffs and they would instead be dropped to the blanket 10% rate. But since China did retaliate, Trump announced that the tariffs on China would be hiked to 125%.
Much of the global media sees the announcement of Trump backing down from the trade war he started, likely amid US government bond sell-offs.
King Charles and Camilla are in Italy for a state visit, meeting with politicians and the pope and delivering a historic speech to both houses of the Italian parliament. The UK media is suggesting it is an exercise in Britain’s soft powers and that the royals are being used to help reset the UK’s relationship with the rest of Europe following the fraught and turbulent times of the Brexit era.
The state visit also coincides with the pair’s 20th wedding anniversary, and several of the royal-supporting news media offer insights into the couple’s marriage – the ups and downs and how they finally got together. There is also commentary on the King’s relationship with his youngest son, who is back in Britain for a court case regarding his personal security. The pair reportedly did not meet before Charles headed to Italy.
Thursday’s UK headlines, like much of the rest of the world, are, of course, dominated by the latest from the escalating trade war between the United States and the rest of the world. Trump announced a 90-day pause on the highest tariffs, dropping them all down to 10% except for China, which was hit with 125% levies. The stock markets have bounced back since the announcement, but the ball is very much back in China’s court, and all eyes are on Beijing to see how it responds. Everything that is coming out of China at the moment suggests they won’t back down and believe they can ride this out.
A little closer to home, there are a handful of royal headlines, including King Charles’s state visit to Italy, which is being viewed as Britain exercising the royal family’s soft powers to help reset Britain’s relationship with the rest of Europe, nine years on from the Brexit mess. Charles and Camilla met with politicians and the Pope during their visit.
Joseph Kent, chief of staff to the Director of National Intelligence, stated that intelligence is investigating potential FBI involvement in the January 6 riots during a Senate intelligence committee hearing.
Keir Starmer is leading a “coalition of the willing” that pledges military support for Ukraine amid a shifting geopolitical landscape, reflecting a strategic comeback for the UK in European affairs since Brexit.
The UK government is considering nationalising British Steel as concerns grow over the Scunthorpe plant’s future after Jingye cancelled vital orders for raw materials.
An all-out trade war starts as China hit with 104% levies, and fears of a global recession dominate the morning conversations. Wednesday’s newspaper headlines reflect the fears before the tariffs started (they’ve since come into effect).
Last week, Donald Trump announced a baseline rate of 10% tariffs on most countries, with more extreme tariffs coming into effect today for what the US president said were the ‘worst offenders’ – around 60 countries, including China, have been hit with a 104% tariff.
Wednesday’s headlines continue to be dominated by Donald Trump’s widespread tariffs amid an escalation between the world’s two biggest economies: the United States and China. Trump’s retaliatory tariffs against China’s retaliatory tariffs sees the US tariffs on Chinese goods now at a rate of 104%. China has said it won’t back down and will continue to fight ‘until the end’ – the battle between the two has raised fears of a global recession.
Elsewhere, Prince Harry is back in Britain to attend a two-day hearing over the decision to cut back his security following his move to the United States. The royal has argued that the country isn’t safe enough for him to bring his wife and children and that his security team in the US does not have access to the level of information needed to ensure his family is safe. Harry has said the UK is always his home and is central to his children’s heritage.
A Universal Studio theme park is set to be built in the UK which could bring an extra £50 billion to the economy, creating 28,000 jobs. The resort would be the first in Europe under the brand behind blockbusters such as Wicked, Harry Potter, Shrek and The Minions movie franchise – and joins six others around the world.
Last night’s football action dominates many UK headlines as English club Arsenal battered Real Madrid 3-0 in the first leg of the quarter finals. England’s Lionesses suffered a 3-2 loss to Belgium in the Women’s Nations League after winning the reverse fixture 5-0 at home only a few days earlier.
Brazil’s judiciary is currently testing its resilience as supporters of ex-President Jair Bolsonaro face off against the judiciary amid accusations of bias, similar to claims made during Lula’s previous legal tribulations.
Tensions between Israel and Turkey are escalating, with both nations exchanging strong warnings of military action over the situation in Syria. Israel’s attacks on Syrian targets are seen as a direct response to Turkish military ambitions in the region.
Cliff Notes Ukrainian President Volodymyr Zelenskyy reported the capture of two Chinese soldiers amid ongoing fighting in eastern Ukraine, indicating knowledge of more Chinese nationals…
The global financial markets are experiencing a downturn due to US tariffs imposed by President Trump, raising fears of an escalating trade war and potential global recession.
UK Health Secretary Wes Streeting has raised concerns that Donald Trump’s tariffs may soon affect the supply of medicines in the UK, amidst ongoing issues in international medicine production and distribution.
Tuesday’s newspapers are, unsurprisingly, focused on the market chaos caused by last week’s US tariffs. Several headlines look at the growing trade war between the two largest economies in the world as China retaliated with their own tariffs on the US – which led to Donald Trump telling them to back down from their tariffs or face a further 50% tariff on Wednesday. China has said it won’t back down.
Tuesday’s headlines continue to be dominated by the ongoing chaos caused by Donald Trump’s tariffs, especially since the US president announced that if China doesn’t retract its retaliatory tariffs, the US will impose a further 50% tariff on China – on top of the initial tariff slapped on the country. China has hinted that if Trump goes ahead with more tariffs on China, it will respond with even more tariffs, and it won’t back down.
Much of the coverage looks at the global stock markets and their reaction. Almost $6 trillion has been wiped off the markets since the tariffs were announced last week. On Monday, the FTSE, Wall Street and the Asia-Pacific suffered heavy losses, with the S&P 500 set to enter a bear market after a 20% fall since December. The chaos has economists predicting a global recession.
The UK stock markets are predicted to open about 2% higher today after a more positive performance from Asian markets. European and UK shares are expected to see a rebound when trading starts at 08:00 BST this morning.
Elsewhere, a British woman gave birth to a healthy baby girl after having a womb transplant – a first for UK medicine that could benefit thousands of others.
The King and Queen have arrived in Italy for a state visit where they will meet with the Italian president and prime minister, and Charles will deliver a speech to both houses of Italy’s parliament. Prince Harry is also back in the headlines as the royal returns to Britain for a two-day court case regarding his security.
China has responded to President Trump’s threat of a 50% tariff on its imports by stating it will “fight to the end” and take countermeasures to protect its interests. The Commerce Ministry condemned the U.S. actions as “completely groundless” and labelled them as unilateral bullying.
Germany’s leadership in Europe has weakened following Angela Merkel’s retirement, leaving Olaf Scholz’s government operating as a caretaker amid crises, including economic pressures and geopolitical tensions.