US stock markets experienced substantial losses, particularly in AI chipmakers like Nvidia and AMD, which plummeted after new export restrictions to China were announced.
Browsing: US tariffs
Vice President JD Vance’s comments that a UK-US trade deal is on the table and both countries are working hard to secure a deal makes several newspaper headlines, as does the latest from the US tariffs amid claims that new tariffs (on pharmaceuticals and big tech) are to come into effect ‘soon.’
The business newspapers are focused on the tariffs and the effects on businesses and the stock markets.
It’s another wet and windy start in the capital, with grey skies hanging over the city and suits marching off to work. I’m sure most are looking ahead to the long weekend. But until then, there’s still a lot happening across the country and around the world that you need to know!
The headlines are packed with various domestic and international stories, with no one story really dominating that much – although we expect that’ll change later today when the US stock markets open.
For now, the Birmingham bin strikes, a potential UK-US deal and a splash of budget talks and celebrity gossip lead the headlines.
The sports headlines look at how agonisingly close Aston Villa came to overturning their second-leg goal deficit. Other headlines look ahead to tonight’s Real Madrid vs Arsenal second leg – the North London club go into the clash ahead thanks to a 3-0 win in the first leg.
China’s economy recorded a 5.4% annual growth in the first quarter of 2025, bolstered by strong exports as companies aimed to circumvent imminent U.S. tariff increases.
The White House is reviewing trade agreements from over 15 countries, with some announcements expected soon, according to Press Secretary Karoline Leavitt.
The US tariff situation may have fallen off the front pages of many newspapers, but the business media remains on top of the latest news from Washington. Despite Trump issuing an exemption for big tech in his tariffs on China, he has since signalled that it’s only a temporary measure and investigations are under way into the semiconductor and pharmaceutical trade – which could lead to their tariff exemptions ending.
It’s a wet and windy morning here in the capital, but lots is happening in the news – grab yourself a coffee and let’s dive into the headlines.
The ongoing Birmingham bin strike is a popular story in the country this morning as unions overwhelmingly rejected a deal to end the strike. Several newspapers suggest the strike could spread outside the city – and there are reports on the growing concerns over a potential health crisis as residents report streets being overrun by large rats and trash.
There is backlash from China amid the British Steel crisis – after the government dramatically took over control of the Scunthorpe plant over the weekend – as Beijing warns the UK to avoid politicising the situation. There are concerns from the top that the Chinese owners are intentionally trying to sabotage the UK steel industry to force the country to become more reliant on cheap Chinese steel.
On the international front, there are reports on the all-female Blue Origin team that took a trip to space. Katy Perry and Gayle King were amongst the crew.
The business publications continue their heavy coverage of the US tariffs saga amid an investigation into the semiconductor and pharmaceutical trade – which could lead to their tariff exemptions ending. In recent news, JD Vance has said there is a good chance the UK will secure a trade deal with the US.
In sports news, Newcastle manager Eddie Howe is in hospital with pneumonia, he is set to miss more matches. Several publications look ahead to tonight’s Champions League match involving the English club Aston Villa. The Birmingham club need to overturn a 2 goal deficit.
Xi Jinping’s Diplomatic Mission: Chinese President Xi Jinping has commenced a pivotal week of diplomacy in Southeast Asia, beginning his visit in Vietnam. This trip serves to reinforce China’s image as a responsible global player in contrast to the United States’ recent trade policies under President Donald Trump, particularly as the US maintains high tariffs on Chinese goods.
Cliff Notes The Trump administration has announced that smartphones, laptops, and semiconductor manufacturing machines will be exempt from reciprocal tariffs, aiming to control consumer prices.…
The value of the US dollar has fallen in recent days to a new three-year low following the uncertainty over the impact of the Trump tariffs on the global economy.
Jamie Dimon, the head of JPMorgan Chase – one of the world’s biggest banks – says the United States’ economy is facing “considerable turbulence”.
Despite opening well this Friday morning, the three main stock indexes in Europe are now down after China announced that it will retaliate further to US tariffs – after the Trump administration confirmed the tariff on China is now 145%.
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.
Donald Trump announced a temporary 90-day suspension of certain tariffs less than a day after they came into effect. Many see it as the president backing down from his policy after US government bonds were being sold off, and the president likely under pressure from his rich and powerful friends (Elon Musk).
Whilst he came back from the brink for most countries he had hit, all countries (interestingly, Russia was not hit with tariffs) still face a blanket 10% tariff.
The administration intensified its stance on China by elevating tariffs on Chinese imports to 125%, underscoring a complex and strained U.S.- China trade relationship.
China responded firmly to the increased tariffs, maintaining a resolute position and implementing retaliatory measures. The Chinese Commerce Ministry announced an 84% tariff on all U.S. goods, signaling Beijing’s unwillingness to yield to U.S. pressure. This escalation has heightened concerns about a prolonged trade conflict between the world’s two largest economies.
The financial markets have reacted with notable volatility to these developments. Following the announcement of the tariff suspension, global markets experienced a relief rally. However, this optimism is tempered by underlying uncertainties, as analysts caution that the fundamental issues driving the trade tensions remain unresolved. The bond market, in particular, has exhibited signs of distress, with the U.S. 10-year Treasury yield climbing from under 4% to 4.5%, reflecting diminished confidence in U.S. fiscal stability.
Amid these economic fluctuations, there have been murmurs of potential market manipulation.
The current trajectory of U.S. trade policy, characterized by abrupt shifts and escalating tariffs, has prompted warnings from economic leaders. JPMorgan Chase CEO Jamie Dimon cautioned that the ongoing trade war could precipitate a U.S. recession this year.
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.
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.
China’s tariffs on exports to the US have risen to 125%, prompting speculation about potential retaliation and the future scope of trade relations.
The Haas Formula 1 team has stated that it will continue its operations without interruption, despite its parent company, Haas Automation, experiencing a “dramatic decrease in demand” attributed to tariffs imposed by the United States government.
Donald Trump pauses tariffs for most countries for 90 days on “reciprocal” tariffs for over 75 trading partners, maintaining a reduced baseline tariff of 10%
Formula 1 is poised to feel the repercussions of US President Donald Trump’s recently announced tariffs, which have already created a wave of uncertainty in global markets.
The US-China trade war is in full flow as the rest of the world holds its breath, wondering, hoping and perhaps even praying that Trump sees some sense.
There are whispers in the corridors of Congress between Republicans and Democrats as to how they can either curb the president’s war or usurp him. There is far too much at stake for Congress not to intervene.
A proposed 50% tariff on all Chinese goods, combined with existing tariffs, could result in over 100% tariffs, severely crippling trade between the US and China.