Browsing: US tariffs

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.

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.

A significant increase in tariffs, including a stunning 104% levy on Chinese imports, is set to take effect, creating volatility in Asian markets. This development follows an overall downturn in the U.S. stock market, where the S&P 500 fell 1.6%, indicating widespread investor concern regarding the ongoing trade war.

Chancellor Rachel Reeves is set to meet with top City executives to assess the impact of President Trump’s tariffs on the UK Economy.

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.

Trading has just restarted in Europe and all the main stock markets are showing a slight rebound from the previous falls.

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.

China has warned of potential “countermeasures” in response to Donald Trump’s proposed 50% tariff on Chinese imports, describing US actions as unilateral bullying and illegitimate.

The UK’s economic options are severely constrained due to high borrowing and record tax levels, limiting the government’s ability to respond to the economic shock caused by Trump’s tariff announcement.

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