Browsing: US tariffs

Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in.

There have been a few big announcements from China today – the latest outlines new restrictions on US companies.

BBC’s business editor Simon Jack was asked: Is this a stock market crash? Here’s what he has to say:

Stocks slump – China to impose 34% levy as retaliation – China files lawsuit | US tariffs LIVE

The story that is dominating every news site – in print and online – today is, of course, the ongoing chaos facing the global stock markets following Donald Trump’s latest US tariffs.

Global stock markets experienced significant declines following President Trump‘s announcement of sweeping tariffs, including a 10% tax on imports from the UK.

Both US and European markets reported their worst one-day losses since the COVID-19 pandemic, raising concerns about a potential recession and international retaliation.

Friday’s UK headlines are similar to headlines from around the world: the fallout from Donald Trump’s tariffs after “trillions” have been wiped off the global stock markets. 

On Wednesday, Trump announced a baseline tariff on almost every country in the world of at least 10% – whilst some countries face much higher levies, with the EU being hit with 20%. 

Since the announcement, global markets have experienced significant declines, with both the US and European markets reporting their worst one-day losses since the COVID-19 pandemic and raising concerns about a potential recession and international retaliation. Economists are warning of a ‘spiral of doom’, suggesting that retaliatory measures could lead to further economic destabilisation. 

Elsewhere, a probe into the bitter dispute surrounding Prince Harry’s charity Sentebale. The Charity Commission said it had opened a case to examine “concerns raised” about Sentebale, following claims made by its head, Sophie Chandauka. Prince Harry has said he hopes the watchdog will “unveil the truth”.

The UK faces potential implications from a new list of goods, including American items like jeans and whiskey, subject to reciprocal tariffs amid ongoing trade tensions.

Russia, along with Cuba, Belarus, and North Korea, is excluded from Donald Trump’s new tariffs list, raising questions about preferential treatment for adversaries over allies.

More reaction from the global stock markets, world leaders and experts a day after Donald Trump announced global tariffs.

Donald Trump has moved “Liberation Day” to 2 April to avoid association with April Fool’s Day, prompting global governments to prepare for impending tariff announcements.