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”.
US tariffs wipe trillions off the stock markets – Harry charity probe
- The Guardian reports that the financial markets took after Trump announced a raft of worldwide tariffs on Wednesday night – for Wall Street, that led to its biggest one-day losses since June 2020, during the pandemic.
- The Daily Mail reports that the £2 trillion plunge that markets experienced on Thursday caused “calamity for investments and pensions.”
- The i says cheddar cheese might be spared the “meltdown” that other UK producers are fearful will happen when they are slapped with new American tariffs of 10%. The paper says it boils down to one harsh truth, according to Stephen Jones, co-founder of Somerdale, who tells the paper: “There are some nice American cheeses, but most of it’s pretty bland and horrible.” The paper looks at the American products that could be slapped with retaliatory tariffs.
- The FT looks at the products and sectors that will likely face higher prices and reports that despite Trump’s promises, the country’s consumers will be the “biggest victims” and will be “paying more for everything from trainers to beer.” The business paper says car buyers are in line for a $30bn hit whilst clothes, wine, spirits, luxury goods and flight tickets are all set to see price increases.
- The Daily Telegraph leads with Jeremy Hunt’s call that Britain must copy Singapore and resist responding to the US with retaliatory tariffs in what the paper says is Hunt’s “first major intervention since leaving office. The former chancellor asks the PM to model the modern British trading system of its former colonial trading post’s current system.
- Metro reports trillions have been wiped off the US markets as tariff war sparks slowdown fear.
- The Times says that as trillions are wiped off the global stock markets, business leaders have warned the prime minister not to retaliate. The paper says that Trump and the US would be stronger after a global trade war.
- “Bog off, Trump,’ says The Sun, which reports the UK is threatening around 8K products with tariffs as “Trump’s trade war plunges markets into meltdown.”
Prince Harry charity probe
A story a little closer to home reports on the ongoing chaos with Prince Harry’s charity.
- The Daily Mirror reports Prince Harry has spoken out about the bitter row engulfing Sentebale, a charity he set up almost 20 years ago, after it was revealed it is being investigated by the Charity Commission.
- Metro reports on the row engulfing the charity, which saw Prince Harry resign last week over disagreements with its chair, Sophie Chandauka. She has claimed she made a whistleblower complaint about issues including what she described as an abuse of power, bullying, sexism and racism. “It’s all lies”, the paper reports Prince Harry saying in response to Chandauka’s claims.
