Bosses from automative, manufacturing and energy warned MPs about effect of Trump tariffs

Britain’s manufacturers will start cutting jobs “within weeks” unless the government can strike a deal to safeguard the UK economy from Donald Trump’s trade war, industry leaders have told MPs.

Senior executives from the UK’s automotive, manufacturing and energy sectors warned a committee of MPs to expect job losses this summer if the US moves ahead with a swathe of global trade tariffs set out by Trump earlier this month.

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Jerome Powell is a soft target for the president amid economic instability. But getting rid of him would only invite more chaos

US stock markets, Treasury bonds and the dollar itself are sliding amid the tariff turmoil and Donald Trump needs a soft target. It was probably only a matter of time before he intensified his attacks on Jerome Powell, chair of the US Federal Reserve. It is an easy narrative to blame the dull central banker with orthodox worries about anchoring inflation expectations. Nor is Powell able to engage in tit-for-tat soundbites. Unlike Trump, he must measure the impact on markets of his every word.

The open question is how far Trump intends to push things. Monday’s reaction in financial markets was strong because it seemed for the first time that the president could be serious about removal. “Powell’s termination cannot come fast enough!” declared Trump, which was several notches beyond his usual whine about urging the Fed to hurry up with cuts in interest rates.

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Growth forecasts for most advanced countries have been cut, as IMF warns that trade tensions will hurt economic activity

• IMF warns of ‘major negative shock’ from Trump’s tariffs
• Reeves to make case for free global trade at Washington IMF talks

With a week to go, April is turning into the worst month for the US stock market since the Great Depression.

The Wall Street Journal is reporting that the Dow Jones Industrial Average is headed for its worst April performance since 1932, according to Dow Jones Market Data.

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