UK manufacturers to cut jobs ‘within weeks unless ministers can strike trade deal’
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.
Three more UK interest rate cuts this year, predicts IMF
The IMF said UK inflation will go up as bills rise, while economies will be hit by Trump tariffs.
Even Trump must know that firing the chair of the Fed would be self-defeating
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.
If Trump wants rate cuts, he would likely need to replace the Fed’s full board along with Powell
Changing out the Federal Reserve chair doesn’t guarantee rate cuts for President Donald Trump, according to Wall Street economists.