Uncertainty persists even after Trump’s ‘capitulation to markets’, investors say
Goldman Sachs rapidly reverses call for recession after president’s U-turn
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Europe and Asia markets plunge as Trump says ‘you have to take medicine’
US president tells reporters foreign governments will have to pay ‘a lot of money’ to lift levies
Stock markets in Asia and Europe have fallen sharply on Monday after Donald Trump said foreign governments would have to pay “a lot of money” to lift sweeping tariffs that he characterised as “medicine”.
Speaking to reporters aboard Air Force One late on Sunday, the US president indicated he was not concerned about market losses that have already wiped out nearly $6tn (£5tn) in value from US stocks. “I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said.
Trump’s tariff battle with China has ‘echoes of the Vietnam war’, US economist says
Adam Posen, former Bank of England policymaker, compared the tactics to Johnson and Nixon refusing to back down
A leading US economist has likened Donald Trump’s tariff battle with China to the Vietnam war, arguing that both sides will be caught in a quagmire and unable to find a face-saving exit.
Adam Posen, the head of the Peterson Institute in Washington and a former Bank of England policymaker, spoke to the Guardian after penning an article for the US magazine Foreign Affairs. He said Trump’s tactics had “echoes of presidents Johnson and Nixon in the Vietnam war, unable to believe that they wouldn’t win if they only upped the attacks, and unwilling to negotiate a real peace”.
Crypto casino takings top $80bn as gamblers bypass blocks
Platforms now rival traditional betting groups in scale despite their services being illegal in most countries
Co-op hackers stole ‘significant’ amount of customer data
The firm previously said there was ‘no evidence that customer data was compromised’.
Bank ‘should cut UK interest rates to at least 4% in May amid tariff turmoil’
Ex-Bank of England deputy governor Charlie Bean says cut of 0.5 points needed because of ‘crazy situation’ in US
The Bank of England should use its meeting next month to cut interest rates by at least half a percentage point to 4% in response to the financial turmoil created by Donald Trump’s trade tariffs, the former deputy governor Charlie Bean has said.
He believes an aggressive strategy is needed to combat the fallout from Trump’s tariff war, which has knocked trillions of pounds off global stock markets, undermining business and consumer confidence.