Yields on US government bonds have been thrashing around in response to Trump’s capricious policy plans

Growth in the first three months was challenged by Trump’s overhaul plans, and execution of his tariffs created widespread confusion and uncertainty

Donald Trump promised to usher in a new “golden age” for the US economy – one with lower prices, more jobs and greater wealth. This week, his first quarter report card came in, and the new age is off to a chaotic start.

Gross domestic product (GDP) shrank for the first time in three years during the first quarter, abruptly turning negative after a spell of robust growth as trade distortions and weaker consumer spending dampened activity.

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China’s 84% retaliatory tariffs on US goods come into effect on Thursday, but there’s relief that Trump has paused levies against most countries

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• US-China trade war intensifies as Beijing’s tariffs come into effect after Trump pause

China and the European Union have exchanged views on strengthening their economic and trade cooperation in response to US tariffs, the Chinese commerce ministry said on Thursday, according to Reuters news agency.

In a video call on Tuesday, China’s commerce minister Wang Wentao discussed with European trade and economic security commissioner Maros Sefcovic the restart of talks on trade relief and to immediately carry out negotiations on electric vehicle price commitments, the Chinese ministry statement said.

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Head of world’s biggest asset manager says market ructions are ‘impacting Main Street’

Ford and Stellantis are offering employee-pricing programs, while Hyundai said it would not raise prices for at least two months to ease consumer concerns.

US corporate debt markets have stabilised after volatility prompted by Trump’s ‘liberation day’ tariff announcement