Faisal Islam: Trump’s iPhone olive branch is a significant trade war retreat
Exempting electronics from US tariffs is a stunning about-turn by the Trump administration after 10 days of chaos.
Bankers who lament ringfencing should watch what they wish for
Deregulation could open the door for big American rivals to invest in nascent UK lending operations
No retreat on tariffs, Trump promised. Hours later, he blinked
As the economic and political pressure became unbearable, the US president changed course – but has the damage been done?
He vowed: “My policies will never change.” He insisted: “Sometimes you have to take medicine to fix something.” He boasted: “I know what I’m doing.” And at 9.33am on Wednesday, he entreated: “BE COOL. Everything is going to work out well.”
But less than four hours later, Donald Trump blinked. As the economic and political pressure became unbearable, the US president announced on social media that he would pause for 90 days higher trade tariffs for most countries, excluding China.
Apple says most US-bound iPhones no longer made in China
The technology giant says US tariffs will add around $900m to its costs this quarter.