Economic news

Wall Street experts warn of continued economic turbulence as countries scramble to make deals with US president

Donald Trump insisted his trade war with much of the world was “doing really well” despite mounting fears of recession and as Beijing hit back and again hiked tariffs on US exports to China.

As the US president said his aggressive tariffs strategy was “moving along quickly”, a close-watched economic survey revealed that US consumer expectations for price growth had soared to a four-decade high.

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Parliament is being recalled on Saturday to vote on emergency legislation that will bring British Steel under government control

The care minister has defended the government’s cautious response to developments in global trade after the sweeping imposition of tariffs by the US administration in Washington.

Stephen Kinnock said “If we were to just jump in one direction or the other every time there’s a new development, we would be jumping around all over the place. I don’t think that that’s going to be in the interest of our economy or of our national security or of our business community.”

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Experts say fears about unpredictable policy are creating crisis of confidence in US bonds once seen as ‘risk free’

In the global fallout from Donald Trump’s “liberation day” tariff announcement, it appears nowhere is safe. Crashing share prices, a sell-off in bonds and currency chaos erasing trillions of dollars of wealth in a matter of days.

On Friday the dollar fell by more than 1% relative to a basket of other currencies to reach its lowest level in three years, compounding an almost 10% slide since the start of the year. In the space of a week, it has lost about 3 cents against the pound and 4 cents against the euro.

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