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White House official says an additional 20% tariff, tied to measures targeting fentanyl-related imports, brings the total to its current level

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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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The president’s U-turn after his maverick plan threatened meltdown has echoes of the 2022 UK crisis

• Business live – latest updates

A maverick economic policy announcement from a self-styled disruptor plunges the country’s currency into freefall and puts rocket boosters behind the cost of government debt, prompting warnings of an economic nuclear winter and forcing a pretty undignified U-turn.

If, on top of general concern, there has been a nagging sense of deja vu in Britain over the past 24 hours, then the ill-fated 49-day reign of Liz Truss as the UK prime minister may well be to blame.

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The 12-month inflation rate at 2.4%, down from 2.8% in February, was largely fueled by a sharp fall in gas prices

The price of eggs continues to soar for American consumers, rising by almost 6% in March even as overall inflation fell slightly.

Breaking a record high for the third consecutive month, the average cost of a dozen large eggs hit $6.23 in March – more than double the price just 12-months earlier, according to new figures released by the Bureau of Labor Statistics on Thursday. This surpassed the previous record highs of $5.90 a dozen in February, and $4.95 in January.

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Ursula von der Leyen says EU “want to give negotiations a chance”, by pausing countermeasures for 90 days

• Read the latest full report
• 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.

Continue reading…