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HSBC sounds alarm on trade war; Trump to soften blow of automotive tariffs – business live
Rolling coverage of the latest economic and financial news
There are sounds of another handbrake turn from the White House in its trade war.
President Donald Trump is expected to soften the impact of his automotive tariffs, by tweaking them so that duties on foreign-made cars are not stacked on top of other tariffs, such as those on steel and aluminium.
“President Trump is building an important partnership with both the domestic automakers and our great American workers,”
“This deal is a major victory for the President’s trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing.”
Risks for the global economy have been heightened by new trade policies announced by the US and potential measures that may be adopted by several countries globally, including in the markets in which the Group operates.
This uncertainty poses downside risks to economic growth and impacts economic forecasts, financial markets and business and consumer sentiment. A further escalation of tariffs and trade tensions could lead to lower trade volumes, investment, consumer spending and, ultimately, weaker global GDP growth.
Labour’s benefit cuts will cost UK economy billions, charity says
Trussell report finds that higher levels of poverty mean Britain is losing out on £38bn a year of potential output
Keir Starmer has been warned that Labour’s tough stance on benefits is costing Britain’s economy billions of pounds each year while adding to the pressure on public services by pushing more people into poverty.
With the government under fire over its planned benefit cuts, the anti-poverty charity Trussell said that failing to tackle hunger and hardship would have severe human costs and cause damage to the wider economy and public finances.
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