President’s comments follow Chinese government’s denial of ‘baseless’ claim that Washington was close to deal
The US and China held talks on Thursday to help resolve the trade war between the world’s two largest economies, Donald Trump said.
“We may reveal it later, but they had meetings this morning, and we’ve been meeting with China,” the US president told reporters at the White House.
Andrew Bailey said UK not close to recession but he would be ‘encouraged’ if trade deal with US was agreed
The Bank of England’s governor, Andrew Bailey, has said that the UK economy faces a “growth shock” as a result of Donald Trump’s trade policies.
Speaking on the sidelines of the International Monetary Fund (IMF) meetings in Washington, Bailey said that while he did not think the UK is “close to recession” at the moment, “we are certainly quite focused on the growth shock”.
Unilever and Procter & Gamble indicate more increases could be on way as Trump policy affects ingredient costs
The companies that make leading brands including Magnum ice-creams, Nescafé coffee and Ariel washing liquid have indicated that more price increases could be on the way as ingredient costs rise amid Donald Trump’s tariff war.
Procter & Gamble, whose products include Pampers nappies and Oral-B toothpaste as well as Ariel, said new US tariffs could cost it up to $1.5bn (£1.1bn) a year, forcing it to put up prices again on top of a 1% year-on-year rise in the first three months of 2025. Prices of the group’s beauty products, which include Olay and Pantene, rose 3% in the quarter.
Kristalina Georgieva calls for trade policy settlement and says tariff wars have ‘spiked uncertainty off the charts’
IMF managing director Kristalina Georgieva has urged the US to strike trade deals urgently, to limit the damage to the global economy from Donald Trump’s tariff policies.
Speaking at a press conference at the IMF’s spring meetings in Washington, Georgieva declined to criticise the US administration directly; but warned that what she called “major trade policy shifts” had “spiked uncertainty off the charts”.