ONTRADE Forex
Reeves flies to US to push Trump to sign trade agreement

Reeves flies to US to push Trump to sign trade agreement

UK officials say text is agreed on deal to cut president’s tariffs on British steel, aluminium and cars

Rachel Reeves was due in Washington on Tuesday evening for what could be a pivotal week for a proposed US-UK trade deal.

Officials say an agreement is ready to sign but may have to be ripped up at the last minute should the US president impose tariffs on pharmaceuticals.

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The Guardian view on the IMF’s warning: Donald Trump could cost the world a trillion dollars | Editorial

The Guardian view on the IMF’s warning: Donald Trump could cost the world a trillion dollars | Editorial

The US president’s economic agenda collides with fragile financial systems, triggering market fears, investor flight and developing nation chaos

Wake up! When the most sober of global institutions, the International Monetary Fund, abandons its usual technocratic calm to sound the alarm on the political roots of global financial instability, it’s time to pay attention. The IMF is warning of a non-negligible risk of a $1tn hit to global output, as Donald Trump’s erratic “America first” agenda – part oligarchic enrichment scheme, part mobster shakedown – collides with a perfect storm of global financial vulnerabilities.

Such a shock would be equivalent to a third of that experienced in the 2008 crisis. But it would be felt in a much more fragile and politically charged environment. This time, the crisis stems not just from markets but from the politics at the heart of the dollar system. The IMF’s latest Global Financial Stability Report sees the danger in Mr Trump’s trade policies, especially his “liberation day” announcements, which have pushed up America’s effective tariff rate to the highest in over 100 years.

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UK manufacturers to cut jobs ‘within weeks unless ministers can strike trade deal’

UK manufacturers to cut jobs ‘within weeks unless ministers can strike trade deal’

Bosses from automative, manufacturing and energy warned MPs about effect of Trump tariffs

Britain’s manufacturers will start cutting jobs “within weeks” unless the government can strike a deal to safeguard the UK economy from Donald Trump’s trade war, industry leaders have told MPs.

Senior executives from the UK’s automotive, manufacturing and energy sectors warned a committee of MPs to expect job losses this summer if the US moves ahead with a swathe of global trade tariffs set out by Trump earlier this month.

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Even Trump must know that firing the chair of the Fed would be self-defeating

Even Trump must know that firing the chair of the Fed would be self-defeating

Jerome Powell is a soft target for the president amid economic instability. But getting rid of him would only invite more chaos

US stock markets, Treasury bonds and the dollar itself are sliding amid the tariff turmoil and Donald Trump needs a soft target. It was probably only a matter of time before he intensified his attacks on Jerome Powell, chair of the US Federal Reserve. It is an easy narrative to blame the dull central banker with orthodox worries about anchoring inflation expectations. Nor is Powell able to engage in tit-for-tat soundbites. Unlike Trump, he must measure the impact on markets of his every word.

The open question is how far Trump intends to push things. Monday’s reaction in financial markets was strong because it seemed for the first time that the president could be serious about removal. “Powell’s termination cannot come fast enough!” declared Trump, which was several notches beyond his usual whine about urging the Fed to hurry up with cuts in interest rates.

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