UK to consult on ‘retaliatory tariffs’ as Tories call for employment reforms to be scrapped April 3, 2025 The UK will consult businesses on “possible retaliatory action’ including on US products that could face tariffs, in response to Donald Trump’s sweeping global import taxes. Jonathan Reynolds made the announcement to MPs in the House of Commons, stating: “To enable the UK to have every option open to us in the future, I am [...]
ICC boss: Tit for tat tariffs response risks return to Great Depression April 3, 2025 A ‘tit for tat’ response to Donald Trump’s tariffs risks plunging the world into an economic slowdown redolent of the Great Depression, the head of the world’s largest trade body as warned. Speaking to CityAM, John Denton, secretary general of the International Chamber of Commerce (ICC), cautioned world leaders that any “thoughtless and knee [...]
Luxury brands Watches of Switzerland and Burberry suffer on Trump tariffs April 3, 2025 The share prices of high-end retailers Watches of Switzerland and Burberry both slid today in the wake of Trump’s tariff announcement. Watches of Switzerland saw its share price drop more than 15 per cent, while Burberry’s share price fell by nearly seven per cent. “There are heavy losses for the luxury sector,” Kathleen Brooks, research [...]
Week in Business: Will Donald Trump’s trade war blow up the UK economy? April 3, 2025 Liberation Day, Independence Day, the greatest day in American history? Or the end of the global economic order and the start of a dangerous new world? In the end it was classic Trump, sometimes reading from an autocue as if for the first time, sometimes veering off script in erratic directions, calling out supporters in [...]
JD Sports, Dr Martens and miners: UK stocks hit by Trump tariffs April 3, 2025 UK markets have been pummelled by US president Donald Trump’s newly-introduced tariffs, with JD Sports and miners hit particularly hard on the FTSE 100. JD Sports has been pushing a rapid expansion into the US, which is now its largest region by revenue, but is set to be hit by the 10 per cent tariff [...]
Diageo: Share price rises as investors breathe a sign of relief April 3, 2025 Diageo’s share price rose more than two per cent as investors digested US President Donald Trump’s announcement on tariffs. Trump imposed a sweeping 20 per cent tariff on all EU goods going into the US on 3 April, but only a 10 per cent tariff on UK goods. “The UK is a relative winner from [...]
FTSE 100 pharma giants GSK and Astrazeneca appear to swerve Trump tariffs April 3, 2025 FTSE 100 pharma giants GSK and Astrazeneca may have escaped the worst of US President Donald Trump’s tariffs, according to a City broker. Pharmaceutical goods appear to be exempt from higher-rate tariffs introduced by President Trump in his Rose Garden ‘Liberation Day’ address on Wednesday, but there is still uncertainty about the impact on the [...]
US tariffs: Keir Starmer vows to ‘keep cool head’ in face of ‘economic impact’ April 3, 2025 Sir Keir Starmer has vowed to “keep a cool head” in the face of the “economic impact” of Donald Trump’s 10 per cent tariffs on UK exports to the US, amid fears of a wider trade war. The Prime Minister spoke to business chiefs in Downing Street this morning in the wake of sweeping global [...]
Chapel Down expands into America with distribution deal April 3, 2025 Chapel Down has announced a new agreement with Jackson Family Wines for the distribution of its sparkling wine in the USA. It is unclear how the deal will be affected by Trump’s 10 per cent tariff on all goods going into America. The distribution agreement for wine in the USA – Chapel Down’s “largest potential export [...]
US tariffs: UK in ‘better position’ than some but still ‘a challenge’ – Reynolds April 3, 2025 The UK is in a “better position than a lot of other countries” after Donald Trump imposed a 10 per cent rate of tariffs on exports to the US, Jonathan Reynolds has said. The US President imposed a rate of 20 per cent on the European Union (EU), 24 per cent on Japan and 34 [...]