US and China holding talks on trade war, Trump says after Beijing rebuttal
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.China had earlier hit back against Trump’s previous claim to be close to a trade deal with Beijing.Trump had buoyed markets by suggesting on Wednesday that the US was “actively” negotiating with Beijing, and pointing to hopes of a deal that would “substantially” reduce tariffs, now set at 145%, on goods coming into the US from China.The Chinese commerce ministry’s spokesperson He Yadong said there were “currently no economic and trade negotiations between China and the United States”
Nissan warns of £4bn loss as costs rise and Trump tariffs loom
Nissan says it expects to lose as much as £4bn this year because a turnaround plan will be more costly than expected.The predicted loss at Japan’s third-largest carmaker is almost 10 times the figure it had previously guided.Nissan has been struggling for several years with leadership turmoil and falling profits. Its latest efforts to turn around the business include making deep cost cuts, but the car industry is facing deep uncertainty over the direct and indirect effects of Donald Trump’s tariffs.Nissan said it expected lower sales this year of 3
IMF urges global leaders to resolve trade tensions rapidly, as China tells US to ‘cancel all unilateral tariffs’ – as it happened
IMF chief Kristalina Georgieva is urging global leaders to resolve trade tensions rapidly.Speaking at a press conference to discuss her Global Policy Agenda, Georgieva warns that the world economy is facing “a new and major test”, at a time where its policy buffers are depleted after the shocks of recent years.That puts countries in a difficult position, Georgieva says, and also creates “urgency for action”.She says there are three “overarching priorities”, starting with ending the trade war that Donald Trump ignited this year.Georgieva says:First and most urgent [is] for countries to work constructively to resolve trade tensions as swiftly as possible, preserving openness and removing uncertainty
Magnum and Ariel makers say prices may rise further amid tariff pressures
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
IMF chief urges US to strike trade deals swiftly to limit damage to global economy
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”.“A trade policy settlement among the main players is essential, and we are urging them to do it swiftly, because uncertainty is very costly,” she said.“I cannot stress this strongly enough: without certainty, businesses do not invest, households prefer to save rather than to spend – and this further weakens prospects for already weakened growth.”Financial markets were buoyed earlier this week by signs of softening in Trump’s stance on trade, with the president suggesting he believed a deal with China was possible, that could result in significantly lower tariffs than the current 145%
US drug firm Merck says existing Trump tariffs will cost it $200m this year
The US pharmaceutical company Merck has said it expects to pay an extra $200m (£150m) in costs this year from tariffs that Donald Trump has already imposed, including his 10% tax on imports from around the world.Merck said the projected costs also included retaliatory tariffs imposed by foreign governments on the US, particularly those related to China.However, the projections do not account for threatened “major” tariffs that could be imposed just on pharmaceutical imports. The Trump administration opened a 21-day national security investigation into the industry earlier this month, seen as a first step to the imposition of levies in the coming weeks.The US president has promised to repatriate jobs and taxes he believes the pharma companies are dodging by manufacturing drugs consumed in the US elsewhere in the world including Ireland, where Merck has a base, which he has singled out for criticism
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UK spending watchdog censures water firms and regulators over sewage failings
Water companies have been getting away with failures to improve sewage works and overspending because of regulatory problems, a damning report by the government’s spending watchdog has found.Firms have overspent on infrastructure building, the National Audit Office (NAO) found, with some of these costs being added to consumers’ bills. The Guardian this week reported Ofwat and the independent water commission are investigating water firms for spending up to 10 times as much on their sewage works and piping as comparable countries.Bills in England and Wales are rising by £123 on average this year, and will go up further over the next five years, so that companies can fix ageing sewage infrastructure and stop spills of human waste from contaminating rivers and seas. Several water firms have complained to the Competition and Markets Authority because they want the regulator to allow them to increase bills even further
UK economy faces growth shock from Trump tariffs, says Bank governor
The Bank of England’s governor, Andrew Bailey, has said 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 was close to recession at the moment, “we are certainly quite focused on the growth shock”.The IMF earlier this week downgraded its 2025 growth forecast for the UK to 1.1%, from the 1.6% it had been expecting as recently as January before the tariffs were announced
What are the Ofcom measures to protect children online – and will they work?
The UK communications watchdog has set out more than 40 measures to keep children safe online under a landmark piece of legislation.The Online Safety Act has a strong focus on protecting under-18s from harmful content and the codes of practice published by Ofcom on Thursday are a significant moment for regulation of the internet.The measures, which apply to sites and apps, video platforms such as YouTube and search engines, include: social media algorithms, which push content towards users, must filter out harmful content from children’s feeds; risky services, which will include major social media platforms, must have “effective” age checks so they can identify those under 18 and shield them from harmful content (or make the entire site safe for children); sites and apps must “quickly tackle” harmful content; children must have a “straightforward” way to lodge complaints and report content; all services must have a named executive responsible for children’s safety.Broadly, the act requires sites and apps likely to be accessed by children to suppress the spread of harmful content, such as violent, hateful or abusive material and online bullying. There are other categories of content that need to be kept off children’s feeds altogether such as pornography and material related to self-harm, suicide and eating disorders
Ofcom announces new rules for tech firms to keep children safe online
Social media and other internet platforms will be legally required to block children’s access to harmful content from July or face large fines, Ofcom has announced.Tech firms will have to apply the measures by 25 July or risk fines – and in extreme cases being shut down – under the UK’s Online Safety Act.The communications watchdog published more than 40 measures on Monday covering sites and apps used by children, ranging from social media to search and gaming.Under the measures, the “riskiest” services, which include big social media platforms, must use “highly effective” age checks to identify under-18 users; algorithms, which recommend content to users, must filter out harmful material; all sites and apps must have procedures for taking down dangerous content quickly; and children must have a “straightforward” way to report content.Melanie Dawes, Ofcom’s chief executive, said the changes were a “reset” for children online and that companies failing to act would face enforcement
Ashton hat-trick helps Warrington surge to Super League win against St Helens
Sam Burgess has made it his business to keep his emotions in check for most of his tenure as Warrington Wolves coach – which made his reaction to Rodrick Tai’s crucial try here in the final quarter of a compelling contest leave no doubt about what this result would have meant to him and his players.To be clear, it is still far too early in proceedings to be suggesting there is any form of early-season pressure on Warrington. But Burgess set the bar so high in his first season as a head coach last year by reaching both major finals that the very sight of the Wolves being as low as ninth with a third of the Super League season gone suggests something is not quite right.How he would have feared another miserable evening here at certain stages too: but by the end, he was left celebrating a win that will rank as one of his proudest – and potentially one which could ignite their stuttering start to the season. Without his talismanic half-back and England captain, George Williams, due to injury, the sight of his half-back partner going off before half-time with what was confirmed post-match as a fractured eye socket left the Wolves bereft of any attacking direction
Chris Eubank Jr silences Eddie Hearn and pledges to ‘take out’ Conor Benn
The latest saga in the endless hyping of a bout that should not be happening unfolded in a pantomime atmosphere at the Tottenham Hotspur Stadium on Thursday evening when Chris Eubank Jr and Conor Benn held their final press conference. Eubank Jr would not allow Eddie Hearn, Benn’s promoter, to talk as he constantly interrupted him and pointed out that people wanted to hear from the fighters rather than their salesmen.It presented an easy victory for Eubank as the normally garrulous Hearn soon retreated from the stage and asked his CEO at Matchroom Boxing, Frank Smith, to take over. Smith is in a relationship with Eubank Jr’s sister, Emily, but his attempts to thank various people were not much more successful.“If I’m not letting Eddie speak then there is no way you are getting a chance,” Eubank Jr said with droll nonchalance
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