‘In economic terms, Trump’s tariffs make no sense at all’

From world leaders, to the tiniest manufacturers thousands of miles from Washington, decision-makers across the global economy are racked with uncertainty as they scramble to come to terms with Donald Trump’s historic tariffs.Experts are all but unanimous that the impact on global growth of Wednesday’s extraordinary Rose Garden press conference will be negative – but just how bad remains highly uncertain.“In economic terms, it makes no sense at all,” said Jordi Gual, the former chair of CaixaBank, Spain’s largest domestic lender, who is now an economics professor at IESE business school in Barcelona. “It is hugely problematic, because we go back to a level we hadn’t seen since the 1930s.”Trump’s announcement that he would impose tariffs of 10% to almost 50% on the US’s largest trading partners – including a 34% additional border tax on Chinese imports and a 10% levy on the UK – was designed to encourage multinational companies to relocate their factories, jobs and supply chains to the US

China retaliates against Trump in trade war with 34% tariffs on US imports

Stock markets around the world plunged for a second day on Friday as China announced retaliatory tariffs of 34% on US imports, signalling a major escalation of a trade war ignited by Donald Trump and feeding fears of a global recession.“For all imported goods originating from the US, an additional tariff of 34% on top of the current applicable tariff rate will be imposed,” Beijing’s finance ministry said.China’s commerce ministry said that it would also impose more restrictions on the export of rare earths, which are used in hi-tech manufacturing such as batteries and electric vehicles. It added a further 16 US companies and organisations to its export control list, meaning that Chinese companies are restricted from doing business with them.China had previously promised “resolute countermeasures” against Trump’s tariffs, which slapped a 10% rate on all imports coming to the US, with extra levies for certain countries, including China

Japan-owned UK glass factory could shut if no buyer found, risking 250 jobs

A glass factory in Wigan that produces fibreglass for electric cars and wind turbines faces closure and the loss of 250 jobs unless its Japanese owner can find a new partner or a buyer.In the latest blow to Britain’s industrial base, Nippon Electric Glass (NEG) announced a “strategic review” of its composites business Electric Glass Fiber UK (EGF), which it expects to last approximately two months, putting about 250 jobs at risk.NEG said its UK composites arm had been “facing a challenging competitive environment with high prices for raw materials, energy, and logistics costs” that had led to “sluggish sales”.The company added: “This review is part of our ongoing efforts to recover performance.”The Wigan site produces fibreglass that is used to reinforce plastic for composites found in wind turbine blades and electric cars

US added 228,000 jobs in March despite Trump’s deep cuts to federal workforce

The US added 228,000 jobs in March, far more than expected, as the US economy shook off the blow from the Trump administration’s deep cuts to federal workers.The figure was up from an adjusted 117,000 jobs added in February. Unemployment rose slightly to 4.2%.Economists anticipated 140,000 jobs would be added in March 2025, a slight decrease from February and a continued decline from the monthly average of 167,000 jobs over the past 12 months

BP chair to resign amid pressure from shareholders over green agenda

The chair of BP has announced plans to step down from the struggling oil company after growing shareholder opposition derailed its net zero agenda.The oil company said on Friday that Helge Lund planned to leave his post “in due course” once a successor has joined the board, which would “most likely” be in 2026.His decision to step down from the role, which he has held since 2019, comes after the board was forced to reverse the company’s green agenda to defend it against Elliott, a feared New York hedge fund known for its attempts to shake up listed companies.Elliot began to build a multibillion-pound stake in BP earlier this year after growing dissatisfaction among shareholders over the company’s plan to curb its fossil fuel production in favour of green investments.It was widely expected that the activist investor would call for a boardroom shake-up at BP, including the ousting of Lund, who played a leading role in setting the green agenda that ultimately failed to convince shareholders

Global markets in turmoil as Trump tariffs wipe $2.5tn off Wall Street

Global financial markets have been plunged into turmoil as Donald Trump’s escalating trade war knocked trillions of dollars off the value of the world’s biggest companies and heightened fears of a US recession.As world leaders reacted to the US president’s “liberation day” tariff policies demolishing the international trading order, about $2.5tn (£1.9tn) was wiped off Wall Street and share prices in other financial centres across the globe.Experts said Trump’s sweeping border taxes of between 10% and 50% on the US’s traditional allies and enemies alike had dramatically added to the risk of a steep global downturn and a recession in the world’s biggest economy