Stock market sell-off deepens after Trump threatens to double tariffs on Canadian steel and aluminium imports to 50% – as it happened

Time for a quick recapGlobal stock markets are falling again after Donald Trump escalated his trade war with Canada.On Wall Street, the S&P 500 share index is now down 1.2% this session, a loss of 68 points, following a 2.7% tumble on Monday as ‘Trumpcession” fears gripped markets.Those concerns have hardened today, after the US president announced he is doubling new tariffs on Canadian steel and aluminum from 25% to 50% as a retaliation for the province of Ontario’s imposition of a 25% surcharge on electricity exports to several US states

Economic growth for its own sake is ruining Britain | Letters

Bravo! I never thought I would find myself in full agreement with that woolly liberal Rowan Williams, but I do now (When politicians tell us to focus on growth we need to ask: ‘Why, and for whom?’, 8 March). As a green social democrat, I am appalled by the intellectual vacuity of our neoliberal growth orthodoxy, so enthusiastically pursued by Labour. We seem to be oblivious to how the neoliberal revolution since the 1970s has immiserated most of our population. It has led to inequality and soaring rates of poverty and illness; a largely non-unionised, exploited workforce; impoverished public services; knackered infrastructure and an environment in crisis.Instead of the trickle down of wealth created by rentier capitalism, to be taxed and invested in better infrastructure, public services and general wellbeing, we have had this wealth from growth sucked up into the top 1%

Staley pushed JP Morgan to keep Epstein as client despite human trafficking concerns, court hears

The former bank boss Jes Staley pushed JP Morgan to keep Jeffrey Epstein as a client despite human trafficking concerns and told him suspicious withdrawals from his account were being investigated, a court has heard.The Financial Conduct Authority (FCA) put the allegations to the ex-chief executive of Barclays during his second day of witness testimony at the upper tribunal in London.Staley, who resigned from Barclays in 2021, is trying to overturn the regulator’s decision to ban him from taking any senior roles in the UK financial sector after claiming he lied about the depth of his relationship with Epstein. Barclays declared to the regulator in a letter in 2019 that the two men “did not have a close relationship”.Staley originally met Epstein in 2000 after he became head of JP Morgan’s private bank, where Epstein was a client, and continued their relationship after Staley was appointed to lead the investment bank in 2009

Starmer to avoid immediate counter-tariffs if Trump puts levies on UK steel

Keir Starmer has said he will not hit back with immediate counter-tariffs if Donald Trump imposes 25% levies on all steel and aluminium imports to the US on Wednesday.The prime minister discussed the issue with Trump in a phone call on Monday and is prepared for the tariffs to be imposed at 4am UK time on 12 March.His comments on Tuesday came as Trump announced on social media that he was doubling the size of the steel and aluminium tariff in the case of Canadian imports – from 25% to 50% – in retaliation for Ontario province imposing a 25% surcharge on electricity exports to the US.Downing Street’s official spokesperson said: “The UK and US have got a strong economic relationship. It’s based on fair and balanced, reciprocal trade and we’re engaging closely with the US administration to make the case for the UK to be exempt from proposed tariffs

UK lenders face huge car loan payout bill as watchdog moves closer to compensation plan

Banks could be forced to proactively tell customers they have been mis-sold car finance, as the financial watchdog’s plans for a compensation scheme affecting potentially millions of Britons moved “one step closer”.The Financial Conduct Authority (FCA) said on Tuesday it would announce its decision on such a scheme – which could result in redress totalling billions of pounds – within six weeks of a decision following a landmark supreme court hearing early next month.It is the latest development in the ballooning scandal surrounding the alleged large-scale mis-selling of car loans.If the scheme floated by the FCA goes ahead, lenders are likely to have to proactively contact all borrowers who meet the mis-selling criteria and offer compensation – freeing up individuals from the need to submit a complaint and dealing a blow to claims management firms. Payouts could typically average just over £1,100 a person, according to one estimate

Euro and pound rise against dollar amid ‘Trumpcession’ fears

The euro and the pound have risen against the dollar to their highest level since the week of the US election, as the greenback sank against other leading currencies amid mounting “Trumpcession” fears.The European single currency rose by a cent to $1.093, breaching the $1.09 barrier for the first time since Donald Trump won the presidential race. Sterling hit $1