Global cost of Trump trade war ‘could reach $1.4tn’; Goldman Sachs cuts UK growth forecast over tariff spillovers – as it happened

A full-blown trade war between the US and its trading partners could cost $1.4tn, a new report shows.Economists at Aston Business School have modelled a range of potential scenarios, including the possibility that America it hit by full global retaliation after it announces new tariffs against other countries.That full-scale trade conflict could result in a $1.4 trillion global welfare loss, Aston has calculated

Italy’s Leonardo given £165m UK military helicopter contract

The Italian defence company Leonardo has been given a £165m contract extension by the British government for its work maintaining the Royal Navy’s fleet of 54 Merlin helicopters, in an sign of the impact of the UK’s commitment to ramp up defence spending.Keir Starmer’s government, which is planning to increase military spending to 2.5% of gross domestic product by 2027, said the deal with Leonardo would help to bolster national security.Leonardo said the extension would help to support 1,000 jobs, including 200 workers at its factory in Yeovil in Somerset, as well as 800 across the wider UK supply chain. The agreement will also support jobs at the Royal Navy’s airbase at Culdrose in Cornwall

EU has a ‘strong plan’ to retaliate on Trump tariffs, says von der Leyen

The European Union has a “strong plan” to retaliate against tariffs imposed by Donald Trump but would prefer to negotiate, the head of the European Commission, Ursula von der Leyen, has said.Trump, who has upended eight decades of certainties about the transatlantic relationship since taking office, has threatened tariffs on goods from around the world from Wednesday. His administration in March put tariffs on imported steel and aluminium and said higher duties on cars would come into effect on Thursday.Von der Leyen, speaking to the European parliament on Tuesday, said the next sectors facing tariffs would be semiconductors, pharmaceuticals and timber.She said many Europeans felt “utterly disheartened” by the US announcements

Wild co-founders ‘land £100m’ from sale of natural deodorant maker

A pair of UK entrepreneurs selling refillable deodorants and manuka honey lip balms made from natural ingredients have landed a near-£100m payday from the sale of their brand to Unilever, the global consumer goods group.Wild Cosmetics, founded six years ago by two childhood friends, Freddy Ward and Charlie Bowes-Lyon, has been bought by Unilever, the maker of a host of brands including Marmite, Dove soap, and Axe, Lynx and Sure deodorant.After first approaching the pair six months ago, Unilever has acquired their upmarket brand – which specialises in “refillable, natural, body care” – as it seeks to shift its portfolio towards premium and high-growth brands.Wild makes premium deodorant case-and-refill packs starting from £12, lip balm packs from £7.20, body wash packs from £10 and hand wash packs priced from £15

‘Please leave feedback’: how constant online reviews are changing our brains – and our lives

‘Alexlilly1999* has left you feedback!” pings the Vinted notification. My stomach flips as the app loads and I open my review: “Quite good.” A gut punch. I sit in shock, scrutinising the words in front of me. “Good” is a bit uninspired but “quite” feels both passive-aggressive and viciously spiteful: quite good

UK food inflation increases as shoppers buy Easter eggs early

Food inflation increased in March, driven by price rises in chocolate and confectionery, while Britons have already splashed out more than £130m on Easter eggs and other seasonal sweets despite the late fall of the holiday.Sales at the UK’s main grocers rose 3.2%, just behind grocery inflation which rose to 3.5% in the month to 23 March. In the previous month grocery inflation was 3