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The woman famed for transforming failing prisons

The woman famed for transforming failing prisons

Yahoo2 days ago

One of the first female governors of a men's prison in the UK, Veronica Bird, has spoken about her experiences as part of a year-long celebration of "remarkable" women.
During her 35-year career in the prison service, Ms Bird was governor of Armley Prison in Leeds as well as New Hall in Wakefield.
Now, she is speaking as part of Women Winning, a project that celebrates women in Harrogate.
Born in Barnsley, Ms Bird joined the prison service in 1968 at Holloway Prison in London where she met violent prisoners such as Myra Hindley.
She has now retired for a quieter life in Harrogate.
"Armley Prison was a huge shock to the system," she says.
"Being one of the first females in the prison, the transition, not just with staff, but with the prisoners as well.
"When women started to work in male prisons, it made a huge difference. The men were respectful. They stopped using bad language when the female prison officers were present. It calmed them down.
"It reduced the assaults and fights but, slowly over the past 25 years, it's just gone down and down and they don't care about who's in charge, who's looking after them and that's sad."
Ms Bird says the worsening conditions in prisons are largely due to the influx of drugs.
"People often say why can't you stop drugs coming into the prison? Well, they swallow them wrapped in cling film, wrapped in condoms. They secrete them internally," she says.
"We used to have books coming into the prison and the men would put the powder between the pages and lick them. They would throw oranges over the prison fence.
"We had to stop selling Polo mints in prison and we had to stop selling bananas because they would dry the skin and mix it with the cannabis to make it go further.
"It's sad to see parents bringing drugs in for their children in prison. So it is a huge, huge battle."
Ms Bird says she was disappointed to see a number of recent cases of prison officers having relationships with inmates and taking drugs into institutions.
"Sadly, the conduct of some staff taking contraband into prisons has grown. The relationships with prisoners. That's taken off enormously.
"Myra Hindley had an affair with officer Patricia Cairns and plotted her escape. So it's not something new but it is increasing all the time.
"When I was at Styal Prison, a female prisoner sentenced to life made a complaint that she was being abused by a prison officer in the cleaning cupboard.
"I was given the job of investigating and there were sacks full of beautiful underwear, nighties and goodness knows what that this male officer had taken in for her and other prisoners.
"But fortunately, the investigation came to a very quick end because he did the right thing and resigned there and then.
"The prisoner didn't complain to the police because she had no trust in the police. And she told the area manager the only person that she would trust to do a fair investigation was me."
During her time running prisons, Ms Bird became recognised for transforming failing institutions.
She was asked to work on what was known as Grisley Risley in Warrington and Brockhill Prison in the Midlands, which she said was the UK's worst prison at the time.
"I was given the most difficult prison, the worst prison in the country," she says.
"I had no more money than the previous governor, no more staff. But I got the staff together and they changed that prison within one year. It was amazing.
"The conditions in 1995 in that women's prison were worse than when I joined in 1968.
"The poor staff were having to have their lunch in a prison cell. If you don't treat staff with respect, how are you going to get them to treat prisoners with respect?
"Nobody wants to work in a terrible prison. It's not good for them. So everybody rallied round," she says.
Ms Bird has high praise for the work of Lord Timpson, Minister of State for Prisons, Probation and Reducing Reoffending, who employs ex-prisoners to work in Timpson shops.
"He's on the right track. Give people a second chance," she says.
"How lucky I was to be given a chance in the prison service. Two years I thought I'd be there. But, 35 years later, I was still there and continued in retirement working in jobs to do with prison."
During her time in the service, Ms Bird watched over members of the IRA such as Old Bailey bombers the Price Sisters, Rose Dugdale, and the Birmingham Six – who were later exonerated.
She "gave her life" to prisons, she says, never having had a family or partner of her own.
"Leaving Brockhill, the staff said to me: 'Governor, please can we give some advice - don't give your life to the next prison, like you have given to this prison.' And yes, I suppose I gave my life to prisons and prisoners," she says.
"But I couldn't have coped with marriage, family, so I have given my whole life."
Ms Bird was awarded an OBE in 2000 and turned her life story into a book, co-written with Richard Newman, called Veronica's Bird, which was published in 2018.
Today she tours the UK, giving talks to prison and police officers as well as members of the public.
Lynne Mee, co-founder of Women Winning, said it had been a delight to meet Ms Bird through the Harrogate project.
She said: "There's lots of amazing and inspirational women living in Harrogate. Veronica did a talk last evening to 70 people and you could have heard a pin drop. We laughed, cried and everything in between."
Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
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UK steel makers face 50pc tariffs in trade standoff
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UK steel makers face 50pc tariffs in trade standoff

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'Having a best and final offer deadline and a framework to move forward should be positive for the markets.' A Tata Steel director has told MPs that the EU is moving faster to defend the industry in response to US tariffs than the UK, with a cost to the industry of up to £150m a year. Russell Codling said his company is 'extremely exposed' to divergence in prices since the US imposed new tariffs. He said: 'We can see where our prices in the UK have followed similarly those in the EU for many, many years. At the moment, we're seeing them diverge, and the divergence is leading to currently something in the order of about £100m to £150m revenue a year loss in the UK, in comparison with Europe. 'So it is not just for us making sure that this deal (with the US) is the right deal, it is also about making sure that the trade protection measures are the appropriate ones in the UK, and they are at least as good as other trading partners around the world. 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But the number of Americans quitting their job — a sign of confidence in their prospects — fell, and layoffs ticked higher. Openings remain high by historical standards but have dropped sharply since peaking at 12.1m in March 2022, when the economy was still roaring back Covid lockdowns. The American job market has remained strong in the face of high interest rates engineered by the Federal Reserve in 2022 and 2023 to fight a resurgence of inflation. The economic outlook is uncertain, largely because of President Trump's economic policies, including huge taxes on imports, purges of federal workers and the deportation of immigrants working in the United States illegally. The Labor Department is expected to report Friday that employers added 130,000 jobs last month, down from 177,000 in March. The unemployment rate is expected to stay at a low 4.2pc. 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It is unclear if British steel-makers will be hit. Industrial metal miners bore the brunt of the trade jitters, falling as much as 2.7pc, as London copper prices lost ground on concerns of possible US tariffs on the metal. Losses in financial stocks also weighed on both the indexes, with an index tracking the UK banks dropping as much as 1.6pc. On the flip side, defence stocks rose for a second consecutive day, up as much as 2.5pc, after Sir Keir Starmer announced £15bn in spending to bring Britain up to 'war-fighting readiness'. Chemring Group jumped as much as 8.9pc to the top of the FTSE 250 after the defence contractor posted the highest-ever order book for the six months ended April 30. More than three-quarters of UK businesses are worried about tariffs and global trade uncertainty and have already taken pre-emptive measures to offset disruption, according to a new survey. The latest Barclays business prosperity report found that 79pc of companies are concerned about the mounting global trade war sparked by Donald Trump's tariffs. The poll of 1,000 micro, small and larger firms – which was conducted last month – revealed that nearly half (48pc) have already begun changing their US operations or supply chains to help offset any possible hit. It showed that 14pc have already scaled back investment in the US market, with 15pc pausing or cutting spend in America. The research suggests that almost half of firms (44pc) were increasing international trade over the past year, of which 59pc reported doing so with Europe and Central Asia, far outweighing those growing trade with the US (18pc) and Asia-Pacific (44pc). Larger companies in particular are optimistic that the possible upsides from America's tariff hikes will outweigh the initial impact on profit margins, demand and exports, according to the report. But more than a third (37pc) are still bracing for a hit from US tariffs on their overall business prospects. Matt Hammerstein, chief executive of Barclays UK corporate banking, said: 'Given the widespread uncertainty in the international trade environment, it's unsurprising that businesses are taking proactive steps to adapt to these global pressures.' Downing Street would not say whether British steel exporters would be hit with 50pc tariffs from the US from Wednesday, despite an agreement to eliminate the charges. The Prime Minister's official spokesman said: 'It's up to the United States to make their own policy announcements.' The Business Secretary will be attending a meeting of trade ministers in Paris later today. Jonathan Reynolds is expected to meet with the US trade representative Jamieson Greer to discuss implementation of the trade agreement that we reached with the United States. The Prime Minister's spokesman added: 'You will remember that that agreement is committed to removing tariffs on steel and aluminium to save jobs and help the UK industry. 'That would mean that once that deal has been implemented, the steel industry will not pay tariffs for the majority of steel products that they're exporting to the US.' Asked whether it was 'embarrassing' that steel-makers could face a worse situation despite the announcement of the deal last month, he said: 'I'm not going to get ahead of announcements for the United States. 'But what you've seen so far is the US and the UK agree a landmark deal across sectors to protect British industries – cars, steel, aluminium – and you've seen the welcoming statements the industries have made in support of the agreement. 'When it comes to implementation of the agreement, that work is ongoing.' 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He said the measure would be a form of 'capital control', adding the impact could 'completely annihilate what he's trying to do on his policy agenda'. The dollar has fallen more than 7pc against the pound so far this year, making it worth 74p, amid concerns that President Trump's trade policies are putting US exceptionalism at risk. US Treasury yields have also risen – raising the cost of federal borrowing – amid doubts about the sustainability of American public finances, and questions about the supremecy of the dollar as the global reserve currency. Dethroning the dollar as the world's reserve currency would destabilise the global economy, Andrew Bailey has warned. The Governor of the Bank of England issued the warning as investors flee the dollar and abandon investments in US government debt in fright over Donald Trump's tariffs policies. It has raised fears that the world's largest economy could lose its status as the currency of choice in financial markets. Speaking to MPs on the Treasury Select Committee, Mr Bailey said: 'Frankly, I don't think any of us should want to see that happen, because that would be quite a destabilising moment. 'I don't see that happening at the moment, I think we have to watch it, but I don't see that happening at the moment.' The US has long-benefitted from what is known as its 'exorbitant privilege', as holding the world's reserve currency gives it access to enormous financial flows. If that comes into doubt, it could result in a funding crunch in the US, and undermine markets which have come to rely on the dollar. Mr Bailey added: 'The dollar has had [reserve currency status] ever since it took it over from us. That is also increasingly embedded in markets - if you think about the role US Treasuries perform as the safe asset in markets, and therefore as collateral, as security, it would take a lot to change that.' But the Governor told the MPs that startling moves in markets may reflect over-optimistic investors cutting back their exposure to the US. That is a much smaller shift than abandoning the dollar altogether. He said: 'It does indicate that non-US investors are reassessing their view of the amount of US risk they want to take. Quite a few of those were probably overweight US risk, they had a very optimistic view of the US economy, not unreasonably, and are reassessing that.' The pound has risen 11pc against the dollar to $1.35 since Mr Trump's inauguration in January. Mr Bailey also noted that the Trump administration has responded to the most 'acute' crunches in markets in recent months, offering a 90-day reprieve on some of the worst tariffs and choosing not to seek to oust Jerome Powell, head of the Federal Reserve. US stock markets were on track to fall at the opening bell as Donald Trump's administration pushed countries to make offers in trade negotiations. White House officials want to accelerate talks ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners seen by Reuters. White House press secretary Karoline Leavitt said on Monday that President Trump and Chinese leader Xi Jinping would speak this week, days after the US leader accused China of violating an agreement to roll back tariffs and trade restrictions. Meanwhile, the Organisation for Economic Cooperation and Development (OECD) revised its global growth forecast down from 3.1pc to 2.9pc for 2025, blaming the effects of Trump's trade war. Kathleen Brooks, an analyst at XTB, said: 'Market sentiment cannot find an anchor since trade policies remain fluid.' Never the less, the S&P 500 is less than 4pc away from its record highs touched in February following the sharp drop and then recovery after his 'liberation day' tariffs on April 2. In premarket trading, the Dow Jones Industrial Average and S&P 500 were down 0.3pc, and the Nasdaq 100 was down 0.2pc. Andrew Bailey said the recent trade agreement struck between the UK and the US was 'in the circumstances, a good thing'. However, the Governor of the Bank of England added: 'It still leaves the average tariff level higher than it was pre all this starting, and that's important to bear in mind. 'The UK is a very open economy.... so what affects our economy is not just whatever trade agreements we do, but also what the rest of the world does. 'You could make this point not just about China but also about the EU.' Mr Bailey reiterated his call for the UK to strengthen trade with the EU post-Brexit, telling the committee: 'I do strongly take the view that if we can rebuild trade with the EU, because they are our largest trading partner, then that's a good thing.' Andrew Bailey warned Britain would have to wait 'some while' before it felt any benefits from Sir Keir Starmer's trade agreements with the EU and India. The Governor of the Bank of England was asked what he thought of the growth and inflation implications of the UK-EU agreement made last month. He told the Treasury Select Committee: 'I see these in a slightly longer context. If we go back to Brexit for a moment… in the short run, making an economy less open will have a negative effect. 'In the longer-run, the real economy can adjust. Part of that adjustment is trade agreements with other parts of the world. 'The India trade agreement has been in the works for a very long time, so it's good to see it materialising. 'The effects of those agreements tend to take quite a while to come through. It requires adjustments going on in trade patterns, in real economy patterns. 'So in the long run that's what we need to see because it will help the economy to adjust and will help the development of markets. But it will take some while to come through.' The Governor of the Bank of England warned that policymakers would have to 'watch very carefully' the reaction of stock markets in the event of a downturn in the world economy caused by Donald Trump's tariff onslaught. Andrew Bailey said there had been 'a lot of volatility' in stock markets since the US president's 'liberation day' tariffs. He warned of the risks caused by the combination of 'rising government bond yields, falling currency and falling equity markets', which he said had occurred twice in the period following the announcement of 'reciprocal' tariffs on April 2. He acknowledged that stock markets had recovered after the initial tariff shock but warned this meant that 'equity markets clearly are obviously discounting views of the future'. He said: 'They appear to be discounting a more optimistic view of how this will pan out. What we need to bear in mind is, therefore, that their view is conditioned on that and obviously if things change then they will respond.' Mr Bailey told the Treasury Select Committee of MPs that he did not think there had been a 'real serious threat to financial stability coming out of this'. Both of the occasions when there had been 'quite acute' period of rising government bond yields, falling currency and falling equity markets, there had been significant U-turns in US policy, the Governor indicated. He pointed to the 90-day pause in tariffs and Mr Trump's decision to quell of rumours that 'concerned the position' of Jerome Powell, the chairman of the Federal Reserve who the US president had suggested could be fired for failing to cut interest rates. Mr Bailey told MPs: 'What we haven't see however, fortunately, is a real serious threat to financial stability coming out of this.' Andrew Bailey warned that the global tariff war would hit global growth but said it was less clear how it would impact inflation. The Bank of England governor told MPs that the 'impact of fragmenting the world trading system is negative for world growth'. He said tariffs 'increases uncertainty' adding that it 'tends to cause delays and putting off of investment decisions'. However, the said the 'impact on prices is much more ambiguous'. He warned that lowering global trading activity could, lower inflation but added that if tariffs start 'disrupting supply chains that could have the opposite effect'. He said that would 'put some upward pressure on inflation'. 'US-China is the centre of this whole thing,' he said, adding that 'the questions of where that's going... is very important'. The Governor of the Bank of England said interest rates would continue to fall in the months ahead. Andrew Bailey told the Treasury Select Committee of MPs: 'I think the path remains downwards but how far and how quickly is clouded by a lot more uncertainty.' The Bank of England has cut interest rates twice this year to 4.25pc. Money markets indicate there is a 63pc chance it will cut borrowing costs twice more before the end of the year. Rate setters on the Bank of England have tried to justify why they voted the way they did during last month's interest rate decision. Catherine Mann said the Bank of England should try to 'cut through the noise created by volatility' as it decides what to do with interest rates. The rate setter said it was important to send a clear signal to financial markets about the direction of travel. She voted for a larger half a point reduction in rates earlier this year, before voting for rates to be kept on hold in May. Swati Dhingra told MPs that she felt 'keeping policy gradual is a good thing', despite having voted for a larger half a point reduction in rates at the last meeting. Andrew Bailey said he thinks Britain's jobs market 'has loosened somewhat', which was a key reason why he voted for a cut in interest rates last month. The Governor of the Bank of England said there had been 'no particular surprises' on the direction of inflation, despite the upending of global trade relationships by US president Donald Trump. His colleague Catherine Mann, an external member of the Monetary Policy Committee, disagreed and said she did not think that inflation was consistent with hitting the 2pc target. Deputy governor Sarah Breeden told the Treasury Select Committee that she thought the labour market was loosening as she voted for a cut to interest rates. The Bank of England cut interest rates because inflation is continuing to fall and amid a 'very strained' trade policy situation, according to one of the Bank of England's policymakers. Swati Dhingra said members of the Monetary Policy Committee (MPC) broadly agreed that the 'disinflation process has continued'. She was appearing alongside the Governor of the Bank of England in front of MPs to discuss the path for interest rates. Andrew Bailey and his colleagues on the MPC, which sets rates, are appearing before the Treasury Select Committee. Inflation in the eurozone fell to its lowest level since September 2024, official data showed, days before the European Central Bank is expected to cut interest rates. Consumer price increased by 1.9pc in May in the single currency area, which was lower than the 2pc expected by economists, following a sharp decline in services inflation from 4pc to 3.2pc. Overall inflation was also lower than 2.2pc recorded in April, passing back below the European Central Bank's 2pc target, the EU's official statistics agency said. Jack Allen-Reynolds of Capital Economics said: 'May's steep decline in services inflation, to its lowest level in more than three years, confirms that the previous month's jump was just an Easter-related blip and that the downward trend in services inflation remains on track. 'We expect inflation to fall further in the coming months, leaving the headline rate comfortably below 2pc in the second half of the year.' He added: 'This won't have much of a bearing on Thursday's ECB decision, which already looked almost certain to be a 25bp cut. 'But May's inflation data strengthen the case for another cut at the following meeting in July.' Rachel Reeves has one eye on the bond market and the other on her own backbenchers. The Chancellor has been forced to spend the last few weeks focusing on rebellions over benefit cuts and spending plans that she must stick to if she wants to balance the books. Now, though, her authority is starting to be undermined much closer to home. The latest challenge is not coming from investors, the Red Wall or Reform UK. Instead, it is the man next door – her partner at the top of the Government – the Prime Minister. Trade negotiations between the US and India are making progress and a deal could be finalised soon, one of Donald Trump's top officials said, as both sides push to conclude talks ahead of a July deadline. US commerce secretary Howard Lutnick said: 'You should expect a deal between United States and India (in the) not-too-distant future because I think we have found a place that really works for both countries.' He later posted a short video on X of his remarks at the annual summit of the US-India Strategic Partnership Forum in Washington, saying 'We have a great relationship between the countries. I'm optimistic for a trade deal soon that will benefit both nations.' India's trade ministry declined to comment on the timeline. However, Rajesh Agrawal, India's chief negotiator for talks with the US, said last week that trade talks between the two countries were progressing well, and that a 'good outcome' was expected soon. A US trade delegation is scheduled to visit New Delhi on June 5-6 for further discussions. Shares were mostly lower after the slowdown in the dominant manufacturing sector in the world's second largest economy. The FTSE 100 was down 0.1pc, with the Cac 40 in Paris down 0.2pc and the Dax in Frankfurt dropping 0.2pc. Markets in China advanced, with the blue-chip CSI 300 up 0.3pc, despite data showing manufacturing activity slowed unexpectedly in May, even after Beijing and Washington paused their tariff war. Stephen Innes of SPI Asset Management said the situation is 'a body blow to the backbone of China's economy: small and mid-sized exporters now caught in a brutal vice grip between faltering global demand and a Washington-led tariff regime that's more carrot-and-stick diplomacy than ceasefire'. Rachel Reeves has been urged to increase taxes and cut public spending as Britain's growth was downgraded amid rising prices and the damage from Donald Trump's trade war. The Organisation for Economic Co-operation and Development (OECD) said 'momentum is weakening' in the economy, as they told the Chancellor that efforts to cut Government borrowing must be 'stepped up'. It poses a critical challenge to Ms Reeves as she must contend with growing demands for further big increases to public sector pay, the need for more defence spending and the Prime Minister's about-turns on efforts to control benefits spending. Government borrowing costs have fallen after a strong auction of Japanese debt eased concerns about the bond markets. The 10-year UK gilt yield – a benchmark for the cost of servicing the national debt – fell five basis points to 4.61pc. Italian 10-year bond yields fell to three-month lows at around 3.48pc, while French yields also fell to the lowest since early March, touching 3.15pc. Analysts said the fall in yields was supported by a strong government bond auction in Japan. Recent tepid auction results for longer-dated debt in the United States and Japan have raised concerns about the ability of major economies to sell their bonds against a backdrop of concern about high debt levels. But on Tuesday 10-year Japanese government bond (JGB) yields fell after results of an auction of the securities saw the highest demand since April last year Stock markets in London opened higher despite the renewed risks of trade turmoil between the US and China. The FTSE 100 rose 0.2pc to 8,795.42 despite figures showing a slowdown in the dominant manufacturing sector of the world's second largest economy. The mid-cap FTSE 250 climbed 0.1pc to 21,040.96. China's own statistics are painting a rosier picture of the performance of the world's second largest economy. Official data from the National Bureau of Statistics on Saturday showed a less severe contraction in the factory sector last month. The official manufacturing PMI rebounded from 49.0 in April to 49.5 last month, while the independently calculated data by S&P Global and Chinese business outlet Caixin fell to 48.3 in May, the lowest since September 2022. Meanwhile, China's state broadcaster reported that people took more passenger trips during this year's Dragon Boat Festival holiday. The estimated 657 million journeys was up 3pc compared to last year. The indicator is closely watched as a barometer of Chinese consumer confidence. Consumption in the world's second-largest economy has suffered amidst sputtering growth and a prolonged property crisis, while uncertainty from the US-China trade war has also affected consumer confidence. The Dragon Boat Festival took place from May 31 to June 2–- and is celebrated throughout the country with local dragon boat races and many people taking the opportunity to have a short holiday. There were an average of 219 million domestic trips per day, broadcaster CCTV said late on Monday, with both China's rail and air volumes seeing robust passenger flow. Cross border trips rose 2.7pc to 5.9 million, with a total of 231,000 foreign nationals entering the country visa-free during the holiday. China has been expanding its visa policy, with citizens of 43 countries granted visa-free access, while visa-free transit for up to 240 hours in China is available for 54 countries. Chinese factories suffered their sharpest fall in new orders since September 2022, a closely watched survey showed, as bosses grappled with Donald Trump's tariff war. Manufacturing activity hit a nearly three-year low in May, according to the Caixin China General Manufacturing PMI. The reading of 48.3 signalled an unexpected contraction in the powerhouse of China's economy. Zichun Huang of Capital Economics said: 'The surprisingly sharp fall... means that the survey data now point to a loss of economic momentum last month. 'Domestic headwinds (are) more than offsetting the boost from the US-China trade truce.' China and the United States agreed last month to temporarily halt most tit-for-tat tariffs on each other's goods, providing some much-needed relief to global markets. However, that agreement has been thrown into doubt after President Trump and Beijing accused each other of violating the terms of the deal in recent days. Wang Zhe, senior economist at Caixin Insight Group, said the slowdown was linked to 'sluggish external demand, which fell for a second straight month'. Thanks for joining me. China's factory orders dropped last month at their sharpest pace since September 2022 amid Donald Trump's trade war. The closely watched Caixin China General Manufacturing PMI showed manufacturing activity unexpectedly contracted last month. Net zero jobs plans are fundamentally flawed, Miliband warned | Energy Secretary urged to slash taxes as jobs in offshore wind fail to keep pace with oil and gas losses Furious Boohoo and Debenhams customers waiting a month for refunds | Delays come as retailer attempts to refinance debts against a backdrop of falling sales M&S boss's pay jumps to £7m as retailer battles cyber attack | Stuart Machin's salary increased by 39pc just before company's customer data breach Tim Wallace: The European plot to topple the dollar | Trump's chaos is fuelling dreams of euro hegemony – but realising them is easier said than done Matthew Lynn: Customer service is collapsing in high-tax Britain | Ruinous Labour policies are forcing businesses to obsess over costs to the detriment of us all Asia shares edged slightly higher while the dollar fell to a six-week low amid confusion about the outlook for US trade policy. Donald Trump and Chinese leader Xi Jinping will probably speak this week, White House Press Secretary Karoline Leavitt said on Monday, days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions. The call between the two leaders will be closely watched by markets, which have been roiled by tariff-induced trade tensions between the world's two largest economies that continue to simmer. Data on Monday showed US manufacturing contracted for a third straight month in May and suppliers took the longest time in nearly three years to deliver inputs amid tariffs. China's factory activity in May also shrank for the first time in eight months, a private-sector survey showed on Tuesday, indicating US tariffs are starting to hurt manufacturers. MSCI's broadest index of Asia-Pacific shares outside Japan reversed early losses to last trade 0.4pc higher, while Japan's Nikkei rose 0.1pc. On Wall Street, the Dow Jones Industrial Average rose 0.1pc, to 42,305.48, the S&P 500 rose 0.4pc, to 5,935.94, and the Nasdaq rose 0.7pc, to 19,242.61. In the bond market, the yield on benchmark 10-year US Treasury notes rose to 4.450pc from 4.425pc late on Sunday. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.

Trump gives countries Wednesday deadline for ‘best offer' on trade talks
Trump gives countries Wednesday deadline for ‘best offer' on trade talks

New York Post

time2 hours ago

  • New York Post

Trump gives countries Wednesday deadline for ‘best offer' on trade talks

WASHINGTON — President Trump has given countries a Wednesday deadline to make their best offers on trade — with the White House calling it a 'deadline' to submit offers to avoid massive reciprocal tariffs due to take effect on July 8. The office of the US Trade Representative Jamieson Greer sent a letter, reported Monday by Reuters, 'to all of our trading partners just to give them a friendly reminder that the deadline is coming up,' White House press secretary Karoline Leavitt confirmed at her Tuesday briefing. Greer, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick 'are in talks with many of our key trading partners around the globe… and they continue to be engaged in those discussions. And this letter was simply to remind these countries that the deadline is approaching and the President expects good deals, and we are on track for that,' Leavitt said. 3 White House press secretary Karoline Leavitt confirmed Tuesday that countries have been told to submit their best trade proposals. AP 3 Trump wants countries to submit their best offers by Wednesday. Al Drago / Pool via CNP / Leavitt added that 'each country has unique advantages and unique challenges to it, based on their markets and what they export to us and what we export to them. And so that's why the president smartly advised his trade team to engage in tailor-made deal-making. And we saw that with the United Kingdom, and we will see that with other countries as well.' Trump will sign orders later Tuesday to increase tariffs on steel and aluminum to 50% — after previously tightening 25% rates to end exceptions for top importers. Trump on April 2 announced sweeping 'reciprocal' tariffs on countries, as well as a new 10% baseline tariff on most nations, which is roughly triple the prior rate. He paused most of the reciprocal tariffs shortly after they took effect to allow for trade talks. Thus far, Trump has reached deals-in-principle with China and the UK, though neither has been formally drafted and ratified — as a court battle rages over the legality of the reciprocal levies. The Chinese deal in May ended a tit-for-tat escalation that saw US tariffs rocket to about 145% before they were reduced to 30% pursuant to the agreement. Trump is expected to speak with Chinese President Xi Jinping this week to discuss the status of talks on a final deal, as well as his frustration that Beijing has not relaxed continued export restrictions on rare earth elements essential for batteries and high-tech equipment. The UK pact left in effect the new 10% baseline tariff while exempting 100,000 UK-made cars per year from Trump's new 25% global auto tariff. London, in turn, is due to drop its ethanol fuel tariff from 19% to zero, allowing market access to the corn-based fuel worth up to $700 million — while the US eliminates tariffs on British-made airplane parts, including Rolls-Royce engines. 3 US Trade Representative Jamieson Greer, left, sent the letter to his counterparts overseas. AFP via Getty Images Trump, who has outlined tariffs as a way to protect or reshore major industries, previously suggested that his administration would unilaterally dictate new and lower 'reciprocal' rates if need be. The original rates were loosely correlated with the size of a country's trade deficit with the US. Trump also has indicated some flexibility with low-wage countries hammered particularly hard by the looming rates. Nations such as Bangladesh (with a 37% assessed reciprocal rate), Sri Lanka (44%) and Mauritius (40%), for example, are important cogs in the global textile trade due to cheap labor. 'We're not looking to make sneakers and T-shirts. We want to make military equipment. We want to make big things. We want to make, do the AI thing,' Trump told a Post reporter on May 25. 'I'm not looking to make T-shirts, to be honest. I'm not looking to make socks. We can do that very well in other locations. We are looking to do chips and computers and lots of other things, and tanks and ships.'

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