Latest news with #Stace
USA Today
23-05-2025
- Automotive
- USA Today
Traveling during Memorial Day weekend? Maps show where traffic could be the worst
A record number of Americans are expected to travel over Memorial Day weekend ‒ a kick-start to a season synonymous with vacationing. This year, the holiday weekend will take place from May 22 to May 26. AAA predicts 45.1 million Americans to travel domestically during the popular holiday period – an increase of 1.4 million from last year. The majority of travelers will be taking a road trip to reach their final destination, with the busiest day for rental car pickups expected to be Friday, May 23, according to Hertz. Where will traffic be the most backed up during weekend travel? And how much extra time should drivers expect to spend on the road? HERE Technologies, a location data and technology company, collected information on traffic and congested roadways in 10 cities throughout the United States. From New York to Chicago to Los Angeles, here's where traffic is expected to be backed up during Memorial weekend: As of recent weekends, traffic congestion has been the worst on the Central Freeway in San Francisco as well as Route 60 in Los Angeles, the Kennedy Expressway in Chicago, and the Washington and Verrazano-Narrows bridges in New York, HERE Technologies reported. HERE Technologies tracks traffic jams, roadway congestion, roadways closed and average speed on the road. Of the 10 cities measured, Detroit experienced the largest increase in weekend traffic jams and congestion between April and May. Comparing congestion in cities between April and May The New York metro area has the most highways of the 10 cities measured. Between April and May of this year, 62.6% of those highways experienced increased congestion. Los Angeles has close to 3,000 highways. During the same period, 33% of highways had an increase in congestion. Roadways to avoid during weekend holiday travel Kyle Jackson, Principal Data Scientist at HERE Technologies, told USA TODAY, "drivers should watch out for the traffic impact of recent road closures such as on the Pacific Coast Highway in Los Angeles, I-10 in Phoenix, and the Kennedy Expressway in Chicago." Anticipated time spent in traffic It may come as no surprise that New York and Los Angeles are the worst cities to be driving in during peak traffic times on a Friday. HERE Technologies tracked the total time it would take to drive the entire road network in these cities. Drivers in New York spend the most extra hours in congestion compared to the other nine cities where traffic congestion was tracked. When is memorial day traffic the worst and when is the best time to drive? As usual with holiday weekends, flexibility pays off and the best time to hit the road is in the morning. On Thursday, May 22, and Saturday, May 24, travelers should leave before noon. On Friday, May 23, the optimal time to start driving is before 11 a.m. For returning home, travelers should leave before 1 p.m. on Sunday, May 25, and before 2 p.m. on Monday, May 26. "Memorial Day weekend getaways don't have to be extravagant and costly,' said Stacey Barber, vice president of AAA Travel, in a press release. "While some travelers embark on dream vacations and fly hundreds of miles across the country, many families just pack up the car and drive to the beach or take a road trip to visit friends. Long holiday weekends are ideal for travel because many people have an extra day off work and students are off from school."
Yahoo
10-02-2025
- Business
- Yahoo
Trump's latest trade war move ‘threatens devastating blow' to UK industry
Donald Trump's tariffs will be a 'devastating blow' to Britain's steel industry and threatens job losses, manufacturing chiefs have warned. Ministers are being urged to shield the UK steel industry from a surge in cut-price foreign imports which will threaten the long-term viability of home-grown manufacturers. In the latest move in his trade war, the US president has announced that he will impose 25pc tariffs on all steel and aluminium imports into the US, on top of existing duties. Gareth Stace, director general of UK Steel, said: 'The imposition of US tariffs on UK steel would be a devastating blow to our industry.' Alasdair McDiarmid, assistant general secretary of the Community Union, added that new tariffs 'would be hugely damaging and threaten jobs.' The UK's steel industry employs 33,000 people directly, as well as a further 42,000 through supply chains. UK steel exports to the US in 2024 were on track to hit 178,000 tonnes, worth £364m and nearly a tenth (9pc) of all UK steel exports, making it Britain's second largest market after the EU, according to industry data. Mr Stace said: 'At a time of shrinking demand and high costs, rising protectionism globally, particularly in the US, will stifle our exports and damage over £400m worth of the steel sector's contribution to the UK's balance of trade.' The UK negotiated a quota system with the US after Mr Trump imposed tariffs during his first term in 2018, which allows Britain to export 500,000 tonnes of steel to the US tariff-free. It is not yet clear whether Mr Trump's latest announcement will completely override these pre-existing arrangements, but even if Britain escapes a direct blow there will still be a huge indirect cost if global trade is diverted, UK Steel warned. Mr Stace said: 'The introduction of further US tariffs will inevitably divert global trade flows, with excess steel potentially redirected to the UK market. 'This reinforces the urgent need for watertight UK trade measures in 2026 to prevent surges in imports following the UK's steel safeguards expiry.' Mr Stace urged the Government to 'act decisively to shield our domestic industry from the fallout of rising global protectionism' and accelerate the introduction of the UK's Carbon Border Adjustment Mechanism (CBAM), a tax on high-emission steel imports that is due to come into effect in January 2027. The global steel market is oversupplied, which means that even if the UK's tariff-free quota were maintained, the British market would be at risk of getting flooded with cheap steel diverted from the US. Existing steel safeguard measures mean that the UK is partially shielded from the effects of trade diversion. However, these measures will expire in June 2026, meaning the UK will be particularly vulnerable during the second half of next year before CBAM kicks in. The blow will hit as manufacturers are scrambling to adapt to the Government's net zero goals. Britain's largest producer Tata Steel in October signed a contract with a metals technology manufacturer to deliver an electric arc furnace at Port Talbot, which will reduce the site's carbon emissions by 90pc. Tata indicated that the tariffs will have no impact on these plans. A government spokesman said it would be seeking further details on the US president's plans. Thanks for joining us on this live blog today. That's all for the moment, but you can keep up with all the latest on the economy and business here. London's blue-chip FTSE 100 closed at an all-time high on Monday, boosted by oil giant BP. A rise in precious metal miners also powered gains on the index. BP topped the FTSE 100 index, gaining 7.4pc, its biggest daily gain in two years, after investor Elliott Management built a stake in the oil company. It is expected to press for changes in strategy and the board. The energy sector rose about 2.1pc, as oil prices ticked higher globally, coming off of three straight weeks of declines. The mining sector saw a 3.6pc increase, as gold prices continued its record run on safe-haven demand after Donald Trump's tariff move amplified trade war and inflation concerns. Drax gained about 3.8pc after the Britain's largest renewable power generator stuck a deal with the UK government over subsidies from 2027 to 2031. The FTSE 100 index rose 0.8pc, while the domestically focused FTSE 250 index advanced 0.9pc. The pan-European Stoxx 600 index ended 0.6pc higher, as investors looked past Trump's moves on tariffs. Wall Street has risen today as optimistic investors take advantage of lower prices. Patrick O'Hare, a analyst, said that losses of more than one percent on Friday 'presumably triggered the buy-the-dip crowd that is driving the action'. He added: 'There seems to be a healthy allowance, too, for the expectation that the stock market will quickly bounce back from last week's losses like it always has on its bull market jaunt to record highs.' Global stock markets rose today, as traders appeared to shrug off Donald Trump's plan for steel and aluminium tariffs. This was in contrast to a week ago when tariff announcements from Trump sent global equities tumbling. The fact that stock markets are up this time around 'could be a sign of tariff fatigue', said Kathleen Brooks, research director at trading group XTB. Mr Trump warned over the weekend that every country would face unspecified 'reciprocal' levies. Regarding steel and aluminium, the United States will move to impose tariffs as early as this week, Mr Trump said. In shares trading, both London and Frankfurt set fresh records. The FTSE 100 rose 0.8pc, hitting an all-time high, while the FTSE 250 gained 0.8pc. Hong Kong and Shanghai stocks rose on Monday, even as hopes of a delay to Trump's tariffs against China were dashed. Chinese tech firms extended gains, buoyed by the success of AI startup DeepSeek. Investor sentiment was boosted by a 'mixture of trade restrictions not being as bad as they might have been and hope for further Chinese stimulus', said Derren Nathan, senior equity analyst at Hargreaves Lansdown. Tokyo was flat, despite Trump's threats to target Japanese goods should the US trade deficit with the country fail to equalise. Wall Street's main indexes are up this afternoon. Most heavyweight technology stocks are rebounding after a steep fall last week, while steelmakers surged after Donald Trump said he would impose additional tariffs on steel and aluminium imports. AI chip giant Nvidia rose 2.4pc, while Microsoft and Google-owner Alphabet climbed more than 1pc each. Dennis Dick, at Triple D Trading, said: 'There's still this underlying theme that people want to be invested in tech stocks and AI. 'Those stocks continue to get bought on dips. [They] continue to outperform overall.' Major technology stocks fell sharply on Friday after Trump announced reciprocal tariffs on all countries, matching the tariffs levied by them. Currently, the S&P 500 is up 0.6pc, the Do is up 0.2pc and the Nasdaq Composite is up 1.1pc. German government bond yields edged down on Monday, near their lowest levels in over a month, as caution prevailed after Donald Trump pledged more new tariffs. Germany's 10-year bond yield, the benchmark for the eurozone bloc, was down at 2.354pc from 2.374pc on Friday. Analysts expect import duties on European countries to have a significant negative impact on economic growth, while inflationary pressures from potential European retaliation would likely be negligible. The European Commission said today that it would react to protect EU interests but added it would not respond until it had detailed or written clarification of the measures. Mr Trump also promised detailed information on Tuesday or Wednesday on his reciprocal tariff plan. 'Markets fear that Trump's 'reciprocal tariffs' could further weigh on the already gloomy growth outlook for the euro area,' said Commerzbank rates strategist Rainer Guntermann. The UK government said today that it is 'ready for all situations' but has not seen details of his plans yet. Ministers 'haven't seen any detailed proposals following the reporting overnight, but will obviously engage as appropriate', Sir Keir Starmer's spokesman told reporters. 'The government is committed to supporting the UK steel industry,' he added, noting 'we always undertake extensive preparations of government to be ready for all situations'. The spokesman also stressed the UK is 'an open free-trading nation' which has 'a very deep and balanced trade relationship with the United States'. The trade association for the UK steel industry has called Donald Trump's plans to impose 25pc tariffs on steel and aluminium imports a 'devastating blow'. UK Steel's director general Gareth Stace said the looming tariffs were 'deeply disappointing' given Britain's 'relatively small production volumes compared to major steel nations'. 'The UK produces world-leading steel, supplying the US with high-quality products for defence, aerospace, stainless, and other critical sectors, materials that simply cannot be replicated elsewhere,' he added. 'The imposition of US tariffs on UK steel would be a devastating blow to our industry.' The US accounts for around 10pc of British steel exports, shipping nearly £400m worth there in 2023. Aluminium sales to the United States represent around six percent of that sector's overall exports, according to the UK government. The UK steel industry has suffered in recent years, in particular as costs soared after energy prices surged in the wake of Russia's invasion of Ukraine. The sector has seen thousands of job losses and some furnace closures in recent years, as it also seeks to decarbonise with government funding support. Alasdair McDiarmid, of the trade union Community, said tariffs would be 'self-defeating' for the US 'as the UK is a leading supplier of specialist steel products required by their defence and aerospace sectors. Stock markets are taking Donald Trump's latest noises on tariffs in their stride. Major indexes around the world are almost all up today. Chris Beauchamp, chief market analyst at online trading platform IG: 'Had an investor just woken up from a month asleep, it would seem that there wasn't much to worry global markets right now. 'Friday's inflation panic and tariff jitters have been entirely forgotten over the weekend. This Monday is very different from its two predecessors. 'Two weeks ago saw the DeepSeek AI news roil markets, and a week ago it was the Mexico/Canada/China tariffs, but the third time has been the charm for investors, who have surged back into the market despite recent developments. 'As ever, markets climb the wall of worry.' The British Government should take a leaf out of Donald Trump's book and only use UK steel 'wherever possible', a leading union has said. Unite, one of Britain's biggest unions, has called for a change in public sector procurement rules. It said that this would be legal as long as the UK designated the steel industry as 'critical national infrastructure'. Sharon Graham, head of Unite, said: 'Donald Trump's steel tariff threat should be a wake-up call for this government. I have long been calling for the steel industry to be classified as critical national infrastructure – just as it is in the US. 'UK steel production is a matter of national security. We now need to change the rules to ensure that the public sector buys UK produced steel, wherever it is available. This will create jobs and drive growth.' Donald Trump's favourite takeaway restaurant has warned of a 'pretty muted' market in America and lower sales in the UK. McDonald's said that custom from low-income diners in America fell significantly in the final quarter of 2024. Chris Kempczinski, chief executive, said: 'The overall market is pretty muted.' But he added: 'Should the underlying environment improve beyond our initial expectations, especially with respect to lower-income consumers, we would expect to benefit disproportionately relative to our competitors.' McDonald's revealed that its sales weakened in the UK last year while the fast-food giant enjoyed a rebound in demand from diners in the Middle East following boycotts. Tariffs on imported steel will squeeze margins and cause delays in the US building industry, insiders and academics have warned. Todd Miller, president at Isaiah Industries, a manufacturer of metal roofing, warned: 'Tariffs do concern me going into our busy season that they will cause delays and higher prices from our domestic sources.' Nigel Driffield, professor of international business and strategy at Warwick Business School, said: 'It is reasonable to assume that the producer will be able to pass on most of the cost to the US importer. 'As steel is largely an input into other products or processes, this will simply put the price up for US users.' Steel manufacturers are trying to bring their supply chain closer or into the US to offset the impact of a tariff hike, which Citi Research said would raise import costs by about $150 (£121) per ton. ArcelorMittal, the world's second-largest steel-maker, is planning to build a manufacturing facility in Alabama to supply to the automotive sector, one of the largest buyers of domestically produced steel. Mexico will wait to see if Donald Trump announces tariffs on steel and aluminium imports before reacting, its president Claudia Sheinbaum said this afternoon. Mr Trump is expected to introduce new 25pc tariffs today on all steel and aluminium imports into the United States, on top of existing metals duties. Mexico is a top steel exporter to the United States. Donald Trump's tariffs will make little difference to China because the US already has punitive tariffs on Chinese steel, economists have said. Jennifer McKeown and Hamad Hussain. of Capital Economics, said: 'The impact on China's economy will be negligible. The US already has high tariffs on Chinese steel (47.5pc) and aluminium (32.5pc), which means that trade is already limited and the incremental impact of even higher tariffs should be small. 'While China did still send $2.5bn worth of the metals to the US last year, this represents just 0.5pc of its exports to the country and 0.01pc of its GDP.' In fact, it is Canada - which Mr Trump says should become part of the United States - which will be most affected. The economists said: 'Trade in steel and aluminium makes up just 2.5pc of world trade and only a fraction of that involves the US, so these tariffs in themselves are no game-changer. Looking at individual economies, Canada is the most exposed since its exports of steel and aluminium to the US account for around 1pc of GDP. Next in line are the UAE, Mexico, South Africa and Brazil.' The warned, however, that higher inflation from tariffs seems to be coming to America, despite the limited impact of steel and aluminium tariffs. They said: 'While these particular tariffs will boost US inflation only slightly (steel and aluminium account for only 3.3pc of US imports and are intermediate, rather than final consumer, goods), they serve as a reminder that deals in some areas do not preclude tariffs in others. 'We still think that broader measures are coming which will push US inflation above 3pc later this year. And unless this threat is removed (which seems improbable), the Fed is likely to stay on the sidelines rather than cutting interest rates further in the months ahead.' Wall Street's main indexes have moved higher this afternoon, recovering from last week's declines, as US steel makers surged. They rose after President Donald Trump said he would impose additional tariffs on steel and aluminium imports. Mr Trump's latest trade escalation came on Sunday when he said he would introduce 25pc tariffs on all imports of steel and aluminium into the United States, on top of existing duties on the metals. US Steel gained 3.4pc after Japan's chief cabinet secretary said Nippon Steel was considering proposing a bold change in its plan to buy the company. Shares of other steel-makers also soared, with Cleveland-Cliffs adding 11.5, and Nucor gaining 5.4pc. Aluminium producer Alcoa was up 3.8pc. Giuseppe Sette, head of market research firm Reflexivity, said: 'We're certainly in an unmarked territory. It's not every day that an administration is so decisive with its executive powers as to take so much action altogether.' The S&P 500 is up 0.6pc, the Dow is up 0.3pc and the Nasdaq is up 1.1pc. Thanks for joining us on this afternoon. I'm Alex Singleton and will be with you here until the evening. Traders' bets on UK interest rate cuts have edged down slightly today after Donald Trump gave a further signal over the weekend of fresh tariffs. Tariffs raise prices, therefore making it more difficult for central bankers to hit their inflation targets. None the less, the market is still fully pricing in two rate cuts of 0.25 percentage points by the end of the year. Wall Street opened the week higher after Donald Trump's tariff plans sent US steelmakers surging. The Dow Jones rose 0.21pc at the open, while the S&P 500 was up 0.34pc and the Nasdaq jumped 0.74pc. It means Wall Street's main indices recovered from last week, when stocks were hit by nervousness over the risk of a trade war. US steelmakers led the gains on Monday morning in New York, with Nucor, US Steel and Cleveland-Cliffs shares all jumping on the market open. Brazil is reportedly planning to introduce new taxes on US tech companies if Donald Trump pushes ahead with his steel tariff plans. According to newspaper Folha de the Brazilian government is plotting levies on companies including Amazon, Meta, which owns Facebook and Instagram, and Alphabet-owned Google. Brazil is one of the largest sources of US steel imports. Brazil's finance minister Fernando Haddad said the government would wait until a formal announcement over the metal tariffs before responding with its own measures. He said: 'The government has decided to comment only on concrete decisions, not announcements that could be misinterpreted or revised. The government will wait for an official decision before making any statement.' The German Chancellor has become the latest European leader to warn over a looming trade war, after Donald Trump signalled he was escalating tariffs on Sunday. Chancellor Olaf Scholz said anyone imposing tariffs must expect retaliatory tariffs, when asked about the threat of the US president's metals levies. He said: 'Currently, given that nothing is yet official, we can only say with great caution but great clarity: Anyone who imposes tariffs must expect counter-tariffs.' It comes after Emmanuel Macron over the weekend said he was willing to go 'head-to-head' with President Trump over tariffs. He said the EU should not be a top priority for the US in its trade war, saying: 'Is the European Union your first problem? No, I don't think so. Your first problem is China, so you should focus on the first problem.' The bluechip index has risen to an all-time high after a boost from oil major BP. The FTSE 100 rose to hit 8,769.27 on Monday afternoon. It follows weeks where the index has been gaining, driven by the stronger dollar. The latest boost came after BP shares were sent soaring by reports of activist investor interest. Read more about how New York-based Elliott Investment Management is building a stake in the oil giant here. More countries are starting to respond to the threat of new tariffs on steel and aluminium. As Jack Maidment reports, Downing Street said the UK will 'engage as appropriate' with the White House on Donald Trump's proposed tariffs on steel and aluminium. No 10 said the UK and the US 'work closely together on a range of economic issues' and they will 'continue to have those conversations with counterparts in the US'. But the Prime Minister's official spokesman said the Government was still waiting to see the details on the levies. 'It would be wrong to speculate given we haven't seen any detail,' the spokesman said. Downing Street said the US was the destination for approximately 5pc of UK steel exports in 2023. Sir Ed Davey said Sir Keir Starmer must not leave British steelmakers 'at the mercy of Trump's tariffs'. Jack Maidment has the latest: The leader of the Liberal Democrats urged the Prime Minister to immediately convene a 'Four Nations summit' with the leaders of the devolved administrations to agree a joint plan on how best to respond to the US president's proposed levies on steel and aluminium. Sir Ed the threat of tariffs 'will plunge many into deep uncertainty'. 'Keir Starmer must immediately call a Four Nations summit with leaders across the United Kingdom, to agree a joint plan to protect our economy from Trump's damaging trade war,' he said. 'The Government cannot leave our steelworkers at the mercy of Trump's tariffs, after years of being let down by the Conservative Party. We need to see coordinated action to protect jobs and livelihoods in communities across our country.' Donald Trump's tariffs could end UK steel exports to the US, according to the director of the Institute for Fiscal Studies. As Jack Maidment reports, Paul Johnson said exports to the US made up a 'relatively small fraction' of overall UK steel exports but he believed the levies proposed by Mr Trump 'may well be enough to end that particular bit of our steel exports'.The US president announced overnight that he intended to impose 25pc tariffs on all steel and aluminium if the UK should be worried, Mr Johnson told Times Radio: 'It's a relatively small fraction of our steel, but it may well be enough to end that particular bit of our steel exports.'He said it 'will pose some problems' for the UK.'I think it is, as I say, a strange thing to be putting tariffs on, and it's going to create additional inflation, at the very least, in the United States and that will have knock-on effects in itself, in terms of interest rates probably across the rest of the world,' he UK exported 166,433 tonnes of steel to the US in 2023, the last full year for which figures are available. Gold has hit a record high on the news that further tariffs are coming from the US president. Bullion climbed to an all-time peak above $2,895 an ounce, as fears over a looming trade war sparked a dash towards safe assets. It follows the suggestion of new metals tariffs from Donald Trump last night, adding to an already tense atmosphere as Federal Reserve Chair Jerome Powell prepares for his semiannual congressional testimony. Westpac Banking Corp. analyst Richard Franulovich said: 'Gold remains in a sweet spot, with little standing in its way. 'An intrinsically unpredictable and disruptive Trump, hurtling tariff threats at allies and adversaries alike, alongside the threats of 100pc tariffs on the BRICs if they diversify away from the dollar, all point to a lift in gold's safe-haven appeal.' The Government will miss its targets for new homes by a long way, a third of builders believe, amid pressure for companies to do more on affordable houses. A new Knight Frank survey found that many housebuilders were only expecting the UK to build half of the 300,000 homes it is targetting this year. The Government has set out plans to build 1.5 million homes over the next five years, reaching around 300,000 homes every years. However, homebuilders have raised concerns that the UK will fail to meet this target, given tough rules on developers over affordable homes and a lack of funding for social housing providers. Knight Frank senior analyst Anna Ward said: 'Housing associations once played a crucial role in supply but now struggle to deliver high volumes, causing delays for developers.' Shares in US steel and aluminium makers jumped in premarket trading following Donald Trump's announcement over new trade tariffs. Nucorwere was trading up 9.5pc, while Steel Dynamics rose by 6.3pc, Century Aluminum by 9.4pc and Alcoa by 5.9pc. Meanwhile, in European, steelmakers including ArcelorMittal , Voestalpine and Salzgitter slipped. DZ Bank analysts said: 'The major structural challenges that already exist in the German steel sector could be exacerbated by tariffs.' New job openings have fallen at their fastest pace since the pandemic amid widespread 'gloom' in the wake of Rachel Reeves's Budget. As Louis Goss reports, the volume of permanent vacancies in the UK dropped for the 15th month in a row in January and at the fastest pace since August 2020, according to KPMG and the Recruitment and Employment Confederation (REC). Vacancies for temporary workers also fell sharply. The Chancellor's tax raid on employers' National Insurance contributions was blamed for the slowdown, as was Angela Rayner's overhaul of workers' rights. Businesses face a collective £25bn increase in National Insurance contributions from April. Companies will be made to pay sums equivalent to 15pc of their employees' annual salaries, above an earnings threshold of £175 per week. Read more here. The Government's announcement this morning that it is pushing ahead with new subsidies for Drax comes after the Telegraph revealed the UK would strike a new deal for the wood burning power plants late last week. On Friday, the Telegraph reported that the Energy Secretary would this week signal his continued support for biomass fuel with a new subsidy deal. Announcing the tie-up on Monday, Will Gardiner, Drax's chief executive, said the deal was 'an investment in UK energy security'. He said: 'Under this proposed agreement, Drax can step in to increase generation when there is not enough electricity, helping to avoid the need to burn more gas or import power from Europe, and when there is too much electricity on the UK grid, Drax can turn down and help to balance the system.' However, it risks being seen by environmentalists as a betrayal of Labour's promises to focus on clean energy. Drax's biomass plant, which generates power by burning wood, is classed as carbon-neutral as trees can be planted to replace those burned for fuel. It still generates immediate emissions and has been blamed for fuelling deforestations. The European Commission has said it will wait to respond to new US metals tariffs until it has seen details or written clarification on the measures. The EU is expected to be included in the planned US move to introduce 25pc tariffs on all steel and aluminium imports, with Donald Trump saying on Sunday he was looking to hit every country. The Commission said on Monday: 'At this stage, we have not received any official notification regarding the imposition of additional tariffs on EU goods. We will not respond to broad announcements without details or written clarification. 'The EU sees no justification for the imposition of tariffs on its exports. We will react to protect the interests of European businesses, workers and consumers from unjustified measures.' Shares in BP have jumped to their highest level in six months, after activist investor Elliott Management targetted the oil giant. BP was trading almost 7pc higher on Monday morning, putting it on course to record its largest daily gain since early 2023. On Saturday, reports emerged that Elliott Management had built up a position in the oil major, although the size of the stake was not disclosed. It has sparked speculation that the company could be set for an overhaul, after facing years of criticism over underperformance. Biraj Borkhataria, an analyst at RBC Capital Markets, said: 'For BP, given the circumstances around the changes to its previous CEO, we think any activist would call for a change in the chairperson at the very least.' Murray Auchincloss, BP's chief executive, is due to set out a new company strategy on Feb 26. The UK is cutting subsidies for power company Drax in half for the 2027-2031 period. The Government said Drax would only be providing low carbon dispatchable power when it is 'really' needed, with plans for it to play a much more limited role in the energy system. Under the new deal, announced on Monday, Drax will need to switch to using 100pc woody biomass from sustainable sources, up from the previous level of 70pc. The Government said it believed the new deal would save consumers £170m in subsidy each year of the agreement compared with the alternative of procuring gas. India is considering cutting more tariffs to help boost American imports ahead of a US visit by Narendra Modi this week. The country is reportedly planning to cut tariffs at least a dozen sectors including electronics and chemicals in an effort to avoid a potential trade war with the US. Indian prime minister Narendra Modi is set to meet with Donald Trump this week during a two-day US visit. It follows claims by the US president that India is a 'very big abuser' on trade. He has called for India to buy more American-made security equipment to create a fairer two-way trading relationship. In a statement on Monday, Mr Modi said: 'This visit will be an opportunity to build upon the successes of our collaboration in his (Trump's) first term.' Maintaining 'balanced trade' between the US and UK is in 'the best interests' of both countries, Dame Angela Eagle has said, after the US threatened new steel tariffs. Speaking to Sky News, the Minister of State at the Home Office said: 'We have a very balanced trading relationship with the US, I think £300bn worth of trade between our countries, and I think it's in the best interests of both of us, as long-standing allies and neighbours, that we carry on with that balanced trade. 'We will have to wait and see whether the president gets more specific about what he meant by that comment on the way to the Super Bowl.' President Trump's plans to introduce new tariffs on steel are expected to hit countries including Canada, Mexico and the EU hardest, with China avoiding a major blow. Charu Chanana, chief investment strategist at Saxo in Singapore, said: 'These threats appear legitimate and within Trump's power to implement on the basis of national security. The old playbook can't be used because China is no longer a significant supplier of steel to the U.S. after the 2018 tariffs. 'Instead, the impact will be more pronounced on countries like Canada, Mexico, the EU, Japan, South Korea, Taiwan, and Brazil. The immediate concern, however, might not be inflation, as there could be counter effects such as demand slowdown. The bigger concern is the uncertainty and the shift towards a more protectionist world.' 1. Complex tax system costs British businesses £15bn a year | Britain's 'increasingly complex' tax system is costing businesses £15.4bn a year just to comply with, the public spending watchdog has warned. 2. BP targeted by activist investor as Trump unshackles US oil giants | British giant struggles with tanking share price while rivals prepare for industry boom 3. Net zero threatens to kill off the beer bottle, warn brewers | Looming 'glass tax' will limit choice of drink on supermarket shelves, ministers told 4. Roger Bootle: Britain risks friendly fire from the US in Trump's tariff battle with the EU | President's looming European levies present both dangers and opportunities for Starmer 5. Matthew Lynn: Europe's anti-Elon Musk space challenger is doomed to fail | Brussels' state-backed bloat can't compete with America's ruthless free market Japan's benchmark Nikkei 225 shed 0.1pc in early trading to 38,746.96. The Japanese government reported a record current account surplus last year of 29 trillion yen, underlining strong returns on overseas investments, boosted by a weak yen and recovering Japanese exports. South Korea's Kospi added 0.1pc to 2,524.85. Australia's S&P/ASX 200 lost 0.4pc to 8,479.30. Hong Kong shares bucked the trend and opened higher on Monday, as China's growing clout in artificial intelligence space sparked a wave of optimism toward the nation's tech companies. The Japanese yen weakened more than 0.3pc to 151.93 per dollar, but remained close to the one-month high it touched on Friday on growing expectations of the Bank of Japan hiking interest rates this year. China's yuan hit its lowest in three weeks against the dollar, while the onshore yuan fell to 7.3082 to the dollar. The Australian dollar fell 0.1pc to $0.62705. France will call on the European Union to respond to Mr Trump's latest tariffs announcement, Foreign Minister Jean-Noël Barrot said on Monday. Mr Barrot told TF1 television that France and its European partners should not hesitate to defend their interests in the face of the tariff threats. Bullion traded near $2,879 an ounce — after advancing 2.2pc last week — as the US President's latest trade threats helped boost demand for haven assets. 'Gold remains in a sweet spot, with little standing in its way,' Westpac Banking Corp. analyst Richard Franulovich said in a note. 'An intrinsically unpredictable and disruptive Trump, hurtling tariff threats at allies and adversaries alike, alongside the threats of 100pc tariffs on the BRICs if they diversify away from the dollar, all point to a lift in gold's safe haven appeal.' Japan's Nippon Steel is considering proposing a bold change in plan from its previous approach of seeking to buy US Steel, according to Chief Cabinet Secretary Yoshimasa Hayashi. 'We are aware that Nippon Steel is not looking at this as a mere acquisition, but is considering a bold proposal that is completely different from anything it has done in the past,' he said. Mr Hayashi said it would create a win-win situation for both Japan and the US through significant investments and the production of high-quality products demanded by the US and global markets. On Friday, Donald Trump said Nippon Steel's $14.9 billion bid for US Steel would take the form of an investment instead of a purchase. Two people familiar with the matter told Reuters that the biggest Japanese steel-maker had not withdrawn its bid. Nippon Steel declined to comment on that or on Mr Trump's tariff plans. Shares in Nippon Steel fell 1.5pc on Monday, compared with a 0.1pc decline in the Nikkei index. Roughly half all aluminium used in the US is imported, with the vast majority coming from its neighbour Canada. The next largest sources of imports are the United Arab Emirates and China. The US aluminium smelting industry is small by global standards, with total smelter capacity in the country at just 1.73pc of the global total according to the US geological survey. Taiwanese state-owned energy giant CPC Corporation 'is willing' to increase natural gas imports from the US, Taiwan said Monday, after Mr Trump threatened tariffs on the island's semiconductor chips. Taiwan imports nearly all of its energy supply, with official data showing about 38 pc of its natural gas comes from Australia, 25 pc from Qatar and just under 10 pc from the US. 'CPC Corporation, considering factors such as shorter shipping routes and dispersed transport routes, is indeed very interested in Alaskan natural gas,' Taiwan's Ministry of Economic Affairs said in a statement. 'The company will continue assessing the feasibility and is willing to increase purchases.' The statement came after Mr Trump warned of tariffs on overseas-made chips as part of an attempt to drive companies to shift manufacturing to the US. Taiwan is a global power in the manufacturing of chips, which are used in products from Apple's iPhones to Nvidia's artificial intelligence hardware and are a key driver of its economy. Mr Trump, who has accused Taiwan of stealing the US chip industry, recently threatened to impose up to a 100 percent tax on imported semiconductors from the island. Anthony Albanese said Australian companies have 'significant' investments in US steel industry 'creating thousands of jobs in both the US and in Australia'. An exemption would be in the interest of the Australian and American people, he said. 'We regard this as also being in the US national interest as well, because tariffs of course don't tax us, they tax the purchasers of our products,' Mr Albanese said. He said Canberra would 'navigate any differences' with Mr Trump 'diplomatically'. The largest sources of US steel imports are Canada, Brazil and Mexico, followed by South Korea and Vietnam, according to data from the US government and the American Iron and Steel Institute. Australian processed steel was purchased by the largest US military shipbuilder as AUKUS partners Australia, Britain and the US seek to integrate defence supply chains, the Australian government said last year. Australia exported 223,000 tonnes of steel to the US last year and 83,000 tonnes of aluminium, according to the ABC. Anthony Albanese, the Australian Prime Minister, has scheduled urgent discussions with Donald Trump. Mr Albanese told Parliament in Canberra on Monday his government would continue to make the case for an exemption to planned tariffs. 'I have a discussion with President Trump scheduled and I will certainly keep the House and the Australian people informed,' he said. 'The Australian people know I will always stand up for them and I will always stand up for Australia's national interest.' Shares in Australian-listed BlueScope Steel rose nearly 2pc on expectations its US business would gain from the tariffs. It operates the North Star Mill in Ohio and employs around 4,000 people in the US. BlueScope is Australia's largest steel manufacturer. Don Farrell, Canberra's trade minister, said Australian steel and aluminium exports to the US create 'good paying American jobs' and are key to shared defence interests. Mr Farrell said Australia, a key security ally for Washington in the Indo-Pacific, was making the case for 'free and fair trade, including access into the US market for Australian steel and aluminium' in meetings with the Trump administration. 'Australian steel and aluminium is creating thousands of good paying American jobs, and are key for our shared defence interests,' he said in a statement. Mr Farrell is yet to meet with his US counterpart who has not been confirmed in the role, but Australian officials have been making representations on aluminium and steel exports for several months, seeking to secure a similar exemption from tariffs it won during the previous Trump presidency in 2018. President Donald Trump said on Sunday he will introduce new 25pc tariffs on all steel and aluminium imports into the US, on top of existing metals duties, in another major escalation of his trade policy overhaul. Follow this live blog for the latest updates on how countries and markets react to the news. 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.
