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Reuters
8 hours ago
- Business
- Reuters
British firms shrug off US tariffs, BoE survey shows
LONDON, June 5 (Reuters) - Few British businesses expect to be directly affected by recent changes in U.S. trade policy, with only 12% naming it as one of their top three sources of uncertainty, a Bank of England survey showed on Thursday. The BoE said 70% of businesses surveyed in May expected that U.S. tariffs would have no impact on their sales, prices or investment plans. Twenty-two percent expected sales to fall over the year ahead, 20% said they would invest less, 15% expected to lower prices and 7% expected to raise prices, the BoE said. The survey took place from May 9-23 and covered 2,129 firms.
Bloomberg
4 days ago
- Business
- Bloomberg
Trump's Steel Tariffs ‘Economic Self Harm,' Australian PM Says
Donald Trump's decision to double steel tariffs on imports was 'inappropriate' but it won't impact Australia any more than it would other countries, Prime Minister Anthony Albanese said. Talking to reporters, Albanese said the US President's move to increase tariffs on steel and aluminum to 50% from 25% was 'an act of economic self harm by the United States that will increase the cost for consumers' in the US.
Yahoo
5 days ago
- Business
- Yahoo
Trump says will double steel, aluminum tariffs to 50%
US President Donald Trump's announcement that he would double steel and aluminum import tariffs to 50 percent from next week drew ire from the European Union Saturday in the latest salvo in his trade wars aimed at protecting domestic industries. The EU warned it was "prepared" to retaliate against the latest tariffs, adding the sudden move "undermines ongoing efforts to reach a negotiated solution" between the bloc and the United States. "We're going to bring it from 25 percent to 50 percent, the tariffs on steel into the United States of America," Trump said Friday while addressing workers at a US Steel plant in Pennsylvania. "Nobody's going to get around that," he added in the speech before blue-collar workers in the battleground state that helped deliver his election victory last year. Shortly after, Trump wrote in a Truth Social post that the elevated rate would also apply to aluminum, with the new tariffs "effective Wednesday, June 4th." Since returning to the presidency in January, Trump has imposed sweeping tariffs on allies and adversaries alike in moves that have rocked the world trade order and roiled financial markets. The tariffs had seen a brief legal setback earlier this week when a court ruled Trump had overstepped his authority, but an appellate court on Thursday said the tariffs could continue while the litigation moves forward. Trump has also issued sector-specific levies that affect goods such as automobiles. On Friday, he defended his trade policies, arguing that tariffs helped protect US industry. He added that the steel facility he was speaking in would not exist if he had not also imposed duties on metals imports during his first administration. - 'Devil in the details' - On Friday, Trump touted a planned partnership between US Steel and Japan's Nippon Steel, but offered few new details on a deal that earlier faced bipartisan opposition. He stressed that despite a recently announced planned partnership between the American steelmaker and Nippon Steel, "US Steel will continue to be controlled by the USA." He added that there would be no layoffs or outsourcing of jobs by the company. Upon returning to Washington late Friday, Trump told reporters he had yet to approve the deal. "I have to approve the final deal with Nippon, and we haven't seen that final deal yet, but they've made a very big commitment," Trump said. Last week, Trump said that US Steel would remain in America with its headquarters to stay in Pittsburgh, adding that the arrangement with Nippon would create at least 70,000 jobs and add $14 billion to the US economy. Trump in Pennsylvania said that as part of its commitment, Nippon would invest $2.2 billion to boost steel production in the Mon Valley Works-Irvin plant where he was speaking. Another $7 billion would go towards modernizing steel mills, expanding ore mining and building facilities in places including Indiana and Minnesota. A proposed $14.9 billion sale of US Steel to Nippon Steel had previously drawn political opposition from both sides of the aisle. Former president Joe Biden blocked the deal on national security grounds shortly before leaving office. There remain lingering concerns over the new partnership. The United Steelworkers union (USW) which represents thousands of hourly workers at US Steel facilities said after Trump's speech that it had not participated in discussions involving Nippon Steel and the Trump administration, "nor were we consulted." "We cannot speculate about the meaning of the 'planned partnership,'" said USW International President David McCall in a statement. "Whatever the deal structure, our primary concern remains with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work," McCall said. "The devil is always in the details," he added. Trump had opposed Nippon Steel's takeover plan while on the election campaign trail. But since returning to the presidency, he signaled that he would be open to some form of investment after all. bys-bur/aha/jgc/sla/giv/md Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Japan downgrades view on global economy as US tariffs bite
By Leika Kihara TOKYO (Reuters) -Japan's government on Thursday downgraded its assessment on the global economy in the face of uncertainty over U.S. trade policy, signalling its alarm over the broadening fallout from President Donald Trump's tariffs. In its monthly economic report for May, the government also revised down its assessment for the U.S. economy for the first time in nearly three years to say its expansion was moderating. "A pick-up in the global economy is moderating with growth stalling in some regions amid uncertainty over U.S. trade policy," the report said. In April, the government said global economic growth was picking up. The government maintained its assessment on Japan's economy, saying it is "recovering moderately, while uncertainty exists over U.S. trade policy." While rising jobs and household income will underpin a moderate recovery in Japan's economy, downside risks from U.S. tariffs are increasing, the report said. "The effects of continued price rises on household sentiment and consumption are also downside risks to Japan's economy," it said, adding the fallout from market fluctuations also warranted attention. The International Monetary Fund slashed its global growth forecasts by 0.5 percentage point to 2.8% for 2025 in its World Economic Outlook report released on April 22, citing the impact of sweeping tariffs imposed by the Trump administration. While the United States and China agreed on a temporary truce in their trade war, uncertainty over Washington's trade policy has disrupted supply chains, weighed on global demand and prompted firms to put off investment plans. Japan's economy shrank an annualised 0.7% in the first quarter for its first contraction in a year and exports to the U.S. slumped in April, highlighting the toll U.S. tariffs is taking on its fragile recovery.
Reuters
22-05-2025
- Business
- Reuters
Japan downgrades view on global economy as US tariffs bite
TOKYO, May 22 (Reuters) - Japan's government on Thursday downgraded its assessment on the global economy in the face of uncertainty over U.S. trade policy, signalling its alarm over the broadening fallout from President Donald Trump's tariffs. In its monthly economic report for May, the government also revised down its assessment for the U.S. economy for the first time in nearly three years to say its expansion was moderating. "A pick-up in the global economy is moderating with growth stalling in some regions amid uncertainty over U.S. trade policy," the report said. In April, the government said global economic growth was picking up. The government maintained its assessment on Japan's economy, saying it is "recovering moderately, while uncertainty exists over U.S. trade policy." While rising jobs and household income will underpin a moderate recovery in Japan's economy, downside risks from U.S. tariffs are increasing, the report said. "The effects of continued price rises on household sentiment and consumption are also downside risks to Japan's economy," it said, adding the fallout from market fluctuations also warranted attention. The International Monetary Fund slashed its global growth forecasts by 0.5 percentage point to 2.8% for 2025 in its World Economic Outlook report released on April 22, citing the impact of sweeping tariffs imposed by the Trump administration. While the United States and China agreed on a temporary truce in their trade war, uncertainty over Washington's trade policy has disrupted supply chains, weighed on global demand and prompted firms to put off investment plans. Japan's economy shrank an annualised 0.7% in the first quarter for its first contraction in a year and exports to the U.S. slumped in April, highlighting the toll U.S. tariffs is taking on its fragile recovery.
