Latest news with #cross-Atlantic
Scotsman
28-05-2025
- Business
- Scotsman
UK mid-market shaken but not deterred by tariffs dramas and economic head winds
New research from leading business and financial advisory firm Grant Thornton UK has revealed the UK's mid-market remains broadly optimistic in the face of uncertainty driven by tariffs. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Grant Thornton UK's latest Business Outlook Tracker, a rolling survey of over 600 UK mid-market decision makers (April 2025) found that whilst businesses are reviewing their strategies around US and international investment, they expect their decisions to be made quickly and feel they have a clear view of the options available. Undertaken before the announcement of the UK-US trade deal, the Business Outlook Tracker optimism indicators have declined since they reached record highs at the beginning of the year; they remain above average levels seen across the last four years. 80% of businesses were optimistic about the UK's economic prospects over the next six months (-3pp since February) and 59% expect their organisation's profits to increase in next six months (-8pp decrease since February). Advertisement Hide Ad Advertisement Hide Ad Jill Hay, Partner at Grant Thornton UK in Scotland, said:'Mid-market businesses are the real powerhouse of the UK economy. Their plans, actions and opinions are a clear bellwether of our economic health. This survey was undertaken in light of the Government's Spring Statement and six months after the Autumn Budget, both of which contained significant fiscal announcements which created cost increases for businesses in many areas. That mid-market leaders remain this positive is notable. Jill Hay, Partner at Grant Thornton UK in Scotland 'Having faced the considerable challenges of the last five years, dominated by the pandemic and its after-effects, many businesses are now hard-wired to withstand sudden shocks and have built resilience into their business model.' When questioned about their focus on the US market, 75% of respondents said that the US is a core growth market. Though many (61%) respondents agreed that tariffs will have a negative impact on the growth of their business, mid-market leaders are exploring options and remaining cautiously optimistic about cross-Atlantic trade. 70% still believe the Trump administration is good for British business, though this has dropped -13pp since February this year. Despite this positive sentiment, of those businesses currently trading with the US (68% of total respondents) nearly half (45%) expect to stop trading with the US completely, and 25% expect to scale down trading with the US. Only a small number (9%) do not expect any impact on their trade with the US. Advertisement Hide Ad Advertisement Hide Ad Jill Hay concluded:'According to our research, businesses are moving quickly to consider all options on the table, from exploring alternative markets, to setting up US operations to moving elements of the supply chain back to the UK. 'Whilst the survey was undertaken before the announcement of the US-UK trade deal, we have seen limited details so far, and bearing in mind that negotiations in some areas are still in train, I suspect that the mid-market's planning will have changed little – there is still a lot to be decided, and considering all options remains the right business course of action. 'Things are changing at pace, this month so far, we have seen two trade deals and interest rate cut delivering some positive economic progress and welcome reassurance for businesses. Trade deals serve to offer clarity for businesses, aiding planning and investment. With a further deal with the EU expected before the end of the month, this clarity along with the endorsement of global leaders reinforces the UK's position as a reliable trading partner. 'Crucially, in the current unpredictable world, it is important not to take knee-jerk decisions when considering market focus or location of operations. These are longer-term decisions and assuming an outcome can result in locking a business into a costly change programme and higher cost environment. Advertisement Hide Ad Advertisement Hide Ad 'However, inertia can also negatively impact a business. Detailed sensitivity and options analysis, with flexible contingencies, is how we are seeing the better-prepared businesses responding in its current period of 3-6 months before we know more of where US policy, and key international trade deals, will end up.'
Scotsman
28-05-2025
- Business
- Scotsman
UK mid-market shaken but not deterred by tariffs dramas and economic head winds
New research from leading business and financial advisory firm Grant Thornton UK has revealed the UK's mid-market remains broadly optimistic in the face of uncertainty driven by tariffs. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Grant Thornton UK's latest Business Outlook Tracker*, a rolling survey of over 600 UK mid-market decision makers (April 2025) found that whilst businesses are reviewing their strategies around US and international investment, they expect their decisions to be made quickly and feel they have a clear view of the options available. Undertaken before the announcement of the UK-US trade deal, the Business Outlook Tracker optimism indicators have declined since they reached record highs at the beginning of the year; they remain above average levels seen across the last four years. 80% of businesses were optimistic about the UK's economic prospects over the next six months (-3pp since February) and 59% expect their organisation's profits to increase in next six months (-8pp decrease since February). Advertisement Hide Ad Advertisement Hide Ad Jill Hay, Partner at Grant Thornton UK in Scotland, said: 'Mid-market businesses are the real powerhouse of the UK economy. Their plans, actions and opinions are a clear bellwether of our economic health. This survey was undertaken in light of the Government's Spring Statement and six months after the Autumn Budget, both of which contained significant fiscal announcements which created cost increases for businesses in many areas. That mid-market leaders remain this positive is notable. Jill Hay, Partner at Grant Thornton UK in Scotland 'Having faced the considerable challenges of the last five years, dominated by the pandemic and its after-effects, many businesses are now hard-wired to withstand sudden shocks and have built resilience into their business model.' When questioned about their focus on the US market, 75% of respondents said that the US is a core growth market. Though many (61%) respondents agreed that tariffs will have a negative impact on the growth of their business, mid-market leaders are exploring options and remaining cautiously optimistic about cross-Atlantic trade. 70% still believe the Trump administration is good for British business, though this has dropped -13pp since February this year. Despite this positive sentiment, of those businesses currently trading with the US (68% of total respondents) nearly half (45%) expect to stop trading with the US completely, and 25% expect to scale down trading with the US. Only a small number (9%) do not expect any impact on their trade with the US. Advertisement Hide Ad Advertisement Hide Ad Jill Hay concluded: 'According to our research, businesses are moving quickly to consider all options on the table, from exploring alternative markets, to setting up US operations to moving elements of the supply chain back to the UK. 'Whilst the survey was undertaken before the announcement of the US-UK trade deal, we have seen limited details so far, and bearing in mind that negotiations in some areas are still in train, I suspect that the mid-market's planning will have changed little – there is still a lot to be decided, and considering all options remains the right business course of action. 'Things are changing at pace, this month so far, we have seen two trade deals and interest rate cut delivering some positive economic progress and welcome reassurance for businesses. Trade deals serve to offer clarity for businesses, aiding planning and investment. With a further deal with the EU expected before the end of the month, this clarity along with the endorsement of global leaders reinforces the UK's position as a reliable trading partner. 'Crucially, in the current unpredictable world, it is important not to take knee-jerk decisions when considering market focus or location of operations. These are longer-term decisions and assuming an outcome can result in locking a business into a costly change programme and higher cost environment. Advertisement Hide Ad Advertisement Hide Ad
The Star
18-05-2025
- Politics
- The Star
China's defence chief forges Europe ties in Paris, Berlin plus UN peace pledge
In the first visit to Europe by a Chinese defence minister in more than four years, Dong Jun said Beijing would intensify security exchanges with European countries and boost its role in United Nations peacekeeping operations. Dong's visit to France and Germany – ahead of his address to the sixth UN Peacekeeping Ministerial in Berlin on Wednesday – was not announced in advance by Beijing, and the defence ministry issued only brief statements about the meetings held with his counterparts in Paris and Berlin. Each statement said that Dong held in-depth exchanges on bilateral relations and pledged to strengthen defence cooperation. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Sébastien Lecornu, Dong's French counterpart, said in a social media post on Tuesday that the dialogue was 'frank', given the two countries' shared responsibilities as nuclear-weapon states and permanent members of the UN Security Council. According to Lecornu, both sides covered issues including free maritime navigation, the fight against nuclear proliferation, stability in the Indo-Pacific, the security situation in the Middle East, and the return to a 'just and lasting peace' in Ukraine. China has strengthened its defence diplomacy in recent years, portraying itself as a defender of the global order and a source of stability amid the chaos stirred by US President Donald Trump. Beijing has also been fixing ties with the European Union, at a time when cross-Atlantic rifts are widening under Trump's second term in the White House. Britain's top military official Admiral Sir Tony Radakin also made an unannounced visit to Beijing last month. Despite the thaw, tensions remain between China and Europe. Apart from rifts over the Ukraine war and Chinese manufacturing overcapacity, there are also the issues of Taiwan, the South China Sea, and Europe's growing security presence in the Indo-Pacific region. Meanwhile, Dong's European visit coincided with Thursday's peace talks in Turkey, which saw the Ukrainian and Russian delegations arriving in different cities, and the absence of President Vladimir Putin. At the UN meeting in Berlin, Dong said that China would continue to be 'a steadfast supporter and constructive force' in the organisation's peacekeeping operations. He also reaffirmed Beijing's support for its 'central role and core position in global security governance'. According to the transcript of Dong's speech published on the UN website, around 1,800 Chinese blue helmets are currently operating in seven mission areas. Since China's first deployment 35 years ago, it has contributed more than 50,000 peacekeepers, he said. Dong pledged further improvements in China's peacekeeping capabilities, including an equipment upgrade. 'The Chinese side will dynamically refine the capability configuration of our 8,000-strong peacekeeping standby force so that we can meet UN requirements,' he said. 'We will set up a new peacekeeping standby force headquarters team with commanders and staff. We will strengthen the capabilities of quick response and mission support, and incorporate such new-domain capabilities as situational awareness, hi-tech EOD, and anti-UAV systems.' EOD – explosive ordnance disposal – is one of the major operations for UN peacekeeping missions in war-torn areas. Dong also said that China would hold six new training courses this year, with more over the next five years, to help participating countries enhance their operational capabilities. New technologies such as unmanned equipment, AI and simulated training will be further leveraged to ensure peacekeeping missions are more efficient and safer, he added. China announced in 2015 that it would make 8,000 troops available to the UN, completing its registration in 2017. Since then, Beijing has aimed to play a bigger role in peacekeeping missions, while also seeking to gain more real-battle experience for its military. Retired PLA officer Senior Colonel Zhou Bo, now a senior fellow with Tsinghua University in Beijing, said that China has good reason to strengthen its peacekeeping commitments. Supporting global governance will enhance China's image as 'a responsible nation on a peaceful rise', which is what China needs most. 'Because the US seems likely to scale back its own role at the UN, China's commitments will be especially important in the years ahead ... That does not mean that China will replace the US as the UN's biggest donor. But by supporting peacekeeping further, Beijing can make a difference,' he added. Reuters reported in April that the Trump administration proposed eliminating funding for UN peacekeeping missions, citing operational failures in Mali, Lebanon and Democratic Republic of Congo. China is second only to the US as the largest contributor to the United Nations, with Washington accounting for 22 per cent of the US$3.7 billion core regular UN budget and 27 per cent of the US$5.6 billion peacekeeping budget. The last time a Chinese defence minister set foot in Europe was in March 2021, when Dong's predecessor Wei Fenghe visited Hungary, Serbia, Greece and North Macedonia. Wei was brought down last year by a corruption investigation. More from South China Morning Post: For the latest news from the South China Morning Post download our mobile app. Copyright 2025.
Miami Herald
08-05-2025
- Automotive
- Miami Herald
Trump cuts British auto tariffs to 10%, hints at future deals
WASHINGTON - The United States has reduced tariffs on United Kingdom-made vehicles from 27.5% to 10%, providing import tax relief for a small but notable portion of the domestic auto market. The reduction applies to the first 100,000 vehicles the United Kingdom sends stateside, Commerce Secretary Howard Lutnick said Thursday morning in the Oval Office. That cap accounts for almost all of the country's U.S.-bound vehicles, which totaled about 101,000 units last year. The deal - part of a broader bilateral agreement covering steel, agriculture and other industries - will benefit British luxury automakers like Jaguar-Land Rover, Aston Martin and Rolls-Royce Motor Cars Ltd. that have no manufacturing presence in the United States. It comes about a month after Trump imposed a new 25% tariff on all foreign autos. "We took it from 25 to 10 on Rolls-Royce, because Rolls-Royce is not going to be built here. I wouldn't even ask them to do that. It's a very special car, and it's a very limited number too," U.S. President Donald Trump said. He continued: "They make a very small number of cars that are super luxury, and that includes Bentley and Jaguar. So we have some very special cars. So in order to help that industry, and that's really, you know, handmade stuff, and they've been doing it for a long time at the same location. And I said, 'Yeah, that would be good. Let's help them out with that.'" The Republican leader contrasted those companies with other foreign automakers that make "millions of cars." Vehicles from other leading auto-producing countries like Germany and South Korea are still subject to Trump's new 25% import tax hike. Those tariffs apply to vehicles from American companies like General Motors Co., which built about 400,00 of its U.S.-sold vehicles in Korea last year. The U.S.-U.K. trade deal includes a "new trading union" for steel and aluminum, according to the White House. British officials said Thursday that the deal eliminates tariffs on those materials, previously set by Trump at 25%. The president said the final details of the cross-Atlantic trade deal are not yet complete but will be "written up" in the coming weeks. He also reiterated, as he has for weeks, that more trade deals are coming soon, with Lutnick and U.S. Treasury Secretary Scott Bessent is leading those efforts. "Scott is doing certain countries, and Howard's doing certain countries," Trump said, adding that the United States might unilaterally adjust tariff rates on some nations without reaching agreements. "We'll do a number of them." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Euronews
30-04-2025
- Business
- Euronews
US approves sale of €1.17 billion worth of missiles to Poland
ADVERTISEMENT The United States announced on Tuesday that it had approved the sale of $1.33 billion (€1.17 billion) worth of air defence missiles to Poland. The package includes 400 AIM-120D medium-range air-to-air missiles. In addition, Warsaw will also receive guidance systems kits, spare parts, shipping containers, as well as access to the US software needed to operate the missiles. The US State Department approved the possible sale and the US Defence Security Cooperation Agency (DSCA) said it had provided the necessary notifications to Congress for further approval. 'The proposed sale will improve Poland's capability to meet current and future threats by providing air-to-air defence to protect Polish and allied forces in transition or combat and significantly improve the Polish contribution to NATO requirements," said DSCA in a statement. Washington says the sale is in line with its foreign policy goals of ensuring their allies, in particular those in NATO, that act as a 'force for political and economic stability in Europe'. The sale comes as Warsaw looks to achieve its targets of increasing defence expenditure to 5% of GDP by next year, a key demand of US President Donald Trump for NATO members. Trump has routinely criticised Europe for its lack of emphasis on its defence, and low spending on military and defence. He's also accused Washington's longtime cross-Atlantic allies of 'piggy-backing' on the US through NATO for its security. Last week, Estonia, also a NATO member, announced a multi-billion Euro bill in additional defence spending. The new bill will see the Baltic country meet Trump's required threshold, putting the country which neighbours Russia at roughly 5.4% of GDP in defence expenditure. Poland says it's committed to increasing military investments to better equip itself against any potential threats following Russia's full-scale invasion of Ukraine in February 2022.
