Latest news with #globaltariffs
Washington Post
2 days ago
- Business
- Washington Post
UK growth slows in second quarter but comes in higher than expected
LONDON — Britain's economy slowed down during the second quarter of the year in the face of higher taxes on businesses and global tariff uncertainties, but growth came in higher than anticipated, official figures showed Thursday. The Office for National Statistics said output expanded by 0.3% during the second quarter from the previous three-month period, largely as a result of a strong performance in June.
The Independent
2 days ago
- Business
- The Independent
Trump's approval ratings drop with Republicans as he deals with Epstein fallout and tariff concerns
President Donald Trump's approval ratings with Republicans have dropped as he handles fallout from the so-called 'Epstein Files', and concerns about rising prices linked to his global tariffs. A new poll this week, from YouGov and The Economist, revealed 13 percent of Republicans disapproved of the president, with 83 percent approving. The poll was conducted among 1,577 adults across the U.S. This number had increased from May when a similar poll found that 9 percent of that group disapproved of the president. A YouGov/Economist poll, taken on January 26- 28, days after Trump returned to the White House, revealed only a 5 percent disapproval rate among right-leaning Americans. The president's slowly but surely declining approval rating, even among his own supporters, may indicate that his loyal MAGA base is faltering. Specifically, Trump's approval rating with right-leaning Americans has declined on issues including personal trust and the economy. In June, inflation rose to 2.7 percent. Job growth slowed down last month with just 73,000 jobs added to the economy, according to the Bureau of Labor Statistics. The unemployment rate rose to 4.2 percent, but remains historically low. Trump fired head of the bureau, Erika McEntarfer, after the surprisingly weak jobs report, claiming without evidence that the numbers had been rigged. On Monday, he appointed conservative economist E.J. Antoni to the role. The president is seeing inflation rise even as he promised that it would end on the first day of his second stint in the White House. "Starting on day one, we will end inflation and make America affordable again, to bring down the prices of all goods," he said at an election rally last August. Trump's sagging approval rating among his own supporters also comes amid concerns about his tariff policy. Commerce Secretary Howard Lutnick predicted that monthly revenue would reach $50 billion due to the new taxes on imports - however, JP Morgan warned that the costs will ultimately be passed onto consumers in the form of higher prices. Trump's economic approval rating with Republicans dropped from 90 percent in January to 79 percent this month. When it comes to inflation, his approval rating went from 84 percent to 72 percent. While the vast majority of Republicans and right-leaning Americans still support the president, the polling trends indicate that economic worries may be eating into that support. Voters' views on Trump's trustworthiness also took a hit. Between the January poll and the latest survey, Republicans who think the president is untrustworthy went from 7 to 14 percent. One major issue that has caused ruptures in the MAGA base is the Trump administration's handling of the investigation into deceased sex offender, Jeffrey Epstein. Many conservatives, along with Democrats, were outraged by a July 6 memo from the Department of Justice and FBI which concluded that Epstein died by suicide and that there was no 'client list' of high-profile figures involved in his alleged sex trafficking scheme. Attorney General Pam Bondi had earlier insinuated there was a client list sitting on her desk, and that much more information was to be revealed in the investigation. Trump reacted to the uproar by telling his supporters to move on from Epstein. In the weeks following the DOJ memo, the Wall Street Journal published a bombshell story about Trump sending Epstein, his onetime friend, a 'bawdy' birthday sketch in 2003 which reportedly read: 'Happy Birthday — and may every day be another wonderful secret.' The president denied creating the card, and filed a $10 billion defamation lawsuit against the WSJ and its owner Rupert Murdoch. Subsequent reporting also revealed that Trump was informed by Bondi in May that his name appeared in the Epstein files, along with many other high-profile people. Last month Trump denied Bondi had told him that he appears in the Epstein files. The president has never been formally accused or charged with a crime in connection with Epstein. And the issue is unlikely to disappear. Representatives Ro Khanna, a California Democrat, and Thomas Massie, a Kentucky Republican, are planning to bring Epstein survivors to the Capitol for a press conference on September 3 when the House returns from recess.
Bloomberg
01-08-2025
- Business
- Bloomberg
Trump Tariff Deadline Day: 10% Baseline; Higher for Canada, Switzerland
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, it's Tariff Deadline Day - Donald Trump sets minimum global tariffs at 10%, but raises levies on Canada to 35% and Switzerland to 39%. There's a reprieve for Mexico, which now has 90 days to continue negotiations. Global stocks extend their losses to a sixth straight session. Plus, shares in Apple rise after it reported its fastest quarterly revenue growth in three years. But there's a cloud over Amazon, which has forecast weaker-than-expected operating income, after investing billions in AI infrastructure. Today's guests: Thomas Buberl, AXA, CEO & Stefan Dörfler, Erste Group, CFO. (Source: Bloomberg)
Yahoo
09-07-2025
- Automotive
- Yahoo
Achtung! Germany's Mercedes, Porsche stung by Trump's auto tariffs
German luxury stalwarts Mercedes-Benz (MBGAF) and Porsche ( usually count on the US for a sizable portion of their sales — approximately 25% for both automakers. But those days could be over, at least for the time being. Earlier this week, Mercedes reported second quarter global car sales fell 9% to 453,700 units, with US sales down 12% compared to a year ago. "Deliveries to dealerships were carefully calibrated to navigate new global tariff policies, impacting sales of Mercedes-Benz Cars in the U.S. and China in particular," Mercedes said in a statement. The Trump administration implemented 25% auto sector tariffs on all imports starting in early April. Interestingly, sales in Germany and Europe at large climbed 7% and 1%, respectively, with "rest of world," encompassing regions like the Middle East, Africa, and South America, jumping 24%. The company's crosstown Stuttgart rival, Porsche, also reported sliding sales, with global deliveries down 6% to 146,391 units. Porsche noted that US sales actually climbed 10% in the quarter, but there was a big caveat: "The increase is mainly due to higher product availability in the market and the price protection offered in the first half of the year due to increased import tariffs," Porsche said in a statement. Essentially, Porsche is admitting that it relied on pre-tariff inventory to boost sales and subsequently ate into its profit margins by price-protecting its customers — at least for now. Read more: How to find the best luxury car insurance Porsche is in a uniquely troubling situation as its production is all done in Germany and EU countries like Slovenia. Mercedes's exposure is not as acute, as the automaker has a major factory in Tuscaloosa, Ala., where the automaker makes its SUVs and some EVs. As for Porsche, company CEO Oliver Blume (who is also CEO of Volkswagen Group) said Porsche will likely pass tariff costs on to its customers, but he did not say when. Mercedes said this spring that it would price-protect and absorb "some" tariff costs for 2025 models, at least for now. One way automakers can maintain current pricing but pass on tariff costs to buyers is by, for example, eliminating certain incentives. Spokespeople for Mercedes and Porsche did not immediately respond when reached for comment on US pricing. Germany's auto sector represents a big portion of the country's economy, and Germany as a whole is one of the key cogs in the EU's total industrial production. That's why the EU is feverishly negotiating with US negotiators to strike a deal. Politico reported that the US offered the EU a 10% tariff deal — similar to the one struck with the UK — though major caveats remain. Time is of the essence for the EU to strike a deal for the German luxury brands because pre-tariff inventory is likely exhausted, and eating into shrinking profit margins can only last so long. And it's not just Germany's luxury names that are suffering — its biggest automaker is hurting too. Germany's Volkswagen, the world's No. 2 automaker by volume, also reported global sales climbed 1.2% in Q2 but dropped 29% in the US compared to a year ago. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
Arab News
25-06-2025
- Business
- Arab News
Consumers ‘adjust' shopping habits amid rising inflation
A new survey has revealed global concern (85 percent of respondents) about inflation's impact on grocery prices, illustrating consumer unease and clear changes in purchasing decisions across the world. Blue Yonder, a world leader in end-to-end digital supply chain transformation, announced the results of its 2025 Global Consumer Sentiment on Grocery Inflation Survey, spotlighting how sustained inflation, supply chain challenges and global tariffs are influencing grocery spending and broader consumer behavior across generations and regions. The survey polled consumers across Australia and New Zealand, France, Germany, the Middle East, the UK, and the US. 'The findings of this survey underscore just how widespread and deeply felt the impact of inflation is on consumers' everyday lives,' said Ben Wynkoop, senior director, global industry strategist, grocery and convenience, Blue Yonder. 'From buying fewer grocery items and cutting back on certain purchases to shopping at discount retailers and reprioritizing spending across other categories, consumers are navigating prolonged uncertainty — and retailers must adapt accordingly.' Nearly half (49 percent) of all respondents believe newly introduced global tariffs are the leading factor behind inflated grocery prices, followed by increased costs for raw materials (42 percent), increased labor costs in manufacturing and food processing (39 percent), and increased profit margins for brands and manufacturers (33 percent). The perceived top factor driving inflated grocery prices differs across regions. Consumers in the US (65 percent), the UK (56 percent) and the Middle East (50 percent) feel global tariffs are the leading cause of rising prices. Consumers in ANZ (50 percent) feel that increased profit margins for brands and manufacturers is the top factor for inflated prices, while consumers in France (48 percent) and Germany (47 percent) believe the increased cost of raw materials is the leading cause of grocery inflation. There is a generational divide, too. Baby Boomers uniquely believe that increased labor costs in manufacturing and food processing are the leading cause for grocery inflation (52 percent), whereas all other generational groups believe global tariffs are the top cause of inflated prices. Inflation's grip on grocery bills is triggering global concern from consumers. Almost two-thirds of consumers (65 percent) report they would buy fewer grocery items across categories to cope with price increases, while 42 percent would shop at discount and wholesale stores. In addition, approximately one-third would prefer shopping based on promotions and discounts (36 percent) and switching to private label brands (34 percent). Globally, consumers in ANZ are the most likely to reduce spending on clothing and footwear (67 percent), followed closely by the US (62 percent), the UK (61 percent), France (49 percent), Germany (49 percent), and the Middle East (47 percent). 'With most consumers willing to adjust shopping habits in response to grocery inflation and mounting financial pressures, retailers — not just grocers — need to recognize the importance of building trust with shoppers through transparency, targeted promotions and affordability-first strategies,' Wynkoop added. 'Having the right supply chain solutions can help retailers win with consumers during times of both economic prosperity and difficulty.'
