Trump tells Walmart to ‘eat the tariffs’ instead of raising prices May 17, 2025 US president Donald Trump said on Saturday that Walmart should “eat the tariffs” instead of blaming duties imposed by his administration on imported goods for the retailer’s increased prices. His comments were in response to the world’s largest retailer saying this week it would have to start raising prices later this month due to high tariffs. “Walmart [...]
Moody’s cuts America’s pristine credit rating, citing rising debt May 17, 2025 Moody’s downgraded the US sovereign credit rating on Friday due to concerns about the nation’s growing $36 trillion debt pile, in a move that could complicate President Donald Trump’s efforts to cut taxes and send ripples through global markets. Moody’s first gave the United States its pristine “Aaa” rating in 1919 and is the last [...]
‘Chagos chaos’ continues as deal is put ‘on hold’ May 16, 2025 The government has put the much-contested Chagos islands deal ‘on hold’ after outcry from Labour backbenchers. The deal would see sovereignty over the Chagos islands returned to Mauritius, but with the UK and US paying to continue military operations on the islands. The transfer is reported to cost the UK £9bn. While President Trump has [...]
City veteran Lord Rose ‘horrified’ by slow growth under Labour May 15, 2025 Former M&S boss and current Asda co-chief executive Stuart Rose has hit out at Labour’s lack of strategy aimed at boosting the economy, claiming he has been “horrified” by the UK’s lacklustre performance despite Chancellor Reeves’ pledges to deliver growth at a “faster” pace. Reeves said her £40bn tax raid at last year’s autumn budget [...]
Week in Business: Small glass of champagne for Reeves? May 15, 2025 There was some welcome economic growth in Q1 but it's in the rear view mirror; is there any on the horizon?
Boost for Rachel Reeves as UK economy booms in first quarter May 15, 2025 The UK economy surged by 0.7 per cent in the first three months of the year, official data has shown, suggesting firms boosted production ahead of Rachel Reeves’s tax rises in April and the threat of President Donald Trump’s tariffs. Fresh data provided by the Office for National Statistics showed that the UK economy grew [...]
China could gatecrash Starmer’s diplomatic party May 15, 2025 Keir Starmer has repeatedly said that the UK doesn’t need to choose between strengthening economic and trade ties with the US and deepening them with the EU. A few weeks ago, concern was growing in Whitehall that if the UK didn’t strike a deal with America then the chance of a tariff rapprochement could be [...]
What do Labour-Reform switchers want? It’s not what you think May 15, 2025 Voters who have left Labour for Reform are more pro-European than the general public with nearly three quarters wanting a much closer relationship with the EU, finds Praful Nargund Tough rhetoric and tighter rules from the Prime Minister are all designed to neutralise one of the most volatile issues in British politics: immigration. But behind [...]
Trade wars: how will tariffs really affect the global economy? May 15, 2025 Separate the signal from the noise on tariffs and the damage done, thus far, is not significant. However that doesn’t mean all is well, says George Lagarias In all the trade war noise, it is easy to miss just how much global trade conditions have deteriorated in the last few months. If, one year ago, [...]
British execs still fly to US despite Trump turmoil, data suggests May 14, 2025 Business travel across the pond has increased this year despite concern over policy developments under President Trump, data suggests. Data from the travel tech firm Navan, shared with City AM, shows year-to-date bookings for UK-US corporate trips have risen by nearly a quarter year-on-year. There were 8,000 corporate trips from the UK to the US [...]