Bank of England Governor Andrew Bailey said the trade deal concluded between the United States and Britain was a good thing but still left tariffs on most British goods exports to the U.S. higher than they were before last month. Before details of the deal were announced on Thursday, the BoE published estimates showing U.S. President Donald Trump's tariff plans as of April 29 would shrink Britain's economy by about 0.3% over three years. Around two thirds of the hit was due to the direct impact of tariffs in reducing demand for British exports in the United States and elsewhere, while the...
China and the United States start their first major Trade War Two meeting on Saturday to pull back from what analysts describe as a lose-lose situation for their economies, without much clarity on what a win would look like for either side. China is at the epicentre of U.S. President Donald Trump's global trade war that has roiled financial markets, upended supply chains and fuelled risks of a sharp worldwide economic downturn. Washington wants to reduce its trade deficit with Beijing and convince China to renounce what the U.S. says is a mercantilist economic model and contribute more to...
The US and China both reported "substantial progress" after two days of talks in Switzerland aimed at defusing a trade war, marking what Chinese Vice Premier He Lifeng called an "important first step" toward resolving differences. While neither side immediately announced specific steps on Sunday, He said the world's two largest economies agreed to set up a mechanism for further talks, led by US Treasury Secretary Scott Bessent and himself. Bessent said the US would share details on Monday and He promised a joint statement. "As we say in China, if the dish is delicious, the timing doesn't...