Breaking News:Trump tariffs live: China will ‘fight to the end’; Europe, Asia markets up.read more

China has pledged to “fight to the end” if there is a trade war after US President Donald Trump threatened to further increase tariffs.
Trump has warned he will add an additional 50 percent to levies on Chinese goods if China does not withdraw retaliatory tariffs of 34 percent on US imports.
Markets in Asia rally slightly after a turbulent day, with indices in China, Japan, Hong Kong and South Korea rising.
European stocks open higher after the European Union signals its willingness to negotiate a tariff-free trade pact with the US

Top UK-US officials to meet to discuss trade deal
Rachel Reeves, Britain’s finance minister, has said she plans to meet US Treasury Secretary Scott Bessent “shortly”.

She gave the response after being asked for more details on the negotiations over a potential economic deal between the two countries.

Trump has hit the United Kingdom with “baseline” tariffs of 10 percent on exports to the US.

Reeves also said she’s had talks with her counterparts in Australia, Canada, France, Ireland, Spain and the European Union, adding that she’s planning to hold discussions with India’s finance minister

‘This is not going to lead to jobs’
Ian Goldin, professor of globalisation and development at the University of Oxford, says Trump’s belief that running a deficit automatically means running a loss “is just very poor thinking”.

Speaking to Al Jazeera, he said: “If you’re an oil exporter to the US, or a diamond exporter or exporting other products which the people in the US want because they can afford to buy it, and you can’t afford to buy much of their products, you’ll be running a surplus with the US.

So that’s good for the US; it’s good for the country that’s exporting it – and the US isn’t going to substitute for it.”

Goldin also noted the sweeping tariffs will not result in the return of jobs to the US, despite the proclamations by members of the Trump administration.

“And to the extent that, for example, auto manufacturing comes back, it will be highly automated. So this is not going to lead to jobs, for the people who are thinking it will, in the Midwest and elsewhere who lost their jobs in the 1980s and 90s to manufacturing going abroad.”