Daily Summary
US President Trump’s announcement of steep new tariffs on key trade partners has stirred fears of market volatility and higher consumer costs, raising concerns about inflating tariffs and potential trade wars that could disrupt global commerce. Business leaders warn that these measures may lead to rising prices and economic disruption at home, while diplomatic efforts are underway to mitigate tensions with affected nations. In the UK, businesses like Topps Tiles face significant cost hikes from new wage obligations, and the government is stepping in to protect lenders in a major car finance mis-selling case, reflecting broader uncertainties in both domestic and international economic policies.
Business Leaders Warn Trump's Tariffs Could Inflate US Prices
President Trump's new tariffs on major trade partners, including a 34% levy on Chinese goods, could raise U.S. consumer prices and trigger inflation, warn business leaders and economists.
UK's Topps Tiles Sees £4 Million Annual Cost Hike from New Wage Expenses
UK tile retailer Topps Tiles expects its annual costs to rise by roughly £4 million ($5.2 million) due to new wage and insurance expenses starting in April. The announcement follows a 4% increase in half-year sales and comes amid a CEO retirement and rising payroll costs.
Trump’s ‘Liberation Day’ Tariff Plan Sends Markets into a Frenzy
Global investors are on edge awaiting details of Trump’s 'Liberation Day' tariff plan, with a significant new 25% auto import tariff set to kick in on April 3, sparking market volatility and uncertainty.
Rachel Reeves Intervenes to Shield UK Car Finance Sector from Mis-Selling Payouts
Chancellor Rachel Reeves has moved to protect UK car finance providers from potentially crippling compensation payouts linked to a mis-selling scandal, with the Supreme Court set to review the case in April 2025.